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 25, 2007

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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02. Results of Operations and Financial Condition.
On January 25, 2007, Bristol-Myers Squibb Company (the “Company”) issued a press release reporting its financial results for the fourth quarter and twelve months of 2006 and announcing 2007 earnings guidance. 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 25, 2007	
		
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.

Dated: January 25, 2007	 	BRISTOL-MYERS SQUIBB COMPANY	
			
	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Secretary	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of Bristol-Myers Squibb Company dated January 25, 2007	
		
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

					
Contact:	  	Media	  	Investors	
	  	Tony Plohoros	  	John Elicker	
	  	Communications	  	Investor Relations	
	  	212-546-4379	  	212-546-3775	
	  	tony.plohoros@bms.com	  	john.elicker@bms.com	
			
	  	Jeff Macdonald	  	Blaine Davis	
	  	Communications	  	Investor Relations	
	  	212-546-4824	  	212-546-4631	
	  	jeffrey.macdonald@bms.com	  	blaine.davis@bms.com	
BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE
FOURTH QUARTER AND TWELVE MONTHS OF 2006 AND ANNOUNCES EPS GUIDANCE FOR 2007
 
 	•	 	Posts Fourth Quarter 2006 GAAP Loss Per Share of $0.07 Impacted by Previously Announced Specified Items and Records Full Year 2006 GAAP EPS of $0.81	
 
 	•	 	Posts Fourth Quarter 2006 Non-GAAP EPS of $0.19 and Records Full Year 2006 Non-GAAP EPS of $1.09	
 
 	•	 	Announces Full Year 2007 GAAP EPS Guidance at $1.12 to $1.22	
 
 	•	 	Announces Full Year 2007 Non-GAAP Guidance at $1.20 to $1.30	
(NEW YORK, January 25, 2007) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the fourth quarter and twelve months ended December 31, 2006 and announced 2007 earnings guidance.
Bristol-Myers Squibb posted fourth quarter 2006 net sales from continuing operations of $4.2 billion, compared with $5.0 billion for the same period in 2005. The company reported a fourth quarter 2006 net loss from continuing operations of $134 million, or a loss of $0.07 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to net earnings of $499 million, or $0.26 per diluted share for the same period in 2005. The net loss was driven by an increase in litigation reserves and early debt retirement costs. On a non-GAAP basis excluding specified items, fourth quarter 2006 net earnings from continuing operations were $380 million, or $0.19 per diluted share, compared to $601 million, or $0.31 per diluted share for the same period in 2005. The decrease in

non-GAAP net earnings in 2006 as compared to 2005 is mainly due to the impact of the at-risk launch of generic clopidogrel bisulfate in August 2006, which continued to have a significant adverse effect in the fourth quarter, and the loss of patent exclusivity on PRAVACHOL ® in major markets.
“The company remains focused on executing our strategy and building shareholder value, with an expected return to sales and earnings growth beginning this year,” said Jim Cornelius, chief executive officer, Bristol-Myers Squibb. “Our ongoing commitment to increasing investment in R&D has yielded a robust late-stage pipeline, demand for our major products continues to increase at a double-digit rate, and PLAVIX ® market share is increasing as remaining generic inventory depletes.”
For the twelve months ended December 31, 2006, net sales from continuing operations decreased 7% to $17.9 billion compared with net sales of $19.2 billion for the same period in 2005. Net earnings from continuing operations for the full year 2006 on a GAAP basis were $1.6 billion, or $0.81 per diluted share, compared to $3.0 billion, or $1.52 per diluted share for the same period last year. On a non-GAAP basis excluding specified items, Bristol-Myers Squibb reported net earnings from continuing operations for the full year 2006 of $2.1 billion, or $1.09 per diluted share, compared to $2.8 billion, or $1.43 per diluted share for the same period last year.
NEW PRODUCT AND PIPELINE DEVELOPMENTS
On January 11, Bristol-Myers Squibb and AstraZeneca PLC (AstraZeneca) announced a collaboration to develop and commercialize two investigational compounds, saxagliptin and dapagliflozin, being studied for the treatment of Type 2 diabetes. Both compounds were discovered by Bristol-Myers Squibb. The collaboration on these compounds is worldwide, except for Japan. Terms of the agreements include an upfront payment of $100 million by AstraZeneca to Bristol-Myers Squibb, as well as additional payments of up to $650 million based on development and regulatory milestones for the two compounds and potential sales milestones up to $300 million per product. Additionally, the companies have agreed upon initial development plans for the two compounds, with AstraZeneca funding the majority of development costs from 2007 through 2009. Separately, the company also announced a collaboration with Otsuka Pharmaceutical Co., Ltd. to develop saxagliptin in Japan.
On January 10, Bristol-Myers Squibb and ImClone Systems Incorporated announced that data from a pivotal Phase III study of ERBITUX ®  plus FOLFIRI (an irinotecan-based chemotherapy) met the primary endpoint of increasing median duration of progression-free survival over FOLFIRI alone in patients with previously untreated metastatic colorectal cancer (mCRC).
 
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In November 2006, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for ipilimumab used as combination with chemotherapy (dacarbazine) in previously untreated metastatic melanoma patients. The FDA also granted Fast Track designation for ipilimumab used as a monotherapy in previously treated metastatic melanoma patients. The company is working toward a potential submission date of late 2007.
In November 2006, the company received European Medicine Evaluation Agency (EMEA) approval of SPRYCEL ™ (dasatinib) for the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase chronic myeloid leukemia (CML) or Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ALL) with resistance or intolerance to prior therapy, including GLEEVEC ®   (imatinib mesylate). SPRYCEL ™ was launched in the U.S. and certain European markets during 2006.
FOURTH QUARTER RESULTS
 
•	 	Fourth quarter 2006 net sales from continuing operations decreased 16% to $4.2 billion compared to the same period in 2005. U.S. net sales decreased 26% to $2.1 billion for the quarter compared to 2005, while international net sales decreased 3%, including a 4% favorable foreign exchange impact, to $2.1 billion.	
 
•	 	Cost of products sold, as a percentage of net sales, increased to 34.3% in the fourth quarter of 2006 compared to 31.8% in 2005 in the same period. This increase was primarily due to the unfavorable impact of pharmaceutical net sales mix, including lower sales of PLAVIX ® as well as a reclassification of certain costs from marketing, selling and administrative expenses to cost of products sold.	
 
•	 	Marketing, selling and administrative expenses decreased by 4% to $1.3 billion in the fourth quarter of 2006 compared to the same period in 2005, mainly due to the reclassification of certain costs from marketing, selling and administrative expenses to cost of products sold as noted above; lower sales force expenses resulting from the previously announced restructuring of the U.S. primary care sales organization that became effective in March 2006; and lower expenses for PRAVACHOL ® .	
 
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•	 	Advertising and product promotion spending decreased by 6% to $418 million in the fourth quarter of 2006 from $444 million in the same period in 2005, primarily driven by lower spending across various brands, partially offset by increased investments in new products.	
 
•	 	Research and development expenses increased by 6% to $821 million in the fourth quarter of 2006 from $775 million in the same period in 2005, principally reflecting continued investments in late-stage compounds and higher licensing milestone payments.	
 
