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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): July 22, 2009

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 July 23, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second quarter of 2009. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference are Exhibit 99.2, a supplemental investor presentation, and Exhibit 99.3, certain supplemental information, both of which are posted on the Company’s website at www.bms.com .
 
Item 8.01.	Other Events.	
On July 22, 2009, the Company and Medarex, Inc. issued a press release announcing that the companies have signed a definitive merger agreement that provides for the acquisition of Medarex, Inc. by the Company, for $16.00 per share in cash. A copy of the press release announcing the planned acquisition is filed as Exhibit 99.4 to this report and is incorporated herein by reference.
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits.

99.1	 	Press release of Bristol-Myers Squibb Company dated July 23, 2009.	
		
99.2.	 	Supplemental investor presentation posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
		
99.3.	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
		
99.4	 	Press release of Bristol-Myers Squibb Company and Medarex, Inc. dated July 22, 2009.	

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: July 23, 2009	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President,	
	 		 	General Counsel and Secretary	

EXHIBIT INDEX

Exhibit No.	  	Description	
99.1	  	Press release of Bristol-Myers Squibb Company dated July 23, 2009.	
		
99.2	  	Supplemental investor presentation posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
		
99.3	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	
		
99.4	  	Press release of Bristol-Myers Squibb Company and Medarex, Inc. dated July 22, 2009.	

Exhibit 99.1

Excellent Performance Highlights Second Quarter for Bristol-Myers Squibb
 
•	 	Strong Sales in BioPharmaceuticals Business Drives Broad-Based Top-Line Growth	
 
•	 	Improved Gross Margin and Operating Results Supported by Continued Productivity Initiatives	
 
•	 	GAAP EPS Increases 36%; Non-GAAP EPS Increases 30% Compared to Second Quarter 2008	
 
•	 	Revises 2009 GAAP EPS Guidance Range to $1.58 to $1.68; Raises Non-GAAP EPS Guidance Range to $1.95 to $2.05 and Reiterates Minimum Expected 2007-2010 15% Non-GAAP EPS CAGR	
 
•	 	Announces Strategic Acquisition of Medarex	
(NEW YORK, July 23, 2009) – Bristol-Myers Squibb Company (NYSE:BMY) today reported sales and earnings growth for the second quarter 2009.
“The excellent results for the second quarter and first six months of the year clearly represent how Bristol-Myers Squibb is rapidly transforming into a next-generation BioPharma leader through robust science, superior operational performance and disciplined financial management, ” said James M. Cornelius, chairman and chief executive officer. “We are well on-track to continue delivering on our growth commitments. In the second quarter, we extended our collaboration with Otsuka on ABILIFY and, as a result, we expect that our outlook for 2013 is much improved. Our business performance and financial strength position us well to invest in further opportunities for long-term growth.
“Nowhere is that more evident than with our planned acquisition of Medarex. This is yet another example of how we are successfully executing on our String of Pearls strategy and building our future pipeline. We are expanding our biologics capabilities and gaining access to exciting new technology which may open new frontiers in cancer research. We believe the assets from Medarex can give us a competitive advantage in immunology and oncology, two areas of significant unmet medical need.”
Second Quarter Performance

 	  	2009	  	2008	  	Change	 	
Net Sales	  	$	5,384	  	$	5,203	  	3	% 	
Net Earnings from Continuing Operations	  	$	983	  	$	722	  	36	% 	
GAAP Diluted EPS from Continuing Operations	  	 	0.49	  	 	0.36	  	36	% 	
Non-GAAP Diluted EPS from Continuing Operations	  	 	0.56	  	 	0.43	  	30	% 	
($ amounts in millions, except per share amounts)	  			  			  			
 
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SECOND QUARTER FINANCIAL RESULTS
 
•	 	Bristol-Myers Squibb posted second quarter 2009 net sales from continuing operations of $5.4 billion, an increase of 3%, or 8% excluding foreign exchange impact, compared to the same period in 2008.	
 
•	 	Gross profit improved to 72.9% of net sales in the second quarter 2009 compared to 67.9% in 2008. The improvement was mostly driven by higher manufacturing rationalization charges in 2008, favorable foreign exchange impact, cost improvements, favorable product mix and price increases.	
 
•	 	Marketing, selling and administrative expenses decreased by 8%, or 2% excluding foreign exchange impact, to $1.1 billion in the second quarter of 2009 compared to the same period in 2008, primarily due to a continued reduction in general and administrative expenses.	
 
•	 	Advertising and product promotion spending decreased by 5%, or was flat excluding foreign exchange impact, to $400 million in the second quarter of 2009 compared to 2008.	
 
•	 	Research and development expenses remained flat, or increased 3% excluding foreign exchange impact, to $829 million in the second quarter of 2009 compared to the same period in 2008.	
 
•	 	The effective tax rate on earnings from continuing operations was 25.4% for the second quarter.	
 
•	 	The company reported second quarter net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $983 million or $0.49 per diluted share, compared to $722 million or $0.36 per diluted share for the same period in 2008.	
 
•	 	The company reported second quarter non-GAAP net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $1,109 million or $0.56 per diluted share, compared to $861 million or $0.43 per diluted share for the same period in 2008. An overview of specified items is discussed under “Use of Non-GAAP Financial Information.”	
 
•	 	The company increased its net cash position by nearly $300 million to $2.7 billion as of June 30, 2009 compared to March 31, 2009. The company continues to make significant progress with its working capital initiative and remains focused on strengthening its balance sheet and maintaining financial flexibility.	
 
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SEGMENT RESULTS
BioPharmaceuticals
 
•	 	BioPharmaceuticals net sales totaled $4.7 billion in the second quarter of 2009, representing an increase of 4%, or 9% excluding foreign exchange impact, compared to the same period in 2008. U.S. BioPharmaceuticals net sales increased 13% to $3.0 billion in the second quarter of 2009 compared to 2008. International BioPharmaceuticals net sales decreased 9%, or increased 4% excluding foreign exchange impact, to $1.7 billion.	
 
 	•	 	Sales growth in the second quarter was led by continued global sales increases for PLAVIX ® (+11%) and strong global sales growth for ABILIFY ® (+22%).	
 
 	•	 	Bristol-Myers Squibb’s virology portfolio, led by BARACLUDE ® for hepatitis B (+32%), the Sustiva franchise (+11%) and REYATAZ ® for HIV (+2%), continues to demonstrate worldwide sales growth.	
 
 	•	 	ORENCIA ® and SPRYCEL ® grew worldwide 40% and 41%, respectively as compared to the same period in 2008.	
 
 	•	 	ERBITUX ® sales were down 12% compared to the first quarter 2008.	
 
•	 	BioPharmaceuticals realized a 410 basis point increase in gross margin compared to the second quarter of 2008. Key drivers of the improvement were cost savings, including those related to productivity initiatives, foreign exchange favorability and product mix.	
 
•	 	BioPharmaceuticals earnings increased 46% to $1.2 billion in the second quarter of 2009 compared to the same period in 2008. The increase in earnings was driven by increased sales, improved gross margins as well as reductions in marketing, selling and administrative expenses from the company’s productivity initiatives.	
Mead Johnson Nutrition Company
 
•	 	Mead Johnson’s net sales totaled $719 million in the second quarter of 2009, representing a 1% decrease, or an increase of 5% excluding foreign exchange impact, compared to the same period in 2008.	
 
•	 	Bristol-Myers Squibb’s share of Mead Johnson’s earnings decreased by 20% to $151 million primarily due to the impact of items attributed to the February 2009 initial public offering, including the 17% reduction in ownership.	
 
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SECOND QUARTER PRODUCT AND PIPELINE UPDATE
Cardiovascular/Metabolics
 
•	 	Bristol-Myers Squibb and AstraZeneca announced on June 25 that their marketing authorization application for ONGLYZA™ received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) for the treatment of type 2 diabetes in adults as add-on therapy with metformin, a thiazolidinedione, or a sulphonylurea.	
 
•	 	The Prescription Drug User Fee Act (PDUFA) date — the date by which a decision from the U.S. Food and Drug Administration (FDA) is expected — for ONGLYZA™ was extended from April 30, 2009 to July 30, 2009.	
 
•	 	At the American Diabetes Association Annual Scientific Sessions:	
 
 	•	 	Interim analysis of a 42-month long-term Phase 3 extension study showed that when ONGLYZA™ was added to metformin in patients with inadequately controlled type 2 diabetes, the profile of adverse events was consistent with that seen at 24 weeks, and the treatment regimen produced long-term glycemic improvement.	
 
 	•	 	A 12-week study of dapagliflozin demonstrated improved glycemic control in inadequately controlled type 2 diabetes patients who were treated with high doses of insulin and common oral anti-diabetic medicines.	
Oncology
 
•	 	At the American Society of Clinical Oncology Annual Meeting:	
 
 	•	 	Updated survival results from follow-up extensions of three Phase 2 ipilimumab studies showed a two-year survival ranging from 30 to 42 percent in patients with advanced metastatic melanoma. Ipilimumab is being developed by the company and Medarex.	
 
 	•	 	Based on interim results from two Phase 2 studies in castrate-resistant prostate cancer (CRPC), SPRYCEL (dasatinib) may have potential as a treatment for CRPC. A Phase 3 study of SPRYCEL in CRPC is currently ongoing.	
 
 	•	 	The company and Exelixis reported encouraging data from an ongoing Phase 2 trial of XL184 in patients with previously-treated glioblastoma multiforme, the most common and aggressive form of brain tumor.	
 
•	 	In May, the FDA granted full approval for SPRYCEL for the treatment of adults in all phases of chronic myeloid leukemia (CML) who are resistant or intolerant to prior therapies including Gleevec (imatinib mesylate). SPRYCEL was originally approved in 2006.	
 
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•	 	On July 20, the company and its partner Eli Lilly and ImClone Systems announced that the FDA had approved revisions to the U.S. prescribing information for ERBITUX ® concerning the treatment of patients with an epidermal growth factor receptor (EGFR)-expressing metastatic colorectal cancer (mCRC). The labeling revisions include a modification which states that ERBITUX is not recommended for patients whose tumors had K-ras mutations in codon 12 or 13. An estimated 40 percent of patients with mCRC have K-ras mutations while the majority, approximately 60 percent, has a wild-type K-ras gene.	
Immunology
 
•	 	At the American Transplant Congress in May, the company presented the results of two Phase 3 trials for belatacept, an investigational co-stimulation blocker being studied for use in solid organ transplantation. The data suggest that belatacept may represent a promising therapeutic option for kidney transplant patients.	
 
•	 	Results of two studies that demonstrated the consistent safety and effectiveness of ORENCIA over 5 and 7 years of treatment in rheumatoid arthritis patients who have had an inadequate response to methotrexate were presented in June at the European Congress of Rheumatology (EULAR).	
STRATEGIC UPDATE
On July 22, Bristol-Myers Squibb and Medarex announced that the companies have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb. The acquisition positions Bristol-Myers Squibb for long-term leadership in biologics; gives the company full rights to a promising phase III compound, ipilimumab; significantly expands the company’s oncology and immunology pipeline and provides access to novel antibody discovery technology.
On April 6, the company announced an agreement with Otsuka Pharmaceutical, Ltd. to extend the U.S. portion of the companies’ long-standing agreement for the development and commercialization of ABILIFY ® from the currently scheduled end date of November 2012 until the expected loss of exclusivity in April 2015. The collaboration allows Bristol-Myers Squibb to refocus its energies toward longer-term growth goals for 2014 and beyond, improves the company’s overall financial stability while maintaining financial flexibility for the future, and provides an expected bridge to the company’s new neuroscience products.
 
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2009 GUIDANCE
Bristol-Myers Squibb has revised the 2009 GAAP EPS guidance to $1.58 to $1.68 and raised non-GAAP EPS guidance to $1.95 to $2.05. Key 2009 guidance assumptions include low single-digit revenue growth (high single digit growth excluding foreign exchange); a full-year gross margin improvement of approximately 200 basis points; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 25%.
The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations attributable to the company to grow at a minimum 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified.
The non-GAAP 2009 guidance and the three-year compound annual growth rate exclude other specified items such as gains or losses from sale of businesses and product lines; from sale of equity investments and from discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; debt retirement costs; impairments to investments; and significant tax events.
The financial guidance for 2009 and the three-year compound annual growth rate include the impact of the company’s acquisition of Medarex but exclude the impact of any potential future strategic acquisitions and divestitures and further assume that the company and its partner, sanofi-aventis, maintain U.S. exclusivity for the PLAVIX patent through at least 2010. The planned acquisition of Medarex is expected to decrease the company’s earnings per share by $0.02 to $0.03 in 2009 and $0.07 to $0.09 in 2010.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from the sale of businesses and product lines; discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed;
 
6

payments for in-process research and development; impairments to investments; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors (including whether uncertainties in or further deterioration of the credit and capital markets will lead to future impairments to the company’s investment portfolio), competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appealing of the Circuit court’s decision in the PLAVIX ® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its Productivity Transformation Initiative, the expiration of patents or data protection on certain products (including the expiration of data protection for PLAVIX ® in the European Union), and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation
 
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to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. For more information visit www.bms.com.
There will be a conference call on July 23, 2009 at 10:30 a.m. (ET) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing 913-312-1296, confirmation code 9244491. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Brian Henry, 609-252-3337, Communications, Tracy Furey, 609-252-3208, Communications, John Elicker, 609-252-4611, Investor Relations, or Suketu Desai, 609-252-5796, Investor Relations.
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.
 
8

BRISTOL-MYERS SQUIBB COMPANY
NET SALES AND EARNINGS BY OPERATING SEGMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, dollars in millions)

 	  	Three Months
Ended June 30,	 	 	Six Months
Ended June 30,	 	
 	  	2009	 	 	2008	 	 	%
Change	 	 	2009	 	 	2008	 	 	%
Change	 	
Net Sales	  				 				 			 				 				 			
BioPharmaceuticals	  	$	4,665	  	 	$	4,475	  	 	4	% 	 	$	8,987	  	 	$	8,663	  	 	4	% 	
							
Mead Johnson	  	 	719	  	 	 	728	  	 	(1	)% 	 	 	1,412	  	 	 	1,431	  	 	(1	)% 	

Net Sales	  	$	5,384	  	 	$	5,203	  	 	3	% 	 	$	10,399	  	 	$	10,094	  	 	3	% 	

Earnings	  				 				 			 				 				 			
BioPharmaceuticals	  	$	1,242	  	 	$	848	  	 	46	% 	 	$	2,340	  	 	$	1,680	  	 	39	% 	
							
Mead Johnson*	  	 	151	  	 	 	188	  	 	(20	)% 	 	 	310	  	 	 	396	  	 	(22	)% 	
							
Reconciling items	  				 				 			 				 				 			
Specified items	  	 	(124	) 	 	 	(173	) 	 	(28	)% 	 	 	(412	) 	 	 	(347	) 	 	19	% 	
							
Noncontrolling interest	  	 	472	  	 	 	358	  	 	32	% 	 	 	887	  	 	 	699	  	 	27	% 	

Earnings from continuing operations before income taxes	  	$	1,741	  	 	$	1,221	  	 	43	% 	 	$	3,125	  	 	$	2,428	  	 	29	% 	

*	Mead Johnson earnings reflect approximately 83% of its pretax income after completion of its IPO during February 2009.	
 
