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): January 27, 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 January 27, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months of 2008. 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 as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com .
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits.

99.1	 	Press release of Bristol-Myers Squibb Company dated January 27, 2009	
		
99.2.	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release	

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: January 27, 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 January 27, 2009	
		
99.2	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release	

Exhibit 99.1

Strong Fourth Quarter Supports Excellent 2008 for Bristol-Myers Squibb
 
 	•	 	Key Franchises and Products Drive Solid Top-Line Growth	
 
 	•	 	Financial Results Supported by Significant Improvement in Gross Profit and Improved Cost Management Driven Largely By Productivity Initiatives	
 
 	•	 	Provides 2009 GAAP EPS Guidance Range of $1.58 to $1.73; Non-GAAP EPS Guidance Range of $1.85 to $2.00	
(NEW YORK, January 27, 2009) – Bristol-Myers Squibb Company (NYSE: BMY) today announced strong fourth quarter sales and earnings growth completing the company’s excellent overall 2008 financial performance.
“In the quarter, and in the past year, we’ve taken decisive action as a BioPharma leader to become leaner and more agile,” said James M. Cornelius, chairman and chief executive officer. “I’m particularly pleased by our global commercial teams in presenting our value proposition to customers and payers. We’ve executed with speed and rigor against our strategy. Results this quarter continued to be strong, capping off an outstanding year.
“We are reaching our objectives in all areas. Our favorable cash position expedites our business development efforts. Our ‘String of Pearls’ grows more valuable with each asset and alliance we add. And we’re becoming more productive, as seen in our growing profit margins.
“In 2009, we expect to deliver on our promises to advance our innovative pipeline, execute our business development plans, grow margins and meet our productivity goals. We are well on-track to fulfill our commitments to patients and shareholders, and to navigate the challenges of coming years.”

    	 	   	  	Fourth Quarter	 	 	   	
   	 	$ amounts in millions, except per share amounts	  	 	  	 	 	 	 	 	 	   	
   	 	   	  	2008	  	2007	 	 	Change	 	 	   	
 	 	Net Sales	  	$	5,249	  	$	5,058	 	 	4	%	 	 	
 	 	Net Earnings/(Loss) Per Common Share – Diluted	  	 	0.63	  	 	(0.05	)	 	*	 	 	 	
 	 	GAAP Diluted EPS From Continuing Operations	  	 	0.61	  	 	(0.10	)	 	*	 	 	 	
 	 	Non-GAAP Diluted EPS From Continuing Operations	  	 	0.46	  	 	0.30	 	 	53	%	 	 	
 			 	
   	 	 	  	Full Year	 	 	   	
   	 	 	  	2008	  	2007	 	 	Change	 	 	   	
 	 	Net Sales	  	$	20,597	  	$	18,193	 	 	13	%	 	 	
 	 	Net Earnings Per Common Share – Diluted	  	 	2.63	  	 	1.09	 	 	141	%	 	 	
 	 	GAAP Diluted EPS From Continuing Operations	  	 	1.59	  	 	0.88	 	 	81	%	 	 	
 	 	Non-GAAP Diluted EPS From Continuing Operations	  	 	1.74	  	 	1.27	 	 	37	%	 	 	
 	 	 
* in excess of +/-200%

 
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FOURTH QUARTER RESULTS
 
 	•	 	Bristol-Myers Squibb posted fourth quarter 2008 net sales from continuing operations of $5.2 billion, an increase of 4%, or 8% excluding foreign exchange impact, compared to the same period in 2007. Pharmaceutical net sales totaled $4.5 billion and sales from Mead Johnson Nutrition Company totaled $707 million in the fourth quarter of 2008, representing increases of 4% and 6%, respectively, compared to 2007.	
 
 	•	 	U.S. pharmaceutical net sales increased 13% to $2.8 billion in the fourth quarter of 2008 compared to the same period in 2007. International pharmaceutical net sales decreased 9% to $1.7 billion. This decrease was due primarily to an 8% unfavorable foreign exchange impact and the divestiture and erosion of some mature brands in Latin America, Middle East and Japan.	
 
 	•	 	Gross profit as a percentage of net sales improved to 71.0% in the fourth quarter 2008 compared to 66.1% in 2007. This improvement was mostly driven by higher manufacturing rationalization charges in 2007, cost improvements, favorable product mix and price increases.	
 
 	•	 	Marketing, selling and administrative expenses increased by 2%, or 7% excluding foreign exchange impact, to $1.3 billion in the fourth quarter of 2008 compared to the same period in 2007.	
 
 	•	 	Advertising and product promotion spending decreased by 3%, or was flat excluding foreign exchange impact, to $449 million in the fourth quarter of 2008, compared to the same period in 2007.	
 
 	•	 	Research and development expenses increased by 29%, or 31% excluding foreign exchange impact, to $1.1 billion in the fourth quarter of 2008 compared to the same period in 2007. The increase was due to upfront and milestone payments to Exelixis in 2008 as part of an expansion of the collaboration between the companies.	
 
 	•	 	The effective tax rate on earnings from continuing operations before minority interest and income taxes was 22.5% for the fourth quarter of 2008, and includes the full-year impact of the research and development tax credit.	
 
 	•	 	The company reported fourth quarter net earnings from continuing operations of $1.2 billion or $0.61 per diluted share, compared to net loss of $192 million or $0.10 per diluted share for the same period in 2007. The fourth quarter 2008 net earnings include a $582 million after tax gain, or $0.29 per	
 
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diluted share, mainly attributed to the proceeds from the sale of our stake in ImClone Systems. An overview of the specified items is discussed under “Use of Non-GAAP Financial Information.”
PRODUCT AND PIPELINE UPDATE
 
 	•	 	Bristol-Myers Squibb’s top-line growth in the fourth quarter was led by key drivers including steady growth for PLAVIX in the U.S. and strong sales increases for ABILIFY across all indications and regions. ORENCIA and SPRYCEL sales continued to grow, fueled by additional indications and country approvals. The company’s virology portfolio, led by the SUSTIVA franchise for HIV and BARACLUDE for hepatitis B also demonstrated consistent growth worldwide.	
 
 	•	 	In December, the company and its marketing partner, sanofi-aventis, announced that the U.S. Court of Appeals for the Federal Circuit upheld the June 19, 2007 decision by the U.S. District Court for the Southern District of New York holding the U.S. patent 4,847,265 covering clopidogrel bisulphate, the active ingredient in PLAVIX, valid and enforceable. As a result of this ruling, the ‘265 patent protection for this product is maintained in the United States until November 2011, subject to any further legal proceedings.	
 
 	•	 	In the fourth quarter, the company submitted a supplemental biologics licensing application (sBLA) which was accepted for filing by the FDA for the use of ORENCIA for patients with early rheumatoid arthritis.	
 
 	•	 	The company announced new data in November from two separate cohort evaluations, which suggest that long-term treatment with BARACLUDE may reduce liver damage caused by chronic hepatitis B. Long-term treatment with BARACLUDE was associated with improved liver histology, including improvement in fibrosis, in chronic hepatitis B patients.	
 
 	•	 	On October 1, the FDA approved the use of REYATAZ 300 milligram once-daily boosted with ritonavir 100 milligram as part of combination therapy in previously untreated (treatment-naïve) HIV-1 infected patients.	
 
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 	•	 	In November, the Committee for Medicinal Products for Human Use (CHMP) in Europe issued a negative opinion on the marketing authorization application for IXEMPRA (ixabepilone) in the treatment of patients with metastatic breast cancer. Bristol-Myers Squibb submitted a request for re-examination of the opinion and will continue to work closely with the agency.	
 
 	•	 	In January 2009, the company announced the approval of SPRYCEL in Japan.	
SELECTED BALANCE SHEET AND CASH UPDATE
Bristol-Myers Squibb continues to make significant progress in strengthening its balance sheet and cash position. The company launched a new working capital initiative during the quarter with the goal of improving cash flows by approximately $1 billion by 2010. This will help provide greater flexibility for future strategic investments.
The company’s cash and cash equivalents were $8.0 billion as of December 31, 2008 of which a significant majority was invested in U.S. Treasury Bills and Treasury-backed securities. The company’s net cash position improved to $1.5 billion from $1.2 billion as of September 30. The company received $1.0 billion in the fourth quarter from the sale of its shares of ImClone Systems and also received proceeds from the sale of a non-core businesses.
PRODUCTIVITY TRANSFORMATION UPDATE
In December 2007 and July 2008, Bristol-Myers Squibb announced parts of its overall Productivity Transformation Initiative (PTI) designed to create a total of $2.5 billion in productivity cost savings and avoidance by 2012. The company has identified projects to deliver the entire $2.5 billion and by the end of 2008, had executed actions against projects to deliver approximately $1.2 billion in annual productivity savings.
These successful continuous improvement initiatives encompass all areas of the company including procurement, research and development, supply chain optimization and commercial operations. As planned, the company has streamlined the organization, which has included the reduction of headcount, in alignment with the new BioPharma model. The total charges associated with both previously-announced waves of PTI are estimated to be in the range of $1.3 billion to $1.6 billion, which includes approximately $700 million of costs already incurred.
 
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BUSINESS DEVELOPMENT UPDATE
Bristol-Myers Squibb continued to move forward with the previously-announced initial public offering of Mead Johnson Nutrition Company and intends to complete the transaction in the first half of 2009.
The company is focused on supplementing its internal research and development portfolio with strategic partnerships and acquisitions. In December, the company announced a global collaboration with Exelixis, Inc. covering two novel molecules for cancer: XL184, a small molecule inhibitor of MET, VEGFR2 and RET, which is currently in Phase III development for medullary thyroid cancer and XL281, a small molecule inhibitor of RAF kinase, which is currently in Phase I development for the treatment of patients with advanced solid tumor malignancies.
The company and its partner AstraZeneca announced the expansion of the companies’ worldwide collaboration to develop and commercialize dapagliflozin in Japan. Dapagliflozin is currently being studied in Phase III clinical trials to assess its efficacy and safety as a once-daily treatment for type 2 diabetes.
On January 12, 2009 the company announced a global collaboration with ZymoGenetics for a PEG-interferon lambda, a novel type 3 interferon currently in Phase Ib development for the treatment of Hepatitis C, and its related development program.
2009 GUIDANCE
Bristol-Myers Squibb has provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; 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 24%.
The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding costs associated with the PTI 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;
 
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upfront and milestone payments for licensing arrangements; payments for in-process research and development; debt retirement costs; impairments to investments; and significant tax events.
The financial guidance for 2009 and the three-year compound annual growth rate exclude the impact of any potential 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.
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 and the company’s strategy for Mead Johnson Nutritionals; gains or losses from the sale of businesses and product lines; the sale and leaseback of properties; 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; 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
 
6

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 to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Statement on Mead Johnson Nutrition Company Registration Statement
A registration statement relating to the securities of Mead Johnson Nutrition Company has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life.
There will be a conference call on January 27, 2009 at 10:30 a.m. (EDT) 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 www.bms.com/ir or by dialing 913-312-1265, confirmation code 8272493. 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 Systems Incorporated
 
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BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, dollars in millions)

 	  	Three Months
Ended December 31,	  	Twelve Months
Ended December 31,	
 	  	2008	  	2007	  	2008	  	2007	
					
Pharmaceuticals	  	$	4,542	  	$	4,388	  	$	17,715	  	$	15,622	
					
Nutritionals	  	 	707	  	 	670	  	 	2,882	  	 	2,571	

Net Sales	  	$	5,249	  	$	5,058	  	$	20,597	  	$	18,193	

8

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three and twelve months ended December 31, 2008 compared to the three and twelve months ended December 31, 2007. 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	 	 	 	 	
 	  	2008	  	2007	  	%
Change	 	 	2008	 	 	2007	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2007	 	
Three Months Ended December 31,	  			  			  			 				 			  			 			
								
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	1,469	  	$	1,374	  	7	%	 	$	1,311	 	 	$	1,178	  	11	%	 	3	%	
Avapro/Avalide	  	 	316	  	 	328	  	(4	)%	 	 	188	 	 	 	183	  	3	%	 	(8	)%	
Pravachol	  	 	27	  	 	90	  	(70	)%	 	 	(17	)*	 	 	18	  	(194	)%	 	(47	)%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	329	  	 	334	  	(1	)%	 	 	172	 	 	 	165	  	4	%	 	14	%	
Sustiva Franchise (total revenue)	  	 	300	  	 	260	  	15	%	 	 	193	 	 	 	162	  	19	%	 	14	%	
Baraclude	  	 	153	  	 	99	  	55	%	 	 	40	 	 	 	29	  	38	%	 	43	%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	182	  	 	185	  	(2	)%	 	 	179	 	 	 	182	  	(2	)%	 	N/A	 	
Taxol	  	 	99	  	 	114	  	(13	)%	 	 	4	 	 	 	5	  	(20	)%	 	N/A	 	
Sprycel	  	 	86	  	 	56	  	54	%	 	 	30	 	 	 	17	  	76	%	 	18	%	
Ixempra	  	 	25	  	 	15	  	67	%	 	 	23	 	 	 	15	  	53	%	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify	  	 	606	  	 	462	  	31	%	 	 	490	 	 	 	361	  	36	%	 	31	%	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	129	  	 	75	  	72	%	 	 	106	 	 	 	66	  	61	%	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	285	  	 	280	  	2	%	 	 	179	 	 	 	179	  	—	 	 	N/A	 	
 
*	Negative sales attributed to increased returns reserve.	
 