•	 	In the fourth quarter of 2006, the company recorded pre-tax charges of $22 million related to the adoption of a new accounting standard for stock option expensing that became effective on January 1, 2006. The charges were recorded in cost of products sold, marketing, selling and administrative expenses, and research and development expenses.	
INCOME TAXES
The effective income tax rate on loss from continuing operations before minority interest and income taxes was a benefit of 58.6% for the three months ended December 31, 2006, compared with an effective tax rate of 21.4% for the earnings from continuing operations before minority interest and income taxes for the three months ended December 31, 2005. The fourth quarter 2006 tax benefit was in part attributable to the reinstatement of the U. S. Federal Research and Development credit in December 2006, which was partially offset by the treatment of provisions for a portion of certain litigation reserves as non-deductible.
SPECIFIED ITEMS
In the three months ended December 31, 2006 and 2005, the company recorded specified income and expense items that affected the comparability of the results.
The pre-tax specified items in 2006 included:
 
 	•	 	$353 million charge for an increase in reserves for the settlement in principle of pricing and sales investigations, a $13 million charge related to a claim for damages and $7 million of income from insurance recovery from an unrelated matter	
 	•	 	$220 million net charge primarily associated with early debt retirement costs in connection with the repurchase of the company’s $2.5 billion Notes due 2011	
 
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 	•	 	$96 million charge related to asset impairment, accelerated depreciation, and downsizing and streamlining of worldwide operations	
 	•	 	$35 million charge for milestone payments	
The pre-tax specified items in 2005 included:
 
 	•	 	$197 million charge for increase in litigation reserves	
 	•	 	$86 million charge related to asset impairment, accelerated depreciation, and downsizing and streamlining of worldwide operations	
 	•	 	$9 million charge primarily related to milestone payments	
 	•	 	$138 million deferred income recognized, net of other costs, resulting from the company’s termination of its collaborative agreement with Merck, Inc. for muraglitazar	
For additional information on specified items, see “Use of Non-GAAP Financial Information” and Appendix 1. Details reconciling these non-GAAP amounts with GAAP amounts including specified items are provided in supplemental materials available on the company’s website.
PHARMACEUTICALS
Worldwide pharmaceutical sales decreased 22%, including a 2% favorable foreign exchange impact, to $3.1 billion in the fourth quarter of 2006 compared to the same period in 2005. Worldwide sales of the products that the company views as growth drivers* decreased by 15% in the fourth quarter of 2006 as compared to the same period in 2005. Excluding PLAVIX ® , worldwide sales of the other growth drivers* increased 35% in the fourth quarter of 2006 as compared to the same period in 2005.
U.S. pharmaceutical sales decreased 32% to $1.5 billion in the fourth quarter of 2006 compared to the same period in 2005, primarily due to lower sales of PLAVIX ® and the loss of exclusivity of PRAVACHOL ® primarily offset by continued growth of ABILIFY ® , ERBITUX ® , the SUSTIVA ® franchise , REYATAZ ® and AVAPRO ® /AVALIDE ® and sales of new products ORENCIA ® , BARACLUDE ® and SPRYCEL ™ . In aggregate, estimated U.S. wholesaler inventory levels of the company’s key pharmaceutical products sold by the U.S. Pharmaceutical business at the end of the fourth quarter decreased to less than three weeks.
International pharmaceutical sales decreased 8%, including a 4% favorable foreign exchange impact, to $1.6 billion for the fourth quarter of 2006 compared to the same period in 2005. The decrease was mainly due to a decline in PRAVACHOL ® and TAXOL ® sales resulting from increased generic
 
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competition in Europe, partially offset by increased sales of newer products including REYATAZ ® , ABILIFY ® and BARACLUDE ® . The company’s reported international sales do not include copromotion sales reported by its alliance partner, sanofi-aventis, for PLAVIX ® and AVAPRO ® /AVALIDE ® , which continued to show growth in the fourth quarter of 2006.
Product Sales
 
•	 	Sales of PLAVIX ® , a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, decreased 53%, including a 1% favorable foreign exchange impact, to $496 million in the fourth quarter of 2006 from $1,061 million in the same period in 2005. Sales of PLAVIX ® decreased 62% in the U.S. in the fourth quarter of 2006 to $343 million from $906 million in the same period in 2005. The at-risk launch of generic clopidogrel bisulfate continued to have a significant adverse effect on sales in the fourth quarter, which the company estimates to be in the range of $700 million to $750 million. Estimated total U.S. prescription demand for clopidogrel bisulfate (branded and generic) increased by 14% in the fourth quarter of 2006 compared to 2005, while estimated total U.S. prescription demand for branded PLAVIX ® decreased by 64% in the same period. Estimated U.S. wholesaler inventory levels for PLAVIX ® decreased to approximately two and a half weeks at December 31, 2006 as a result of an inventory workdown during the fourth quarter. The full impact of the Apotex Corp. and Apotex Inc. (Apotex) launch of its generic clopidogrel bisulfate product on the company cannot be estimated with certainty at this time and will depend on a number of factors, including the amount of generic product Apotex sold into the distribution channels in August 2006 before the preliminary injunction was granted halting further sales, the extent to which the launch by Apotex will permanently adversely impact the pricing for PLAVIX ® and the impact on prescription demand for clopidogrel bisulfate had Apotex not launched the generic product at risk.	
 
•	 	Sales of AVAPRO ® /AVALIDE ® , an angiotensin II receptor blocker for the treatment of hypertension that is also part of the sanofi-aventis alliance, increased 11%, including a 2% favorable foreign exchange impact, to $307 million in the fourth quarter of 2006 from $277 million in the same period in 2005. U.S. sales increased 8% to $182 million in the fourth quarter of 2006 from $168 million in the same period in 2005, primarily due to higher demand and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 2% compared to 2005. International sales increased 15%, including a 5% favorable foreign exchange impact, to $125 million compared to $109 million in the same period in 2005.	
 
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•	 	Total revenue for ABILIFY ® , an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 62%, including a 2% favorable foreign exchange impact, to $362 million in the fourth quarter of 2006 from $224 million in the same period in 2005. U.S. sales increased 68% to $294 million in the fourth quarter 2006 from $175 million in the same period in 2005, primarily due to higher demand, higher average net selling prices and a benefit resulting from a reduction in U.S. wholesaler inventory in 2005. Estimated total U.S. prescription demand increased approximately 17% compared to the same period last year. International sales of ABILIFY ® have begun to gain momentum, increasing 39% in the fourth quarter of 2006 to $68 million. Total revenue for ABILIFY ® primarily consists of alliance revenue representing the company’s 65% share of net sales in countries where it copromotes with Otsuka Pharmaceutical Co., Ltd.	
 
•	 	Sales of REYATAZ ® , a protease inhibitor for the treatment of HIV, increased 36%, including a 3% favorable foreign exchange impact, to $255 million in the fourth quarter of 2006 from $188 million in the same period in 2005, primarily due to increased demand in the U.S., Europe and Latin America. U.S. sales increased 31% to $144 million in the fourth quarter of 2006 from $110 million in the same period in 2005, primarily due to higher demand and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 20% compared to 2005. International sales increased 42%, including a 8% favorable foreign exchange impact, to $111 million in the fourth quarter of 2006 from $78 million in the same period in 2005.	
 
•	 	Sales of ERBITUX ® , which is sold by the company almost exclusively in the U.S., increased 38% to $167 million in the fourth quarter of 2006 from $121 million in the same period in 2005, driven by increased demand for usage in the treatment of both head and neck cancer and colorectal cancer. ERBITUX ® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.	
 
•	 	Sales for BARACLUDE ® , ORENCIA ® and SPRYCEL ™ were $36 million, $32 million and $14 million, respectively, in the fourth quarter of 2006. These recently launched products continue to gain market share.	
 
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•	 	Total revenue for the SUSTIVA ® franchise, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 31%, including a 3% favorable foreign exchange impact, to $222 million in the fourth quarter of 2006 from $170 million in the same period in 2005. Estimated total U.S. prescription demand for the SUSTIVA ® franchise increased approximately 21% compared to 2005. Total revenue for the SUSTIVA ® franchise includes sales of SUSTIVA ® as well as revenue from bulk efavirenz included in the combination therapy ATRIPLA TM , which is sold through a joint venture with Gilead Sciences, Inc.	
 