9

BRISTOL-MYERS SQUIBB COMPANY
Analysis of Biopharmaceuticals segment results
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, dollars in millions)

 	  	Three months	 	 	Six months	 	
 	  	2009	 	 	% of
Sales	 	 	2008	 	 	% of
Sales	 	 	2009	 	 	% of
Sales	 	 	2008	 	 	% of
Sales	 	
Net Sales	  	$	4,665	  	 			 	$	4,475	  	 			 	$	8,987	  	 			 	$	8,663	  	 			
Gross Profit	  	 	3,463	  	 	74.2	  	 	 	3,135	  	 	70.1	  	 	 	6,654	  	 	74.0	  	 	 	6,100	  	 	70.4	  	
Selling, General and Administrative	  	 	1,196	  	 	25.6	  	 	 	1,317	  	 	29.4	  	 	 	2,325	  	 	25.9	  	 	 	2,532	  	 	29.2	  	
R&D	  	 	781	  	 	16.7	  	 	 	778	  	 	17.4	  	 	 	1,544	  	 	17.2	  	 	 	1,524	  	 	17.6	  	
Equity in net income of affiliates	  	 	(149	) 	 	(3.2	) 	 	 	(150	) 	 	(3.3	) 	 	 	(295	) 	 	(3.3	) 	 	 	(314	) 	 	(3.6	) 	
Other	  	 	(40	) 	 	(0.8	) 	 	 	(14	) 	 	(0.3	) 	 	 	(91	) 	 	(1.0	) 	 	 	(17	) 	 	(0.2	) 	
Noncontrolling interest	  	 	433	  	 	9.3	  	 	 	356	  	 	8.0	  	 	 	831	  	 	9.2	  	 	 	695	  	 	8.0	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Income Taxes	  	$	1,242	  	 	26.6	  	 	$	848	  	 	18.9	  	 	$	2,340	  	 	26.0	  	 	$	1,680	  	 	19.4	  	

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BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three and six months ended June 30, 2009 compared to the three and six months ended June 30, 2008. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2009	  	2008	  	%
Change	 	 	2009	  	2008	  	% 
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2008	 	
Three Months Ended June 30,	  			  			  			 			  			  			 			
								
BioPharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	1,539	  	$	1,387	  	11	% 	 	$	1,393	  	$	1,207	  	15	% 	 	3	% 	
Avapro/Avalide	  	 	313	  	 	335	  	(7	)% 	 	 	179	  	 	184	  	(3	)% 	 	(10	)% 	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	331	  	 	324	  	2	% 	 	 	169	  	 	159	  	6	% 	 	7	% 	
Sustiva Franchise (total revenue)	  	 	312	  	 	282	  	11	% 	 	 	194	  	 	171	  	13	% 	 	9	% 	
Baraclude	  	 	179	  	 	136	  	32	% 	 	 	39	  	 	35	  	11	% 	 	12	% 	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	173	  	 	196	  	(12	)% 	 	 	171	  	 	193	  	(11	)% 	 	N/A	  	
Sprycel	  	 	107	  	 	76	  	41	% 	 	 	33	  	 	21	  	57	% 	 	18	% 	
Ixempra	  	 	29	  	 	26	  	12	% 	 	 	26	  	 	26	  	—  	  	 	N/A	  	
Neuroscience	  			  			  			 			  			  			 			
Abilify (total revenue)	  	 	643	  	 	529	  	22	% 	 	 	518	  	 	403	  	29	% 	 	29	% 	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	148	  	 	106	  	40	% 	 	 	116	  	 	87	  	33	% 	 	N/A	  	
				
 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2009	  	2008	  	%
Change	 	 	2009	  	2008	  	% 
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2008	 	
Six Months Ended June 30,	  			  			  			 			  			  			 			
								
BioPharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	2,974	  	$	2,695	  	10	% 	 	$	2,689	  	$	2,346	  	15	% 	 	3	% 	
Avapro/Avalide	  	 	615	  	 	640	  	(4	)% 	 	 	352	  	 	358	  	(2	)% 	 	(9	)% 	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	653	  	 	621	  	5	% 	 	 	345	  	 	319	  	8	% 	 	7	% 	
Sustiva Franchise (total revenue)	  	 	604	  	 	555	  	9	% 	 	 	384	  	 	346	  	11	% 	 	9	% 	
Baraclude	  	 	331	  	 	244	  	36	% 	 	 	75	  	 	64	  	17	% 	 	15	% 	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	337	  	 	383	  	(12	)% 	 	 	333	  	 	378	  	(12	)% 	 	N/A	  	
Sprycel	  	 	195	  	 	142	  	37	% 	 	 	63	  	 	41	  	54	% 	 	19	% 	
Ixempra	  	 	53	  	 	51	  	4	% 	 	 	48	  	 	51	  	(6	)% 	 	N/A	  	
Neuroscience	  			  			  			 			  			  			 			
Abilify (total revenue)	  	 	1,232	  	 	983	  	25	% 	 	 	999	  	 	751	  	33	% 	 	30	% 	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	272	  	 	193	  	41	% 	 	 	215	  	 	160	  	34	% 	 	N/A	  	
 
11

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended June 30,	 	 	Six Months
Ended June 30,	 	
 	  	2009	 	 	2008	 	 	2009	 	 	2008	 	
Net Sales	  	$	5,384	  	 	$	5,203	  	 	$	10,399	  	 	$	10,094	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,461	  	 	 	1,670	  	 	 	2,874	  	 	 	3,240	  	
Marketing, selling and administrative	  	 	1,077	  	 	 	1,165	  	 	 	2,141	  	 	 	2,299	  	
Advertising and product promotion	  	 	400	  	 	 	420	  	 	 	724	  	 	 	739	  	
Research and development	  	 	829	  	 	 	826	  	 	 	1,752	  	 	 	1,608	  	
Acquired in-process research and development	  	 	—  	  	 	 	32	  	 	 	—  	  	 	 	32	  	
Provision for restructuring, net	  	 	20	  	 	 	30	  	 	 	47	  	 	 	41	  	
Litigation expense, net	  	 	28	  	 	 	2	  	 	 	132	  	 	 	2	  	
Equity in net income of affiliates	  	 	(150	) 	 	 	(150	) 	 	 	(296	) 	 	 	(314	) 	
Other (income)/expense, net (a)	  	 	(22	) 	 	 	(13	) 	 	 	(100	) 	 	 	19	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	3,643	  	 	 	3,982	  	 	 	7,274	  	 	 	7,666	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	  				 				 				 				
Before Income Taxes	  	 	1,741	  	 	 	1,221	  	 	 	3,125	  	 	 	2,428	  	
Provision for income taxes	  	 	443	  	 	 	258	  	 	 	906	  	 	 	588	  	

Net Earnings from Continuing Operations	  	 	1,298	  	 	 	963	  	 	 	2,219	  	 	 	1,840	  	

Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	—  	  	 	 	42	  	 	 	—  	  	 	 	99	  	
Loss on Disposal, net of taxes	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(43	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings from Discontinued Operations	  	 	—  	  	 	 	42	  	 	 	—  	  	 	 	56	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	 	1,298	  	 	 	1,005	  	 	 	2,219	  	 	 	1,896	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	315	  	 	 	241	  	 	 	598	  	 	 	471	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	983	  	 	$	764	  	 	$	1,621	  	 	$	1,425	  	

Earnings per Common Share from Continuing Operations Attributable to Bristol-Myers Squibb Company :	  				 				 				 				
Basic	  	$	0.49	  	 	$	0.36	  	 	$	0.81	  	 	$	0.69	  	
Diluted	  	$	0.49	  	 	$	0.36	  	 	$	0.81	  	 	$	0.68	  	
					
Earnings per Common Share Attributable to Bristol-Myers Squibb Company:	  				 				 				 				
Basic	  	$	0.49	  	 	$	0.38	  	 	$	0.81	  	 	$	0.72	  	
Diluted	  	$	0.49	  	 	$	0.38	  	 	$	0.81	  	 	$	0.71	  	
					
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,980	  	 	 	1,977	  	 	 	1,979	  	 	 	1,976	  	
Diluted	  	 	1,983	  	 	 	2,006	  	 	 	1,982	  	 	 	2,005	  	

(a) Other (income)/expense, net	  				 				 				 				
					
Interest expense	  	$	42	  	 	$	80	  	 	$	94	  	 	$	153	  	
Interest income	  	 	(14	) 	 	 	(31	) 	 	 	(27	) 	 	 	(74	) 	
Gain on debt buyback and termination of interest rate swap agreements	  	 	(11	) 	 	 	—  	  	 	 	(11	) 	 	 	—  	  	
ARS impairment charge	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	25	  	
Foreign exchange transaction losses/(gains)	  	 	17	  	 	 	(2	) 	 	 	4	  	 	 	17	  	
Gain on sale of product lines, businesses and assets	  	 	(23	) 	 	 	—  	  	 	 	(67	) 	 	 	(9	) 	
Net royalty income and amortization of upfront and milestone payments received from alliance partners	  	 	(34	) 	 	 	(41	) 	 	 	(69	) 	 	 	(82	) 	
Retirement plan curtailment charge	  	 	25	  	 	 	—  	  	 	 	25	  	 	 	—  	  	
Other, net	  	 	(24	) 	 	 	(19	) 	 	 	(49	) 	 	 	(11	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense, net	  	$	(22	) 	 	$	(13	) 	 	$	(100	) 	 	$	19	  	

12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, dollars in millions)
Three months ended June 30, 2009

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	18	  	$	—  	  	$	—  	  	 	$	18	  	
Accelerated depreciation and other shutdown costs	  	 	24	  	 	—  	  	 	—  	  	 	2	  	 	—  	  	 	—  	  	 	 	26	  	
Retirement plan curtailment charge	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	25	  	 	 	25	  	
Process standardization implementation costs	  	 	—  	  	 	24	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	24	  	
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	) 	 	 	(11	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	24	  	 	24	  	 	—  	  	 	20	  	 	—  	  	 	14	  	 	 	82	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	28	  	 	—  	  	 	 	28	  	
Mead Johnson separation costs	  	 	—  	  	 	8	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	8	  	
Mead Johnson gain on sale of trademark	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(12	) 	 	 	(12	) 	
Debt buyback and swap terminations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	) 	 	 	(11	) 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	29	  	 	—  	  	 	—  	  	 	—  	  	 	 	29	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	24	  	$	32	  	$	29	  	$	20	  	$	28	  	$	(9	) 	 	$	124	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(41	) 	
Income taxes attributable to Mead Johnson separation	  			  			  			  			  			  				 	 	43	  	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	126	  	
	  			  			  			  			  			  				 	 	 	 	
Three months ended June 30, 2008

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	30	  	$	—  	  	$	—  	  	 	$	30	  	
Accelerated depreciation and other shutdown costs	  	 	58	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	58	  	
Process standardization implementation costs	  	 	—  	  	 	21	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	21	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	58	  	 	21	  	 	—  	  	 	30	  	 	—  	  	 	—  	  	 	 	109	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	2	  	 	—  	  	 	 	2	  	
Mead Johnson separation costs	  	 	—  	  	 	1	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	1	  	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	31	  	 	—  	  	 	—  	  	 	—  	  	 	 	31	  	
Acquired in-process research & development	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	—  	  	 	—  	  	 	 	32	  	
ARS gain on sale	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(2	) 	 	 	(2	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	58	  	$	22	  	$	63	  	$	30	  	$	2	  	$	(2	) 	 	 	173	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(34	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	139	  	

13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, dollars in millions)
Six months ended June 30, 2009

 	  	Cost of
products
sold	  	Marketing,
selling
and
administrative	  	Research
and
development	  	Provision
for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	41	  	$	—  	  	$	—  	  	 	$	41	  	
								
Accelerated depreciation, asset impairment and other shutdown costs	  	 	50	  	 	—  	  	 	—  	  	 	6	  	 	—  	  	 	—  	  	 	 	56	  	
Retirement plan curtailment charge	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	25	  	 	 	25	  	
								
Process standardization implementation costs	  	 	—  	  	 	44	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	44	  	
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(55	) 	 	 	(55	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	50	  	 	44	  	 	—  	  	 	47	  	 	—  	  	 	(30	) 	 	 	111	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	132	  	 	(10	) 	 	 	122	  	
Mead Johnson separation costs	  	 	—  	  	 	25	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	25	  	
Mead Johnson gain on sale of trademark	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(12	) 	 	 	(12	) 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	174	  	 	—  	  	 	—  	  	 	—  	  	 	 	174	  	
Debt buyback and swap terminations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	) 	 	 	(11	) 	
Product liability	  	 	8	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(5	) 	 	 	3	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	58	  	$	69	  	$	174	  	$	47	  	$	132	  	$	(68	) 	 	 	412	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(139	) 	
Income taxes attributable to Mead Johnson separation	  			  				 	 	173	  	

Decrease to Net Earnings	  			  				 	$	446	  	
	  			  			  			  			  			  				 	 	 	 	
Six months ended June 30, 2008

 	  	Cost of
products
sold	  	Marketing,
selling
and
administrative	  	Research
and
development	  	Provision
for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	41	  	$	—  	  	$	—  	  	 	$	41	  	
Accelerated depreciation and other shutdown costs	  	 	154	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	154	  	
Process standardization implementation costs	  	 	—  	  	 	36	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	36	  	
Gain on sale and leaseback of properties	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(9	) 	 	 	(9	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	154	  	 	36	  	 	—  	  	 	41	  	 	—  	  	 	(9	) 	 	 	222	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	2	  	 	—  	  	 	 	2	  	
Mead Johnson separation costs	  	 	—  	  	 	1	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	1	  	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	51	  	 	—  	  	 	—  	  	 	—  	  	 	 	51	  	
Acquired in-process research and development	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	—  	  	 	—  	  	 	 	32	  	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	16	  	 	 	16	  	
ARS impairment charge and gain on sale	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	23	  	 	 	23	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	154	  	$	37	  	$	83	  	$	41	  	$	2	  	$	30	  	 	 	347	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(67	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  				 	$	280	  	

14

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	Q2 2009
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	Q2 2008
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,384	  	 			 	$	5,384	  	 	$	5,203	  	 			 	$	5,203	  	
Cost of Products Sold	  	 	1,461	  	 	(24	) 	 	 	1,437	  	 	 	1,670	  	 	(58	) 	 	 	1,612	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,923	  	 	24	  	 	 	3,947	  	 	 	3,533	  	 	58	  	 	 	3,591	  	
Gross Margin as% of Sales	  	 	72.9	%  	 	0.4	% 	 	 	73.3	% 	 	 	67.9	% 	 	1.1	% 	 	 	69.0	% 	
							
Marketing Selling and Admin	  	 	1,077	  	 	(32	) 	 	 	1,045	  	 	 	1,165	  	 	(22	) 	 	 	1,143	  	
Advertising and Product Promotion	  	 	400	  	 	—  	  	 	 	400	  	 	 	420	  	 	—  	  	 	 	420	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,477	  	 	(32	) 	 	 	1,445	  	 	 	1,585	  	 	(22	) 	 	 	1,563	  	
SG&A as % of Sales	  	 	27.4	% 	 	(0.6	)% 	 	 	26.8	% 	 	 	30.5	% 	 	(0.5	)% 	 	 	30.0	% 	
							