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(Continued)

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2008	  	2007	  	%
Change	 	 	2008	 	 	2007	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2007	 	
Twelve Months Ended December 31	  			  			  			 				 			  			 			
								
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	5,603	  	$	4,755	  	18	%	 	$	4,920	 	 	$	4,060	  	21	%	 	19	%	
Avapro/Avalide	  	 	1,290	  	 	1,204	  	7	%	 	 	735	 	 	 	692	  	6	%	 	(7	)%	
Pravachol	  	 	203	  	 	443	  	(54	)%	 	 	(10	)**	 	 	139	  	(107	)%	 	(75	)%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	1,292	  	 	1,124	  	15	%	 	 	667	 	 	 	587	  	14	%	 	14	%	
Sustiva Franchise (total revenue)	  	 	1,149	  	 	956	  	20	%	 	 	724	 	 	 	604	  	20	%	 	14	%	
Baraclude	  	 	541	  	 	275	  	97	%	 	 	140	 	 	 	88	  	59	%	 	55	%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	749	  	 	692	  	8	%	 	 	739	 	 	 	683	  	8	%	 	N/A	 	
Taxol	  	 	385	  	 	422	  	(9	)%	 	 	6	 	 	 	14	  	(57	)%	 	N/A	 	
Sprycel	  	 	310	  	 	158	  	96	%	 	 	92	 	 	 	58	  	59	%	 	36	%	
Ixempra	  	 	101	  	 	15	  	*	 	 	 	98	 	 	 	15	  	*	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify	  	 	2,153	  	 	1,660	  	30	%	 	 	1,676	 	 	 	1,305	  	28	%	 	23	%	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	441	  	 	231	  	91	%	 	 	363	 	 	 	216	  	68	%	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	1,157	  	 	1,082	  	7	%	 	 	715	 	 	 	722	  	(1	)%	 	N/A	 	

*	In excess of +/- 200%	
**	Negative sales attributed to increased returns reserve.	
 
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BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended December 31,	 	 	Twelve Months
Ended December 31,	 	
 	  	2008	 	 	2007	 	 	2008	 	 	2007	 	
Net Sales	  	$	5,249	 	 	$	5,058	 	 	$	20,597	 	 	$	18,193	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,522	 	 	 	1,716	 	 	 	6,396	 	 	 	5,868	 	
Marketing, selling and administrative	  	 	1,285	 	 	 	1,256	 	 	 	4,792	 	 	 	4,516	 	
Advertising and product promotion	  	 	449	 	 	 	465	 	 	 	1,550	 	 	 	1,415	 	
Research and development	  	 	1,143	 	 	 	889	 	 	 	3,585	 	 	 	3,227	 	
Acquired in-process research and development	  	 	—	 	 	 	230	 	 	 	32	 	 	 	230	 	
Provision for restructuring, net	  	 	151	 	 	 	139	 	 	 	218	 	 	 	183	 	
Litigation expense, net	  	 	1	 	 	 	—	 	 	 	33	 	 	 	14	 	
Gain on sale of product lines and businesses	  	 	(159	)	 	 	—	 	 	 	(159	)	 	 	(273	)	
Equity in net income of affiliates	  	 	(139	)	 	 	(131	)	 	 	(617	)	 	 	(524	)	
Other (income)/expense, net (a)	  	 	(892	)	 	 	322	 	 	 	(704	)	 	 	351	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	3,361	 	 	 	4,886	 	 	 	15,126	 	 	 	15,007	 	

Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	1,888	 	 	 	172	 	 	 	5,471	 	 	 	3,186	 	
Provision for income taxes	  	 	424	 	 	 	147	 	 	 	1,320	 	 	 	682	 	
Minority interest, net of taxes	  	 	266	 	 	 	217	 	 	 	996	 	 	 	763	 	

Net Earnings/(Loss) from Continuing Operations	  	 	1,198	 	 	 	(192	)	 	 	3,155	 	 	 	1,741	 	

Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	6	 	 	 	103	 	 	 	113	 	 	 	424	 	
Gain on Disposal, net of taxes	  	 	40	 	 	 	—	 	 	 	1,979	 	 	 	—	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	46	 	 	 	103	 	 	 	2,092	 	 	 	424	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss)	  	$	1,244	 	 	$	(89	)	 	$	5,247	 	 	$	2,165	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Common Share	  				 				 				 				
Basic:	  				 				 				 				
Net Earnings/(Loss) from Continuing Operations	  	$	0.61	 	 	$	(0.10	)	 	$	1.60	 	 	$	0.88	 	
Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	—	 	 	 	0.05	 	 	 	0.05	 	 	 	0.22	 	
Gain on Disposal, net of taxes	  	 	0.02	 	 	 	—	 	 	 	1.00	 	 	 	—	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss) per Common Share	  	$	0.63	 	 	$	(0.05	)	 	$	2.65	 	 	$	1.10	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted:	  				 				 				 				
Net Earnings/(Loss) from Continuing Operations	  	$	0.61	 	 	$	(0.10	)	 	$	1.59	 	 	$	0.88	 	
Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	—	 	 	 	0.05	 	 	 	0.05	 	 	 	0.21	 	
Gain on Disposal, net of taxes	  	 	0.02	 	 	 	—	 	 	 	0.99	 	 	 	—	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss) per Common Share	  	$	0.63	 	 	$	(0.05	)	 	$	2.63	 	 	$	1.09	 	

Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,978	 	 	 	1,975	 	 	 	1,977	 	 	 	1,970	 	
Diluted	  	 	1,982	 	 	 	1,975	 	 	 	2,001	 	 	 	1,980	 	
					
(a) Other (income)/expense, net	  				 				 				 				
Interest expense	  	$	73	 	 	$	96	 	 	$	310	 	 	$	421	 	
Interest income	  	 	(19	)	 	 	(57	)	 	 	(130	)	 	 	(241	)	
Impairment charge of marketable securities	  	 	77	 	 	 	275	 	 	 	324	 	 	 	275	 	
Sale of ImClone shares	  	 	(895	)	 	 	—	 	 	 	(895	)	 	 	—	 	
Foreign exchange transaction (gains)/losses	  	 	(42	)	 	 	(9	)	 	 	(76	)	 	 	15	 	
Other, net	  	 	(86	)	 	 	17	 	 	 	(237	)	 	 	(119	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	(892	)	 	$	322	 	 	$	(704	)	 	$	351	 	

11

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, dollars in millions)
Three months ended December 31, 2008

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
expense, net	  	Gain on sale of
product lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				 				
Downsizing and streamlining of worldwide operations	  	$	—	  	$	—	  	$	—	  	$	122	  	$	—	  	$	—	 	 	$	—	 	 	$	122	 	
Accelerated depreciation, asset impairment and other shutdown costs	  	 	6	  	 	—	  	 	—	  	 	20	  	 	—	  	 	—	 	 	 	8	 	 	 	34	 	
Pension settlements/curtailments	  	 	9	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	8	 	 	 	17	 	
Process standardization implementation costs	  	 	—	  	 	45	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	—	 	 	 	45	 	
Termination of lease contracts	  	 	—	  	 	—	  	 	—	  	 	9	  	 	—	  	 	—	 	 	 	6	 	 	 	15	 	
Gain on sale of product lines and businesses	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	(159	)	 	 	—	 	 	 	(159	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	15	  	 	45	  	 	—	  	 	151	  	 	—	  	 	(159	)	 	 	22	 	 	 	74	 	
									
Litigation Matters:	  			  			  			  			  			  				 				 				
Litigation settlement	  	 	—	  	 	—	  	 	—	  	 	—	  	 	1	  	 	—	 	 	 	—	 	 	 	1	 	
Insurance recovery	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	(20	)	 	 	(20	)	
									
Other:	  			  			  			  			  			  				 				 				
Mead Johnson Nutritionals charges	  	 	—	  	 	31	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	3	 	 	 	34	 	
Upfront and milestone payments	  	 	—	  	 	—	  	 	260	  	 	—	  	 	—	  	 	—	 	 	 	—	 	 	 	260	 	
Asset impairment	  	 	27	  	 	—	  	 	13	  	 	—	  	 	—	  	 	—	 	 	 	—	 	 	 	40	 	
Auction rate securities impairment and (gains)/losses	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	77	 	 	 	77	 	
Debt buyback and swap terminations	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	(57	)	 	 	(57	)	
Gain on sale of ImClone shares	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	(895	)	 	 	(895	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	42	  	$	76	  	$	273	  	$	151	  	$	1	  	$	(159	)	 	$	(870	)	 	 	(486	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 				 	 	193	 	
	  			  			  			  			  			  				 				 	 	 	 	
Increase to Net Earnings from Continuing Operations	  			  			  				 				 	$	(293	)	

12

Three months ended December 31, 2007

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Acquired
in-process
research and
development	  	Provision for
restructuring, net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—	  	$	—	  	$	—	  	$	—	  	$	139	  	$	6	 	 	$	145	 	
Accelerated depreciation and asset impairment	  	 	102	  	 	8	  	 	—	  	 	—	  	 	—	  	 	—	 	 	 	110	 	
Process standardization implementation costs	  	 	—	  	 	5	  	 	—	  	 	—	  	 	—	  	 	32	 	 	 	37	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	 	102	  	 	13	  	 	—	  	 	—	  	 	139	  	 	38	 	 	 	292	 	
								
Other:	  			  			  			  			  			  				 				
Product liability	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	10	 	 	 	10	 	
Upfront and milestone payments and acquired in-process research and development	  	 	—	  	 	—	  	 	5	  	 	230	  	 	—	  	 	—	 	 	 	235	 	
Auction rate securities impairment	  	 	—	  	 	—	  	 	—	  	 	—	  	 	—	  	 	275	 	 	 	275	 	
Accelerated depreciation, asset impairment and contract termination	  	 	31	  	 	—	  	 	—	  	 	—	  	 	—	  	 	23	 	 	 	54	 	
Gain on sale of properties	  	 	—	  	 	—	  	 	—	  			  	 	—	  	 	(9	)	 	 	(9	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	$	133	  	$	13	  	$	5	  	$	230	  	$	139	  	$	337	 	 	 	857	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(70	)	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	  			  			  	 	$787	 	

13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, dollars in millions)
Twelve months ended December 31, 2008

 	 	Cost of
products
sold	 	Marketing,
selling
and
administrative	 	Research
and
development	 	Acquired
in-process
research and
development	 	Provision
for
restructuring,
net	 	Litigation
expense,
net	 	Gain on sale of
product lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—	 	$	—	 	$	—	 	$	—	 	$	189	 	$	—	 	$	—	 	 	$	—	 	 	$	189	 	
Accelerated depreciation, asset impairment and other shutdown costs	 	 	213	 	 	—	 	 	—	 	 	—	 	 	20	 	 	—	 	 	—	 	 	 	8	 	 	 	241	 	
Pension settlements/curtailments	 	 	9	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	8	 	 	 	17	 	
Process standardization implementation costs	 	 	—	 	 	109	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	—	 	 	 	109	 	
Gain on sale and leaseback of properties	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	(9	)	 	 	(9	)	
Termination of lease contracts	 	 	—	 	 	—	 	 	—	 	 	—	 	 	9	 	 	—	 	 	—	 	 	 	6	 	 	 	15	 	
Gain on sale of product lines and businesses	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	(159	)	 	 	—	 	 	 	(159	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	222	 	 	109	 	 	—	 	 	—	 	 	218	 	 	—	 	 	(159	)	 	 	13	 	 	 	403	 	
										
Litigation Matters:	 			 			 			 			 			 			 				 				 				
Litigation settlement	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	33	 	 	—	 	 	 	—	 	 	 	33	 	
Insurance recovery	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	(20	)	 	 	(20	)	
										
Other:	 			 			 			 			 			 			 				 				 				
Mead Johnson Nutritionals charges	 	 	—	 	 	41	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	3	 	 	 	44	 	
Product liability	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	18	 	 	 	18	 	
Upfront and milestone payments and acquired in-process research & development	 	 	—	 	 	—	 	 	348	 	 	32	 	 	—	 	 	—	 	 	—	 	 	 	—	 	 	 	380	 	
Asset impairment	 	 	27	 	 	—	 	 	13	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	—	 	 	 	40	 	
Auction rate securities impairment and (gains)/losses	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	324	 	 	 	324	 	
Debt buyback and swap terminations	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	(57	)	 	 	(57	)	
Gain on sale of ImClone shares	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	(895	)	 	 	(895	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	249	 	$	150	 	$	361	 	$	32	 	$	218	 	$	33	 	$	(159	)	 	$	(614	)	 	 	270	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	39	 	
	 			 			 			 			 			 			 				 				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	 			 			 				 				 	$	309	 	

14

Twelve months ended December 31, 2007

 	 	Cost of
products
sold	 	Marketing,
selling
and
administrative	 	Research
and
development	 	Acquired
in-process
research and
development	 	Provision for
restructuring,
net	 	Litigation
expense,
net	 	Gain on sale of
product lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—	 	$	—	 	$	—	 	$	—	 	$	139	 	$	—	 	$	—	 	 	$	6	 	 	$	145	 	
Accelerated depreciation and asset impairment	 	 	102	 	 	8	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	—	 	 	 	110	 	
Process standardization implementation costs	 	 	—	 	 	5	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	32	 	 	 	37	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	102	 	 	13	 	 	—	 	 	—	 	 	139	 	 	—	 	 	—	 	 	 	38	 	 	 	292	 	
										
Other:	 			 			 			 			 			 			 				 				 				
Litigation settlement	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	14	 	 	—	 	 	 	—	 	 	 	14	 	
Insurance recovery	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	(11	)	 	 	(11	)	
Product liability	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	15	 	 	 	15	 	
Upfront and milestone payments and acquired in-process research and development	 	 	—	 	 	—	 	 	162	 	 	230	 	 	—	 	 	—	 	 	—	 	 	 	—	 	 	 	392	 	
Auction rate securities impairment	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	275	 	 	 	275	 	
Downsizing and streamlining of worldwide operations	 	 	—	 	 	—	 	 	—	 	 	—	 	 	44	 	 	—	 	 	—	 	 	 	—	 	 	 	44	 	
Accelerated depreciation, asset impairment and contract termination	 	 	77	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	23	 	 	 	100	 	
Gain on sale of properties and product lines and businesses	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	(273	)	 	 	(9	)	 	 	(282	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	179	 	$	13	 	$	162	 	$	230	 	$	183	 	$	14	 	$	(273	)	 	$	331	 	 	 	839	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	(33	)	
Change in estimate for taxes on a prior year item	 			 			 			 			 			 			 				 				 	 	(39	)	
	 			 			 			 			 			 			 				 				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	 			 			 			 				 				 	$	767	 	