•	 	Sales of PRAVACHOL ® , an HMG Co-A reductase inhibitor, decreased 75%, including a 1% favorable foreign exchange impact, to $146 million in the fourth quarter of 2006 from $584 million in the same period in 2005, due to loss of market exclusivity resulting in generic competition for most strengths in the U.S. beginning in April 2006, and generic competition in key European markets, including France, beginning in July 2006.	
 
•	 	Sales of TAXOL ® , an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 28%, including a 1% favorable foreign exchange impact, to $130 million in the fourth quarter of 2006 from $181 million in the same period in 2005, primarily due to increased generic competition in Europe and generic entry in Japan during the third quarter of 2006.	
HEALTH CARE GROUP
The combined fourth quarter 2006 revenues from the Health Care Group increased 6% to $1.1 billion compared to the same period in 2005.
Nutritionals
Worldwide Nutritional sales increased 6%, including a 2% favorable foreign exchange impact, to $618 million in the fourth quarter of 2006 from $584 million in the same period in 2005. U.S. Nutritional sales increased 5% to $295 million in the fourth quarter of 2006, primarily due to increased sales of ENFAMIL ® , the company’s best selling infant formula. International Nutritional sales increased 7% to $323 million in the fourth quarter of 2006, including a 4% favorable foreign exchange impact, primarily due to increased sales of ENFAGROW ® .
 
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Other Health Care
 
•	 	Worldwide ConvaTec sales increased 9%, including a 5% favorable foreign exchange impact, to $291 million in the fourth quarter of 2006 from $267 million in the same period in 2005. Sales of wound therapeutic products increased 10%, including a 5% favorable foreign exchange impact, to $123 million in the fourth quarter of 2006 from $112 million in the same period in 2005, primarily due to continued growth of the AQUACEL ® franchise.	
 
•	 	Worldwide Medical Imaging sales remained relatively flat at $156 million in the fourth quarter of 2006 as compared to the same period in 2005. CARDIOLITE ® sales increased 3% from the same period in 2005.	
2007 GUIDANCE
Bristol-Myers Squibb estimates its 2007 fully-diluted earnings guidance for fully-diluted earnings per share from continuing operations on a GAAP basis to be between $1.12 and $1.22.
The company also estimates its 2007 fully-diluted earnings per share guidance to be between $1.20 and $1.30 on a non-GAAP basis, which excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.
The company expects generic clopidogrel bisulfate that was sold into distribution channels following the Apotex at-risk launch in August 2006 will have a residual impact on PLAVIX ® net sales and the company’s overall financial results into 2007; the amount and duration of which will depend on the amount of generic product Apotex sold into the distribution channels. The company’s 2007 guidance range assumes that up to six months of total generic inventory was sold into the distribution channels in August 2006 before the preliminary injunction was granted halting further sales. PLAVIX ® net sales are expected to increase over time as generic inventory in the distribution channels is depleted.
For 2007, the company expects reductions of net sales for products that have lost exclusivity in previous years to moderate to a range between $900 million and $1.0 billion, as compared to $1.4
 
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billion in 2006, and $1.3 billion in 2005. While the company expects generic clopidogrel bisulfate inventory in the market to have a continued residual impact on 2007 PLAVIX ® net sales, the company does expect PLAVIX ® net sales and earnings growth in 2007, assuming the absence of renewed or additional generic competition. The company expects increased prescription demand for PLAVIX ® as well as for other key brands and newly launched products. Compared to 2006, the gross margin is expected to improve due to net sales growth of higher margin products, lower margin erosion related to exclusivity losses, and manufacturing efficiencies. Marketing, selling and administrative expense is expected to remain relatively unchanged as the company continues to focus on high value primary care and specialist physicians and implements various productivity initiatives. The company expects to continue to increase investments to develop additional new compounds and support the introduction of new products.
The company and its subsidiaries are the subject of a number of significant pending lawsuits, claims, proceedings and investigations in addition to the pending PLAVIX ® litigation, described below. It is not possible at this time reasonably to assess the final outcome of these investigations or litigations. Management continues to believe, as previously disclosed, that the aggregate impact, beyond current reserves, of the pending PLAVIX ® patent litigation, these other litigations and investigations and other legal matters affecting the company is reasonably likely to be material to the company’s results of operations and cash flows, and may be material to its financial condition and liquidity. The company’s GAAP and non-GAAP guidance for 2007 described above does not reflect the potential impact of either the pending PLAVIX ® patent litigation as described below or the impact of any other legal matters on the company’s results of operations for 2007, beyond current reserves for ongoing matters.
As previously disclosed, the composition of matter patent for PLAVIX ® , which expires in 2011, is subject to litigation in the U.S. with Apotex. The trial in the patent litigation began on January 22, 2007. If Apotex were to prevail in the trial in the patent litigation, the company would expect to face renewed generic competition for PLAVIX ® promptly thereafter. There are other pending PLAVIX ® patent litigations in the United States and in other less significant markets for the product. The company continues to believe that the PLAVIX ® patents are valid and infringed, and with sanofi-aventis, is vigorously pursuing these cases.
 
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It is not possible at this time reasonably to assess the ultimate outcome of the patent litigation with Apotex or of the other PLAVIX ® patent litigations, or the timing of any renewed generic competition for PLAVIX ® from Apotex or additional generic competition for PLAVIX ® from other generic pharmaceutical companies. Loss of market exclusivity of PLAVIX ® and/or the development of sustained generic competition would be material to the company’s sales of PLAVIX ® , results of operations and cash flows, and could be material to the company’s financial condition and liquidity. PLAVIX ® is the company’s largest product by net sales, and U.S. net sales for PLAVIX ® were $2.7 billion and $3.2 billion in 2006 and 2005, respectively.
As previously disclosed, the Antitrust Division of the United States Department of Justice is conducting a criminal investigation regarding the proposed settlement of the pending PLAVIX ® patent litigation with Apotex. The company is cooperating fully with the investigation. It is not possible at this time reasonably to assess the outcome of the investigation or its impact on the company. It is also not possible at this time reasonably to assess the impact of the investigation, if any, on the company’s compliance with the Deferred Prosecution Agreement (DPA) with the United States Attorney’s Office for the District of New Jersey (USAO). Also as previously disclosed, the USAO initiated an investigation that is being conducted by the Monitor and the USAO into the company’s negotiations of the proposed settlement with Apotex. This investigation includes a review of corporate governance issues and whether there was any violation of Federal securities laws in connection with the proposed settlement with Apotex under the terms of the previously disclosed Consent Order the company entered into with the U.S. Securities and Exchange Commission in August 2004 (SEC Consent). It is not possible at this time reasonably to assess the outcome of the investigation or its impact on the company.
As previously disclosed, in December 2006, the company, the United States Department of Justice (DOJ), and the Office of the United States Attorney for the District of Massachusetts have reached an agreement in principle, subject to approval by the DOJ, to settle several investigations involving the company’s drug pricing, and sales and marketing activities. The agreement in principle provides for a civil resolution and an expected payment of $499 million. There would be no criminal charges against the company. The agreement in principle also provides for the company to enter into a corporate integrity agreement with the Office of Inspector General of the U.S. Department of Health and Human Services. The settlement is contingent upon the parties’ agreement to the terms of a final settlement agreement, including on the terms of the corporate integrity agreement, and approval by the DOJ. There can be no assurance that the settlement will be
 