R&D	  	 	829	  	 	(29	) 	 	 	800	  	 	 	826	  	 	(31	) 	 	 	795	  	
R&D as % of Sales	  	 	15.4	% 	 	(0.5	)% 	 	 	14.9	% 	 	 	15.9	% 	 	(0.6	)% 	 	 	15.3	% 	
							
Acquired in-process research and development	  				 			 				 	 	32	  	 	(32	) 	 	 	—  	  	
Provision for restructuring, net	  	 	20	  	 	(20	) 	 	 	—  	  	 	 	30	  	 	(30	) 	 	 	—  	  	
Litigation expense, net	  	 	28	  	 	(28	) 	 	 	—  	  	 	 	2	  	 	(2	) 	 	 	—  	  	
Equity in Net Income of Affiliates	  	 	(150	) 	 	—  	  	 	 	(150	) 	 	 	(150	) 	 	—  	  	 	 	(150	) 	
Other (income)/expense, net	  	 	(22	) 	 	9	  	 	 	(13	) 	 	 	(13	) 	 	2	  	 	 	(11	) 	

Earnings from Continuing Operations Before Income Taxes	  	 	1,741	  	 	124	  	 	 	1,865	  	 	 	1,221	  	 	173	  	 	$	1,394	  	
Provision for income taxes	  	 	443	  	 	(2	) 	 	 	441	  	 	 	258	  	 	34	  	 	 	292	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings - Continuing Operations	  	 	1,298	  	 	126	  	 	 	1,424	  	 	 	963	  	 	139	  	 	 	1,102	  	
							
Net Earnings - Discontinued Ops	  	 	—  	  	 			 	 	—  	  	 	 	42	  	 			 	 	42	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings	  	$	1,298	  	 	126	  	 	$	1,424	  	 	$	1,005	  	 	139	  	 	$	1,144	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	315	  	 			 	 	315	  	 	 	241	  	 			 	 	241	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	983	  	 	126	  	 	$	1,109	  	 	$	764	  	 	139	  	 	$	903	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	 	983	  	 	126	  	 	 	1,109	  	 	 	722	  	 	139	  	 	 	861	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(6	) 	 			 	 	(6	) 	 	 	—  	  	 			 	 	—  	  	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	977	  	 	126	  	 	$	1,103	  	 	$	722	  	 	139	  	 	$	861	  	
							
Avg Shares (Diluted)	  	 	1,983	  	 			 	 	1,983	  	 	 	2,006	  	 			 	 	2,006	  	
							
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	0.49	  	 	0.07	  	 	$	0.56	  	 	$	0.36	  	 	0.07	  	 	$	0.43	  	
							
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	18.3	% 	 	2.3	% 	 	 	20.6	% 	 	 	13.9	% 	 	2.6	% 	 	 	16.5	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	18.3	% 	 	2.3	% 	 	 	20.6	% 	 	 	14.7	% 	 	2.7	% 	 	 	17.4	% 	
							
Effective Tax Rate	  	 	25.4.	% 	 	(1.8	)% 	 	 	23.6	% 	 	 	21.1	% 	 	(0.2	)% 	 	 	20.9	% 	

*	Please refer to the Specified Items schedules on previous pages for further details.	
 
15

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	YTD 2009
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	YTD 2008
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	10,399	  	 			 	$	10,399	  	 	$	10,094	  	 			 	$	10,094	  	
Cost of Products Sold	  	 	2,874	  	 	(58	) 	 	 	2,816	  	 	 	3,240	  	 	(154	) 	 	 	3,086	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	7,525	  	 	58	  	 	 	7,583	  	 	 	6,854	  	 	154	  	 	 	7,008	  	
Gross Margin as % of Sales	  	 	72.4	%  	 	0.5	% 	 	 	72.9	% 	 	 	67.9	%  	 	1.5	% 	 	 	69.4	% 	
							
Marketing Selling and Admin	  	 	2,141	  	 	(69	) 	 	 	2,072	  	 	 	2,299	  	 	(37	) 	 	 	2,262	  	
Advertising and Product Promotion	  	 	724	  	 	—  	  	 	 	724	  	 	 	739	  	 	—  	  	 	 	739	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	2,865	  	 	(69	) 	 	 	2,796	  	 	 	3,038	  	 	(37	) 	 	 	3,001	  	
SG&A as % of Sales	  	 	27.6	%  	 	(0.7	)% 	 	 	26.9	% 	 	 	30.1	%  	 	(0.4	)% 	 	 	29.7	% 	
							
R&D	  	 	1,752	  	 	(174	) 	 	 	1,578	  	 	 	1,608	  	 	(51	) 	 	 	1,557	  	
R&D as % of Sales	  	 	16.8	%  	 	(1.6	)% 	 	 	15.2	% 	 	 	15.9	%  	 	(0.5	)% 	 	 	15.4	% 	
							
Acquired in-process research and development	  				 			 				 	 	32	  	 	(32	) 	 	 	—  	  	
Provision for restructuring, net	  	 	47	  	 	(47	) 	 	 	—  	  	 	 	41	  	 	(41	) 	 	 	—  	  	
Litigation expense, net	  	 	132	  	 	(132	) 	 	 	—  	  	 	 	2	  	 	(2	) 	 	 	—  	  	
Equity in Net Income of Affiliates	  	 	(296	) 	 	—  	  	 	 	(296	) 	 	 	(314	) 	 	—  	  	 	 	(314	) 	
Other (income)/expense, net	  	 	(100	) 	 	68	  	 	 	(32	) 	 	 	19	  	 	(30	) 	 	 	(11	) 	

Earnings from Continuing Operations Before Income Taxes	  	 	3,125	  	 	412	  	 	 	3,537	  	 	 	2,428	  	 	347	  	 	$	2,775	  	
Provision for income taxes	  	 	906	  	 	(34	) 	 	 	872	  	 	 	588	  	 	67	  	 	 	655	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings - Continuing Operations	  	 	2,219	  	 	446	  	 	 	2,665	  	 	 	1,840	  	 	280	  	 	 	2,120	  	
							
Net Earnings - Discontinued Ops	  	 	—  	  	 			 	 	—  	  	 	 	56	  	 			 	 	56	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings	  	$	2,219	  	 	446	  	 	$	2,665	  	 	$	1,896	  	 	280	  	 	$	2,176	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	598	  	 			 	 	598	  	 	 	471	  	 			 	 	471	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	1,621	  	 	446	  	 	$	2,067	  	 	$	1,425	  	 	280	  	 	$	1,705	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	 	1,621	  	 	446	  	 	 	2,067	  	 	 	1,369	  	 	280	  	 	 	1,649	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(9	) 	 			 	 	(9	) 	 	 	5	  	 			 	 	5	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	1,612	  	 	446	  	 	$	2,058	  	 	$	1,374	  	 	280	  	 	$	1,654	  	
							
Avg Shares (Diluted)	  	 	1,982	  	 			 	 	1,982	  	 	 	2,005	  	 			 	 	2,005	  	
							
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	0.81	  	 	0.23	  	 	$	1.04	  	 	$	0.68	  	 	0.14	  	 	$	0.82	  	
							
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	15.6	% 	 	4.3	% 	 	 	19.9	% 	 	 	13.6	% 	 	2.7	% 	 	 	16.3	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	15.6	% 	 	4.3	% 	 	 	19.9	% 	 	 	14.1	% 	 	2.8	% 	 	 	16.9	% 	
							
Effective Tax Rate	  	 	29.0	% 	 	(4.3	)% 	 	 	24.7	% 	 	 	24.2	% 	 	(0.6	)% 	 	 	23.6	% 	

*	Please refer to the Specified Items schedules on previous pages for further details.	
 
16

BRISTOL-MYERS SQUIBB COMPANY
NET CASH CALCULATION
AS OF JUNE 30, 2009 AND MARCH 31, 2009
(Unaudited, dollars in millions)

 	  	June 30, 2009	 	 	March 31, 2009	 	
Cash and cash equivalents	  	$	7,507	  	 	$	7,832	  	
Marketable securities-current	  	 	613	  	 	 	1,088	  	
Marketable securities - long term*	  	 	983	  	 	 	184	  	
Short-term borrowings	  	 	(124	) 	 	 	(156	) 	
Long-term debt	  	 	(6,235	) 	 	 	(6,492	) 	
	  	 	 	 	 	 	 	 	
Net cash	  	$	2,744	  	 	$	2,456	  	

*	Includes Auction Rate Securities and Floating Rate Securities of $187 million as of June 30, 2009 and $184 million as of March 31, 2009.	
 
17

Q2 2009 Earnings
1
July 23, 2009
Exhibit 99.2	

During this meeting, we will make statements about the Company’s future
plans and prospects that constitute forward-looking statements for purposes of
the safe harbor provisions under the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated as a result of
various important factors, including those discussed in the company’s most
recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K.
These documents are available from the SEC, the Bristol-Myers Squibb
website or from Bristol-Myers Squibb Investor Relations.
In addition, any forward-looking statements represent our estimates only as of
today and should not be relied upon as representing our estimates as of any
subsequent date. While we may elect to update forward-looking statements at
some point in the future, we specifically disclaim any obligation to do so, even if
our estimates change.
During this meeting, we will also discuss certain non-GAAP financial measures,
adjusted to include certain costs, expenses, gains and losses and other
specified items. Reconciliations of these non-GAAP financial measures to the
most comparable GAAP measures are available on the company’s website at
www.bms.com.
Forward-Looking Information and Non-GAAP Financial Information
July 2009
2	

3
Q2: Significant Progress Made Across All Stages
Strong Top Line Growth
30% Non-GAAP EPS Growth
Potential Onglyza launch
–
Pending approval
Net Cash: $2.7 Bn
2009 Non-GAAP Guidance
Raised to $1.95–$2.05
Extended Abilify Contract
Productivity well underway
Potential Onglyza contribution
–
Pending approval
Key R&D Data:
Belatacept / Apixaban / Dapa
Medarex
–
Biologics Leadership
–
Expands oncology /
immunology pipeline
–
Full rights for Ipilimumab
Growth
Platform for
Growth
Growth
Stage 1 –
2007-11
Stage 2 –
2012-14
Stage 3 –
2014+	

4
Medarex
-
A Compelling Stage 3 Growth
Acquisition
Accelerates leadership position in biologics assets and capabilities
–
Adds proven and productive discovery platform
–
Portfolio broadened with 10 clinical-stage compounds and
16 pre-clinical programs
–
Full ownership and rights to ipilimumab (Phase III)
Significantly expands presence in immunoscience and oncology
Adds growing royalty stream from approved products and assets
waiting to be approved
Growth in Stage 1 maintained despite dilution; potential for
significant contribution in Stage 3
Continued financial flexibility to continue executing Pearls Strategy	

5
A Powerful Leader in Biologics
Commercialization
Manufacturing
Development
Discovery
Adnexus
Domantis
BMS Disease Area
Biology
Phase III Belatacept
(solid organ transplant)
Phase II CT-322
(cancer)
Phase II Anti-CD137
(cancer)
Devens Bulk
Manufacturing
Syracuse
Third-party
Erbitux
Orencia
Medarex
platform
technologies:
Phase III: ipilimumab
(cancer)
Phase II:
MDX-1100 (RA/UC)
MEDI-545 (SLE)
MEDI-546 (SLE)
Phase I:  7 compounds
Biopharmaceutical
Development
Approved royalty assets
–
Simponi
–
Stelara
–
Ilaris
Two potential royalty
bearing products
nearing regulatory
approval
BMS
Medarex
–
UltiMAb
–
Antibody-Drug
Conjugate
–
Bay Area
research sites	

6
Clinical and Discovery Programs Significantly
Enhance BMS Biologics Pipeline
Ipilimumab in Phase III clinical trials
for melanoma and prostate, Phase II for lung
10 additional compounds in the clinic
–
3 Phase II, 7 Phase I compounds
–
7 unencumbered, 3 partnered compounds
16 preclinical compounds in immunology and
oncology, anticipated to generate 1-2 IND
candidates per year
UltiMAb platform that produces high affinity, fully
human antibodies is a proven and highly valued
technology
Antibody–Drug Conjugate platform to generate
antibody cytotoxic therapeutics for oncology
indications
17%
83%
Current BMS clinical pipeline
35%
65%
Pro forma BMS clinical pipeline
Biologics         Small molecules	

Ipilimumab –
Potential for Multiple Indications
Monoclonal antibody that targets the CTLA-4 receptor
Phase
III
data
in
advanced
melanoma
potentially
available
1
st
half
2010
–
Promising data presented at ASCO from three Phase II studies
with
two-year
survival
rate
of
30-
42%
Additional potential indications include adjuvant treatment of
melanoma in Phase III, prostate in Phase III and lung in Phase II
Acquisition would provide BMS full development and commercial
control of ipilimumab
7	

Q2: Superior Execution and Performance
All therapeutic areas support broad-based sales growth
Strong operating leverage driven by cost discipline
Non-GAAP EPS growth of 30% reflects current growth phase
Increased
focus
on
cashflow
through
working
capital
and
capex
8	

Q2: Continued High Quality Sales Growth
Volume
Price
FX
Q2 BioPharma
Sales Breakdown
5%
4%
4%
(5%)
Q1 2009
Q2 2009
BioPharma
Sales Growth (Ex-FX)
8.3%
9.5%
Reported Growth
9	

Q2: Broad-Based Sales Growth
(1)%
(7)%
313
Avapro/Avalide
12%
41%
(12)%
40%
32%
11%
2%
22%
11%
vs. PY
Q2
vs. PY Ex-Fx
2009
Ixempra
Sprycel
Erbitux
Orencia
Baraclude
Sustiva
Franchise
Reyataz
Abilify
Plavix
29
107
173
148
179
312
331
643
$1,539 M
13%
57%
(12)%
45%
41%
18%
10%
26%
12%
10	

Q2: Significant Increase in Margin Levels
Biopharma
Pre-Tax Margins
Q2 2008
Q2 2009
Biopharma
Gross Margins
70.1%
74.2%
Q2 2008
Q2 2009
18.9%
26.6%
Up 410 basis points
Up 770 basis points
11	

Q2: Reduced SG&A and Continued R&D Investment
Continued Biopharma
R&D Spend
Q2 2008
Q2 2009
Reduced Biopharma
SG&A (% of Sales)
29.4%
25.6%
Q2 2008
Q2 2009
$0.8 bn
$0.8 bn
Down 380 basis points
12	

11%
13%
17%
Q2: Further Strengthened Financial Flexibility
Working Capital (As % of LTM Net Sales)
Net Cash / (Debt)
12/07
12/08
6/09
12/07
12/08
6/09
$(3.6) Bn
$1.7Bn
$2.7Bn
13	

2009 Financial Guidance
Raised 2009 Non-GAAP EPS guidance from $1.85–$2.00 to $1.95–$2.05
–
Gross margin expected to be up approximately 200 basis points
–
Tax rate expected to be approximately 25%
–
Includes approximately $0.02–$0.03 dilution in 2009 related to Medarex
2009 GAAP EPS guidance refined from $1.58–$1.73 to $1.58–$1.68
2007–2010 Non-GAAP CAGR EPS guidance at min. 15% growth
includes
$0.07–$0.09 dilution in 2010 related to Medarex
14	

Q2: Summary Achievements
High quality broad-based sales growth, reflecting
superior execution
Continued focus on cost management supporting
significant increase in margin levels
Strong double-digit earnings growth
Continued execution of our Pearls strategy
15	

Exhibit 99.3
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT
($ in millions)