15

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	Q4 2008
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	Q4 2007
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,249	 	 			 	$	5,249	 	 	$	5,058	 	 			 	$	5,058	 	
Cost of Products Sold	  	 	1,522	 	 	(42	)	 	 	1,480	 	 	 	1,716	 	 	(133	)	 	 	1,583	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,727	 	 	42	 	 	 	3,769	 	 	 	3,342	 	 	133	 	 	 	3,475	 	
Gross Margin as a % of Sales	  	 	71.0	%	 	0.8	%	 	 	71.8	%	 	 	66.1	%	 	2.6	%	 	 	68.7	%	
							
Marketing Selling and Admin	  	 	1,285	 	 	(76	)	 	 	1,209	 	 	 	1,256	 	 	(13	)	 	 	1,243	 	
Advertising and Product Promotion	  	 	449	 	 	—	 	 	 	449	 	 	 	465	 	 	—	 	 	 	465	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,734	 	 	(76	)	 	 	1,658	 	 	 	1,721	 	 	(13	)	 	 	1,708	 	
SG&A as a % of Sales	  	 	33.0	%	 	(1.4	)%	 	 	31.6	%	 	 	34.0	%	 	(0.2	)%	 	 	33.8	%	
R&D	  	 	1,143	 	 	(273	)	 	 	870	 	 	 	889	 	 	(5	)	 	 	884	 	
R&D as a % of Sales	  	 	21.8	%	 	(5.2	)%	 	 	16.6	%	 	 	17.6	%	 	(0.1	)%	 	 	17.5	%	
							
Acquired in-process research and development	  	 	—	 	 	—	 	 	 	—	 	 	 	230	 	 	(230	)	 	 	—	 	
Provision for restructuring, net	  	 	151	 	 	(151	)	 	 	—	 	 	 	139	 	 	(139	)	 	 	—	 	
Litigation expense, net	  	 	1	 	 	(1	)	 	 	—	 	 	 	—	 	 	—	 	 	 	—	 	
Gain on sale of product lines and businesses	  	 	(159	)	 	159	 	 	 	—	 	 	 	—	 	 	—	 	 	 	—	 	
Equity in Net Income of Affiliates	  	 	(139	)	 	—	 	 	 	(139	)	 	 	(131	)	 	—	 	 	 	(131	)	
Other (income)/expense, net	  	 	(892	)	 	870	 	 	 	(22	)	 	 	322	 	 	(337	)	 	 	(15	)	

Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	1,888	 	 	(486	)	 	$	1,402	 	 	$	172	 	 	857	 	 	$	1,029	 	
							
Provision for income taxes	  	 	424	 	 	(193	)	 	 	231	 	 	 	147	 	 	70	 	 	 	217	 	
							
Minority Interest, net of taxes	  	 	266	 	 	—	 	 	 	266	 	 	 	217	 	 	—	 	 	 	217	 	

Net Earnings/(Loss) – Continuing Operations	  	 	1,198	 	 	(293	)	 	 	905	 	 	 	(192	)	 	787	 	 	 	595	 	
Net Earnings – Discontinued Ops	  	 	46	 	 	—	 	 	 	46	 	 	 	103	 	 	—	 	 	 	103	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss)	  	$	1,244	 	 	(293	)	 	$	951	 	 	$	(89	)	 	787	 	 	$	698	 	

Interest Exp on Conv. Of Conv Debt Bonds	  	 	—	 	 			 	 	—	 	 	 	—	 	 			 	 	10	 	
Net Earnings/(Loss) used for Diluted EPS Calc – Continuing Operations.	  	$	1,198	 	 	(293	)	 	$	905	 	 	$	(192	)	 			 	$	605	 	
							
Avg Shares (Diluted)	  	 	1,982	 	 			 	 	1,982	 	 	 	1,975	 	 			 	 	2,014	 	
Diluted EPS – Continuing Operations	  	$	0.61	 	 	(0.15	)	 	$	0.46	 	 	$	(0.10	)	 	0.40	 	 	$	0.30	 	
							
Net Earnings – Continuing Operations as a % Of sales	  	 	22.8	%	 	(5.6	)%	 	 	17.2	%	 	 	(3.8	)%	 	15.6	%	 	 	11.8	%	
Effective Tax Rate	  	 	22.5	%	 	(6.0	)%	 	 	16.5	%	 	 	85.5	%	 	(64.4	)%	 	 	21.1	%	
* Please refer to the Specified Items schedules for further details.
 
16

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	YTD 2008
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	YTD 2007
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	20,597	 	 			 	$	20,597	 	 	$	18,193	 	 			 	$	18,193	 	
Cost of Products Sold	  	 	6,396	 	 	(249	)	 	 	6,147	 	 	 	5,868	 	 	(179	)	 	 	5,689	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	14,201	 	 	249	 	 	 	14,450	 	 	 	12,325	 	 	179	 	 	 	12,504	 	
Gross Margin as a % of Sales	  	 	68.9	%	 	1.3	%	 	 	70.2	%	 	 	67.7	%	 	1.0	%	 	 	68.7	%	
							
Marketing Selling and Admin	  	 	4,792	 	 	(150	)	 	 	4,642	 	 	 	4,516	 	 	(13	)	 	 	4,503	 	
Advertising and Product Promotion	  	 	1,550	 	 	—	 	 	 	1,550	 	 	 	1,415	 	 	—	 	 	 	1,415	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	6,342	 	 	(150	)	 	 	6,192	 	 	 	5,931	 	 	(13	)	 	 	5,918	 	
SG&A as a % of Sales	  	 	30.8	%	 	(0.7	%)	 	 	30.1	%	 	 	32.6	%	 	(0.1	)%	 	 	32.5	%	
							
R&D	  	 	3,585	 	 	(361	)	 	 	3,224	 	 	 	3,227	 	 	(162	)	 	 	3,065	 	
							
R&D as a % of Sales	  	 	17.4	%	 	(1.7	%)	 	 	15.7	%	 	 	17.7	%	 	(0.9	)%	 	 	16.8	%	
							
Acquired in-process research and development	  	 	32	 	 	(32	)	 	 	—	 	 	 	230	 	 	(230	)	 	 	—	 	
Provision for restructuring, net	  	 	218	 	 	(218	)	 	 	—	 	 	 	183	 	 	(183	)	 	 	—	 	
Litigation expense, net	  	 	33	 	 	(33	)	 	 	—	 	 	 	14	 	 	(14	)	 	 	—	 	
Gain on sale of product lines and businesses	  	 	(159	)	 	159	 	 	 	—	 	 	 	(273	)	 	273	 	 	 	—	 	
Equity in Net Income of Affiliates	  	 	(617	)	 	—	 	 	 	(617	)	 	 	(524	)	 	—	 	 	 	(524	)	
Other (income)/expense, net	  	 	(704	)	 	614	 	 	 	(90	)	 	 	351	 	 	(331	)	 	 	20	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	5,471	 	 	270	 	 	$	5,741	 	 	$	3,186	 	 	839	 	 	$	4,025	 	
							
Provision for income taxes	  	 	1,320	 	 	(39	)	 	 	1,281	 	 	 	682	 	 	72	 	 	 	754	 	
Minority Interest, net of taxes	  	 	996	 	 	—	 	 	 	996	 	 	 	763	 	 	—	 	 	 	763	 	

Net Earnings – Continuing Operations	  	 	3,155	 	 	309	 	 	 	3,464	 	 	 	1,741	 	 	767	 	 	 	2,508	 	
							
Net Earnings – Discontinued Ops	  	 	2,092	 	 	—	 	 	 	2,092	 	 	 	424	 	 	—	 	 	 	424	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	$	5,247	 	 	309	 	 	$	5,556	 	 	$	2,165	 	 	767	 	 	$	2,932	 	

Interest Exp on Conv. Of Conv Debt Bonds	  	 	16	 	 	—	 	 	 	16	 	 	 	—	 	 	—	 	 	 	38	 	
Net Earnings used for Diluted EPS Calc – Continuing Operations.	  	$	3,171	 	 	309	 	 	$	3,480	 	 	$	1,741	 	 			 	$	2,546	 	
							
Avg Shares (Diluted)	  	 	2,001	 	 			 	 	2,001	 	 	 	1,980	 	 			 	 	2,009	 	
							
Diluted EPS – Continuing Operations	  	$	1.59	 	 	0.15	 	 	$	1.74	 	 	$	0.88	 	 	0.39	 	 	$	1.27	 	
							
Net Earnings – Continuing Operations as a % of sales	  	 	15.3	%	 	1.5	%	 	 	16.8	%	 	 	9.6	%	 	4.2	%	 	 	13.8	%	
							
Effective Tax Rate	  	 	24.1	%	 	(1.8	%)	 	 	22.3	%	 	 	21.4	%	 	(2.7	)%	 	 	18.7	%	
* Please refer to the Specified Items schedules for further details
 
17

BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF DECEMBER 31, 2008 AND SEPTEMBER 30, 2008
(Unaudited, dollars in millions)

 	  	December 31,
2008	 	 	September 30,
2008	 	
Cash and cash equivalents	  	$	7,976	 	 	$	7,173	 	
Marketable securities-current	  	 	289	 	 	 	258	 	
Short-term borrowings	  	 	(154	)	 	 	(135	)	
Long-term debt	  	 	(6,585	)	 	 	(6,120	)	
	  	 	 	 	 	 	 	 	
Net cash	  	$	1,526	 	 	$	1,176	 	

18

Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT
($ in millions)

Net Sales	  	2007	  	2008	  	% 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	
Pharmaceuticals	  	$	3,457	  	$	3,851	  	$	7,308	  	$	3,926	  	$	11,234	  	$	4,388	  	$	15,622	  	$	4,188	  	$	4,475	  	$	8,663	  	$	4,510	  	$	13,173	  	$	4,542	  	$	17,715	  	4%	  	13%	  	-4%	  	2%	
US Pharmaceuticals	  	 	1,932	  	 	2,235	  	 	4,167	  	 	2,295	  	 	6,462	  	 	2,496	  	 	8,958	  	 	2,451	  	 	2,610	  	 	5,061	  	 	2,695	  	 	7,756	  	 	2,809	  	 	10,565	  	13%	  	18%	  	N/A	  	N/A	
Primary Care	  	 	1,090	  	 	1,344	  	 	2,434	  	 	1,363	  	 	3,797	  	 	1,460	  	 	5,257	  	 	1,407	  	 	1,483	  	 	2,890	  	 	1,517	  	 	4,407	  	 	1,552	  	 	5,959	  	6%	  	13%	  	N/A	  	N/A	
Oncology/Virology	  	 	504	  	 	511	  	 	1,015	  	 	539	  	 	1,554	  	 	602	  	 	2,156	  	 	619	  	 	633	  	 	1,252	  	 	641	  	 	1,893	  	 	655	  	 	2,548	  	9%	  	18%	  	N/A	  	N/A	
Neuroscience	  	 	298	  	 	327	  	 	625	  	 	336	  	 	961	  	 	368	  	 	1,329	  	 	352	  	 	407	  	 	759	  	 	440	  	 	1,199	  	 	497	  	 	1,696	  	35%	  	28%	  	N/A	  	N/A	
Immunoscience	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  	 	66	  	 	216	  	 	73	  	 	87	  	 	160	  	 	97	  	 	257	  	 	105	  	 	362	  	59%	  	68%	  	N/A	  	N/A	
Europe and Middle East Medicines	  	 	916	  	 	939	  	 	1,855	  	 	944	  	 	2,799	  	 	1,086	  	 	3,885	  	 	1,077	  	 	1,135	  	 	2,212	  	 	1,091	  	 	3,303	  	 	1,034	  	 	4,337	  	-5%	  	12%	  	-10%	  	6%	
Latin America/Canada	  	 	297	  	 	311	  	 	608	  	 	331	  	 	939	  	 	396	  	 	1,335	  	 	316	  	 	333	  	 	649	  	 	342	  	 	991	  	 	311	  	 	1,302	  	-21%	  	-2%	  	-12%	  	1%	
Asia/Pacific Medicines	  	 	289	  	 	333	  	 	622	  	 	319	  	 	941	  	 	377	  	 	1,318	  	 	323	  	 	365	  	 	688	  	 	352	  	 	1,040	  	 	364	  	 	1,404	  	-3%	  	7%	  	—  	  	6%	
Nutritionals	  	 	606	  	 	620	  	 	1,226	  	 	675	  	 	1,901	  	 	670	  	 	2,571	  	 	703	  	 	728	  	 	1,431	  	 	744	  	 	2,175	  	 	707	  	 	2,882	  	6%	  	12%	  	-5%	  	2%	
Continuing Operations	  	 	4,063	  	 	4,471	  	 	8,534	  	 	4,601	  	 	13,135	  	 	5,058	  	 	18,193	  	 	4,891	  	 	5,203	  	 	10,094	  	 	5,254	  	 	15,348	  	 	5,249	  	 	20,597	  	4%	  	13%	  	-4%	  	2%	
Discontinued Operations	  	 	413	  	 	457	  	 	870	  	 	449	  	 	1,319	  	 	465	  	 	1,784	  	 	308	  	 	330	  	 	638	  	 	127	  	 	765	  	 	5	  	 	770	  	-99%	  	-57%	  	—  	  	3%	
Total Company	  	$	4,476	  	$	4,928	  	$	9,404	  	$	5,050	  	$	14,454	  	$	5,523	  	$	19,977	  	$	5,199	  	$	5,533	  	$	10,732	  	$	5,381	  	$	16,113	  	$	5,254	  	$	21,367	  	-5%	  	7%	  	-3%	  	2%	