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finalized. As a result of the agreement in principle, the company in the fourth quarter of 2006 increased its reserves related to these investigations by $353 million, bringing the aggregate reserves for these matters to $499 million.
For additional discussion of legal matters, including the PLAVIX ® patent litigation, the Antitrust Division investigation related to the proposed settlement with Apotex and the terms of the DPA and SEC Consent, see “Item 1. Financial Statements Note 18. Legal Proceedings and Contingencies,” and “Management’s Discussion and Analysis – SEC Consent Order and Deferred Prosecution Agreement” in the company’s Form 10-Q Quarterly Report for the period ended September 30, 2006.
Use of Non-GAAP Financial Information
This press release contains 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 earnings but excluded for purposes of determining adjusted earnings are: gains or losses from sale of businesses and product lines; from sale or write-down of equity investments and from discontinuations of operations; restructuring items that meet the requirements of SFAS 112 for severance and SFAS 146 for other exit costs; accelerated depreciation charges under SFAS 144 related to restructuring items described above; 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; copromotion or alliance charges and payments for in-process research and development which under GAAP are immediately expensed rather than amortized over the life of the agreement; income from upfront and milestone payments that is immediately recognized for out-licensing of products, including deferred income recognized upon termination; costs of early debt retirement; and significant tax events, including the repatriation of special dividends pursuant to the American Jobs Creation Act of 2004. 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 per share information is an indication of the company’s baseline performance before items that are considered by the company not to be 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 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
 
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factors include, among other things, market factors, competitive product development, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing and sales, patent positions and the unpredictability of the ultimate outcome of any litigation matter, including whether the company will prevail at trial in the patent litigation with Apotex, as well as any risks associated with the criminal investigation conducted by the Department of Justice in connection with the proposed settlement with Apotex, and the launch of a generic clopidogrel bisulfate product by Apotex, including the amount of generic product distributed and the rate at which it will be utilized by prescription demand, and the time-period in which it will impact the company’s results. These factors also include the ability to realize projected cost savings and the expiration of patents on certain other products, 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 current reports on Form 8-K, quarterly reports on Form 10-Q and the annual report on Form 10-K, furnished to and filed with 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.
Company and Conference Call Information
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
There will be a conference call on January 25, 2007 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 webcast of the call at www.bms.com/ir or by dialing 913-981-4911. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Tony Plohoros, 212-546-4379, or Jeff Macdonald, 212-546-4824, Communications, or John Elicker, 212-546-3775, or Blaine Davis, 212-546-4631, Investor Relations.
# # #
ABILIFY ® is a trademark of Otsuka Pharmaceutical Co., Ltd.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of Imclone Systems Incorporated
EMSAM ® is a trademark of Somerset Pharmaceuticals, Inc.
GLEEVEC ® is a trademark of Novartis, Inc.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

*	Growth drivers include PLAVIX ® , AVAPRO ® /AVALIDE ® , ABILIFY ® , REYATAZ ® and ERBITUX ® 	
 
13

BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(Unaudited, dollars in millions)

 	    	Three Months
Ended December 31	    	Twelve Months
Ended December 31	
	    	2006	    	2005	    	2006	    	2005	
Pharmaceuticals	    	$	3,148	    	$	4,012	    	$	13,861	    	$	15,254	
					
Nutritionals	    	 	618	    	 	584	    	 	2,347	    	 	2,205	
Other Health Care	    	 	447	    	 	423	    	 	1,706	    	 	1,748	
	    	 	 	    	 	 	    	 	 	    	 	 	
Health Care Group	    	 	1,065	    	 	1,007	    	 	4,053	    	 	3,953	
	    	 	 	    	 	 	    	 	 	    	 	 	
Net Sales	    	$	4,213	    	$	5,019	    	$	17,914	    	$	19,207	

14

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(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, 2006 compared to the three and twelve months ended December 31, 2005. In addition, the table includes, where applicable, the estimated total (both retail and mail-order customers) prescription growth, for the comparative periods presented, for certain of the company’s U.S. primary care pharmaceutical prescription products. The estimated prescription growth amounts are 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.

 	  	Three Months Ended December 31	 	
 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2006	  	2005	  	%
Change	 	 	2006	 	 	2005	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2005	 	
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	496	  	$	1,061	  	(53	)%	 	$	343	 	 	$	906	  	(62	)%	 	(64	)%	
Pravachol	  	 	146	  	 	584	  	(75	)%	 	 	50	 	 	 	366	  	(86	)%	 	(84	)%	
Avapro/Avalide	  	 	307	  	 	277	  	11	%	 	 	182	 	 	 	168	  	8	%	 	2	%	
Coumadin	  	 	57	  	 	56	  	2	%	 	 	48	 	 	 	50	  	(4	)%	 	(19	)%	
Monopril	  	 	28	  	 	46	  	(39	)%	 	 	(7	)	 	 	3	  	 	**	 	(53	)%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	255	  	 	188	  	36	%	 	 	144	 	 	 	110	  	31	%	 	20	%	
Sustiva franchise (total revenue)	  	 	222	  	 	170	  	31	%	 	 	144	 	 	 	102	  	41	%	 	21	%	
Zerit	  	 	36	  	 	47	  	(23	)%	 	 	19	 	 	 	21	  	(10	)%	 	(27	)%	
Baraclude	  	 	36	  	 	5	  	 	**	 	 	18	 	 	 	4	  	 	**	 	 	**	
Other Infectious Diseases	  			  			  			 				 			  			 			
Cefzil	  	 	23	  	 	75	  	(69	)%	 	 	(5	)	 	 	46	  	(111	)%	 	(97	)%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	167	  	 	121	  	38	%	 	 	165	 	 	 	121	  	36	%	 	N/A	 	
Taxol	  	 	130	  	 	181	  	(28	)%	 	 	2	 	 	 	5	  	(60	)%	 	N/A	 	
Sprycel	  	 	14	  	 	—  	  	—  	 	 	 	11	 	 	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify (total revenue)	  	 	362	  	 	224	  	62	%	 	 	294	 	 	 	175	  	68	%	 	17	%	
EMSAM	  	 	3	  	 	—  	  	—  	 	 	 	3	 	 	 	—  	  	—  	 	 	N/A	 	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	32	  	 	—  	  	—  	 	 	 	31	 	 	 	—  	  	—  	 	 	N/A	 	
Other Pharmaceuticals	  			  			  			 				 			  			 			
Efferalgan	  	 	74	  	 	74	  	—  	 	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	271	  	 	277	  	(2	)%	 	 	190	 	 	 	184	  	3	%	 	N/A	 	
Enfagrow	  	 	67	  	 	53	  	26	%	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 				 			  			 			
Ostomy	  	 	151	  	 	145	  	4	%	 	 	45	 	 	 	46	  	(2	)%	 	N/A	 	
Wound Therapeutics	  	 	123	  	 	112	  	10	%	 	 	43	 	 	 	40	  	8	%	 	N/A	 	
Cardiolite	  	 	103	  	 	100	  	3	%	 	 	90	 	 	 	88	  	2	%	 	N/A	 	
 