 	 	2008	 	2009	 	% Change	 	 	FX Impact	 	
 	 	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	 	
Net Sales	 			 			 			 			 			 			 			 			 			 			 		 		 		 		 			 			 			 			
Bio Pharmaceuticals	 	$	4,188	 	$	4,475	 	$	8,663	 	$	4,510	 	$	13,173	 	$	4,542	 	$	17,715	 	$	4,322	 	$	4,665	 	$	8,987	 		 		 		 		 	4	% 	 	4	% 	 	-5	% 	 	-5	% 	
US Pharmaceuticals	 	 	2,451	 	 	2,610	 	 	5,061	 	 	2,695	 	 	7,756	 	 	2,809	 	 	10,565	 	 	2,766	 	 	2,974	 	 	5,740	 		 		 		 		 	14	% 	 	13	% 	 	N/A	  	 	N/A	  	
CV/Metabolics	 	 	1,407	 	 	1,483	 	 	2,890	 	 	1,517	 	 	4,407	 	 	1,552	 	 	5,959	 	 	1,554	 	 	1,699	 	 	3,253	 		 		 		 		 	15	% 	 	13	% 	 	N/A	  	 	N/A	  	
Oncology/Virology	 	 	619	 	 	633	 	 	1,252	 	 	641	 	 	1,893	 	 	655	 	 	2,548	 	 	627	 	 	638	 	 	1,265	 		 		 		 		 	1	% 	 	1	% 	 	N/A	  	 	N/A	  	
Neuroscience	 	 	352	 	 	407	 	 	759	 	 	440	 	 	1,199	 	 	497	 	 	1,696	 	 	486	 	 	520	 	 	1,006	 		 		 		 		 	28	% 	 	33	% 	 	N/A	  	 	N/A	  	
Immunoscience	 	 	73	 	 	87	 	 	160	 	 	97	 	 	257	 	 	105	 	 	362	 	 	99	 	 	117	 	 	216	 		 		 		 		 	34	% 	 	35	% 	 	N/A	  	 	N/A	  	
Intercon Pharmaceuticals	 	 	384	 	 	401	 	 	785	 	 	411	 	 	1,196	 	 	385	 	 	1,581	 	 	309	 	 	341	 	 	650	 		 		 		 		 	-15	% 	 	-17	% 	 	-12	% 	 	-13	% 	
EMAP Pharmaceuticals	 	 	398	 	 	436	 	 	834	 	 	437	 	 	1,271	 	 	437	 	 	1,708	 	 	379	 	 	420	 	 	799	 		 		 		 		 	-4	% 	 	-4	% 	 	-7	% 	 	-8	% 	
Europe Pharmaceuticals	 	 	933	 	 	996	 	 	1,929	 	 	935	 	 	2,864	 	 	886	 	 	3,750	 	 	827	 	 	883	 	 	1,710	 		 		 		 		 	-11	% 	 	-11	% 	 	-15	% 	 	-14	% 	
Mead Johnson	 	 	703	 	 	728	 	 	1,431	 	 	744	 	 	2,175	 	 	707	 	 	2,882	 	 	693	 	 	719	 	 	1,412	 		 		 		 		 	-1	% 	 	-1	% 	 	-6	% 	 	-7	% 	
Continuing Operations	 	 	4,891	 	 	5,203	 	 	10,094	 	 	5,254	 	 	15,348	 	 	5,249	 	 	20,597	 	 	5,015	 	 	5,384	 	 	10,399	 		 		 		 		 	3	% 	 	3	% 	 	-5	% 	 	-5	% 	
Discontinued Operations	 	 	308	 	 	330	 	 	638	 	 	127	 	 	765	 	 	5	 	 	770	 	 	—  	 	 	—  	 	 	—  	 		 		 		 		 	-100	% 	 	-100	% 	 	—  	  	 	—  	  	
Total Company	 	$	5,199	 	$	5,533	 	$	10,732	 	$	5,381	 	$	16,113	 	$	5,254	 	$	21,367	 	$	5,015	 	$	5,384	 	$	10,399	 		 		 		 		 	-3	% 	 	-3	% 	 	-5	% 	 	-5	% 	

 	 	2008	 	 	2009	 	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	 			 			 			 			 			 			 			 			 			 			 		 		 		 		 			 			
Bio Pharmaceuticals	 	80.6	% 	 	80.9	% 	 	80.7	% 	 	83.8	% 	 	81.8	% 	 	86.4	% 	 	82.9	% 	 	86.2	% 	 	86.6	% 	 	86.4	% 	 		 		 		 		 	570	  	 	570	  	
US Pharmaceuticals	 	47.2	% 	 	47.2	% 	 	47.2	% 	 	50.1	% 	 	48.1	% 	 	53.5	% 	 	49.4	% 	 	55.2	% 	 	55.2	% 	 	55.2	% 	 		 		 		 		 	800	  	 	800	  	
CV/Metabolics	 	27.1	% 	 	26.8	% 	 	26.9	% 	 	28.2	% 	 	27.4	% 	 	29.5	% 	 	27.9	% 	 	31.0	% 	 	31.5	% 	 	31.3	% 	 		 		 		 		 	470	  	 	440	  	
Oncology/Virology	 	11.9	% 	 	11.4	% 	 	11.7	% 	 	11.9	% 	 	11.7	% 	 	12.5	% 	 	11.9	% 	 	12.5	% 	 	11.8	% 	 	12.1	% 	 		 		 		 		 	40	  	 	40	  	
Neuroscience	 	6.8	% 	 	7.4	% 	 	7.1	% 	 	8.2	% 	 	7.4	% 	 	9.5	% 	 	7.9	% 	 	9.7	% 	 	9.7	% 	 	9.7	% 	 		 		 		 		 	230	  	 	260	  	
Immunoscience	 	1.4	% 	 	1.6	% 	 	1.5	% 	 	1.8	% 	 	1.6	% 	 	2.0	% 	 	1.7	% 	 	2.0	% 	 	2.2	% 	 	2.1	% 	 		 		 		 		 	60	  	 	60	  	
Intercon Pharmaceuticals	 	7.4	% 	 	7.2	% 	 	7.3	% 	 	7.6	% 	 	7.4	% 	 	7.3	% 	 	7.4	% 	 	6.2	% 	 	6.3	% 	 	6.3	% 	 		 		 		 		 	(90	) 	 	(100	) 	
EMAP Pharmaceuticals	 	7.7	% 	 	7.9	% 	 	7.8	% 	 	8.1	% 	 	7.9	% 	 	8.3	% 	 	8.0	% 	 	7.6	% 	 	7.8	% 	 	7.7	% 	 		 		 		 		 	(10	) 	 	(10	) 	
Europe Pharmaceuticals	 	17.9	% 	 	18.0	% 	 	18.0	% 	 	17.4	% 	 	17.8	% 	 	16.9	% 	 	17.6	% 	 	16.5	% 	 	16.4	% 	 	16.4	% 	 		 		 		 		 	(160	) 	 	(160	) 	
Mead Johnson	 	13.5	% 	 	13.1	% 	 	13.3	% 	 	13.8	% 	 	13.5	% 	 	13.5	% 	 	13.5	% 	 	13.8	% 	 	13.4	% 	 	13.6	% 	 		 		 		 		 	30	  	 	30	  	
Continuing Operations	 	94.1	% 	 	94.0	% 	 	94.0	% 	 	97.6	% 	 	95.3	% 	 	99.9	% 	 	96.4	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 		 		 		 		 	600	  	 	600	  	
Discontinued Operations	 	5.9	% 	 	6.0	% 	 	6.0	% 	 	2.4	% 	 	4.7	% 	 	0.1	% 	 	3.6	% 	 	—  	  	 	—  	  	 	—  	  	 		 		 		 		 	(600	) 	 	(600	) 	
Total Company	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 		 		 		 		 			 			
 
1

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2009
($ in millions)
QUARTER-TO-DATE

CONTINUING OPERATIONS	  				 				 				
				
   	  	US*	 	 	Non-US*	 	 	Total	 	
Price Increases/(Decreases)	  	 	6	% 	 	 	2	% 	 	 	4	% 	
Foreign Exchange	  	 	—  	  	 	 	-12	% 	 	 	-5	% 	
Volume	  	 	6	% 	 	 	3	% 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	12	% 	 	 	-7	% 	 	 	3	% 	

Total 2009 Period to Date Sales	  	$	3,247	  	 	$	2,137	  	 	$	5,384	  	
Total 2008 Period to Date Sales	  	$	2,898	  	 	$	2,305	  	 	$	5,203	  	
				
BIO PHARMACEUTICALS	  				 				 				
				
 	  	US	 	 	Non-US	 	 	Total	 	
Price Increases/(Decreases)	  	 	7	% 	 	 	—  	  	 	 	4	% 	
Foreign Exchange	  	 	—  	  	 	 	-13	% 	 	 	-5	% 	
Volume	  	 	6	% 	 	 	4	% 	 	 	5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	13	% 	 	 	-9	% 	 	 	4	% 	

Total 2009 Period to Date Sales	  	$	2,977	  	 	$	1,688	  	 	$	4,665	  	
Total 2008 Period to Date Sales	  	$	2,625	  	 	$	1,850	  	 	$	4,475	  	
				
MEAD JOHNSON	  				 				 				
				
 	  	 	 	 	 	 	 	Total	 	
Price Increases/(Decreases)	  				 				 	 	4	% 	
Foreign Exchange	  				 				 	 	-6	% 	
Volume	  				 				 	 	1	% 	
	  				 				 	 	 	 	
Total Change	  				 				 	 	-1	% 	

Total 2009 Period to Date Sales	  				 				 	$	719	  	
Total 2008 Period to Date Sales	  				 				 	$	728	  	

*	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
 
2

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 2009
($ in millions)
YEAR-TO-DATE

CONTINUING OPERATIONS	  				 				 				
				
 	  	US*	 	 	Non-US*	 	 	Total	 	
Price Increases/(Decreases)	  	 	6	% 	 	 	2	% 	 	 	4	% 	
Foreign Exchange	  	 	—  	  	 	 	-12	% 	 	 	-5	% 	
Volume	  	 	5	% 	 	 	3	% 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	11	% 	 	 	-7	% 	 	 	3	% 	

Total 2009 Period to Date Sales	  	$	6,278	  	 	$	4,121	  	 	$	10,399	  	
Total 2008 Period to Date Sales	  	$	5,645	  	 	$	4,449	  	 	$	10,094	  	
				
BIO PHARMACEUTICALS	  				 				 				
				
 	  	US	 	 	Non-US	 	 	Total	 	
Price Increases/(Decreases)	  	 	7	% 	 	 	—  	  	 	 	4	% 	
Foreign Exchange	  	 	—  	  	 	 	-13	% 	 	 	-5	% 	
Volume	  	 	6	% 	 	 	3	% 	 	 	5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	13	% 	 	 	-10	% 	 	 	4	% 	

Total 2009 Period to Date Sales	  	$	5,761	  	 	$	3,226	  	 	$	8,987	  	
Total 2008 Period to Date Sales	  	$	5,084	  	 	$	3,579	  	 	$	8,663	  	
				
MEAD JOHNSON	  				 				 				
				
 	  	 	 	 	 	 	 	Total	 	
Price Increases/(Decreases)	  				 				 	 	6	% 	
Foreign Exchange	  				 				 	 	-7	% 	
Volume	  				 				 	 	—  	  	
	  				 				 	 	 	 	
Total Change	  				 				 	 	-1	% 	

Total 2009 Period to Date Sales	  				 				 	$	1,412	  	
Total 2008 Period to Date Sales	  				 				 	$	1,431	  	

*	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
 
3

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

 	 	2008	 	 	2009	 	% 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	 	$	4,891	  	 	$	5,203	  	 	$	10,094	  	 	$	5,254	  	 	$	15,348	  	 	$	5,249	  	 	$	20,597	  	 	$	5,015	  	 	$	5,384	  	 	$	10,399	  	 		 		 		 		 	3	% 	 	3	% 	
																	
Cost of products sold	 	 	1,570	  	 	 	1,670	  	 	 	3,240	  	 	 	1,634	  	 	 	4,874	  	 	 	1,522	  	 	 	6,396	  	 	 	1,413	  	 	 	1,461	  	 	 	2,874	  	 		 		 		 		 	-13	% 	 	-11	% 	
Marketing, selling and administrative	 	 	1,134	  	 	 	1,165	  	 	 	2,299	  	 	 	1,208	  	 	 	3,507	  	 	 	1,285	  	 	 	4,792	  	 	 	1,064	  	 	 	1,077	  	 	 	2,141	  	 		 		 		 		 	-8	% 	 	-7	% 	
Advertising and product promotion	 	 	319	  	 	 	420	  	 	 	739	  	 	 	362	  	 	 	1,101	  	 	 	449	  	 	 	1,550	  	 	 	324	  	 	 	400	  	 	 	724	  	 		 		 		 		 	-5	% 	 	-2	% 	
Research and development	 	 	782	  	 	 	826	  	 	 	1,608	  	 	 	834	  	 	 	2,442	  	 	 	1,143	  	 	 	3,585	  	 	 	923	  	 	 	829	  	 	 	1,752	  	 		 		 		 		 	0	% 	 	9	% 	
Acquired in-process research and development	 	 	—  	  	 	 	32	  	 	 	32	  	 	 	—  	  	 	 	32	  	 	 	—  	  	 	 	32	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	-100	% 	 	-100	% 	
Provision for restructuring, net	 	 	11	  	 	 	30	  	 	 	41	  	 	 	26	  	 	 	67	  	 	 	151	  	 	 	218	  	 	 	27	  	 	 	20	  	 	 	47	  	 		 		 		 		 	-33	% 	 	15	% 	
Litigation expense, net	 	 	—  	  	 	 	2	  	 	 	2	  	 	 	30	  	 	 	32	  	 	 	1	  	 	 	33	  	 	 	104	  	 	 	28	  	 	 	132	  	 		 		 		 		 	*	  	 	*	  	
Equity in net income of affiliates	 	 	(164	) 	 	 	(150	) 	 	 	(314	) 	 	 	(164	) 	 	 	(478	) 	 	 	(139	) 	 	 	(617	) 	 	 	(146	) 	 	 	(150	) 	 	 	(296	) 	 		 		 		 		 	—  	  	 	-6	% 	
Gain on sale of Imclone shares	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(895	) 	 	 	(895	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	—  	  	 	—  	  	
Other (income)/expense, net	 	 	32	  	 	 	(13	) 	 	 	19	  	 	 	169	  	 	 	188	  	 	 	(156	) 	 	 	32	  	 	 	(78	) 	 	 	(22	) 	 	 	(100	) 	 		 		 		 		 	69	% 	 	*	  	
Total expenses	 	 	3,684	  	 	 	3,982	  	 	 	7,666	  	 	 	4,099	  	 	 	11,765	  	 	 	3,361	  	 	 	15,126	  	 	 	3,631	  	 	 	3,643	  	 	 	7,274	  	 		 		 		 		 	-9	% 	 	-5	% 	
																	