% of Total Sales	  	2007	  	2008	  	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	 	
Pharmaceuticals	  	77.2%	  	78.1%	  	77.7%	  	77.7%	  	77.7%	  	79.4%	  	78.2%	  	80.6%	  	80.9%	  	80.7%	  	83.8%	  	81.8%	  	86.4%	  	82.9%	  	700	 	 	470	 	
US Pharmaceuticals	  	43.2%	  	45.4%	  	44.3%	  	45.4%	  	44.7%	  	45.2%	  	44.8%	  	47.2%	  	47.2%	  	47.2%	  	50.1%	  	48.1%	  	53.5%	  	49.4%	  	830	 	 	460	 	
Primary Care	  	24.4%	  	27.3%	  	25.9%	  	26.9%	  	26.3%	  	26.4%	  	26.3%	  	27.1%	  	26.8%	  	26.9%	  	28.2%	  	27.4%	  	29.5%	  	27.9%	  	310	 	 	160	 	
Oncology/Virology	  	11.3%	  	10.4%	  	10.8%	  	10.7%	  	10.8%	  	10.9%	  	10.8%	  	11.9%	  	11.4%	  	11.7%	  	11.9%	  	11.7%	  	12.5%	  	11.9%	  	160	 	 	110	 	
Neuroscience	  	6.7%	  	6.6%	  	6.6%	  	6.7%	  	6.6%	  	6.7%	  	6.7%	  	6.8%	  	7.4%	  	7.1%	  	8.2%	  	7.4%	  	9.5%	  	7.9%	  	280	 	 	120	 	
Immunoscience	  	0.8%	  	1.1%	  	1.0%	  	1.1%	  	1.0%	  	1.2%	  	1.0%	  	1.4%	  	1.6%	  	1.5%	  	1.8%	  	1.6%	  	2.0%	  	1.7%	  	80	 	 	70	 	
Europe and Middle East Medicines	  	20.5%	  	19.1%	  	19.7%	  	18.7%	  	19.4%	  	19.7%	  	19.4%	  	20.7%	  	20.5%	  	20.6%	  	20.3%	  	20.5%	  	19.7%	  	20.3%	  	—  	 	 	90	 	
Latin America/Canada	  	6.6%	  	6.3%	  	6.5%	  	6.6%	  	6.5%	  	7.2%	  	6.7%	  	6.1%	  	6.0%	  	6.0%	  	6.4%	  	6.2%	  	5.9%	  	6.1%	  	(130	)	 	(60	)	
Asia/Pacific Medicines	  	6.5%	  	6.8%	  	6.6%	  	6.3%	  	6.5%	  	6.8%	  	6.6%	  	6.2%	  	6.6%	  	6.4%	  	6.5%	  	6.5%	  	6.9%	  	6.6%	  	10	 	 	—  	 	
Nutritionals	  	13.5%	  	12.6%	  	13.0%	  	13.4%	  	13.2%	  	12.2%	  	12.9%	  	13.5%	  	13.1%	  	13.3%	  	13.8%	  	13.5%	  	13.5%	  	13.5%	  	130	 	 	60	 	
Continuing Operations	  	90.7%	  	90.7%	  	90.7%	  	91.1%	  	90.9%	  	91.6%	  	91.1%	  	94.1%	  	94.0%	  	94.0%	  	97.6%	  	95.3%	  	99.9%	  	96.4%	  	830	 	 	530	 	
Discontinued Operations	  	9.3%	  	9.3%	  	9.3%	  	8.9%	  	9.1%	  	8.4%	  	8.9%	  	5.9%	  	6.0%	  	6.0%	  	2.4%	  	4.7%	  	0.1%	  	3.6%	  	(830	)	 	(530	)	
Total Company	  	100.0%	  	100.0%	  	100.0%	  	100.0%	  	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 DECEMBER 31, 2008
($ in millions)

QUARTER-TO-DATE	  	 	  	 	  	 	
				
CONTINUING OPERATIONS	  	 	  	 	  	 	
 	  	US*	  	Non-US*	  	Total	
Price Increases/(Decreases)	  	 	7%	  	 	2%	  	 	5%	
Foreign Exchange	  	 	—  	  	 	-5%	  	 	-4%	
Volume	  	 	4%	  	 	-3%	  	 	3%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	11%	  	 	-6%	  	 	4%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	3,189	  	$	2,060	  	$	5,249	
Total 2007 Period to Date Sales	  	$	2,874	  	$	2,184	  	$	5,058	
				
PHARMACEUTICALS	  	 	  	 	  	 	
 	  	US	  	Non-US	  	Total	
Price Increases/(Decreases)	  	 	8%	  	 	—  	  	 	5%	
Foreign Exchange	  	 	—  	  	 	-8%	  	 	-4%	
Volume	  	 	5%	  	 	-1%	  	 	3%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	13%	  	 	-9%	  	 	4%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	2,819	  	$	1,723	  	$	4,542	
Total 2007 Period to Date Sales	  	$	2,503	  	$	1,885	  	$	4,388	
				
NUTRITIONALS	  	 	  	 	  	 	
 	  	US	  	Non-US	  	Total	
Price Increases/(Decreases)	  	 	1%	  	 	12%	  	 	7%	
Foreign Exchange	  	 	—  	  	 	-8%	  	 	-5%	
Volume	  	 	-2%	  	 	6%	  	 	4%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	-1%	  	 	10%	  	 	6%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	272	  	$	435	  	$	707	
Total 2007 Period to Date Sales	  	$	275	  	$	395	  	$	670	

*	This table presents Continuing Operations sales on a legal entity basis and segment and product sales on a country management reported basis. As a result, the sum of the segment sales does not tie to Continuing Operations sales.	
 
2

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2008
($ in millions)

YEAR-TO-DATE	  	 	  	 	  	 	
				
CONTINUING OPERATIONS	  	 	  	 	  	 	
 	  	US*	  	Non-US*	  	Total	
Price Increases/(Decreases)	  	 	7%	  	 	1%	  	 	4%	
Foreign Exchange	  	 	—  	  	 	6%	  	 	2%	
Volume	  	 	9%	  	 	3%	  	 	7%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	16%	  	 	10%	  	 	13%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	12,042	  	$	8,555	  	$	20,597	
Total 2007 Period to Date Sales	  	$	10,422	  	$	7,771	  	$	18,193	
				
PHARMACEUTICALS	  	 	  	 	  	 	
 	  	US	  	Non-US	  	Total	
Price Increases/(Decreases)	  	 	7%	  	 	-1%	  	 	3%	
Foreign Exchange	  	 	—  	  	 	5%	  	 	2%	
Volume	  	 	11%	  	 	3%	  	 	8%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	18%	  	 	7%	  	 	13%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	10,611	  	$	7,104	  	$	17,715	
Total 2007 Period to Date Sales	  	$	8,992	  	$	6,630	  	$	15,622	
				
NUTRITIONALS	  	 	  	 	  	 	
 	  	US	  	Non-US	  	Total	
Price Increases/(Decreases)	  	 	4%	  	 	12%	  	 	8%	
Foreign Exchange	  	 	—  	  	 	3%	  	 	2%	
Volume	  	 	-6%	  	 	8%	  	 	2%	
	  	 	 	  	 	 	  	 	 	
Total Change	  	 	-2%	  	 	23%	  	 	12%	
	  	 	 	  	 	 	  	 	 	
Total 2008 Period to Date Sales	  	$	1,108	  	$	1,774	  	$	2,882	
Total 2007 Period to Date Sales	  	$	1,128	  	$	1,443	  	$	2,571	

*	This table presents Continuing Operations sales on a legal entity basis and segment and product sales on a country management reported basis. As a result, the sum of the segment sales does not tie to Continuing Operations sales.	
 
3

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

 	 	2007	 	 	2008	 	 	% 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	 	$	4,063	 	 	$	4,471	 	 	$	8,534	 	 	$	4,601	 	 	$	13,135	 	 	$	5,058	 	 	$	18,193	 	 	$	4,891	 	 	$	5,203	 	 	$	10,094	 	 	$	5,254	 	 	$	15,348	 	 	$	5,249	 	 	$	20,597	 	 	4%	 	13%	
Cost of products sold	 	 	1,266	 	 	 	1,408	 	 	 	2,674	 	 	 	1,478	 	 	 	4,152	 	 	 	1,716	 	 	 	5,868	 	 	 	1,570	 	 	 	1,670	 	 	 	3,240	 	 	 	1,634	 	 	 	4,874	 	 	 	1,522	 	 	 	6,396	 	 	-11%	 	9%	
Marketing, selling and administrative	 	 	1,052	 	 	 	1,103	 	 	 	2,155	 	 	 	1,105	 	 	 	3,260	 	 	 	1,256	 	 	 	4,516	 	 	 	1,134	 	 	 	1,165	 	 	 	2,299	 	 	 	1,208	 	 	 	3,507	 	 	 	1,285	 	 	 	4,792	 	 	2%	 	6%	
Advertising and product promotion	 	 	258	 	 	 	354	 	 	 	612	 	 	 	338	 	 	 	950	 	 	 	465	 	 	 	1,415	 	 	 	319	 	 	 	420	 	 	 	739	 	 	 	362	 	 	 	1,101	 	 	 	449	 	 	 	1,550	 	 	-3%	 	10%	
Research and development	 	 	781	 	 	 	755	 	 	 	1,536	 	 	 	802	 	 	 	2,338	 	 	 	889	 	 	 	3,227	 	 	 	782	 	 	 	826	 	 	 	1,608	 	 	 	834	 	 	 	2,442	 	 	 	1,143	 	 	 	3,585	 	 	29%	 	11%	
Acquired in-process research and development	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	230	 	 	 	230	 	 	 	—  	 	 	 	32	 	 	 	32	 	 	 	—  	 	 	 	32	 	 	 	—  	 	 	 	32	 	 	-100%	 	-86%	
Provision for restructuring, net	 	 	37	 	 	 	7	 	 	 	44	 	 	 	—  	 	 	 	44	 	 	 	139	 	 	 	183	 	 	 	11	 	 	 	30	 	 	 	41	 	 	 	26	 	 	 	67	 	 	 	151	 	 	 	218	 	 	9%	 	19%	
Litigation expense, net	 	 	—  	 	 	 	14	 	 	 	14	 	 	 	—  	 	 	 	14	 	 	 	—  	 	 	 	14	 	 	 	—  	 	 	 	2	 	 	 	2	 	 	 	30	 	 	 	32	 	 	 	1	 	 	 	33	 	 	—  	 	136%	
Gain on sale of product lines and businesses	 	 	—  	 	 	 	(26	)	 	 	(26	)	 	 	(247	)	 	 	(273	)	 	 	—  	 	 	 	(273	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(159	)	 	 	(159	)	 	—  	 	42%	
Equity in net income of affiliates	 	 	(126	)	 	 	(128	)	 	 	(254	)	 	 	(139	)	 	 	(393	)	 	 	(131	)	 	 	(524	)	 	 	(164	)	 	 	(150	)	 	 	(314	)	 	 	(164	)	 	 	(478	)	 	 	(139	)	 	 	(617	)	 	-6%	 	-18%	
Other expense/(income), net	 	 	22	 	 	 	(1	)	 	 	21	 	 	 	8	 	 	 	29	 	 	 	322	 	 	 	351	 	 	 	32	 	 	 	(13	)	 	 	19	 	 	 	169	 	 	 	188	 	 	 	(892	)	 	 	(704	)	 	*    	 	*    	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	 	 	3,290	 	 	 	3,486	 	 	 	6,776	 	 	 	3,345	 	 	 	10,121	 	 	 	4,886	 	 	 	15,007	 	 	 	3,684	 	 	 	3,982	 	 	 	7,666	 	 	 	4,099	 	 	 	11,765	 	 	 	3,361	 	 	 	15,126	 	 	-31%	 	1%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	 	$	773	 	 	$	985	 	 	$	1,758	 	 	$	1,256	 	 	$	3,014	 	 	$	172	 	 	$	3,186	 	 	$	1,207	 	 	$	1,221	 	 	$	2,428	 	 	$	1,155	 	 	$	3,583	 	 	$	1,888	 	 	$	5,471	 	 	*    	 	72%	
Provision for income taxes	 	 	40	 	 	 	203	 	 	 	243	 	 	 	292	 	 	 	535	 	 	 	147	 	 	 	682	 	 	 	330	 	 	 	258	 	 	 	588	 	 	 	308	 	 	 	896	 	 	 	424	 	 	 	1,320	 	 	188%	 	94%	
Minority interest, net of taxes	 	 	141	 	 	 	194	 	 	 	335	 	 	 	211	 	 	 	546	 	 	 	217	 	 	 	763	 	 	 	230	 	 	 	241	 	 	 	471	 	 	 	259	 	 	 	730	 	 	 	266	 	 	 	996	 	 	23%	 	31%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss)—Continuing Operations	 	$	592	 	 	$	588	 	 	$	1,180	 	 	$	753	 	 	$	1,933	 	 	$	(192	)	 	$	1,741	 	 	$	647	 	 	$	722	 	 	$	1,369	 	 	$	588	 	 	$	1,957	 	 	$	1,198	 	 	$	3,155	 	 	*    	 	81%	
Discontinued Operations	 	 	98	 	 	 	118	 	 	 	216	 	 	 	105	 	 	 	321	 	 	 	103	 	 	 	424	 	 	 	14	 	 	 	42	 	 	 	56	 	 	 	1,990	 	 	 	2,046	 	 	 	46	 	 	 	2,092	 	 	-55%	 	*    	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss)	 	$	690	 	 	$	706	 	 	$	1,396	 	 	$	858	 	 	$	2,254	 	 	$	(89	)	 	$	2,165	 	 	$	661	 	 	$	764	 	 	$	1,425	 	 	$	2,578	 	 	$	4,003	 	 	$	1,244	 	 	$	5,247	 	 	*    	 	142%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss)—Continuing Operations	 	$	592	 	 	$	588	 	 	$	1,180	 	 	$	753	 	 	$	1,933	 	 	$ 	(192 	) (a)	 	$ 	1,741 	(b)	 	$	647	 	 	$	722	 	 	$	1,369	 	 	$	588	 	 	$	1,957	 	 	$	1,198	 	 	$	3,155	 	 	*    	 	81%	
Interest expense on conversion of convertible debt bonds, net of tax	 	 	9	 	 	 	9	 	 	 	18	 	 	 	10	 	 	 	28	 	 	 	—  	 	 	 	—  	 	 	 	8	 	 	 	4	 	 	 	12	 	 	 	4	 	 	 	16	 	 	 	—  	 	 	 	16	 	 	—  	 	—  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss) used for diluted earnings per common share calculation—Continuing Operations	 	$	601	 	 	$	597	 	 	$	1,198	 	 	$	763	 	 	$	1,961	 	 	$ 	(192 	) (a)	 	$ 	1,741 	(b)	 	$	655	 	 	$	726	 	 	$	1,381	 	 	$	592	 	 	$	1,973	 	 	$	1,198	 	 	$	3,171	 	 	*    	 	82%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings/(Loss) per Common Share**—Continuing Operations	 	$	0.30	 	 	$	0.30	 	 	$	0.60	 	 	$	0.38	 	 	$	0.98	 	 	$	(0.10	)	 	$	0.88	 	 	$	0.32	 	 	$	0.36	 	 	$	0.69	 	 	$	0.30	 	 	$	0.98	 	 	$	0.61	 	 	$	1.59	 	 	*    	 	81%	
Diluted Earnings per Common Share**—Discontinued Operations	 	 	0.05	 	 	 	0.06	 	 	 	0.11	 	 	 	0.05	 	 	 	0.16	 	 	 	0.05	 	 	 	0.21	 	 	 	0.01	 	 	 	0.02	 	 	 	0.03	 	 	 	0.99	 	 	 	1.02	 	 	 	0.02	 	 	 	1.04	 	 	-60%	 	*    	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings/(Loss) per Common Share**	 	$	0.35	 	 	$	0.36	 	 	$	0.71	 	 	$	0.43	 	 	$	1.14	 	 	$	(0.05	)	 	$	1.09	 	 	$	0.33	 	 	$	0.38	 	 	$	0.72	 	 	$	1.29	 	 	$	2.00	 	 	$	0.63	 	 	$	2.63	 	 	*    	 	141%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding—Diluted	 	 	1,997	 	 	 	2,006	 	 	 	2,002	 	 	 	2,012	 	 	 	2,005	 	 	 	1,975	 	 	 	1,980	 	 	 	2,008	 	 	 	2,008	 	 	 	2,007	 	 	 	2,004	 	 	 	2,006	 	 	 	1,982	 	 	 	2,001	 	 	—  	 	1%	
Dividends declared per common share	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.31	 	 	$	1.15	 	 	$	0.31	 	 	$	0.31	 	 	$	0.62	 	 	$	0.31	 	 	$	0.93	 	 	$	0.31	 	 	$	1.24	 	 	—  	 	8%	