15

																							
 	  	Twelve Months Ended December 31	 	
 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2006	  	2005	  	%
Change	 	 	2006	 	 	2005	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2005	 	
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	3,257	  	$	3,823	  	(15	)%	 	$	2,655	 	 	$	3,235	  	(18	)%	 	(18	)%	
Pravachol	  	 	1,197	  	 	2,256	  	(47	)%	 	 	553	 	 	 	1,274	  	(57	)%	 	(59	)%	
Avapro/Avalide	  	 	1,097	  	 	982	  	12	%	 	 	647	 	 	 	574	  	13	%	 	4	%	
Coumadin	  	 	220	  	 	212	  	4	%	 	 	186	 	 	 	183	  	2	%	 	(21	)%	
Monopril	  	 	159	  	 	208	  	(24	)%	 	 	(4	)	 	 	9	  	(144	)%	 	(54	)%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	931	  	 	696	  	34	%	 	 	514	 	 	 	405	  	27	%	 	18	%	
Sustiva franchise (total revenue)	  	 	791	  	 	680	  	16	%	 	 	495	 	 	 	403	  	23	%	 	11	%	
Zerit	  	 	155	  	 	216	  	(28	)%	 	 	75	 	 	 	97	  	(23	)%	 	(30	)%	
Baraclude	  	 	83	  	 	12	  	 	**	 	 	50	 	 	 	11	  	 	**	 	 	**	
Other Infectious Diseases	  			  			  			 				 			  			 			
Cefzil	  	 	87	  	 	259	  	(66	)%	 	 	(10	)	 	 	153	  	(107	)%	 	(91	)%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	652	  	 	413	  	58	%	 	 	646	 	 	 	411	  	57	%	 	N/A	 	
Taxol	  	 	563	  	 	747	  	(25	)%	 	 	12	 	 	 	17	  	(29	)%	 	N/A	 	
Sprycel	  	 	25	  	 	—  	  	—  	 	 	 	22	 	 	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify (total revenue)	  	 	1,282	  	 	912	  	41	%	 	 	1,052	 	 	 	750	  	40	%	 	21	%	
EMSAM	  	 	18	  	 	—  	  	—  	 	 	 	18	 	 	 	—  	  	—  	 	 	N/A	 	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	89	  	 	—  	  	—  	 	 	 	88	 	 	 	—  	  	—  	 	 	N/A	 	
Other Pharmaceuticals	  			  			  			 				 			  			 			
Efferalgan	  	 	266	  	 	283	  	(6	)%	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	1,007	  	 	992	  	2	%	 	 	688	 	 	 	685	  	—  	 	 	N/A	 	
Enfagrow	  	 	262	  	 	206	  	27	%	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 				 			  			 			
Ostomy	  	 	554	  	 	550	  	1	%	 	 	159	 	 	 	161	  	(1	)%	 	N/A	 	
Wound Therapeutics	  	 	441	  	 	416	  	6	%	 	 	143	 	 	 	133	  	8	%	 	N/A	 	
Cardiolite	  	 	408	  	 	416	  	(2	)%	 	 	358	 	 	 	370	  	(3	)%	 	N/A	 	

** Change is in excess of 200%
 
16

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(Unaudited, amounts in millions except per share data)

 	  	Three Months Ended December 31	 	 	Twelve Months Ended December 31	 	
 	  	2006	 	 	2005	 	 	2006	 	 	2005	 	
Net Sales	  	$	4,213	 	 	$	5,019	 	 	$	17,914	 	 	$	19,207	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,447	 	 	 	1,595	 	 	 	5,956	 	 	 	5,928	 	
Marketing, selling and administrative	  	 	1,311	 	 	 	1,369	 	 	 	4,919	 	 	 	5,106	 	
Advertising and product promotion	  	 	418	 	 	 	444	 	 	 	1,351	 	 	 	1,476	 	
Research and development	  	 	821	 	 	 	775	 	 	 	3,067	 	 	 	2,746	 	
Provision for restructuring, net	  	 	53	 	 	 	32	 	 	 	59	 	 	 	32	 	
Litigation charges, net	  	 	346	 	 	 	197	 	 	 	302	 	 	 	269	 	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(200	)	 	 	(569	)	
Equity in net income of affiliates	  	 	(138	)	 	 	(94	)	 	 	(474	)	 	 	(334	)	
Other expense/(income), net (a)	  	 	240	 	 	 	(131	)	 	 	299	 	 	 	37	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	4,498	 	 	 	4,187	 	 	 	15,279	 	 	 	14,691	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Loss)/Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	(285	)	 	 	832	 	 	 	2,635	 	 	 	4,516	 	
(Benefit)/provision for income taxes	  	 	(167	)	 	 	178	 	 	 	610	 	 	 	932	 	
Minority interest, net of taxes	  	 	16	 	 	 	155	 	 	 	440	 	 	 	592	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Loss)/Earnings from Continuing Operations	  	 	(134	)	 	 	499	 	 	 	1,585	 	 	 	2,992	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	)	
Gain on disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net (Loss)/Earnings	  	$	(134	)	 	$	499	 	 	$	1,585	 	 	$	3,000	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Common Share:	  				 				 				 				
Basic:	  				 				 				 				
(Loss)/Earnings from Continuing Operations	  	$	(0.07	)	 	$	0.26	 	 	$	0.81	 	 	$	1.53	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Gain on disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net (Loss)/Earnings per Common Share	  	$	(0.07	)	 	$	0.26	 	 	$	0.81	 	 	$	1.53	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted:	  				 				 				 				
(Loss)/Earnings from Continuing Operations	  	$	(0.07	)	 	$	0.26	 	 	$	0.81	 	 	$	1.52	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Gain on disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net (Loss)/Earnings per Common Share (1), (2)	  	$	(0.07	)	 	$	0.26	 	 	$	0.81	 	 	$	1.52	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,961	 	 	 	1,953	 	 	 	1,960	 	 	 	1,952	 	
Diluted (1), (2)	  	 	1,961	 	 	 	1,983	 	 	 	1,963	 	 	 	1,983	 	
	  				 				 				 				
(a) Other expense/(income), net	  				 				 				 				
Interest expense	  	$	128	 	 	$	100	 	 	$	498	 	 	$	349	 	
Interest income	  	 	(73	)	 	 	(52	)	 	 	(274	)	 	 	(148	)	
Foreign exchange transaction losses	  	 	6	 	 	 	11	 	 	 	6	 	 	 	58	 	
Other expense/(income), net	  	 	179	 	 	 	(190	)	 	 	69	 	 	 	(222	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	240	 	 	$	(131	)	 	$	299	 	 	$	37	 	

(1)	For the three months ended December 31, 2006, as a result of the net loss, diluted average common shares and loss per common share are equal to basic average common shares and loss per common share	
(2)	For the twelve months ended December 31, 2006, the assumed shares of convertible debt are not used for diluted earnings per common share calculation as the impact of convertible debt is not dilutive	
 
17

APPENDIX 1
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(Unaudited, dollars in millions)
Three months ended December 31, 2006

 	  	Cost of
products
sold	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
settlement
expense/
(income)	 	 	Other
expense/
(income),
net	  	Total	 	
Litigation Matters:	  			  			  			  				 			  				
Pharmaceutical pricing and sales litigation	  	$	—  	  	$	—  	  	$	—  	  	$	353	 	 	$	—  	  	$	353	 	
Claim for damages	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	13	  	 	13	 	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	(7	)	 	 	—  	  	 	(7	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	346	 	 	 	13	  	 	359	 	
Other:	  			  			  			  				 			  				
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	220	  	 	220	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	53	  	 	—  	 	 	 	—  	  	 	53	 	
Accelerated depreciation and asset impairment	  	 	29	  	 	14	  	 	—  	  	 	—  	 	 	 	—  	  	 	43	 	
Milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	 	 	 	—  	  	 	35	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	
	  	$	29	  	$	49	  	$	53	  	$	346	 	 	$	233	  	 	710	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  				
Income taxes on items above	  			  			  			  				 			  	 	(196	)	
	  			  			  			  				 			  	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  				 			  	$	514	 	
	  			  			  			  				 			  	 	 	 	
Three months ended December 31, 2005

  	  	Cost of
products
sold	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
settlement
expense	  	Other
expense/
(income),
net	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 				
Private litigation and governmental investigations	  	$	—  	  	$	—  	  	$	—  	  	$	185	  	$	—  	 	 	$	185	 	
Pharmaceutical pricing and sales litigation	  	 	—  	  	 	—  	  	 	—  	  	 	12	  	 	—  	 	 	 	12	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	197	  	 	—  	 	 	 	197	 	
Other:	  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	 	1	  	 	14	  	 	32	  	 	—  	  	 	—  	 	 	 	47	 	
Accelerated depreciation and asset impairment	  	 	27	  	 	12	  	 	—  	  	 	—  	  	 	—  	 	 	 	39	 	
Upfront and milestone payments	  	 	—  	  	 	9	  	 	—  	  	 	—  	  	 	—  	 	 	 	9	 	
Termination of muraglitazar agreement	  	 	5	  	 	—  	  	 	—  	  	 	—  	  	 	(143	)	 	 	(138	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	$	33	  	$	35	  	$	32	  	$	197	  	$	(143	)	 	 	154	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 	 	(52	)	
	  			  			  			  			  				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  			  				 	$	102	 	