Earnings from Continuing Operations Before Income Taxes	 	$	1,207	  	 	$	1,221	  	 	$	2,428	  	 	$	1,155	  	 	$	3,583	  	 	$	1,888	  	 	$	5,471	  	 	$	1,384	  	 	$	1,741	  	 	$	3,125	  	 		 		 		 		 	43	% 	 	29	% 	
Provision for income taxes	 	 	330	  	 	 	258	  	 	 	588	  	 	 	308	  	 	 	896	  	 	 	424	  	 	 	1,320	  	 	 	463	  	 	 	443	  	 	 	906	  	 		 		 		 		 	72	% 	 	54	% 	
Net Earnings from Continuing Operations	 	$	877	  	 	$	963	  	 	$	1,840	  	 	$	847	  	 	$	2,687	  	 	$	1,464	  	 	$	4,151	  	 	$	921	  	 	$	1,298	  	 	$	2,219	  	 		 		 		 		 	35	% 	 	21	% 	
																	
Net Earnings from Discontinued Operations	 	 	14	  	 	 	42	  	 	 	56	  	 	 	1,990	  	 	 	2,046	  	 	 	46	  	 	 	2,092	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	-100	% 	 	-100	% 	
																	
Net Earnings	 	$	891	  	 	$	1,005	  	 	$	1,896	  	 	$	2,837	  	 	$	4,733	  	 	$	1,510	  	 	$	6,243	  	 	$	921	  	 	$	1,298	  	 	$	2,219	  	 		 		 		 		 	29	% 	 	17	% 	
Net Earnings Attributable to Noncontrolling Interest	 	 	230	  	 	 	241	  	 	 	471	  	 	 	259	  	 	 	730	  	 	 	266	  	 	 	996	  	 	 	283	  	 	 	315	  	 	 	598	  	 		 		 		 		 	31	% 	 	27	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company	 	$	661	  	 	$	764	  	 	$	1,425	  	 	$	2,578	  	 	$	4,003	  	 	$	1,244	  	 	$	5,247	  	 	$	638	  	 	$	983	  	 	$	1,621	  	 		 		 		 		 	29	% 	 	14	% 	
																	
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	 	$	647	  	 	$	722	  	 	$	1,369	  	 	$	588	  	 	$	1,957	  	 	$	1,198	  	 	$	3,155	  	 	$	638	  	 	$	983	  	 	$	1,621	  	 		 		 		 		 	36	% 	 	18	% 	
Contingently convertible debt interest expense and dividends attributable to unvested shares	 	 	4	  	 	 	—  	  	 	 	5	  	 	 	(9	) 	 	 	(3	) 	 	 	(5	) 	 	 	(6	) 	 	 	(5	) 	 	 	(6	) 	 	 	(9	) 	 		 		 		 		 	—  	  	 	*	  	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	 	$	651	  	 	$	722	  	 	$	1,374	  	 	$	579	  	 	$	1,954	  	 	$	1,193	  	 	$	3,149	  	 	$	633	  	 	$	977	  	 	$	1,612	  	 		 		 		 		 	35	% 	 	17	% 	
																	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Continuing Operations	 	$	0.32	  	 	$	0.36	  	 	$	0.68	  	 	$	0.29	  	 	$	0.98	  	 	$	0.60	  	 	$	1.58	  	 	$	0.32	  	 	$	0.49	  	 	$	0.81	  	 		 		 		 		 	36	% 	 	19	% 	
																	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Discontinued Operations	 	 	0.01	  	 	 	0.02	  	 	 	0.03	  	 	 	0.99	  	 	 	1.02	  	 	 	0.02	  	 	 	1.04	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	-100	% 	 	-100	% 	
																	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share**	 	$	0.33	  	 	$	0.38	  	 	$	0.71	  	 	$	1.28	  	 	$	2.00	  	 	$	0.62	  	 	$	2.62	  	 	$	0.32	  	 	$	0.49	  	 	$	0.81	  	 		 		 		 		 	29	% 	 	14	% 	
																	
Average Common Shares Outstanding - Diluted	 	 	2,006	  	 	 	2,006	  	 	 	2,005	  	 	 	2,002	  	 	 	2,004	  	 	 	1,980	  	 	 	1,999	  	 	 	1,981	  	 	 	1,983	  	 	 	1,982	  	 		 		 		 		 	-1	% 	 	-1	% 	
Dividends declared per common share	 	$	0.31	  	 	$	0.31	  	 	$	0.62	  	 	$	0.31	  	 	$	0.93	  	 	$	0.31	  	 	$	1.24	  	 	$	0.31	  	 	$	0.31	  	 	$	0.62	  	 		 		 		 		 	—  	  	 	—  	  	
				
 	 	2008	 	 	2009	 	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	 	 	67.9	% 	 	 	67.9	% 	 	 	67.9	% 	 	 	68.9	% 	 	 	68.2	% 	 	 	71.0	% 	 	 	68.9	% 	 	 	71.8	% 	 	 	72.9	% 	 	 	72.4	% 	 		 		 		 		 	500	  	 	450	  	
																	
Cost of products sold	 	 	32.1	% 	 	 	32.1	% 	 	 	32.1	% 	 	 	31.1	% 	 	 	31.8	% 	 	 	29.0	% 	 	 	31.1	% 	 	 	28.2	% 	 	 	27.1	% 	 	 	27.6	% 	 		 		 		 		 	(500	) 	 	(450	) 	
Marketing, selling and administrative	 	 	23.2	% 	 	 	22.4	% 	 	 	22.8	% 	 	 	23.0	% 	 	 	22.8	% 	 	 	24.5	% 	 	 	23.3	% 	 	 	21.2	% 	 	 	20.0	% 	 	 	20.6	% 	 		 		 		 		 	(240	) 	 	(220	) 	
Advertising and product promotion	 	 	6.5	% 	 	 	8.1	% 	 	 	7.3	% 	 	 	6.9	% 	 	 	7.2	% 	 	 	8.6	% 	 	 	7.5	% 	 	 	6.5	% 	 	 	7.4	% 	 	 	7.0	% 	 		 		 		 		 	(70	) 	 	(30	) 	
Research and development	 	 	16.0	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	21.8	% 	 	 	17.4	% 	 	 	18.4	% 	 	 	15.4	% 	 	 	16.8	% 	 		 		 		 		 	(50	) 	 	90	  	
Acquired in-process research and development	 	 	—  	  	 	 	0.6	% 	 	 	0.3	% 	 	 	—  	  	 	 	0.2	% 	 	 	—  	  	 	 	0.2	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	(60	) 	 	(30	) 	
Total expenses	 	 	75.3	% 	 	 	76.5	% 	 	 	75.9	% 	 	 	78.0	% 	 	 	76.7	% 	 	 	64.0	% 	 	 	73.4	% 	 	 	72.4	% 	 	 	67.7	% 	 	 	69.9	% 	 		 		 		 		 	(880	) 	 	(600	) 	
																	
Earnings from Continuing Operations Before Income Taxes	 	 	24.7	% 	 	 	23.5	% 	 	 	24.1	% 	 	 	22.0	% 	 	 	23.3	% 	 	 	36.0	% 	 	 	26.6	% 	 	 	27.6	% 	 	 	32.3	% 	 	 	30.1	% 	 		 		 		 		 	880	  	 	600	  	
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	 	 	13.2	% 	 	 	13.9	% 	 	 	13.6	% 	 	 	11.2	% 	 	 	12.8	% 	 	 	22.8	% 	 	 	15.3	% 	 	 	12.7	% 	 	 	18.3	% 	 	 	15.6	% 	 		 		 		 		 	440	  	 	200	  	
																	
Other Ratios	 				 				 				 				 				 				 				 				 				 				 		 		 		 		 			 			
Effective Tax Rate	 	 	27.3	% 	 	 	21.1	% 	 	 	24.2	% 	 	 	26.7	% 	 	 	25.0	% 	 	 	22.5	% 	 	 	24.1	% 	 	 	33.5	% 	 	 	25.4	% 	 	 	29.0	% 	 		 		 		 		 	430	  	 	480	  	
				
 	 	2008	 	 	2009	 	% 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	 	$	73	  	 	$	80	  	 	$	153	  	 	$	84	  	 	$	237	  	 	$	73	  	 	$	310	  	 	$	52	  	 	$	42	  	 	$	94	  	 		 		 		 		 	-48	% 	 	-39	% 	
Interest income	 	 	(43	) 	 	 	(31	) 	 	 	(74	) 	 	 	(37	) 	 	 	(111	) 	 	 	(19	) 	 	 	(130	) 	 	 	(13	) 	 	 	(14	) 	 	$	(27	) 	 		 		 		 		 	-55	% 	 	-64	% 	
ARS impairment charge	 	 	25	  	 	 	—  	  	 	 	25	  	 	 	224	  	 	 	247	  	 	 	58	  	 	 	305	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 		 		 		 		 	—  	  	 	-100	% 	
Gain on debt buyback and termination of interest rate swap agreements	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(57	) 	 	 	(57	) 	 	 	—  	  	 	 	(11	) 	 	 	(11	) 	 		 		 		 		 	—  	  	 	—  	  	
Foreign exchange transaction losses/(gains)	 	 	19	  	 	 	(2	) 	 	 	17	  	 	 	(51	) 	 	 	(34	) 	 	 	(42	) 	 	 	(76	) 	 	 	(13	) 	 	 	17	  	 	 	4	  	 		 		 		 		 	*	  	 	-76	% 	
Gain on sale of product lines, businesses and assets	 	 	(9	) 	 	 	—  	  	 	 	(9	) 	 	 	—  	  	 	 	(9	) 	 	 	(159	) 	 	 	(168	) 	 	 	(44	) 	 	 	(23	) 	 	 	(67	) 	 		 		 		 		 	—  	  	 	*	  	
Net royalty income and amortization of upfront and milestone payments received from alliance partners	 	 	(41	) 	 	 	(41	) 	 	 	(82	) 	 	 	(42	) 	 	 	(124	) 	 	 	(17	) 	 	 	(141	) 	 	 	(35	) 	 	 	(34	) 	 	 	(69	) 	 		 		 		 		 	-17	% 	 	-16	% 	
Retirement plan curtailment charge	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	8	  	 	 	8	  	 	 	—  	  	 	 	25	  	 	 	25	  	 		 		 		 		 	—  	  	 	—  	  	
Other , net	 	 	8	  	 	 	(19	) 	 	 	(11	) 	 	 	(9	) 	 	 	(18	) 	 	 	(1	) 	 	 	(19	) 	 	 	(25	) 	 	 	(24	) 	 	 	(49	) 	 		 		 		 		 	26	% 	 	*	  	
	 	$	32	  	 	$	(13	) 	 	$	19	  	 	$	169	  	 	$	188	  	 	$	(156	) 	 	$	32	  	 	$	(78	) 	 	$	(22	) 	 	$	(100	) 	 		 		 		 		 	69	% 	 	*	  	

*	in excess of +/- 200%	
**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
 
4

BRISTOL-MYERS SQUIBB COMPANY
Biopharmaceuticals segment results
($ in millions, except per share amounts)

 	 	2008	 	 	2009	 	% 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	 	$	4,188	  	 	$	4,475	  	 	$	8,663	  	 	$	4,510	  	 	$	13,173	  	 	$	4,542	  	 	$	17,715	  	 	$	4,322	  	 	$	4,665	  	 	$	8,987	  	 		 		 		 		 	4	% 	 	4	% 	
																	
Gross Profit	 	 	2,965	  	 	 	3,135	  	 	 	6,100	  	 	 	3,218	  	 	 	9,318	  	 	 	3,329	  	 	 	12,647	  	 	 	3,191	  	 	 	3,463	  	 	 	6,654	  	 		 		 		 		 	10	% 	 	9	% 	
Gross Margin as a % of Sales	 	 	70.8	% 	 	 	70.1	% 	 	 	70.4	% 	 	 	71.4	% 	 	 	70.7	% 	 	 	73.3	% 	 	 	71.4	% 	 	 	73.8	% 	 	 	74.2	% 	 	 	74.0	% 	 		 		 		 		 	410	  	 	360	  	
																	
Total SGA	 	 	1,215	  	 	 	1,317	  	 	 	2,532	  	 	 	1,271	  	 	 	3,803	  	 	 	1,409	  	 	 	5,212	  	 	 	1,129	  	 	 	1,196	  	 	 	2,325	  	 		 		 		 		 	-9	% 	 	-8	% 	
SG&A as a % of Sales	 	 	29.0	% 	 	 	29.4	% 	 	 	29.2	% 	 	 	28.2	% 	 	 	28.9	% 	 	 	31.0	% 	 	 	29.4	% 	 	 	26.1	% 	 	 	25.6	% 	 	 	25.9	% 	 		 		 		 		 	-380	  	 	-330	  	
																	
R&D	 	 	746	  	 	 	778	  	 	 	1,524	  	 	 	779	  	 	 	2,303	  	 	 	848	  	 	 	3,151	  	 	 	763	  	 	 	781	  	 	 	1,544	  	 		 		 		 		 	—  	  	 	1	% 	
R&D as a % of Sales	 	 	17.8	% 	 	 	17.4	% 	 	 	17.6	% 	 	 	17.3	% 	 	 	17.5	% 	 	 	18.7	% 	 	 	17.8	% 	 	 	17.7	% 	 	 	16.7	% 	 	 	17.2	% 	 		 		 		 		 	-70	  	 	-40	  	
																	
Equity in net income of affiliates	 	 	(164	) 	 	 	(150	) 	 	 	(314	) 	 	 	(164	) 	 	 	(478	) 	 	 	(139	) 	 	 	(617	) 	 	 	(146	) 	 	 	(149	) 	 	 	(295	) 	 		 		 		 		 	-1	% 	 	-6	% 	
																	
Other	 	 	(3	) 	 	 	(14	) 	 	 	(17	) 	 	 	(71	) 	 	 	(88	) 	 	 	(53	) 	 	 	(141	) 	 	 	(51	) 	 	 	(40	) 	 	 	(91	) 	 		 		 		 		 	186	% 	 	*	  	
																	
Noncontrolling Interest	 	 	339	  	 	 	356	  	 	 	695	  	 	 	381	  	 	 	1,076	  	 	 	385	  	 	 	1,461	  	 	 	398	  	 	 	433	  	 	 	831	  	 		 		 		 		 	22	% 	 	20	% 	
																	
Earnings from Continuing Operations Before Income Taxes	 	$	832	  	 	$	848	  	 	$	1,680	  	 	$	1,022	  	 	$	2,702	  	 	$	879	  	 	$	3,581	  	 	$	1,098	  	 	$	1,242	  	 	$	2,340	  	 		 		 		 		 	46	% 	 	39	% 	
 
5

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED JUNE 30, 2009
(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE	  		  			  			 			 		  			 			 			
 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
Net sales	  	5,384	  	$	5,203	  	181	  	 	(256	) 	 	5,640	  	3	% 	 	-5	% 	 	8	% 	
Marketing, selling and administrative  (a) 	  	1,077	  	 	1,165	  	(88	) 	 	61	  	 	1,138	  	-8	% 	 	6	% 	 	-2	% 	
Marketing, selling and administrative excluding specified items  (b) 	  	1,045	  	 	1,143	  	(98	) 	 	60	  	 	1,105	  	-9	% 	 	6	% 	 	-3	% 	
Advertising and product promotion	  	400	  	 	420	  	(20	) 	 	19	  	 	419	  	-5	% 	 	5	% 	 	—  	  	
Advertising and product promotion excluding specified items (b) 	  	400	  	 	420	  	(20	) 	 	19	  	 	419	  	-5	% 	 	5	% 	 	—  	  	
Research and development	  	829	  	 	826	  	3	  	 	25	  	 	854	  	—  	  	 	3	% 	 	3	% 	
Research and development excluding specified items  (b) 	  	800	  	 	795	  	5	  	 	25	  	 	825	  	1	% 	 	3	% 	 	4	% 	
__________	  		  			  			 			 		  			 			 			
(a)    General and administrative	  	413	  	 	439	  	(26	) 	 	18	  	 	431	  	-6	% 	 	4	% 	 	-2	% 	
General and administrative excluding specified items  (c) 	  	381	  	 	417	  	(36	) 	 	17	  	 	398	  	-9	% 	 	4	% 	 	-5	% 	
(b)    Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.	        	
(c)    The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:	       	