																																			
% of Net Sales	 	2007	 	2008	 	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	 	68.8%	 	68.5%	 	68.7%	 	67.9%	 	68.4%	 	66.1%	 	67.7%	 	67.9%	 	67.9%	 	67.9%	 	68.9%	 	68.2%	 	71.0%	 	68.9%	 	490	 	 	120	 	
Cost of products sold	 	31.2%	 	31.5%	 	31.3%	 	32.1%	 	31.6%	 	33.9%	 	32.3%	 	32.1%	 	32.1%	 	32.1%	 	31.1%	 	31.8%	 	29.0%	 	31.1%	 	(490	)	 	(120	)	
Marketing, selling and administrative	 	25.9%	 	24.7%	 	25.3%	 	24.0%	 	24.8%	 	24.8%	 	24.8%	 	23.2%	 	22.4%	 	22.8%	 	23.0%	 	22.8%	 	24.5%	 	23.3%	 	(30	)	 	(150	)	
Advertising and product promotion	 	6.3%	 	7.9%	 	7.2%	 	7.3%	 	7.2%	 	9.2%	 	7.8%	 	6.5%	 	8.1%	 	7.3%	 	6.9%	 	7.2%	 	8.6%	 	7.5%	 	(60	)	 	(30	)	
Research and development	 	19.2%	 	16.9%	 	18.0%	 	17.4%	 	17.8%	 	17.6%	 	17.7%	 	16.0%	 	15.9%	 	15.9%	 	15.9%	 	15.9%	 	21.8%	 	17.4%	 	420	 	 	(30	)	
Acquired in-process research and development	 	—  	 	—  	 	—  	 	—  	 	—  	 	4.5%	 	1.3%	 	—  	 	—  	 	0.3%	 	—  	 	0.2%	 	—  	 	0.2%	 	(450	)	 	(110	)	
Total expenses	 	81.0%	 	78.0%	 	79.4%	 	72.7%	 	77.1%	 	96.6%	 	82.5%	 	75.3%	 	76.5%	 	75.9%	 	78.0%	 	76.7%	 	64.0%	 	73.4%	 	(3,260	)	 	(910	)	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	 	19.0%	 	22.0%	 	20.6%	 	27.3%	 	22.9%	 	3.4%	 	17.5%	 	24.7%	 	23.5%	 	24.1%	 	22.0%	 	23.3%	 	36.0%	 	26.6%	 	3,260	 	 	910	 	
Net Earnings/(Loss)—Continuing Operations	 	14.6%	 	13.2%	 	13.8%	 	16.4%	 	14.7%	 	-3.8%	 	9.6%	 	13.2%	 	13.9%	 	13.6%	 	11.2%	 	12.8%	 	22.8%	 	15.3%	 	2,660	 	 	570	 	
Other Ratios	 		 		 		 		 		 		 		 		 		 		 		 		 		 		 			 			
Effective Tax Rate	 	5.2%	 	20.6%	 	13.8%	 	23.2%	 	17.8%	 	85.5%	 	21.4%	 	27.3%	 	21.1%	 	24.2%	 	26.7%	 	25.0%	 	22.5%	 	24.1%	 	(6,300	)	 	270	 	

Other Expense/(Income), net	 	2007	 	 	2008	 	 	% 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	
Interest expense	 	$	109	 	 	$	107	 	 	$	216	 	 	$	109	 	 	$	325	 	 	$	96	 	 	$	421	 	 	$	73	 	 	$	80	 	 	$	153	 	 	$	84	 	 	$	237	 	 	$	73	 	 	$	310	 	 	-24%	 	-26%	
Interest income	 	 	(53	)	 	 	(62	)	 	 	(115	)	 	 	(69	)	 	 	(184	)	 	 	(57	)	 	 	(241	)	 	 	(43	)	 	 	(31	)	 	 	(74	)	 	 	(37	)	 	 	(111	)	 	 	(19	)	 	 	(130	)	 	67%	 	46%	
Impairment charge of marketable securities	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	275	 	 	 	275	 	 	 	25	 	 	 	(2	)	 	 	23	 	 	 	224	 	 	 	247	 	 	 	77	 	 	 	324	 	 	-72%	 	18%	
Sale of ImClone shares	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(895	)	 	 	(895	)	 	—  	 	—  	
Foreign exchange transaction (gains)/losses	 	 	8	 	 	 	(5	)	 	 	3	 	 	 	21	 	 	 	24	 	 	 	(9	)	 	 	15	 	 	 	19	 	 	 	(2	)	 	 	17	 	 	 	(51	)	 	 	(34	)	 	 	(42	)	 	 	(76	)	 	*    	 	*    	
Other, net	 	 	(42	)	 	 	(41	)	 	 	(83	)	 	 	(53	)	 	 	(136	)	 	 	17	 	 	 	(119	)	 	 	(42	)	 	 	(58	)	 	 	(100	)	 	 	(51	)	 	 	(151	)	 	 	(86	)	 	 	(237	)	 	*    	 	-99%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	22	 	 	$	(1	)	 	$	21	 	 	$	8	 	 	$	29	 	 	$	322	 	 	$	351	 	 	$	32	 	 	$	(13	)	 	$	19	 	 	$	169	 	 	$	188	 	 	$	(892	)	 	$	(704	)	 	*    	 	*    	

*	In excess of +/- 200%	
**	Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
(a)	As a result of the Q4 2007 net loss, Diluted Average Common Shares Outstanding and Loss per Common Share are equal to Basic Average Common Shares Outstanding and Loss per Common Share.	
(b)	Assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is anti-dilutive.	
 
4

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP GROWTH PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 2008
(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE	  	 	 	 	 	 	 	 	 	
 	  	Growth %	 	 	FX
Impact	 	 	Growth %
Excluding FX	 	
Net Sales	  	4	%	 	-4	%	 	8	%	
Marketing, selling and administrative	  	2	%	 	5	%	 	7	%	
Advertising and product promotion	  	-3	%	 	3	%	 	—  	 	
Research and development	  	29	%	 	2	%	 	31	%	
				
YEAR-TO-DATE	  	 	 	 	 	 	 	 	 	
 	  	Growth %	 	 	FX
Impact	 	 	Growth %
Excluding FX	 	
Net Sales	  	13	%	 	2	%	 	11	%	
Marketing, selling and administrative	  	6	%	 	-2	%	 	4	%	
Advertising and product promotion	  	10	%	 	-2	%	 	8	%	
Research and development	  	11	%	 	-1	%	 	10	%	
 
5

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

Gross Profit	 	2007	 	2008	 	% 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	
Pharmaceuticals	 	$	2,418	 	$	2,678	 	$	5,096	 	$	2,715	 	$	7,811	 	$	2,956	 	$	10,767	 	$	2,886	 	$	3,108	 	$	5,994	 	$	3,189	 	$	9,183	 	$	3,301	 	$	12,484	 	12%	 	16%	
Pharmaceuticals Excluding Specified Items	 	 	2,434	 	 	2,691	 	 	5,125	 	 	2,732	 	 	7,857	 	 	3,089	 	 	10,946	 	 	2,982	 	 	3,166	 	 	6,148	 	 	3,242	 	 	9,390	 	 	3,334	 	 	12,724	 	8%	 	16%	
Nutritionals	 	 	391	 	 	392	 	 	783	 	 	427	 	 	1,210	 	 	415	 	 	1,625	 	 	452	 	 	460	 	 	912	 	 	458	 	 	1,370	 	 	438	 	 	1,808	 	6%	 	11%	
				
Gross Margin %	 	2007	 	2008	 	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	
Pharmaceuticals	 	 	69.9%	 	 	69.5%	 	 	69.7%	 	 	69.2%	 	 	69.5%	 	 	67.4%	 	 	68.9%	 	 	68.9%	 	 	69.5%	 	 	69.2%	 	 	70.7%	 	 	69.7%	 	 	72.7%	 	 	70.5%	 	530	 	160	
Pharmaceuticals Excluding Specified Items	 	 	70.4%	 	 	69.9%	 	 	70.1%	 	 	69.6%	 	 	69.9%	 	 	70.4%	 	 	70.1%	 	 	71.2%	 	 	70.7%	 	 	71.0%	 	 	71.9%	 	 	71.3%	 	 	73.4%	 	 	71.8%	 	300	 	170	
Nutritionals	 	 	64.5%	 	 	63.2%	 	 	63.9%	 	 	63.3%	 	 	63.7%	 	 	61.9%	 	 	63.2%	 	 	64.3%	 	 	63.2%	 	 	63.7%	 	 	61.6%	 	 	63.0%	 	 	62.0%	 	 	62.7%	 	10	 	-50	
				
Earnings Before Minority Interest and Income Taxes	 	2007	 	2008	 	% 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	
Pharmaceuticals	 	$	825	 	$	1,005	 	$	1,830	 	$	977	 	$	2,807	 	$	664	 	$	3,471	 	$	1,227	 	$	1,219	 	$	2,446	 	$	1,403	 	$	3,849	 	$	1,139	 	$	4,988	 	72%	 	44%	
Pharmaceuticals Excluding Specified Items	 	 	921	 	 	1,035	 	 	1,956	 	 	1,054	 	 	3,010	 	 	1,040	 	 	4,050	 	 	1,345	 	 	1,341	 	 	2,686	 	 	1,496	 	 	4,182	 	 	1,479	 	 	5,661	 	42%	 	40%	
Nutritionals	 	 	173	 	 	167	 	 	340	 	 	196	 	 	536	 	 	172	 	 	708	 	 	231	 	 	214	 	 	445	 	 	200	 	 	645	 	 	185	 	 	830	 	8%	 	17%	
Nutritionals Excluding Specified Items **	 	 	173	 	 	167	 	 	340	 	 	196	 	 	536	 	 	172	 	 	708	 	 	231	 	 	214	 	 	445	 	 	204	 	 	649	 	 	198	 	 	847	 	15%	 	20%	
				