18

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(Unaudited, dollars in millions)
Twelve months ended December 31, 2006

 	  	Cost of
products
sold	  	Research
and
development	  	Marketing,
selling and
admin.	  	Provision
for
restructuring,
net	  	Litigation
settlement
expense/
(income)	 	 	Other
expense/
(income),
net	  	Gain on
sale of
product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 			  				 				
Pharmaceutical pricing and sales litigation	  	$	—  	  	$	—  	  	$	—  	  	$	—  	  	$	353	 	 	$	—  	  	$	—  	 	 	$	353	 	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	  	 	—  	 	 	 	11	 	
Claim for damages	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	13	  	 	—  	 	 	 	13	 	
Commercial litigations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	—  	  	 	—  	 	 	 	(14	)	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(37	)	 	 	—  	  	 	—  	 	 	 	(37	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	302	 	 	 	24	  	 	—  	 	 	 	326	 	
Other:	  			  			  			  			  				 			  				 				
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	220	  	 	—  	 	 	 	220	 	
Accelerated depreciation, asset impairment and contract termination	  	 	167	  	 	15	  	 	4	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	186	 	
Upfront and milestone payments	  	 	—  	  	 	70	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	70	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	59	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	59	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	167	  	$	85	  	$	4	  	$	59	  	$	302	 	 	$	244	  	$	(200	)	 	 	661	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 			  				 	 	(149	)	
Change in estimate for taxes on prior year items	  			  			  			  			  				 			  				 	 	39	 	
	  			  			  			  			  				 			  				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  			  				 			  				 	$	551	 	
	  			  			  			  			  				 			  				 	 	 	 	
Twelve months ended December 31, 2005

  	  	Cost of
products
sold	  	Research
and
development	  	Provision for
restructuring,
net	  	Gain on
sale of
business	 	 	Litigation
settlement
expense/
(income)	 	 	Other
expense/
(income),
net	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 				 				
Private litigation and governmental investigations	  	$	—  	  	$	—  	  	$	—  	  	$	—  	 	 	$	558	 	 	$	—  	 	 	$	558	 	
ERISA liability and other matters	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	20	 	 	 	—  	 	 	 	20	 	
Pharmaceutical pricing and sales litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	12	 	 	 	—  	 	 	 	12	 	
Insurance recoveries	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(321	)	 	 	—  	 	 	 	(321	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	269	 	 	 	—  	 	 	 	269	 	
Other:	  			  			  			  				 				 				 				
								
Accelerated depreciation and asset impairment	  	 	96	  	 	14	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	110	 	
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	69	 	 	 	69	 	
Downsizing and streamlining of worldwide operations	  	 	1	  	 	14	  	 	32	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	47	 	
Upfront and milestone payments	  	 	—  	  	 	44	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	44	 	
Loss on sale of fixed assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	18	 	 	 	18	 	
Gain on sale of equity investment	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(27	)	 	 	(27	)	
Termination of muraglitazar agreement	  	 	5	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(143	)	 	 	(138	)	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	—  	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	(569	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	102	  	$	72	  	$	32	  	$	(569	)	 	$	269	 	 	$	(83	)	 	 	(177	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 				 	 	126	 	
Adjustment on taxes on repatriation of foreign earnings	  			  			  			  				 				 				 	 	(135	)	
	  			  			  			  				 				 				 	 	 	 	
Increase to Net Earnings from Continuing Operations	  			  			  			  				 				 				 	$	(186	)	

19
  
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
QUARTERLY SALES TREND ANALYSIS
($ in millions)

Net Sales	 	2005	 	 	2006	 	 	%
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	 	$	3,578	 	 	$	3,886	 	 	$	7,464	 	 	$	3,778	 	 	$	11,242	 	 	$	4,012	 	 	$	15,254	 	 	$	3,700	 	 	$	3,859	 	 	$	7,559	 	 	$	3,154	 	 	$	10,713	 	 	$	3,148	 	 	$	13,861	 	 	-22	%	 	-9	%	
US Pharmaceuticals	 	 	1,767	 	 	 	2,084	 	 	 	3,851	 	 	 	2,069	 	 	 	5,920	 	 	 	2,220	 	 	 	8,140	 	 	 	2,064	 	 	 	2,197	 	 	 	4,261	 	 	 	1,609	 	 	 	5,870	 	 	 	1,501	 	 	 	7,371	 	 	-32	%	 	-9	%	
Primary Care	 	 	1,258	 	 	 	1,539	 	 	 	2,797	 	 	 	1,486	 	 	 	4,283	 	 	 	1,653	 	 	 	5,936	 	 	 	1,409	 	 	 	1,441	 	 	 	2,850	 	 	 	819	 	 	 	3,669	 	 	 	648	 	 	 	4,317	 	 	-61	%	 	-27	%	
Oncology/Virology	 	 	348	 	 	 	345	 	 	 	693	 	 	 	370	 	 	 	1,063	 	 	 	391	 	 	 	1,454	 	 	 	419	 	 	 	458	 	 	 	877	 	 	 	494	 	 	 	1,371	 	 	 	525	 	 	 	1,896	 	 	34	%	 	30	%	
Neuroscience	 	 	161	 	 	 	200	 	 	 	361	 	 	 	213	 	 	 	574	 	 	 	176	 	 	 	750	 	 	 	231	 	 	 	280	 	 	 	511	 	 	 	262	 	 	 	773	 	 	 	297	 	 	 	1,070	 	 	69	%	 	43	%	
Immunoscience	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	 	57	 	 	 	31	 	 	 	88	 	 	—  	 	 	—  	 	
Europe and Middle East Medicines	 	 	1,201	 	 	 	1,112	 	 	 	2,313	 	 	 	1,030	 	 	 	3,343	 	 	 	1,053	 	 	 	4,396	 	 	 	1,024	 	 	 	1,000	 	 	 	2,024	 	 	 	886	 	 	 	2,910	 	 	 	934	 	 	 	3,844	 	 	-11	%	 	-13	%	
Latin America/Canada	 	 	258	 	 	 	306	 	 	 	564	 	 	 	285	 	 	 	849	 	 	 	325	 	 	 	1,174	 	 	 	288	 	 	 	303	 	 	 	591	 	 	 	300	 	 	 	891	 	 	 	306	 	 	 	1,197	 	 	-6	%	 	2	%	
Asia/Pacific Medicines	 	 	157	 	 	 	161	 	 	 	318	 	 	 	176	 	 	 	494	 	 	 	171	 	 	 	665	 	 	 	149	 	 	 	163	 	 	 	312	 	 	 	170	 	 	 	482	 	 	 	176	 	 	 	658	 	 	3	%	 	-1	%	
Japan Medicines	 	 	142	 	 	 	168	 	 	 	310	 	 	 	166	 	 	 	476	 	 	 	183	 	 	 	659	 	 	 	130	 	 	 	157	 	 	 	287	 	 	 	148	 	 	 	435	 	 	 	173	 	 	 	608	 	 	-5	%	 	-8	%	
																	
Nutritionals	 	 	526	 	 	 	548	 	 	 	1,074	 	 	 	547	 	 	 	1,621	 	 	 	584	 	 	 	2,205	 	 	 	565	 	 	 	582	 	 	 	1,147	 	 	 	582	 	 	 	1,729	 	 	 	618	 	 	 	2,347	 	 	6	%	 	6	%	
																	