 	  	2009	  	2008	
General and administrative	  	413	  	439	
Specified Items:	  		  		
Process standardization implementation costs	  	24	  	21	
Mead Johnson separation costs	  	8	  	1	
	  	 	  	 	
General and administrative excluding specified items	  	381	  	417	

																							
YEAR-TO-DATE	  		  			  			 			 		  			 			 			
 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
Net sales	  	10,399	  	$	10,094	  	305	  	 	(554	) 	 	10,953	  	3	% 	 	-5	% 	 	8	% 	
Marketing, selling and administrative  (a) 	  	2,141	  	 	2,299	  	(158	) 	 	131	  	 	2,272	  	-7	% 	 	6	% 	 	-1	% 	
Marketing, selling and administrative excluding specified items  (b) 	  	2,072	  	 	2,262	  	(190	) 	 	130	  	 	2,202	  	-8	% 	 	5	% 	 	-3	% 	
Advertising and product promotion	  	724	  	 	739	  	(15	) 	 	35	  	 	759	  	-2	% 	 	5	% 	 	3	% 	
Advertising and product promotion excluding specified items  (b) 	  	724	  	 	739	  	(15	) 	 	35	  	 	759	  	-2	% 	 	5	% 	 	3	% 	
Research and development	  	1,752	  	 	1,608	  	144	  	 	54	  	 	1,806	  	9	% 	 	3	% 	 	12	% 	
Research and development excluding specified items  (b) 	  	1,578	  	 	1,557	  	21	  	 	54	  	 	1,632	  	1	% 	 	4	% 	 	5	% 	
__________	  		  			  			 			 		  			 			 			
(a)    General and administrative	  	829	  	 	879	  	(50	) 	 	37	  	 	866	  	-6	% 	 	5	% 	 	-1	% 	
General and administrative excluding specified items (c) 	  	760	  	 	842	  	(82	) 	 	36	  	 	796	  	-10	% 	 	5	% 	 	-5	% 	
(b)    Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.	        	
(c)    The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:	       	

 	  	2009	  	2008	
General and administrative	  	829	  	879	
Specified Items:	  		  		
Process standardization implementation costs	  	44	  	36	
Mead Johnson separation costs	  	25	  	1	
	  	 	  	 	
General and administrative excluding specified items	  	760	  	842	

6

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED JUNE 30, 2009
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE

 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX*	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
Plavix	  	1,539	  	$	1,387	  	152	  	 	(21	) 	 	1,560	  	11	% 	 	-1	% 	 	12	% 	
Avapro/Avalide	  	313	  	 	335	  	(22	) 	 	(20	) 	 	333	  	-7	% 	 	-6	% 	 	-1	% 	
Abilify	  	643	  	 	529	  	114	  	 	(23	) 	 	666	  	22	% 	 	-4	% 	 	26	% 	
Reyataz	  	331	  	 	324	  	7	  	 	(25	) 	 	356	  	2	% 	 	-8	% 	 	10	% 	
Sustiva Franchise	  	312	  	 	282	  	30	  	 	(21	) 	 	333	  	11	% 	 	-7	% 	 	18	% 	
Baraclude	  	179	  	 	136	  	43	  	 	(12	) 	 	191	  	32	% 	 	-9	% 	 	41	% 	
Orencia	  	148	  	 	106	  	42	  	 	(5	) 	 	153	  	40	% 	 	-5	% 	 	45	% 	
Erbitux	  	173	  	 	196	  	(23	) 	 	—  	  	 	173	  	-12	% 	 	—  	  	 	-12	% 	
Sprycel	  	107	  	 	76	  	31	  	 	(12	) 	 	119	  	41	% 	 	-16	% 	 	57	% 	
Ixempra	  	29	  	 	26	  	3	  	 	—  	  	 	29	  	12	% 	 	-1	% 	 	13	% 	
	
YEAR-TO-DATE

 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX*	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
Plavix	  	2,974	  	$	2,695	  	279	  	 	(45	) 	 	3,019	  	10	% 	 	-2	% 	 	12	% 	
Avapro/Avalide	  	615	  	 	640	  	(25	) 	 	(41	) 	 	656	  	-4	% 	 	-6	% 	 	2	% 	
Abilify	  	1,232	  	 	983	  	249	  	 	(44	) 	 	1,276	  	25	% 	 	-4	% 	 	29	% 	
Reyataz	  	653	  	 	621	  	32	  	 	(48	) 	 	701	  	5	% 	 	-8	% 	 	13	% 	
Sustiva Franchise	  	604	  	 	555	  	49	  	 	(40	) 	 	644	  	9	% 	 	-7	% 	 	16	% 	
Baraclude	  	331	  	 	244	  	87	  	 	(23	) 	 	354	  	36	% 	 	-9	% 	 	45	% 	
Orencia	  	272	  	 	193	  	79	  	 	(10	) 	 	282	  	41	% 	 	-5	% 	 	46	% 	
Erbitux	  	337	  	 	383	  	(46	) 	 	—  	  	 	337	  	-12	% 	 	—  	  	 	-12	% 	
Sprycel	  	195	  	 	142	  	53	  	 	(22	) 	 	217	  	37	% 	 	-15	% 	 	52	% 	
Ixempra	  	53	  	 	51	  	2	  	 	—  	  	 	53	  	4	% 	 	—  	  	 	4	% 	

*	Represents 2009 sales at 2008 currency exchange rates.	
 
7

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT GROSS MARGIN AND PRETAX EARNINGS FROM CONTINUING OPERATIONS EXCLUDING SPECIFIED ITEMS
($ in millions)

 	 	2008	 	 	2009	 	% 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	 	
Gross Profit	  	
Bio Pharmaceuticals	 	2,965	  	 	3,135	  	 	6,100	  	 	3,218	  	 	9,318	  	 	3,329	  	 	12,647	  	 	3,191	  	 	3,463	  	 	6,654	  	 		 		 		 		 	10	% 	 	9	% 	
																	
Mead Johnson	 	452	  	 	456	  	 	908	  	 	455	  	 	1,363	  	 	440	  	 	1,803	  	 	445	  	 	484	  	 	929	  	 		 		 		 		 	6	% 	 	2	% 	
				
 	 	2008	 	 	2009	 	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	 	
Gross Margin %	  	
Bio Pharmaceuticals	 	70.8	% 	 	70.1	% 	 	70.4	% 	 	71.4	% 	 	70.7	% 	 	73.3	% 	 	71.4	% 	 	73.8	% 	 	74.2	% 	 	74.0	% 	 		 		 		 		 	410	  	 	360	  	
																	
Mead Johnson	 	64.3	% 	 	62.6	% 	 	63.5	% 	 	61.2	% 	 	62.7	% 	 	62.2	% 	 	62.6	% 	 	64.2	% 	 	67.3	% 	 	65.8	% 	 		 		 		 		 	470	  	 	230	  	
				
 	 	2008	 	 	2009	 	% 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	 	
Earnings Before Income Taxes	  	
Bio Pharmaceuticals	 	832	  	 	848	  	 	1,680	  	 	1,022	  	 	2,702	  	 	879	  	 	3,581	  	 	1,098	  	 	1,242	  	 	2,340	  	 		 		 		 		 	46	% 	 	39	% 	
																	
Mead Johnson	 	208	  	 	188	  	 	396	  	 	159	  	 	555	  	 	137	  	 	692	  	 	159	  	 	151	  	 	310	  	 		 		 		 		 	-20	% 	 	-22	% 	
				
 	 	2008	 	 	2009	 	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	 	
Net Margin %	  	
Bio Pharmaceuticals	 	19.9	% 	 	18.9	% 	 	19.4	% 	 	22.7	% 	 	20.5	% 	 	19.4	% 	 	20.2	% 	 	25.4	% 	 	26.6	% 	 	26.0	% 	 		 		 		 		 	770	  	 	660	  	
																	
Mead Johnson	 	29.6	% 	 	25.8	% 	 	27.7	% 	 	21.4	% 	 	25.5	% 	 	19.4	% 	 	24.0	% 	 	22.9	% 	 	21.0	% 	 	22.0	% 	 		 		 		 		 	-480	  	 	-570	  	

*	In Excess of +/- 200%	
 
8

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

 	  	2008	  	2009	  	% Change	 	 	FX Impact	 	
 	  	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	 	
Continuing Operations	  	$	4,891	  	$	5,203	  	$	10,094	  	$	5,254	  	$	15,348	  	$	5,249	  	$	20,597	  	$	5,015	  	$	5,384	  	$	10,399	  		  		  		  		  	3	% 	 	3	% 	 	-5	% 	 	-5	% 	
																			
BIO PHARMACEUTICALS	  	 	4,188	  	 	4,475	  	 	8,663	  	 	4,510	  	 	13,173	  	 	4,542	  	 	17,715	  	 	4,322	  	 	4,665	  	 	8,987	  		  		  		  		  	4	% 	 	4	% 	 	-5	% 	 	-5	% 	
																			
Cardiovascular	  	 	1,828	  	 	1,933	  	 	3,761	  	 	1,948	  	 	5,709	  	 	1,942	  	 	7,651	  	 	1,892	  	 	2,050	  	 	3,942	  		  		  		  		  	6	% 	 	5	% 	 	-3	% 	 	-3	% 	
Plavix	  	 	1,308	  	 	1,387	  	 	2,695	  	 	1,439	  	 	4,134	  	 	1,469	  	 	5,603	  	 	1,435	  	 	1,539	  	 	2,974	  		  		  		  		  	11	% 	 	10	% 	 	-1	% 	 	-2	% 	
Avapro/Avalide	  	 	305	  	 	335	  	 	640	  	 	334	  	 	974	  	 	316	  	 	1,290	  	 	302	  	 	313	  	 	615	  		  		  		  		  	-7	% 	 	-4	% 	 	-6	% 	 	-6	% 	
																			
Virology	  	 	734	  	 	791	  	 	1,525	  	 	824	  	 	2,349	  	 	812	  	 	3,161	  	 	794	  	 	848	  	 	1,642	  		  		  		  		  	7	% 	 	8	% 	 	-8	% 	 	-8	% 	
Reyataz	  	 	297	  	 	324	  	 	621	  	 	342	  	 	963	  	 	329	  	 	1,292	  	 	322	  	 	331	  	 	653	  		  		  		  		  	2	% 	 	5	% 	 	-8	% 	 	-8	% 	
Sustiva Franchise  (a)	  	 	273	  	 	282	  	 	555	  	 	294	  	 	849	  	 	300	  	 	1,149	  	 	292	  	 	312	  	 	604	  		  		  		  		  	11	% 	 	9	% 	 	-7	% 	 	-7	% 	
Baraclude	  	 	108	  	 	136	  	 	244	  	 	144	  	 	388	  	 	153	  	 	541	  	 	152	  	 	179	  	 	331	  		  		  		  		  	32	% 	 	36	% 	 	-9	% 	 	-9	% 	
																			
Oncology	  	 	436	  	 	474	  	 	910	  	 	447	  	 	1,357	  	 	462	  	 	1,819	  	 	407	  	 	450	  	 	857	  		  		  		  		  	-5	% 	 	-6	% 	 	-3	% 	 	-3	% 	
Erbitux	  	 	187	  	 	196	  	 	383	  	 	184	  	 	567	  	 	182	  	 	749	  	 	164	  	 	173	  	 	337	  		  		  		  		  	-12	% 	 	-12	% 	 	—  	  	 	—  	  	
Sprycel	  	 	66	  	 	76	  	 	142	  	 	82	  	 	224	  	 	86	  	 	310	  	 	88	  	 	107	  	 	195	  		  		  		  		  	41	% 	 	37	% 	 	-16	% 	 	-15	% 	
Ixempra	  	 	25	  	 	26	  	 	51	  	 	25	  	 	76	  	 	25	  	 	101	  	 	24	  	 	29	  	 	53	  		  		  		  		  	12	% 	 	4	% 	 	-1	% 	 	—  	  	
																			
Neuroscience	  	 	498	  	 	575	  	 	1,073	  	 	607	  	 	1,680	  	 	641	  	 	2,321	  	 	621	  	 	660	  	 	1,281	  		  		  		  		  	15	% 	 	19	% 	 	-5	% 	 	-5	% 	
Abilify (b)	  	 	454	  	 	529	  	 	983	  	 	564	  	 	1,547	  	 	606	  	 	2,153	  	 	589	  	 	643	  	 	1,232	  		  		  		  		  	22	% 	 	25	% 	 	-4	% 	 	-4	% 	
																			
Immunoscience	  	 	87	  	 	106	  	 	193	  	 	119	  	 	312	  	 	129	  	 	441	  	 	124	  	 	148	  	 	272	  		  		  		  		  	40	% 	 	41	% 	 	-5	% 	 	-5	% 	
Orencia	  	 	87	  	 	106	  	 	193	  	 	119	  	 	312	  	 	129	  	 	441	  	 	124	  	 	148	  	 	272	  		  		  		  		  	40	% 	 	41	% 	 	-5	% 	 	-5	% 	

*	In excess of +/- 200%	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
9

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

 	  	2008	  	2009	  	% 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	 	
Continuing Operations	  	$	2,747	  	$	2,898	  	$	5,645	  	$	2,983	  	$	8,628	  	$	3,091	  	$	11,719	  	3,031	  	$	3,247	  	$	6,278	  		  		  		  		  	12	% 	 	11	% 	 			 			
																			
BIO PHARMACEUTICALS	  	 	2,459	  	 	2,625	  	 	5,084	  	 	2,708	  	 	7,792	  	 	2,819	  	 	10,611	  	2,784	  	 	2,977	  	 	5,761	  		  		  		  		  	13	% 	 	13	% 	 			 			
																			
Cardiovascular	  	 	1,366	  	 	1,437	  	 	2,803	  	 	1,474	  	 	4,277	  	 	1,521	  	 	5,798	  	1,515	  	 	1,652	  	 	3,167	  		  		  		  		  	15	% 	 	13	% 	 			 			
Plavix	  	 	1,139	  	 	1,207	  	 	2,346	  	 	1,263	  	 	3,609	  	 	1,311	  	 	4,920	  	1,296	  	 	1,393	  	 	2,689	  		  		  		  		  	15	% 	 	15	% 	 	3	% 	 	3	% 	
Avapro/Avalide	  	 	174	  	 	184	  	 	358	  	 	189	  	 	547	  	 	188	  	 	735	  	173	  	 	179	  	 	352	  		  		  		  		  	-3	% 	 	-2	% 	 	-10	% 	 	-9	% 	
																			