Net Margin %	 	2007	 	2008	 	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	
Pharmaceuticals	 	 	23.9%	 	 	26.1%	 	 	25.0%	 	 	24.9%	 	 	25.0%	 	 	15.1%	 	 	22.2%	 	 	29.3%	 	 	27.2%	 	 	28.2%	 	 	31.1%	 	 	29.2%	 	 	25.1%	 	 	28.2%	 	1000	 	600	
Pharmaceuticals Excluding Specified Items	 	 	26.6%	 	 	26.9%	 	 	26.8%	 	 	26.8%	 	 	26.8%	 	 	23.7%	 	 	25.9%	 	 	32.1%	 	 	30.0%	 	 	31.0%	 	 	33.2%	 	 	31.7%	 	 	32.6%	 	 	32.0%	 	890	 	610	
Nutritionals	 	 	28.5%	 	 	26.9%	 	 	27.7%	 	 	29.0%	 	 	28.2%	 	 	25.7%	 	 	27.5%	 	 	32.9%	 	 	29.4%	 	 	31.1%	 	 	26.9%	 	 	29.7%	 	 	26.2%	 	 	28.8%	 	50	 	130	
Nutritionals Excluding Specified Items **	 	 	28.5%	 	 	26.9%	 	 	27.7%	 	 	29.0%	 	 	28.2%	 	 	25.7%	 	 	27.5%	 	 	32.9%	 	 	29.4%	 	 	31.1%	 	 	27.4%	 	 	29.8%	 	 	28.0%	 	 	29.4%	 	230	 	190	

																																															
				
Pharmaceuticals	 	2007	 	2008	 	% 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	 	$	2,418	 	$	2,678	 	$	5,096	 	$	2,715	 	$	7,811	 	$	2,956	 	$	10,767	 	$	2,886	 	$	3,108	 	$	5,994	 	$	3,189	 	$	9,183	 	$	3,301	 	$	12,484	 	12%	 	16%	
Specified Items:	 			 			 			 			 			 			 			 			 			 			 			 			 			 			 		 		
Productivity Transformation Initiative	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	102	 	 	102	 	 	96	 	 	58	 	 	154	 	 	53	 	 	207	 	 	6	 	 	213	 	-94%	 	109%	
Downsizing and streamlining of worldwide operations	 	 	16	 	 	13	 	 	29	 	 	17	 	 	46	 	 	31	 	 	77	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	-100%	 	-100%	
Asset impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	27	 	 	27	 	—  	 	—  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	 	 	16	 	 	13	 	 	29	 	 	17	 	 	46	 	 	133	 	 	179	 	 	96	 	 	58	 	 	154	 	 	53	 	 	207	 	 	33	 	 	240	 	-75%	 	34%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit Excluding Specified Items	 	$	2,434	 	$	2,691	 	$	5,125	 	$	2,732	 	$	7,857	 	$	3,089	 	$	10,946	 	$	2,982	 	$	3,166	 	$	6,148	 	$	3,242	 	$	9,390	 	$	3,334	 	$	12,724	 	8%	 	16%	

Pharmaceuticals	 	2007	 	2008	 	% 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 Minority Interest and Income Taxes	 	$	825	 	$	1,005	 	$	1,830	 	$	977	 	$	2,807	 	$	664	 	$	3,471	 	$	1,227	 	$	1,219	 	$	2,446	 	$	1,403	 	$	3,849	 	$	1,139	 	$	4,988	 	72%	 	44%	
Specified Items:	 			 			 			 			 			 			 			 			 			 			 			 			 			 			 		 		
Productivity Transformation Initiative	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	110	 	 	110	 	 	98	 	 	59	 	 	157	 	 	56	 	 	213	 	 	40	 	 	253	 	-64%	 	130%	
Upfront and milestone payments and acquired in-process research and development	 	 	80	 	 	17	 	 	97	 	 	60	 	 	157	 	 	235	 	 	392	 	 	20	 	 	63	 	 	83	 	 	37	 	 	120	 	 	260	 	 	380	 	11%	 	-3%	
Asset Impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	40	 	 	40	 	—  	 	—  	
Downsizing and streamlining of worldwide operations	 	 	16	 	 	13	 	 	29	 	 	17	 	 	46	 	 	31	 	 	77	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	-100%	 	-100%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	 	 	96	 	 	30	 	 	126	 	 	77	 	 	203	 	 	376	 	 	579	 	 	118	 	 	122	 	 	240	 	 	93	 	 	333	 	 	340	 	 	673	 	-10%	 	16%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	 	$	921	 	$	1,035	 	$	1,956	 	$	1,054	 	$	3,010	 	$	1,040	 	$	4,050	 	$	1,345	 	$	1,341	 	$	2,686	 	$	1,496	 	$	4,182	 	 	1,479	 	$	5,661	 	42%	 	40%	

Nutritionals	 	2007	 	2008	 	% 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 Minority Interest and Income Taxes	 	$	173	 	$	167	 	$	340	 	$	196	 	$	536	 	$	172	 	$	708	 	$	231	 	$	214	 	$	445	 	$	200	 	$	645	 	$	185	 	$	830	 	8%	 	17%	
Specified Items:	 			 			 			 			 			 			 			 			 			 			 			 			 			 			 		 		
Mead Johnson Nutritionals charges	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	4	 	 	4	 	 	13	 	 	17	 	—  	 	—  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	 	$	173	 	$	167	 	$	340	 	$	196	 	$	536	 	$	172	 	$	708	 	$	231	 	$	214	 	$	445	 	$	204	 	$	649	 	$	198	 	$	847	 	15%	 	20%	

*	In Excess of +/- 200%	
**	There were no specified items relating to Nutritionals in 2007 and the first quarter of 2008. In the second quarter of 2008, specified items for the Nutritionals segment were not material and did not have an impact on Gross Margin or Earnings Before Minority Interest and Income Taxes.	
 
6

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

 	 	2007	 	2008	 	% 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	 	$	4,063	 	$	4,471	 	$	8,534	 	$	4,601	 	$	13,135	 	$	5,058	 	$	18,193	 	$	4,891	 	$	5,203	 	$	10,094	 	$	5,254	 	$	15,348	 	$	5,249	 	$	20,597	 	4%	 	13%	 	-4%	 	2%	
																			
PHARMACEUTICALS	 	 	3,457	 	 	3,851	 	 	7,308	 	 	3,926	 	 	11,234	 	 	4,388	 	 	15,622	 	 	4,188	 	 	4,475	 	 	8,663	 	 	4,510	 	 	13,173	 	 	4,542	 	 	17,715	 	4%	 	13%	 	-4%	 	2%	
																			
Cardiovascular	 	 	1,475	 	 	1,763	 	 	3,238	 	 	1,793	 	 	5,031	 	 	1,938	 	 	6,969	 	 	1,824	 	 	1,927	 	 	3,751	 	 	1,943	 	 	5,694	 	 	1,937	 	 	7,631	 	—  	 	9%	 		 		
Plavix	 	 	938	 	 	1,189	 	 	2,127	 	 	1,254	 	 	3,381	 	 	1,374	 	 	4,755	 	 	1,308	 	 	1,387	 	 	2,695	 	 	1,439	 	 	4,134	 	 	1,469	 	 	5,603	 	7%	 	18%	 	-2%	 	1%	
Avapro/ Avalide	 	 	270	 	 	297	 	 	567	 	 	309	 	 	876	 	 	328	 	 	1,204	 	 	305	 	 	335	 	 	640	 	 	334	 	 	974	 	 	316	 	 	1,290	 	-4%	 	7%	 	-6%	 	2%	
Pravachol	 	 	135	 	 	132	 	 	267	 	 	86	 	 	353	 	 	90	 	 	443	 	 	73	 	 	69	 	 	142	 	 	34	 	 	176	 	 	27	 	 	203	 	-70%	 	-54%	 	-5%	 	2%	
																			
Virology	 	 	590	 	 	608	 	 	1,198	 	 	647	 	 	1,845	 	 	752	 	 	2,597	 	 	734	 	 	791	 	 	1,525	 	 	824	 	 	2,349	 	 	812	 	 	3,161	 	8%	 	22%	 		 		
Reyataz	 	 	263	 	 	254	 	 	517	 	 	273	 	 	790	 	 	334	 	 	1,124	 	 	297	 	 	324	 	 	621	 	 	342	 	 	963	 	 	329	 	 	1,292	 	-1%	 	15%	 	-5%	 	2%	
Sustiva Franchise (a)	 	 	226	 	 	233	 	 	459	 	 	237	 	 	696	 	 	260	 	 	956	 	 	273	 	 	282	 	 	555	 	 	294	 	 	849	 	 	300	 	 	1,149	 	15%	 	20%	 	-4%	 	2%	
Baraclude	 	 	45	 	 	59	 	 	104	 	 	72	 	 	176	 	 	99	 	 	275	 	 	108	 	 	136	 	 	244	 	 	144	 	 	388	 	 	153	 	 	541	 	55%	 	97%	 	-5%	 	6%	
																			
Oncology	 	 	355	 	 	360	 	 	715	 	 	402	 	 	1,117	 	 	445	 	 	1,562	 	 	436	 	 	474	 	 	910	 	 	447	 	 	1,357	 	 	462	 	 	1,819	 	4%	 	16%	 		 		
Erbitux	 	 	160	 	 	162	 	 	322	 	 	185	 	 	507	 	 	185	 	 	692	 	 	187	 	 	196	 	 	383	 	 	184	 	 	567	 	 	182	 	 	749	 	-2%	 	8%	 	—  	 	—  	
Taxol	 	 	111	 	 	95	 	 	206	 	 	102	 	 	308	 	 	114	 	 	422	 	 	94	 	 	101	 	 	195	 	 	91	 	 	286	 	 	99	 	 	385	 	-13%	 	-9%	 	5%	 	8%	
Sprycel	 	 	21	 	 	35	 	 	56	 	 	46	 	 	102	 	 	56	 	 	158	 	 	66	 	 	76	 	 	142	 	 	82	 	 	224	 	 	86	 	 	310	 	54%	 	96%	 	-13%	 	5%	
Ixempra	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	15	 	 	15	 	 	25	 	 	26	 	 	51	 	 	25	 	 	76	 	 	25	 	 	101	 	67%	 	*    	 	—  	 	*    	
																			
Affective (Psychiatric) Disorders	 	 	408	 	 	458	 	 	866	 	 	467	 	 	1,333	 	 	511	 	 	1,844	 	 	498	 	 	575	 	 	1,073	 	 	607	 	 	1,680	 	 	641	 	 	2,321	 	25%	 	26%	 		 		
Abilify (b)	 	 	366	 	 	412	 	 	778	 	 	420	 	 	1,198	 	 	462	 	 	1,660	 	 	454	 	 	529	 	 	983	 	 	564	 	 	1,547	 	 	606	 	 	2,153	 	31%	 	30%	 	-3%	 	1%	
																			
Immunoscience	 	 	41	 	 	55	 	 	96	 	 	60	 	 	156	 	 	75	 	 	231	 	 	87	 	 	106	 	 	193	 	 	119	 	 	312	 	 	129	 	 	441	 	72%	 	91%	 		 		
Orencia	 	 	41	 	 	55	 	 	96	 	 	60	 	 	156	 	 	75	 	 	231	 	 	87	 	 	106	 	 	193	 	 	119	 	 	312	 	 	129	 	 	441	 	72%	 	91%	 	-4%	 	1%	
																			
NUTRITIONALS	 	 	606	 	 	620	 	 	1,226	 	 	675	 	 	1,901	 	 	670	 	 	2,571	 	 	703	 	 	728	 	 	1,431	 	 	744	 	 	2,175	 	 	707	 	 	2,882	 	6%	 	12%	 	-5%	 	2%	
Enfamil	 	 	254	 	 	267	 	 	521	 	 	281	 	 	802	 	 	280	 	 	1,082	 	 	290	 	 	287	 	 	577	 	 	295	 	 	872	 	 	285	 	 	1,157	 	2%	 	7%	 	-3%	 	1%	

*	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.	
 
7

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

 	  	2007	  	2008	 	 	% 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	  	$	2,282	  	$	2,583	  	$	4,865	  	$	2,683	  	$	7,548	  	$	2,874	  	$	10,422	  	$	2,823	  	$	2,966	  	$	5,789	  	$	3,064	 	 	$	8,853	  	$	3,189	 	 	$	12,042	 	 	11%	  	16%	  		  		
																			
PHARMACEUTICALS	  	 	1,944	  	 	2,243	  	 	4,187	  	 	2,302	  	 	6,489	  	 	2,503	  	 	8,992	  	 	2,459	  	 	2,625	  	 	5,084	  	 	2,708	 	 	 	7,792	  	 	2,819	 	 	 	10,611	 	 	13%	  	18%	  		  		
																			
Cardiovascular	  	 	1,045	  	 	1,279	  	 	2,324	  	 	1,316	  	 	3,640	  	 	1,426	  	 	5,066	  	 	1,367	  	 	1,437	  	 	2,804	  	 	1,474	 	 	 	4,278	  	 	1,522	 	 	 	5,800	 	 	7%	  	14%	  		  		
Plavix	  	 	787	  	 	1,015	  	 	1,802	  	 	1,080	  	 	2,882	  	 	1,178	  	 	4,060	  	 	1,139	  	 	1,207	  	 	2,346	  	 	1,263	 	 	 	3,609	  	 	1,311	 	 	 	4,920	 	 	11%	  	21%	  	3%	  	19%	
Avapro/ Avalide	  	 	163	  	 	170	  	 	333	  	 	176	  	 	509	  	 	183	  	 	692	  	 	174	  	 	184	  	 	358	  	 	189	 	 	 	547	  	 	188	 	 	 	735	 	 	3%	  	6%	  	-8%	  	-7%	
Pravachol	  	 	57	  	 	47	  	 	104	  	 	17	  	 	121	  	 	18	  	 	139	  	 	15	  	 	10	  	 	25	  	 	(18 	) (c)	 	 	7	  	  	(17 	) (c)	 	  	(10 	) (c)	 	-194%	  	-107%	  	-47%	  	-75%	
																			