Other Health Care	 	 	428	 	 	 	455	 	 	 	883	 	 	 	442	 	 	 	1,325	 	 	 	423	 	 	 	1,748	 	 	 	411	 	 	 	430	 	 	 	841	 	 	 	418	 	 	 	1,259	 	 	 	447	 	 	 	1,706	 	 	6	%	 	-2	%	
ConvaTec	 	 	228	 	 	 	247	 	 	 	475	 	 	 	250	 	 	 	725	 	 	 	267	 	 	 	992	 	 	 	230	 	 	 	262	 	 	 	492	 	 	 	265	 	 	 	757	 	 	 	291	 	 	 	1,048	 	 	9	%	 	6	%	
Medical Imaging	 	 	145	 	 	 	151	 	 	 	296	 	 	 	150	 	 	 	446	 	 	 	156	 	 	 	602	 	 	 	181	 	 	 	168	 	 	 	349	 	 	 	153	 	 	 	502	 	 	 	156	 	 	 	658	 	 	—  	 	 	9	%	
Consumer Medicines	 	 	55	 	 	 	57	 	 	 	112	 	 	 	42	 	 	 	154	 	 	 	—  	 	 	 	154	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	-100	%	
																	
Total Company	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	$	5,019	 	 	$	19,207	 	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	-16	%	 	-7	%	
				
% of Total Sales	 	2005	 	 	2006	 	 	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	 	 	79.0	%	 	 	79.5	%	 	 	79.2	%	 	 	79.3	%	 	 	79.2	%	 	 	79.9	%	 	 	79.4	%	 	 	79.1	%	 	 	79.2	%	 	 	79.2	%	 	 	75.9	%	 	 	78.2	%	 	 	74.7	%	 	 	77.4	%	 	(520	)	 	(200	)	
US Pharmaceuticals	 	 	39.0	%	 	 	42.6	%	 	 	40.9	%	 	 	43.4	%	 	 	41.7	%	 	 	44.2	%	 	 	42.4	%	 	 	44.1	%	 	 	45.1	%	 	 	44.6	%	 	 	38.7	%	 	 	42.8	%	 	 	35.6	%	 	 	41.1	%	 	(860	)	 	(130	)	
Primary Care	 	 	27.8	%	 	 	31.4	%	 	 	29.7	%	 	 	31.2	%	 	 	30.2	%	 	 	32.9	%	 	 	30.9	%	 	 	30.1	%	 	 	29.6	%	 	 	29.9	%	 	 	19.7	%	 	 	26.8	%	 	 	15.4	%	 	 	24.1	%	 	(1750	)	 	(680	)	
Oncology/Virology	 	 	7.7	%	 	 	7.1	%	 	 	7.4	%	 	 	7.8	%	 	 	7.5	%	 	 	7.8	%	 	 	7.6	%	 	 	9.0	%	 	 	9.4	%	 	 	9.2	%	 	 	11.9	%	 	 	10.0	%	 	 	12.5	%	 	 	10.5	%	 	470	 	 	290	 	
Neuroscience	 	 	3.5	%	 	 	4.1	%	 	 	3.8	%	 	 	4.4	%	 	 	4.0	%	 	 	3.5	%	 	 	3.9	%	 	 	4.9	%	 	 	5.7	%	 	 	5.3	%	 	 	6.3	%	 	 	5.6	%	 	 	7.0	%	 	 	6.0	%	 	350	 	 	210	 	
Immunoscience	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.1	%	 	 	0.4	%	 	 	0.2	%	 	 	0.8	%	 	 	0.4	%	 	 	0.7	%	 	 	0.5	%	 	70	 	 	50	 	
Europe and Middle East Medicines	 	 	26.5	%	 	 	22.7	%	 	 	24.6	%	 	 	21.6	%	 	 	23.6	%	 	 	21.0	%	 	 	22.9	%	 	 	21.9	%	 	 	20.5	%	 	 	21.2	%	 	 	21.3	%	 	 	21.2	%	 	 	22.2	%	 	 	21.5	%	 	120	 	 	(140	)	
Latin America/Canada	 	 	5.7	%	 	 	6.3	%	 	 	6.0	%	 	 	6.0	%	 	 	6.0	%	 	 	6.5	%	 	 	6.1	%	 	 	6.2	%	 	 	6.2	%	 	 	6.2	%	 	 	7.2	%	 	 	6.5	%	 	 	7.3	%	 	 	6.7	%	 	80	 	 	60	 	
Asia/Pacific Medicines	 	 	3.5	%	 	 	3.3	%	 	 	3.4	%	 	 	3.7	%	 	 	3.5	%	 	 	3.4	%	 	 	3.5	%	 	 	3.2	%	 	 	3.4	%	 	 	3.3	%	 	 	4.1	%	 	 	3.5	%	 	 	4.2	%	 	 	3.7	%	 	80	 	 	20	 	
Japan Medicines	 	 	3.1	%	 	 	3.4	%	 	 	3.3	%	 	 	3.5	%	 	 	3.3	%	 	 	3.7	%	 	 	3.4	%	 	 	2.8	%	 	 	3.2	%	 	 	3.0	%	 	 	3.6	%	 	 	3.2	%	 	 	4.1	%	 	 	3.4	%	 	40	 	 	—   	 	
Nutritionals	 	 	11.6	%	 	 	11.2	%	 	 	11.4	%	 	 	11.5	%	 	 	11.4	%	 	 	11.7	%	 	 	11.5	%	 	 	12.1	%	 	 	12.0	%	 	 	12.0	%	 	 	14.0	%	 	 	12.6	%	 	 	14.7	%	 	 	13.1	%	 	300	 	 	160	 	
																	
Other Health Care	 	 	9.4	%	 	 	9.3	%	 	 	9.4	%	 	 	9.2	%	 	 	9.4	%	 	 	8.4	%	 	 	9.1	%	 	 	8.8	%	 	 	8.8	%	 	 	8.8	%	 	 	10.1	%	 	 	9.2	%	 	 	10.6	%	 	 	9.5	%	 	220	 	 	40	 	
ConvaTec	 	 	5.0	%	 	 	5.0	%	 	 	5.1	%	 	 	5.2	%	 	 	5.1	%	 	 	5.3	%	 	 	5.2	%	 	 	4.9	%	 	 	5.4	%	 	 	5.2	%	 	 	6.4	%	 	 	5.5	%	 	 	6.9	%	 	 	5.8	%	 	160	 	 	60	 	
Medical Imaging	 	 	3.2	%	 	 	3.1	%	 	 	3.1	%	 	 	3.1	%	 	 	3.2	%	 	 	3.1	%	 	 	3.1	%	 	 	3.9	%	 	 	3.4	%	 	 	3.6	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	60	 	 	60	 	
Consumer Medicines	 	 	1.2	%	 	 	1.2	%	 	 	1.2	%	 	 	0.9	%	 	 	1.1	%	 	 	—  	 	 	 	0.8	%	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—   	 	 	 	—   	 	 	—   	 	 	(80	)	
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	%	 			 			

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2006
($ in millions)

QUARTER-TO-DATE	  				
							
 	  	Pharmaceuticals
Group	 	 	Nutritionals	 	 	Convatec	 	 	Medical Imaging	 	 	Consumer
Medicines	 	 	Continuing
Operations	 	
Price Increases/(Decreases)	  	 	—  	 	 	 	3	%	 	 	1	%	 	 	-1	%	 	 	—  	 	 	 	—  	 	
							