Virology	  	 	378	  	 	376	  	 	754	  	 	405	  	 	1,159	  	 	407	  	 	1,566	  	406	  	 	404	  	 	810	  		  		  		  		  	7	% 	 	7	% 	 			 			
Reyataz	  	 	160	  	 	159	  	 	319	  	 	176	  	 	495	  	 	172	  	 	667	  	176	  	 	169	  	 	345	  		  		  		  		  	6	% 	 	8	% 	 	7	% 	 	7	% 	
Sustiva Franchise  (a)	  	 	175	  	 	171	  	 	346	  	 	185	  	 	531	  	 	193	  	 	724	  	190	  	 	194	  	 	384	  		  		  		  		  	13	% 	 	11	% 	 	9	% 	 	9	% 	
Baraclude	  	 	29	  	 	35	  	 	64	  	 	36	  	 	100	  	 	40	  	 	140	  	36	  	 	39	  	 	75	  		  		  		  		  	11	% 	 	17	% 	 	12	% 	 	15	% 	
																			
Oncology	  	 	237	  	 	254	  	 	491	  	 	234	  	 	725	  	 	246	  	 	971	  	218	  	 	233	  	 	451	  		  		  		  		  	-8	% 	 	-8	% 	 			 			
Erbitux	  	 	185	  	 	193	  	 	378	  	 	182	  	 	560	  	 	179	  	 	739	  	162	  	 	171	  	 	333	  		  		  		  		  	-11	% 	 	-12	% 	 	N/A	  	 	N/A	  	
Sprycel	  	 	20	  	 	21	  	 	41	  	 	21	  	 	62	  	 	30	  	 	92	  	30	  	 	33	  	 	63	  		  		  		  		  	57	% 	 	54	% 	 	18	% 	 	19	% 	
Ixempra	  	 	25	  	 	26	  	 	51	  	 	24	  	 	75	  	 	23	  	 	98	  	22	  	 	26	  	 	48	  		  		  		  		  	—  	  	 	-6	% 	 	N/A	  	 	N/A	  	
																			
Neuroscience	  	 	359	  	 	413	  	 	772	  	 	449	  	 	1,221	  	 	502	  	 	1,723	  	491	  	 	513	  	 	1,004	  		  		  		  		  	24	% 	 	30	% 	 			 			
Abilify (b)	  	 	348	  	 	403	  	 	751	  	 	435	  	 	1,186	  	 	490	  	 	1,676	  	481	  	 	518	  	 	999	  		  		  		  		  	29	% 	 	33	% 	 	29	% 	 	30	% 	
																			
Immunoscience	  	 	73	  	 	87	  	 	160	  	 	97	  	 	257	  	 	106	  	 	363	  	99	  	 	116	  	 	215	  		  		  		  		  	33	% 	 	34	% 	 			 			
Orencia	  	 	73	  	 	87	  	 	160	  	 	97	  	 	257	  	 	106	  	 	363	  	99	  	 	116	  	 	215	  		  		  		  		  	33	% 	 	34	% 	 	N/A	  	 	N/A	  	

*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
***	In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Klumer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. 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 WK mail order prescription data by a factor that approximates three and adding to this the WK retail prescriptions.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
10

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

 	  	2008	  	2009	  	% Change	 	 	FX Impact	 	
 	  	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	 	
Continuing Operations	  	$	2,144	  	$	2,305	  	$	4,449	  	$	2,271	  	$	6,720	  	$	2,158	  	$	8,878	  	$	1,984	  	$	2,137	  	$	4,121	  		  		  		  		  	-7	% 	 	-7	% 	 	-12	% 	 	-12	% 	
																			
BIO PHARMACEUTICALS	  	 	1,729	  	 	1,850	  	 	3,579	  	 	1,802	  	 	5,381	  	 	1,723	  	 	7,104	  	 	1,538	  	 	1,688	  	 	3,226	  		  		  		  		  	-9	% 	 	-10	% 	 	-13	% 	 	-13	% 	
																			
Cardiovascular	  	 	462	  	 	496	  	 	958	  	 	474	  	 	1,432	  	 	421	  	 	1,853	  	 	377	  	 	398	  	 	775	  		  		  		  		  	-20	% 	 	-19	% 	 	-12	% 	 	-13	% 	
Plavix	  	 	169	  	 	180	  	 	349	  	 	176	  	 	525	  	 	158	  	 	683	  	 	139	  	 	146	  	 	285	  		  		  		  		  	-19	% 	 	-18	% 	 	-11	% 	 	-13	% 	
Avapro/Avalide	  	 	131	  	 	151	  	 	282	  	 	145	  	 	427	  	 	128	  	 	555	  	 	129	  	 	134	  	 	263	  		  		  		  		  	-11	% 	 	-7	% 	 	-13	% 	 	-15	% 	
																			
Virology	  	 	356	  	 	415	  	 	771	  	 	419	  	 	1,190	  	 	405	  	 	1,595	  	 	388	  	 	444	  	 	832	  		  		  		  		  	7	% 	 	8	% 	 	-15	% 	 	-15	% 	
Reyataz	  	 	137	  	 	165	  	 	302	  	 	166	  	 	468	  	 	157	  	 	625	  	 	146	  	 	162	  	 	308	  		  		  		  		  	-2	% 	 	2	% 	 	-16	% 	 	-16	% 	
Sustiva Franchise  (a)	  	 	98	  	 	111	  	 	209	  	 	109	  	 	318	  	 	107	  	 	425	  	 	102	  	 	118	  	 	220	  		  		  		  		  	6	% 	 	5	% 	 	-18	% 	 	-19	% 	
Baraclude	  	 	79	  	 	101	  	 	180	  	 	108	  	 	288	  	 	113	  	 	401	  	 	116	  	 	140	  	 	256	  		  		  		  		  	39	% 	 	42	% 	 	-12	% 	 	-12	% 	
																			
Oncology	  	 	199	  	 	220	  	 	419	  	 	213	  	 	632	  	 	216	  	 	848	  	 	189	  	 	217	  	 	406	  		  		  		  		  	-1	% 	 	-3	% 	 	-7	% 	 	-6	% 	
Erbitux	  	 	2	  	 	3	  	 	5	  	 	2	  	 	7	  	 	3	  	 	10	  	 	2	  	 	2	  	 	4	  		  		  		  		  	-33	% 	 	-20	% 	 	-5	% 	 	-6	% 	
Sprycel	  	 	46	  	 	55	  	 	101	  	 	61	  	 	162	  	 	56	  	 	218	  	 	58	  	 	74	  	 	132	  		  		  		  		  	35	% 	 	31	% 	 	-22	% 	 	-22	% 	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	2	  	 	3	  	 	2	  	 	3	  	 	5	  		  		  		  		  	—  	  	 	—  	  	 	—  	  	 	—  	  	
																			
Neuroscience	  	 	139	  	 	162	  	 	301	  	 	158	  	 	459	  	 	139	  	 	598	  	 	130	  	 	147	  	 	277	  		  		  		  		  	-9	% 	 	-8	% 	 	-17	% 	 	-17	% 	
Abilify (b)	  	 	106	  	 	126	  	 	232	  	 	129	  	 	361	  	 	116	  	 	477	  	 	108	  	 	125	  	 	233	  		  		  		  		  	-1	% 	 	—  	  	 	-19	% 	 	-19	% 	
																			
Immunoscience	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  	 	23	  	 	78	  	 	25	  	 	32	  	 	57	  		  		  		  		  	68	% 	 	73	% 	 	-27	% 	 	-29	% 	
Orencia	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  	 	23	  	 	78	  	 	25	  	 	32	  	 	57	  		  		  		  		  	68	% 	 	73	% 	 	-27	% 	 	-29	% 	

*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
11

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2009
(Unaudited, amounts in millions except per share data)

 	  	Q2 2009	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,384	  	 	—  	  	 	$	5,384	  	
Cost of products sold	  	 	1,461	  	 	(24	) 	 	 	1,437	  	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,923	  	 	24	  	 	 	3,947	  	
				
Gross margin as a % of sales	  	 	72.9	% 	 	0.4	% 	 	 	73.3	% 	
				
Marketing, selling and administrative	  	 	1,077	  	 	(32	) 	 	 	1,045	  	
Advertising and product promotion	  	 	400	  	 	—  	  	 	 	400	  	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,477	  	 	(32	) 	 	 	1,445	  	
				
SG&A as a % of sales	  	 	27.4	% 	 	(0.6	)% 	 	 	26.8	% 	
				
Research and development	  	 	829	  	 	(29	) 	 	 	800	  	
				
R&D as a % of sales	  	 	15.4	% 	 	(0.5	)% 	 	 	14.9	% 	
				
Provision for restructuring, net	  	 	20	  	 	(20	) 	 	 	—  	  	
Litigation expense, net	  	 	28	  	 	(28	) 	 	 	—  	  	
Equity in net income of affiliates	  	 	(150	) 	 	—  	  	 	 	(150	) 	
Other income, net	  	 	(22	) 	 	9	  	 	 	(13	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	1,741	  	 	124 	  	 	$	1,865	  	
				
Provision for income taxes	  	 	443	  	 	(2	) 	 	 	441	  	

Net Earnings - Continuing Operations	  	$	1,298	  	 	126 	  	 	$	1,424	  	
				
Net Earnings - Discontinued Operations	  	 	—  	  	 			 	 	—  	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	315	  	 			 	 	315	  	
	  	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	983	  	 	126	  	 	$	1,109	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	983	  	 	126	  	 	$	1,109	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(6	) 	 			 	 	(6	) 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	977	  	 	126	  	 	$	1,103	  	
				
Average Common Shares Outstanding - Diluted	  	 	1,983	  	 			 	 	1,983	  	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.49	  	 	0.07	  	 	$	0.56	  	
				
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	18.3	% 	 	2.3	% 	 	 	20.6	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	18.3	% 	 	2.3	% 	 	 	20.6	% 	
				
Effective Tax Rate	  	 	25.4	% 	 	(1.8	)% 	 	 	23.6	% 	

*	Please refer to the Specified Items QTD tab for detail of specified items.	
 
12

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2009
(Unaudited, amounts in millions except per share data)

 	  	JUNE YTD 2009	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	10,399	  	 	—  	  	 	$	10,399	  	
Cost of products sold	  	 	2,874	  	 	(58	) 	 	 	2,816	  	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	7,525	  	 	58	  	 	 	7,583	  	
				
Gross margin as a % of sales	  	 	72.4	% 	 	0.5	% 	 	 	72.9	% 	
				
Marketing, selling and administrative	  	 	2,141	  	 	(69	) 	 	 	2,072	  	
Advertising and product promotion	  	 	724	  	 	—  	  	 	 	724	  	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	2,865	  	 	(69	) 	 	 	2,796	  	
				
SG&A as a % of sales	  	 	27.6	% 	 	(0.7	)% 	 	 	26.9	% 	
				
Research and development	  	 	1,752	  	 	(174	) 	 	 	1,578	  	
				
R&D as a % of sales	  	 	16.8	% 	 	(1.6	)% 	 	 	15.2	% 	
				
Provision for restructuring, net	  	 	47	  	 	(47	) 	 	 	—  	  	
Litigation expense, net	  	 	132	  	 	(132	) 	 	 	—  	  	
Equity in net income of affiliates	  	 	(296	) 	 	—  	  	 	 	(296	) 	
Other income, net	  	 	(100	) 	 	68	  	 	 	(32	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	3,125	  	 	412	  	 	$	3,537	  	
				
Provision for income taxes	  	 	906	  	 	(34	) 	 	 	872	  	

Net Earnings - Continuing Operations	  	$	2,219	  	 	446	  	 	$	2,665	  	
				
Net Earnings - Discontinued Operations	  	 	—  	  	 			 	 	—  	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	598	  	 			 	 	598	  	
	  	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	1,621	  	 	446	  	 	$	2,067	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	1,621	  	 	446	  	 	$	2,067	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(9	) 	 			 	 	(9	) 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations	  				 			 				
-Attributable to Bristol-Myers Squibb Company	  	$	1,612	  	 	446	  	 	$	2,058	  	
				
Average Common Shares Outstanding - Diluted	  	 	1,982	  	 			 	 	1,982	  	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.81	  	 	0.23	  	 	$	1.04	  	
				
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	15.6	% 	 	4.3	% 	 	 	19.9	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	15.6	% 	 	4.3	% 	 	 	19.9	% 	
				
Effective Tax Rate	  	 	29.0	% 	 	(4.3	)% 	 	 	24.7	% 	

*	Please refer to the Specified Items YTD tab for detail of specified items.	
 
13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED JUNE 30, 2009 AND 2008
($ in millions)

Three months ended June 30, 2009	  	Cost of
products sold	  	Marketing
selling and
administrative	  	Research and
development	  	Provision for
restructuring, net	  	Litigation expense, net	  	Other (income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	18	  	$	—  	  	$	—  	  	 	$	18	  	
Accelerated depreciation and other shutdown costs	  	 	24	  	 	—  	  	 	—  	  	 	2	  	 	—  	  	 	—  	  	 	 	26	  	
Retirement plan curtailment charge	  			  			  			  			  	 	—  	  	 	25	  	 	 	25	  	
Process standardization implementation costs	  	 	—  	  	 	24	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	24	  	
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	) 	 	 	(11	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	24	  	 	24	  	 	—  	  	 	20	  	 	—  	  	 	14	  	 	 	82	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	28	  	 	—  	  	 	 	28	  	
Mead Johnson separation costs	  	 	—  	  	 	8	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	8	  	
Mead Johnson gain on sale of trademark	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(12	) 	 	 	(12	) 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	29	  	 	—  	  	 	—  	  	 	—  	  	 	 	29	  	
Debt buyback and swap terminations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	) 	 	 	(11	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	24	  	$	32	  	$	29	  	$	20	  	$	28	  	$	(9	) 	 	 	124	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(41	) 	
Income taxes attributable to Mead Johnson separation	  			  			  			  			  			  				 	 	43	  	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	126	  	

Three months ended June 30, 2008	  	Cost of
products sold	  	Marketing
selling and
administrative	  	Research and
development	  	Provision for
restructuring, net	  	Litigation expense, net	  	Other (income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	30	  	$	—  	  	$	—  	  	 	$	30	  	
Accelerated depreciation and other shutdown costs	  	 	58	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	58	  	
Process standardization implementation costs	  	 	—  	  	 	21	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	21	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	58	  	 	21	  	 	—  	  	 	30	  	 	—  	  	 	—  	  	 	 	109	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	2	  	 	—  	  	 	 	2	  	
Mead Johnson separation costs	  	 	—  	  	 	1	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	1	  	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	31	  	 	—  	  	 	—  	  	 	—  	  	 	 	31	  	
Acquired in-process research and development	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	—  	  	 	—  	  	 	 	32	  	
ARS gain on sale	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(2	) 	 	 	(2	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	58	  	$	22	  	$	63	  	$	30	  	$	2	  	$	(2	) 	 	 	173	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(34	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	139	  	

14

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE SIX MONTHS ENDED JUNE 30, 2009 AND 2008
($ in millions)

Six months ended June 30, 2009	 	Cost of products
sold	 	Marketing
selling and
administrative	 	Research and
development	 	Provision for
restructuring, net	 	Litigation expense,
net	 	Other (income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	41	 	$	—  	 	$	—  	  	 	$	41	  	
Accelerated depreciation, asset impairment, and other shutdown costs	 	 	50	 	 	—  	 	 	—  	 	 	6	 	 	—  	 	 	—  	  	 	 	56	  	
Retirement plan curtailment charge	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	25	  	 	 	25	  	
Process standardization implementation costs	 	 	—  	 	 	44	 	 	—  	 	 	—  	 	 	—  	 	 	—  	  	 	 	44	  	
Gain on sale of product lines, businesses and assets	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(55	) 	 	 	(55	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total PTI	 	 	50	 	 	44	 	 	—  	 	 	47	 	 	—  	 	 	(30	) 	 	 	111	  	
								