Virology	  	 	319	  	 	323	  	 	642	  	 	328	  	 	970	  	 	371	  	 	1,341	  	 	378	  	 	376	  	 	754	  	 	405	 	 	 	1,159	  	 	407	 	 	 	1,566	 	 	10%	  	17%	  		  		
Reyataz	  	 	143	  	 	138	  	 	281	  	 	141	  	 	422	  	 	165	  	 	587	  	 	160	  	 	159	  	 	319	  	 	176	 	 	 	495	  	 	172	 	 	 	667	 	 	4%	  	14%	  	14%	  	14%	
Sustiva Franchise (a)	  	 	144	  	 	147	  	 	291	  	 	151	  	 	442	  	 	162	  	 	604	  	 	175	  	 	171	  	 	346	  	 	185	 	 	 	531	  	 	193	 	 	 	724	 	 	19%	  	20%	  	14%	  	14%	
Baraclude	  	 	17	  	 	20	  	 	37	  	 	22	  	 	59	  	 	29	  	 	88	  	 	29	  	 	35	  	 	64	  	 	36	 	 	 	100	  	 	40	 	 	 	140	 	 	38%	  	59%	  	43%	  	55%	
																			
Oncology	  	 	182	  	 	187	  	 	369	  	 	208	  	 	577	  	 	230	  	 	807	  	 	237	  	 	254	  	 	491	  	 	234	 	 	 	725	  	 	246	 	 	 	971	 	 	7%	  	20%	  		  		
Erbitux	  	 	158	  	 	160	  	 	318	  	 	183	  	 	501	  	 	182	  	 	683	  	 	185	  	 	193	  	 	378	  	 	182	 	 	 	560	  	 	179	 	 	 	739	 	 	-2%	  	8%	  	N/A	  	N/A	
Taxol	  	 	4	  	 	4	  	 	8	  	 	1	  	 	9	  	 	5	  	 	14	  	 	—  	  	 	3	  	 	3	  	 	(1 	) (c)	 	 	2	  	 	4	 	 	 	6	 	 	-20%	  	-57%	  	N/A	  	N/A	
Sprycel	  	 	10	  	 	14	  	 	24	  	 	17	  	 	41	  	 	17	  	 	58	  	 	20	  	 	21	  	 	41	  	 	21	 	 	 	62	  	 	30	 	 	 	92	 	 	76%	  	59%	  	18%	  	36%	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	15	  	 	15	  	 	25	  	 	26	  	 	51	  	 	24	 	 	 	75	  	 	23	 	 	 	98	 	 	53%	  	*    	  	N/A	  	N/A	
																			
Affective (Psychiatric) Disorders	  	 	305	  	 	333	  	 	638	  	 	346	  	 	984	  	 	373	  	 	1,357	  	 	359	  	 	413	  	 	772	  	 	449	 	 	 	1,221	  	 	502	 	 	 	1,723	 	 	35%	  	27%	  		  		
Abilify (b)	  	 	293	  	 	322	  	 	615	  	 	329	  	 	944	  	 	361	  	 	1,305	  	 	348	  	 	403	  	 	751	  	 	435	 	 	 	1,186	  	 	490	 	 	 	1,676	 	 	36%	  	28%	  	31%	  	23%	
																			
Immunoscience	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  	 	66	  	 	216	  	 	73	  	 	87	  	 	160	  	 	97	 	 	 	257	  	 	106	 	 	 	363	 	 	61%	  	68%	  		  		
Orencia	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  	 	66	  	 	216	  	 	73	  	 	87	  	 	160	  	 	97	 	 	 	257	  	 	106	 	 	 	363	 	 	61%	  	68%	  	N/A	  	N/A	
																			
NUTRITIONALS	  	 	274	  	 	275	  	 	549	  	 	304	  	 	853	  	 	275	  	 	1,128	  	 	288	  	 	273	  	 	561	  	 	275	 	 	 	836	  	 	272	 	 	 	1,108	 	 	-1%	  	-2%	  		  		
Enfamil	  	 	171	  	 	177	  	 	348	  	 	195	  	 	543	  	 	179	  	 	722	  	 	183	  	 	175	  	 	358	  	 	178	 	 	 	536	  	 	179	 	 	 	715	 	 	—  	  	-1%	  	N/A	  	N/A	

*	In excess of +/-200%.	
**	This table presents Continuing Operations sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Continuing Operations sales.	
***	The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.	
(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.	
(c)	Negative net sales attributed to increased returns reserve.	
 
8

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

 	  	2007	  	2008	  	% 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	  	$	1,781	  	$	1,888	  	$	3,669	  	$	1,918	  	$	5,587	  	$	2,184	  	$	7,771	  	$	2,068	  	$	2,237	  	$	4,305	  	$	2,190	  	$	6,495	  	$	2,060	  	$	8,555	  	-6%	  	10%	  	-5%	  	6%	
																			
PHARMACEUTICALS	  	 	1,513	  	 	1,608	  	 	3,121	  	 	1,624	  	 	4,745	  	 	1,885	  	 	6,630	  	 	1,729	  	 	1,850	  	 	3,579	  	 	1,802	  	 	5,381	  	 	1,723	  	 	7,104	  	-9%	  	7%	  	-8%	  	5%	
																			
Cardiovascular	  	 	430	  	 	484	  	 	914	  	 	477	  	 	1,391	  	 	512	  	 	1,903	  	 	457	  	 	490	  	 	947	  	 	469	  	 	1,416	  	 	415	  	 	1,831	  	-19%	  	-4%	  		  		
Plavix	  	 	151	  	 	174	  	 	325	  	 	174	  	 	499	  	 	196	  	 	695	  	 	169	  	 	180	  	 	349	  	 	176	  	 	525	  	 	158	  	 	683	  	-19%	  	-2%	  	-12%	  	3%	
Avapro/ Avalide	  	 	107	  	 	127	  	 	234	  	 	133	  	 	367	  	 	145	  	 	512	  	 	131	  	 	151	  	 	282	  	 	145	  	 	427	  	 	128	  	 	555	  	-12%	  	8%	  	-13%	  	4%	
Pravachol	  	 	78	  	 	85	  	 	163	  	 	69	  	 	232	  	 	72	  	 	304	  	 	58	  	 	59	  	 	117	  	 	52	  	 	169	  	 	44	  	 	213	  	-39%	  	-30%	  	-6%	  	4%	
																			
Virology	  	 	271	  	 	285	  	 	556	  	 	319	  	 	875	  	 	381	  	 	1,256	  	 	356	  	 	415	  	 	771	  	 	419	  	 	1,190	  	 	405	  	 	1,595	  	6%	  	27%	  		  		
Reyataz	  	 	120	  	 	116	  	 	236	  	 	132	  	 	368	  	 	169	  	 	537	  	 	137	  	 	165	  	 	302	  	 	166	  	 	468	  	 	157	  	 	625	  	-7%	  	16%	  	-9%	  	5%	
Sustiva Franchise (a)	  	 	82	  	 	86	  	 	168	  	 	86	  	 	254	  	 	98	  	 	352	  	 	98	  	 	111	  	 	209	  	 	109	  	 	318	  	 	107	  	 	425	  	9%	  	21%	  	-9%	  	4%	
Baraclude	  	 	28	  	 	39	  	 	67	  	 	50	  	 	117	  	 	70	  	 	187	  	 	79	  	 	101	  	 	180	  	 	108	  	 	288	  	 	113	  	 	401	  	61%	  	114%	  	-7%	  	9%	
																			
Oncology	  	 	173	  	 	173	  	 	346	  	 	194	  	 	540	  	 	215	  	 	755	  	 	199	  	 	220	  	 	419	  	 	213	  	 	632	  	 	216	  	 	848	  	—  	  	12%	  		  		
Erbitux	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  	 	3	  	 	9	  	 	2	  	 	3	  	 	5	  	 	2	  	 	7	  	 	3	  	 	10	  	—  	  	11%	  	-4%	  	—  	
Taxol	  	 	107	  	 	91	  	 	198	  	 	101	  	 	299	  	 	109	  	 	408	  	 	94	  	 	98	  	 	192	  	 	92	  	 	284	  	 	95	  	 	379	  	-13%	  	-7%	  	6%	  	8%	
Sprycel	  	 	11	  	 	21	  	 	32	  	 	29	  	 	61	  	 	39	  	 	100	  	 	46	  	 	55	  	 	101	  	 	61	  	 	162	  	 	56	  	 	218	  	44%	  	118%	  	-19%	  	8%	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	2	  	 	3	  	—  	  	—  	  	—  	  	—  	
																			
Affective (Psychiatric) Disorders	  	 	103	  	 	125	  	 	228	  	 	121	  	 	349	  	 	138	  	 	487	  	 	139	  	 	162	  	 	301	  	 	158	  	 	459	  	 	139	  	 	598	  	1%	  	23%	  		  		
Abilify (b)	  	 	73	  	 	90	  	 	163	  	 	91	  	 	254	  	 	101	  	 	355	  	 	106	  	 	126	  	 	232	  	 	129	  	 	361	  	 	116	  	 	477	  	15%	  	34%	  	-13%	  	7%	
																			
Immunoscience	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  	 	9	  	 	15	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  	 	23	  	 	78	  	156%	  	*    	  		  		
Orencia	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  	 	9	  	 	15	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  	 	23	  	 	78	  	156%	  	*    	  	-31%	  	20%	
																			
NUTRITIONALS	  	 	332	  	 	345	  	 	677	  	 	371	  	 	1,048	  	 	395	  	 	1,443	  	 	415	  	 	455	  	 	870	  	 	469	  	 	1,339	  	 	435	  	 	1,774	  	10%	  	23%	  	-8%	  	3%	
Enfamil	  	 	83	  	 	90	  	 	173	  	 	86	  	 	259	  	 	101	  	 	360	  	 	107	  	 	112	  	 	219	  	 	117	  	 	336	  	 	106	  	 	442	  	5%	  	23%	  	-8%	  	4%	

*	In excess of +/- 200%	
**	This table presents Continuing Operations sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Continuing Operations sales.	
(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
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2008
(Unaudited, amounts in millions except per share data)

 	  	Q4 2008	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,249	 	 	 	—  	 	 	$	5,249	 	
Cost of products sold	  	 	1,522	 	 	 	(42	)	 	 	1,480	 	
	  	 	 	 	 				 	 	 	 	
Gross Profit	  	 	3,727	 	 	 	42	 	 	 	3,769	 	
Gross margin as a % of sales	  	 	71.0	%	 	 	0.8	%	 	 	71.8	%	
Marketing, selling and administrative	  	 	1,285	 	 	 	(76	)	 	 	1,209	 	
Advertising and product promotion	  	 	449	 	 	 	—  	 	 	 	449	 	
	  	 	 	 	 				 	 	 	 	
Total SGA	  	 	1,734	 	 	 	(76	)	 	 	1,658	 	
SG&A as a % of sales	  	 	33.0	%	 	 	(1.4	%)	 	 	31.6	%	
Research and development	  	 	1,143	 	 	 	(273	)	 	 	870	 	
R&D as a % of sales	  	 	21.8	%	 	 	(5.2	%)	 	 	16.6	%	
Provision for restructuring, net	  	 	151	 	 	 	(151	)	 	 	—  	 	
Litigation expense, net	  	 	1	 	 	 	(1	)	 	 	—  	 	
Gain on sale of product lines and businesses	  	 	(159	)	 	 	159	 	 	 	—  	 	
Equity in net income of affiliates	  	 	(139	)	 	 	—  	 	 	 	(139	)	
Other income, net	  	 	(892	)	 	 	870	 	 	 	(22	)	
	  	 	 	 	 				 	 	 	 	
Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	1,888	 	 	 	(486	)	 	$	1,402	 	
Provision for income taxes	  	 	424	 	 	 	(193	)	 	 	231	 	
Minority Interest, net of taxes	  	 	266	 	 	 	—  	 	 	 	266	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings—Continuing Operations	  	$	1,198	 	 	 	(293	)	 	$	905	 	
Net Earnings—Discontinued Operations	  	 	46	 	 				 	 	46	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings	  	$	1,244	 	 	 	(293	)	 	$	951	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings—Continuing Operations	  	$	1,198	 	 	 	(293	)	 	$	905	 	
Interest expense on conversion of convertible debt bonds, net of tax	  	 	—  	 	 				 	 	—  	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings used for diluted earnings per common share calculation—Continuing Operations	  	$	1,198	 	 	$	(293	)	 	$	905	 	
Average Common Shares Outstanding—Diluted	  	 	1,982	 	 				 	 	1,982	 	
Diluted Earnings per Common Share—Continuing Operations	  	$	0.61	 	 	 	(0.15	)	 	$	0.46	 	
Net Earnings—Continuing Operations as a % of sales	  	 	22.8	%	 	 	(5.6	%)	 	 	17.2	%	
Effective Tax Rate	  	 	22.5	%	 	 	(6.0	%)	 	 	16.5	%	

*	Please refer to the Specified Items QTD tab for detail of specified items.	
 