Other:	 			 			 			 			 			 				 				
Litigation charges	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	132	 	 	(10	) 	 	 	122	  	
Mead Johnson separation costs	 	 	—  	 	 	25	 	 	—  	 	 	—  	 	 	—  	 	 	—  	  	 	 	25	  	
Mead Johnson gain on sale of trademark	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(12	) 	 	 	(12	) 	
Upfront and milestone payments	 	 	—  	 	 	—  	 	 	174	 	 	—  	 	 	—  	 	 	—  	  	 	 	174	  	
Debt buyback and swap terminations	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(11	) 	 	 	(11	) 	
Product liability	 	 	8	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(5	) 	 	 	3	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	58	 	$	69	 	$	174	 	$	47	 	$	132	 	$	(68	) 	 	 	412	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 				 	 	(139	) 	
Income taxes attributable to Mead Johnson separation	 			 			 			 			 			 				 	 	173	  	
	 			 			 			 			 			 				 	 	 	 	
Decrease to Net Earnings	 			 			 			 			 			 				 	$	446	  	

Six months ended June 30, 2008	 	Cost of products
sold	 	Marketing
selling and
administrative	 	Research and
development	 	Provision for
restructuring, net	 	Litigation expense,
net	 	Other (income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	41	 	$	—  	 	$	—  	  	 	$	41	  	
Accelerated depreciation and other shutdown costs	 	 	154	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	  	 	 	154	  	
Process standardization implementation costs	 	 	—  	 	 	36	 	 	—  	 	 	—  	 	 	—  	 	 	—  	  	 	 	36	  	
Gain on sale and leaseback of properties	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(9	) 	 	 	(9	) 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total PTI	 	 	154	 	 	36	 	 	—  	 	 	41	 	 	—  	 	 	(9	) 	 	 	222	  	
								
Other:	 			 			 			 			 			 				 				
Litigation charges	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	2	 	 	—  	  	 	 	2	  	
Mead Johnson separation costs	 	 	—  	 	 	1	 	 	—  	 	 	—  	 	 	—  	 	 	—  	  	 	 	1	  	
Upfront and milestone payments	 	 	—  	 	 	—  	 	 	51	 	 	—  	 	 	—  	 	 	—  	  	 	 	51	  	
Acquired in-process research and development	 	 	—  	 	 	—  	 	 	32	 	 	—  	 	 	—  	 	 	—  	  	 	 	32	  	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	16	  	 	 	16	  	
ARS impairment charge and gain on sale	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	23	  	 	 	23	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	154	 	$	37	 	$	83	 	$	41	 	$	2	 	$	30	  	 	 	347	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 				 	 	(67	) 	
	 			 			 			 			 			 				 	 	 	 	
Decrease to Net Earnings	 			 			 			 			 			 				 	$	280	  	

15

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

 	  	March 31,
2008	 	 	June 30,
2008	 	 	September 30,
2008	  	December 31,
2008	  	March 31,
2009	  	June 30,
2009	  	September 30,
2009	  	December 31,
2009	
Cash and cash equivalents	  	$	2,443	  	 	$	4,047	  	 	$	7,173	  	$	7,976	  	$	7,832	  	$	7,507	  			  			
Marketable securities - current	  	 	194	  	 	 	355	  	 	 	258	  	 	289	  	 	1,088	  	 	613	  			  			
Marketable securities - long term	  	 	455	  	 	 	386	  	 	 	297	  	 	188	  	 	184	  	 	983	  			  			
Short-term borrowings	  	 	1,781	  	 	 	1,799	  	 	 	135	  	 	154	  	 	156	  	 	124	  			  			
Long-term debt	  	 	4,660	  	 	 	6,021	  	 	 	6,120	  	 	6,585	  	 	6,492	  	 	6,235	  			  			
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Net (debt) / cash	  	$	(3,349	) 	 	$	(3,032	) 	 	$	1,473	  	$	1,714	  	$	2,456	  	$	2,744	  	$	—  	  	$	—  	

Receivables, net of allowances	  	$	4,082	  	 	$	3,838	  	 	$	3,555	  	$	3,644	  	$	3,600	  	$	3,619	  			  			
									
Total equity	  	 	10,567	  	 	 	10,766	  	 	 	12,934	  	 	12,208	  	 	13,129	  	 	13,936	  			  			
									
Capital expenditures and capitalized software (for the quarter ended)	  	 	250	  	 	 	210	  	 	 	196	  	 	285	  	 	201	  	 	164	  			  			
 
16

BRISTOL-MYERS SQUIBB COMPANY
2009 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2009	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	  	$	1.58 to $1.68	  	
Projected Specified Items:	  				
Productivity Transformation Initiative	  	 	0.15	  	
Upfront and milestone payments	  	 	0.11	  	
Mead Johnson charges	  	 	0.01	  	
Gain on Sale of Assets	  	 	(0.01	) 	
Litigation Charges	  	 	0.04	  	
Change in Estimate for Taxes	  	 	0.10	  	
	  	 	 	 	
Total	  	 	0.40	  	
	  	 	 	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	  	$	1.95 to $2.05	  	
	  	 	 	 	
Revenue growth is projected in the low single digit range, which based on historical trends in 2008 and the six months ended June 30, 2009 would be in the high single digit range, excluding foreign exchange.
Gross margin on a GAAP basis for the six months ended June 30, 2009 was 72.4%, which included specified items of $58 million and had a 0.5% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the six months ended June 30, 2009 gross margin was 72.9%. On a non-GAAP basis, based on historical trends in 2008 and the six months ended June 30, 2009 the Company projects gross margin for the full year 2009 to improve approximately 200 basis points compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.
Research and development expenses on a GAAP basis for the six months ended June 30, 2009 were $1,752 million, which included specified items of $174 million. On a non-GAAP basis, for the six months ended June 30, 2009 research and development expenses were $1,578 million. On a non-GAAP basis, based on historical trends in 2008 and the six months ended June 30, 2009, the Company projects research and development expenses for the full year 2009 to increase in the mid single digit range compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the six months ended June 30, 2009 were $2,141 million, which included specified items of $69 million. On a non-GAAP basis, for the six months ended June 30, 2009 marketing, selling and administrative expenses were $2,072 million. On a non-GAAP basis, based on historical trends in 2008 and the six months ended June 30, 2009 the Company projects marketing, selling and administrative expenses, for the full year 2009 to be down in low to mid single digit range compared to 2008, excluding foreign exchange. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.
The effective tax rate on a GAAP basis for the six months ended June 30, 2009 was 29.0%, which included specified items of $34 million in the tax provision, and had a 4.3% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the six months ended June 30, 2009 effective tax rate was 24.7%. On a non-GAAP basis, based on historical trends in 2008 and the six months ended June 30, 2009 the Company projects effective tax rate for the full year 2009 to be approximately 25%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - June YTD tab.
The GAAP results for the full year 2009 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative, announced in December 2007 is expected to generate approximately $2.5 billion in cost reductions and avoidance on a pre-tax basis by 2012. Costs associated with the Productivity Transformation Initiatives are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2009 could also 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, other restructuring activities, impairments to marketable securities 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 Second Quarter of 2009, July 23, 2009, including “2009 Guidance” and “Use of Non-GAAP Financial Information” therein.
On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
 
17

Exhibit 99.4

Bristol-Myers Squibb to Acquire Medarex
 
 	•	 	Positions Bristol-Myers Squibb for Long-Term Leadership in Biologics	
 
 	•	 	Acquires Proven Antibody Discovery Technology	
 
 	•	 	Gains Full Rights to Promising Phase III Compound, Ipilimumab	
 
 	•	 	Significantly Expands Oncology and Immunology Pipeline	
(NEW YORK and PRINCETON, NJ, July 22, 2009) — Bristol-Myers Squibb Company (NYSE:BMY) and Medarex, Inc. (NASDAQ: MEDX) announced today that the companies have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb, for $16.00 per share in cash. The transaction, with an aggregate purchase price of approximately $2.4 billion has been unanimously approved by the boards of directors of both companies. Medarex’s projected $300 million in net cash and marketable securities at closing would be an asset acquired by Bristol-Myers Squibb resulting in an implied purchase price of approximately $2.1 billion.
“Medarex’s technology platform, people and pipeline provide a strong complement to our company’s biologics strategy, specifically in immuno-oncology,” said James M. Cornelius , chairman and chief executive officer, Bristol-Myers Squibb. “With its productive and proven antibody discovery capabilities, ability to generate interesting therapeutic programs and unique set of pre-clinical and clinical assets in development, Medarex represents what we’re looking for in terms of our String of Pearls strategy. This acquisition is another important step in our BioPharma transformation.”
“We believe that this combination with Bristol-Myers Squibb, a global leader in oncology, provides an excellent opportunity to realize the full potential of Medarex’s development portfolio and our UltiMAb® technology platform through a transaction which also provides an attractive valuation for our shareholders,” said Howard H. Pien, chairman and chief executive officer, Medarex. “Medarex has evolved significantly over the past two decades from a research platform to a development company. We believe that this transaction represents a great opportunity to place our clinical programs and technology assets in the hands of one of the world’s premier biopharmaceutical companies with the expertise, resources, motivation and dedication to bring innovative cancer treatment options to patients in need.”
Bristol-Myers Squibb gains the following as a result of the acquisition:
 
 	•	 	Medarex’s UltiMAb Human Antibody Development System®, which produces high affinity, fully human antibodies for use in a broad range of therapeutic areas, including immunology and oncology. This validated technology platform has produced compounds which are now currently marketed therapies (SIMPONI™, STELARA™ and ILARIS®).	
 
 	•	 	Medarex’s next-generation Antibody-Drug Conjugate (ADC) technology, which is a novel and proprietary platform that could open new fields in oncology drug development.	
 
 	•	 	Rights to seven antibodies in clinical trials under Medarex’s sole sponsorship and three other antibodies being co-developed with other partners. Rights to pre-clinical assets in various stages of development by Medarex — in particular, monoclonal antibodies focused in oncology and immunology.	

 	•	 	Full ownership and rights to ipilimumab, which, if approved, could be an important contributor to Bristol-Myers Squibb’s future growth. The companies have collaborated on the development of ipilimumab, a novel immunotherapy currently in Phase III development for the treatment of metastatic melanoma. The companies also have an ongoing Phase II study in lung cancer as well as Phase III studies in adjuvant melanoma and hormone-refractory prostate cancer.	
 
 	•	 	Royalties based on percentage of sales for SIMPONI™ , STELARA™ and ILARIS ® .	
“We welcome the opportunity to further collaborate with the Medarex scientific leadership,” said Elliott Sigal, M.D., Ph.D., executive vice president and president, research and development at Bristol-Myers Squibb. “In addition to our Adnexus team, which has been expanded since it was acquired in 2007, Medarex scientists will help us create an industry-leading biologics capability. We believe Medarex’s antibody generation expertise, located in California and New Jersey, will complement our existing biologics efforts with a dedicated discovery and development capability in immuno-oncology.”
Under the terms of the definitive merger agreement, Bristol-Myers Squibb will commence a cash tender offer on or about July 27, 2009 to purchase all of the outstanding shares of Medarex common stock for $16.00 per share in cash. The closing of the tender offer is subject to customary terms and conditions, including the tender of a number of shares that, together with the number of shares already owned by Bristol-Myers Squibb, constitutes at least a majority of Medarex’s outstanding shares of common stock (on a fully diluted basis) and expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvement Act. The agreement also provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to received $16.00 per share in cash. The merger agreement contains a provision under which Medarex has agreed not to solicit any competing offers for the company. Bristol-Myers Squibb will finance the acquisition from its existing cash resources. The companies expect the tender offer to close in approximately thirty (30) days after commencement of the tender offer.
JPMorgan Securities, Inc. is serving as financial advisor to Bristol-Myers Squibb in connection with the acquisition, and Bristol-Myers Squibb is represented by Cravath, Swaine & Moore LLP, New York, New York. Goldman, Sachs & Co. is serving as financial advisor to Medarex in connection with the acquisition, and Medarex is represented by Covington & Burling LLP, New York, New York.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. For more information visit www.bms.com.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains “forward-looking statements” relating to the acquisition of Medarex by Bristol-Myers Squibb and the discovery, development and commercialization of certain biological compounds. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking

statement can be guaranteed. Among other risks, there can be no guarantee that the acquisition will be completed, or if it is completed, that it will close within the anticipated time period. In addition, the compounds described in this release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb’s business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2008, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
About Medarex
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its UltiMAb ® technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. Over forty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with the most advanced product candidates currently in Phase III clinical trials, the subject of regulatory applications for marketing authorization or approved for commercial sale. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world’s unmet healthcare needs. For more information about Medarex, visit its website at www.medarex.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words “future”; “anticipate”; “potential”; “believe”; or similar statements are forward-looking statements. Risks and uncertainties include uncertainties as to the timing of the tender offer and merger; uncertainties as to how many of the Medarex shareholders will tender their shares in the offer; the risk that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; the effects of disruption from the transaction making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; as well as risks detailed from time to time in Medarex’s public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, subsequent quarterly filings on Form 10-Q and the Solicitation/Recommendation Statement to be filed in connection with the tender offer. The information contained in this release is as of July 22, 2009. Medarex disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the period covered by this report or otherwise. Copies of Medarex’s public disclosure filings are available from its investor relations department.

Additional Information
The tender offer described in this release has not yet commenced, and this release is neither an offer to purchase nor a solicitation of an offer to sell securities. At the time the tender offer is commenced, Bristol-Myers Squibb will cause a new wholly owned subsidiary, Puma Acquisition Corporation, to file a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission (SEC). Investors and Medarex shareholders are strongly advised to read the tender offer statement (including an offer to purchase, letter of transmittal and related tender offer documents) and the related solicitation/recommendation statement on Schedule 14D-9 that will be filed by Medarex with the SEC, because they will contain important information. These documents will be available at no charge on the SEC’s website at www.sec.gov . In addition, a copy of the offer to purchase, letter of transmittal and certain other related tender offer documents (once they become available) may be obtained free of charge by directing a request to Bristol-Myers Squibb at www.bms.com or Office of the Corporate Secretary, 345 Park Avenue, New York, New York 10154-0037. A copy of the tender offer statement and the solicitation/recommendation statement will be made available to all shareholders of Medarex, Inc. free of charge at www.medarex.com or by contacting Medarex, Inc. at 707 State Road, Princeton, New Jersey 08540, 609-430-2880.
Medarex®, the Medarex logo, UltiMAb Human Antibody Development System® and UltiMAb® are registered trademarks of Medarex, Inc. All rights are reserved.
Contacts:

Media:	  	Brian Henry, Bristol-Myers Squibb Company, 609-252-3337, brian.henry@bms.com	
	  	Nichol Ochsner, Medarex, Inc. 609-430-2880, ext. 2214	
		
Investors:	  	John Elicker, Bristol-Myers Squibb Company, 609-252-4611, john.elicker@bms.com	
	  	Chris Schade, Medarex, Inc. 609-430-2880, ext. 2203