10

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008
(Unaudited, amounts in millions except per share data)

 	  	DECEMBER YTD 2008	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	20,597	 	 	 	—  	 	 	$	20,597	 	
Cost of products sold	  	 	6,396	 	 	 	(249	)	 	 	6,147	 	
	  	 	 	 	 				 	 	 	 	
Gross Profit	  	 	14,201	 	 	 	249	 	 	 	14,450	 	
Gross margin as a % of sales	  	 	68.9	%	 	 	1.3	%	 	 	70.2	%	
Marketing, selling and administrative	  	 	4,792	 	 	 	(150	)	 	 	4,642	 	
Advertising and product promotion	  	 	1,550	 	 	 	—  	 	 	 	1,550	 	
	  	 	 	 	 				 	 	 	 	
Total SGA	  	 	6,342	 	 	 	(150	)	 	 	6,192	 	
SG&A as a % of sales	  	 	30.8	%	 	 	(0.7	%)	 	 	30.1	%	
Research and development	  	 	3,585	 	 	 	(361	)	 	 	3,224	 	
R&D as a % of sales	  	 	17.4	%	 	 	(1.7	%)	 	 	15.7	%	
Acquired in-process research and development	  	 	32	 	 	 	(32	)	 	 	—  	 	
Provision for restructuring, net	  	 	218	 	 	 	(218	)	 	 	—  	 	
Litigation expense, net	  	 	33	 	 	 	(33	)	 	 	—  	 	
Gain on sale of product lines and businesses	  	 	(159	)	 	 	159	 	 	 	—  	 	
Equity in net income of affiliates	  	 	(617	)	 	 	—  	 	 	 	(617	)	
Other income, net	  	 	(704	)	 	 	614	 	 	 	(90	)	
	  	 	 	 	 				 	 	 	 	
Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	5,471	 	 	 	270	 	 	$	5,741	 	
Provision for income taxes	  	 	1,320	 	 	 	(39	)	 	 	1,281	 	
Minority Interest, net of taxes	  	 	996	 	 	 	—  	 	 	 	996	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings—Continuing Operations	  	$	3,155	 	 	 	309	 	 	$	3,464	 	
Net Earnings—Discontinued Operations	  	 	2,092	 	 				 	 	2,092	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings	  	$	5,247	 	 	 	309	 	 	$	5,556	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings—Continuing Operations	  	$	3,155	 	 	 	309	 	 	$	3,464	 	
Interest expense on conversion of convertible debt bonds, net of tax	  	 	16	 	 				 	 	16	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings used for diluted earnings per common share calculation—Continuing Operations	  	$	3,171	 	 	$	309	 	 	$	3,480	 	
Average Common Shares Outstanding—Diluted	  	 	2,001	 	 				 	 	2,001	 	
Diluted Earnings per Common Share—Continuing Operations	  	$	1.59	 	 	 	0.15	 	 	$	1.74	 	
Net Earnings—Continuing Operations as a % of sales	  	 	15.3	%	 	 	1.5	%	 	 	16.8	%	
Effective Tax Rate	  	 	24.1	%	 	 	(1.8	%)	 	 	22.3	%	

*	Please refer to the Specified Items YTD tab for detail of specified items.	
 
11

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007
($ in millions)

Three months ended December 31, 2008	 			 			 			 			 			 			 				 				 				
 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research
and
development	 	Acquired
in-process
research
and
development	 	Provision for
restructuring,
net	 	Litigation
expense,
net	 	Gain on
sale of
product
lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	122	 	$	—  	 	$	—  	 	 	$	—  	 	 	$	122	 	
Accelerated depreciation, asset impairment, and other shutdown costs	 	 	6	 	 	 —  	 	 	—  	 	 	—  	 	 	20	 	 	—  	 	 	—  	 	 	 	8	 	 	 	34	 	
Pension settlements/curtailments	 	 	9	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	8	 	 	 	17	 	
Process standardization implementation costs	 	 	—  	 	 	45	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	45	 	
Termination of lease contracts	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	9	 	 	—  	 	 	—  	 	 	 	6	 	 	 	15	 	
Gain on sale of product lines and businesses	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(159	)	 	 	—  	 	 	 	(159	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	15	 	 	45	 	 	—  	 	 	—  	 	 	151	 	 	—  	 	 	(159	)	 	 	22	 	 	 	74	 	
Litigation Matters:	 			 			 			 			 			 			 				 				 				
Litigation settlement	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	1	 				 	 	—  	 	 	 	1	 	
Insurance Recovery	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(20	)	 	 	(20	)	
										
Other:	 			 			 			 			 			 			 				 				 				
Mead Johnson Nutritionals charges	 	 	—  	 	 	31	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	3	 	 	 	34	 	
Upfront and milestone payments	 	 	—  	 	 	—  	 	 	260	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	260	 	
Asset impairment	 	 	27	 	 	—  	 	 	13	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	40	 	
Auction rate securities impairment and (gains)/losses	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	77	 	 	 	77	 	
Debt buyback and swap terminations	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(57	)	 	 	(57	)	
Gain on sale of ImClone shares	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(895	)	 	 	(895	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	42	 	$	76	 	$	273	 	$	—  	 	$	151	 	$	1	 	$	(159	)	 	$	(870	)	 	 	(486	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	193	 	
	 			 			 			 			 			 			 				 				 	 	 	 	
Increase to Net Earnings from Continuing Operations	 			 			 			 			 			 			 				 				 	$	(293	)	

Three months ended December 31, 2007	 			 			 			 			 			 			 				 				 				
 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research
and
development	 	Acquired
in-process
research
and
development	 	Provision for
restructuring,
net	 	Litigation
expense,
net	 	Gain on
sale of
product
lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—	 	$	—  	 	$	—  	 	$	—  	 	$	139	 	$	—  	 	$	—  	 	 	$	6	 	 	$	145	 	
Accelerated depreciation and asset impairment	 	 	102	 	 	    8	 	 	 —  	 	 	  —  	 	 	—  	 	 	 —  	 	 	—  	 	 	 	—  	 	 	 	110	 	
Process standardization implementation costs	 	 	—  	 	 	5	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	32	 	 	 	37	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	102	 	 	13	 	 	—  	 	 	—  	 	 	139	 	 	—  	 	 	—  	 	 	 	38	 	 	 	292	 	
Other:	 			 			 			 			 			 			 				 				 				
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	10	 	 	 	10	 	
Upfront and milestone payments and acquired in-process research and development	 	 	—  	 	 	—  	 	 	5	 	 	230	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	235	 	
Auction rate securities impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	275	 	 	 	275	 	
Accelerated depreciation, asset impairment and contract termination	 	 	31	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	23	 	 	 	54	 	
Gain on sale of properties	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(9	)	 	 	(9	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	133	 	$	13	 	$	5	 	$	230	 	$	139	 	$	—  	 	$	—  	 	 	$	337	 	 	 	857	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	(70	)	
	 			 			 			 			 			 			 				 				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	 			 			 			 			 			 			 				 				 	$	787	 	

12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
($ in millions)
																															
Twelve months ended December 31, 2008	 			 			 			 			 			 			 				 				 				
 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research
and
development	 	Acquired
in-process
research and
development	 	Provision for
restructuring,
net	 	Litigation
expense,
net	 	Gain on
sale of
product
lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	189	 	$	—  	 	$	—  	 	 	$	—  	 	 	$	189	 	
Accelerated depreciation, asset impairment, and other shutdown costs	 	 	213	 	 	—  	 	 	—  	 	 	—  	 	 	20	 	 	—  	 	 	—  	 	 	 	8	 	 	 	241	 	
Pension settlements/curtailments	 	 	9	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	8	 	 	 	17	 	
Process standardization implementation costs	 	 	—  	 	 	109	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	109	 	
Gain on sale and leaseback of properties	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(9	)	 	 	(9	)	
Termination of lease contracts	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	9	 	 	—  	 	 	—  	 	 	 	6	 	 	 	15	 	
Gain on sale of product lines and businesses	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(159	)	 	 	—  	 	 	 	(159	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	222	 	 	109	 	 	—  	 	 	—  	 	 	218	 	 	—  	 	 	(159	)	 	 	13	 	 	 	403	 	
Litigation Matters:	 			 			 			 			 			 			 				 				 				
Litigation settlement	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	33	 	 	—  	 	 	 	—  	 	 	 	33	 	
Insurance Recovery	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(20	)	 	 	(20	)	
										
Other:	 			 			 			 			 			 			 				 				 				
Mead Johnson Nutritionals charges	 	 	—  	 	 	41	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	3	 	 	 	44	 	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	18	 	 	 	18	 	
Upfront and milestone payments and acquired in-process research and development	 	 	—  	 	 	—  	 	 	348	 	 	32	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	380	 	
Asset impairment	 	 	27	 	 	—  	 	 	13	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	40	 	
Auction rate securities impairment and (gains)/losses	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	324	 	 	 	324	 	
Debt buyback and swap terminations	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(57	)	 	 	(57	)	
Gain on sale of ImClone shares	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(895	)	 	 	(895	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	249	 	$	150	 	$	361	 	$	32	 	$	218	 	$	33	 	$	(159	)	 	$	(614	)	 	 	270	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	39	 	
	 			 			 			 			 			 			 				 				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	 			 			 			 			 			 			 				 				 	$	309	 	

Twelve months ended December 31, 2007	 			 			 			 			 			 			 				 				 				
 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research
and
development	 	Acquired
in-process
research and
development	 	Provision for
restructuring,
net	 	Litigation
expense,
net	 	Gain on
sale of
product
lines and
businesses	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	139	 	$	—  	 	$	—  	 	 	$	6	 	 	$	145	 	
Accelerated depreciation and asset impairment	 	 	102	 	 	8	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	110	 	
Process standardization implementation costs	 	 	—  	 	 	5	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	32	 	 	 	37	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	102	 	 	13	 	 	—  	 	 	—  	 	 	139	 	 	—  	 	 	—  	 	 	 	38	 	 	 	292	 	
Other:	 			 			 			 			 			 			 				 				 				
Litigation settlement	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	14	 	 	—  	 	 	 	—  	 	 	 	14	 	
Insurance recovery	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(11	)	 	 	(11	)	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	15	 	 	 	15	 	
Upfront and milestone payments and acquired in-process research and development	 	 	—  	 	 	—  	 	 	162	 	 	230	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	392	 	
Auction rate securities impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	275	 	 	 	275	 	
Downsizing and streamlining of worldwide operations	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	44	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	44	 	
Accelerated depreciation, asset impairment and contract termination	 	 	77	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	23	 	 	 	100	 	
Gain on sale of properties and product lines and businesses	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(273	)	 	 	(9	)	 	 	(282	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	179	 	$	13	 	$	162	 	$	230	 	$	183	 	$	14	 	$	(273	)	 	$	331	 	 	 	839	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 				 				 	 	(33	)	
Change in estimate for taxes on a prior year specified item	 			 			 			 			 			 			 				 				 	 	(39	)	
	 			 			 			 			 			 			 				 				 	 	 	 	
Decrease to Net Earnings from Continuing Operations	 			 			 			 			 			 			 				 				 	$	767	 	

13

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

 	  	March 31,
2007	 	 	June 30,
2007	 	 	September 30,
2007	 	 	December 31,
2007	 	 	March 31,
2008	 	 	June 30,
2008	 	 	September 30,
2008	  	December 31,
2008	
Cash, cash equivalents and marketable debt securities	  	$	4,012	 	 	$	4,646	 	 	$	3,582	 	 	$	2,225	 	 	$	2,637	 	 	$	4,402	 	 	$	7,431	  	$	8,265	
Short-term borrowings	  	 	241	 	 	 	256	 	 	 	1,879	 	 	 	1,891	 	 	 	1,781	 	 	 	1,799	 	 	 	135	  	 	154	
Long-term debt	  	 	7,132	 	 	 	6,978	 	 	 	4,248	 	 	 	4,381	 	 	 	4,660	 	 	 	6,021	 	 	 	6,120	  	 	6,585	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	
Net (debt) / cash	  	$	(3,361	)	 	$	(2,588	)	 	$	(2,545	)	 	$	(4,047	)	 	$	(3,804	)	 	$	(3,418	)	 	$	1,176	  	$	1,526	

Receivables, net of allowances	  	$	3,381	 	 	$	3,632	 	 	$	3,704	 	 	$	4,240	 	 	$	4,541	 	 	$	4,469	 	 	$	4,224	  	$	4,276	
									
Stockholders’ equity	  	 	10,261	 	 	 	10,762	 	 	 	11,153	 	 	 	10,562	 	 	 	10,561	 	 	 	10,779	 	 	 	12,938	  	 	12,241	
									
Capital expenditures and capitalized software (for the quarter ended)	  	 	202	 	 	 	206	 	 	 	185	 	 	 	248	 	 	 	250	 	 	 	210	 	 	 	196	  	 	285	
 
14

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

 	  	Full Year 2009	 	
Projected Diluted Earnings per Common Share—GAAP	  	$	1.58 to $1.73	 	
Projected Specified Items:	  				
Productivity Transformation Initiative	  	 	0.18	 	
Upfront and milestone payments	  	 	0.07	 	
Mead Johnson Nutritionals charges	  	 	0.01	 	
Gain on Sale of Assets	  	 	(0.01	)	
Change in Estimate for Taxes	  	 	0.02	 	
	  	 	 	 	
Total	  	 	0.27	 	
	  	 	 	 	
Projected Diluted Earnings per Common Share—Non-GAAP	  	$	1.85 to $2.00	 	
	  	 	 	 	
Revenue growth is projected in the low single digit range, which based on historical trends in 2008 would be in the mid to high single digit range, excluding foreign exchange.
Gross margin on a GAAP basis for the full year 2008 was 68.9%, which included specified items of $249 million and had a 1.3% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2008 gross margin was 70.2%. On a non-GAAP basis, based on historical trends in 2008 the Company projects gross margin for the full year 2009 to improve slightly 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—December YTD tab.
Research and development expenses on a GAAP basis for the full year 2008 were $3,617 million, which included specified items of $393 million. On a non-GAAP basis, for the full year 2008 research and development expenses were $3,224 million. On a non-GAAP basis, based on historical trends in 2008 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—December YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the full year 2008 were $4,792 million, which included specified items of $150 million. On a non-GAAP basis, for the full year 2008 marketing, selling and administrative expenses were $4,642 million. On a non-GAAP basis, based on historical trends in 2008 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. 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—December YTD tab.
The effective tax rate on a GAAP basis for the full year 2008 was 24.1%, which included specified items of $39 million in the tax provision, and had a 1.8% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the full year 2008 effective tax rate was 22.3%. On a non-GAAP basis, based on historical trends in 2008 the Company projects effective tax rate for the full year 2009 to be approximately 24%. 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—December 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 (Wave One) is expected to generate approximately $1.5 billion in cost reductions and avoidance on a pre-tax basis versus the Company's previous strategic plan for 2010. Productivity Transformation Initiative Wave Two announced in July 2008, is expected to generate an additional $1.0 billion in cost savings by 2011. Costs associated with the Productivity Transformation Initiatives Wave One and Wave Two 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 Fourth Quarter, and Twelve Months of 2008, January 27, 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. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
 
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