Foreign Exchange	  	 	1	%	 	 	2	%	 	 	4	%	 	 	1	%	 	 	—  	 	 	 	2	%	
							
Volume	  	 	-23	%	 	 	1	%	 	 	4	%	 	 	—  	 	 	 	—  	 	 	 	-18	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	-22	%	 	 	6	%	 	 	9	%	 	 	—  	 	 	 	—  	 	 	 	-16	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2006 Period to Date Sales	  	$	3,148	 	 	$	618	 	 	$	291	 	 	$	156	 	 	$	—  	 	 	$	4,213	 	
							
Total 2005 Period to Date Sales	  	$	4,012	 	 	$	584	 	 	$	267	 	 	$	156	 	 	$	—  	 	 	$	5,019	 	
							
YEAR-TO-DATE	  				 				 				 				 				 				
							
 	  	Pharmaceuticals
Group	 	 	Nutritionals	 	 	Convatec	 	 	Medical Imaging	 	 	Consumer
Medicines	 	 	Continuing
Operations	 	
Price Increases/(Decreases)	  	 	2	%	 	 	3	%	 	 	—  	 	 	 	-2	%	 	 	—  	 	 	 	2	%	
							
Foreign Exchange	  	 	—  	 	 	 	1	%	 	 	1	%	 	 	—  	 	 	 	—  	 	 	 	—  	 	
							
Volume	  	 	-11	%	 	 	2	%	 	 	5	%	 	 	11	%	 	 	-100	%	 	 	-9	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	-9	%	 	 	6	%	 	 	6	%	 	 	9	%	 	 	-100	%	 	 	-7	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2006 Period to Date Sales	  	$	13,861	 	 	$	2,347	 	 	$	1,048	 	 	$	658	 	 	$	—  	 	 	$	17,914	 	
							
Total 2005 Period to Date Sales	  	$	15,254	 	 	$	2,205	 	 	$	992	 	 	$	602	 	 	$	154	 	 	$	19,207	 	

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

 	 	2005	 	 	2006	 	 	%
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	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	$	5,019	 	 	$	19,207	 	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	-16	%	 	-7	%	
																	
Cost of products sold	 	 	1,367	 	 	 	1,483	 	 	 	2,850	 	 	 	1,483	 	 	 	4,333	 	 	 	1,595	 	 	 	5,928	 	 	 	1,476	 	 	 	1,568	 	 	 	3,044	 	 	 	1,465	 	 	 	4,509	 	 	 	1,447	 	 	 	5,956	 	 	-9	%	 	0	%	
Marketing, selling and administrative	 	 	1,183	 	 	 	1,268	 	 	 	2,451	 	 	 	1,286	 	 	 	3,737	 	 	 	1,369	 	 	 	5,106	 	 	 	1,238	 	 	 	1,181	 	 	 	2,419	 	 	 	1,189	 	 	 	3,608	 	 	 	1,311	 	 	 	4,919	 	 	-4	%	 	-4	%	
Advertising and product promotion	 	 	318	 	 	 	365	 	 	 	683	 	 	 	349	 	 	 	1,032	 	 	 	444	 	 	 	1,476	 	 	 	295	 	 	 	352	 	 	 	647	 	 	 	286	 	 	 	933	 	 	 	418	 	 	 	1,351	 	 	-6	%	 	-8	%	
Research and development	 	 	653	 	 	 	649	 	 	 	1,302	 	 	 	669	 	 	 	1,971	 	 	 	775	 	 	 	2,746	 	 	 	750	 	 	 	740	 	 	 	1,490	 	 	 	756	 	 	 	2,246	 	 	 	821	 	 	 	3,067	 	 	6	%	 	12	%	
Provision for restructuring, net	 	 	3	 	 	 	2	 	 	 	5	 	 	 	(5	)	 	 	—  	 	 	 	32	 	 	 	32	 	 	 	1	 	 	 	3	 	 	 	4	 	 	 	2	 	 	 	6	 	 	 	53	 	 	 	59	 	 	66	%	 	84	%	
Litigation (income)/charges, net	 	 	124	 	 	 	(26	)	 	 	98	 	 	 	(26	)	 	 	72	 	 	 	197	 	 	 	269	 	 	 	(21	)	 	 	(14	)	 	 	(35	)	 	 	(9	)	 	 	(44	)	 	 	346	 	 	 	302	 	 	76	%	 	12	%	
Gain on sale of business and product asset	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	(569	)	 	 	—  	 	 	 	(569	)	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	—  	 	 	65	%	
Equity in net income of affiliates	 	 	(69	)	 	 	(87	)	 	 	(156	)	 	 	(84	)	 	 	(240	)	 	 	(94	)	 	 	(334	)	 	 	(93	)	 	 	(125	)	 	 	(218	)	 	 	(118	)	 	 	(336	)	 	 	(138	)	 	 	(474	)	 	-47	%	 	-42	%	
Other (income)/expense, net	 	 	25	 	 	 	105	 	 	 	130	 	 	 	38	 	 	 	168	 	 	 	(131	)	 	 	37	 	 	 	37	 	 	 	56	 	 	 	93	 	 	 	(34	)	 	 	59	 	 	 	240	 	 	 	299	 	 	*	 	 	*	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	 	 	3,604	 	 	 	3,759	 	 	 	7,363	 	 	 	3,141	 	 	 	10,504	 	 	 	4,187	 	 	 	14,691	 	 	 	3,483	 	 	 	3,761	 	 	 	7,244	 	 	 	3,537	 	 	 	10,781	 	 	 	4,498	 	 	 	15,279	 	 	7	%	 	4	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Loss)/Earnings from Continuing Operations
Before Minority Interest and Income Taxes	 	 	928	 	 	 	1,130	 	 	 	2,058	 	 	 	1,626	 	 	 	3,684	 	 	 	832	 	 	 	4,516	 	 	 	1,193	 	 	 	1,110	 	 	 	2,303	 	 	 	617	 	 	 	2,920	 	 	 	(285	)	 	 	2,635	 	 	-134	%	 	-42	%	
																	
(Benefit)/Provision for income taxes	 	 	268	 	 	 	(21	)	 	 	247	 	 	 	507	 	 	 	754	 	 	 	178	 	 	 	932	 	 	 	328	 	 	 	256	 	 	 	584	 	 	 	193	 	 	 	777	 	 	 	(167	)	 	 	610	 	 	-194	%	 	-35	%	
Minority interest, net of taxes	 	 	122	 	 	 	160	 	 	 	282	 	 	 	155	 	 	 	437	 	 	 	155	 	 	 	592	 	 	 	151	 	 	 	187	 	 	 	338	 	 	 	86	 	 	 	424	 	 	 	16	 	 	 	440	 	 	-90	%	 	-26	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Loss)/Earnings from Continuing Operations	 	$	538	 	 	$	991	 	 	$	1,529	 	 	$	964	 	 	$	2,493	 	 	$	499	 	 	$	2,992	 	 	$	714	 	 	$	667	 	 	$	1,381	 	 	$	338	 	 	$	1,719	 	 	($	134	)	 	$	1,585	 	 	-127	%	 	-47	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense on conversion of convertible debt bonds, net of tax	 	 	4	 	 	 	5	 	 	 	9	 	 	 	6	 	 	 	15	 	 	 	7	 	 	 	22	 	 	 	8	 	 	 	8	 	 	 	16	 	 	 	9	 	 	 	25	 	 	 	—  	(1)	 	 	—  	(2)	 			 			
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 			
(Loss)/Earnings from continuing operations used for diluted earnings per common share calculation	 	$	542	 	 	$	996	 	 	$	1,538	 	 	$	970	 	 	$	2,508	 	 	$	506	 	 	$	3,014	 	 	$	722	 	 	$	675	 	 	$	1,397	 	 	$	347	 	 	$	1,744	 	 	($	134	)(1)	 	$	1,585	(2)	 			 			
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 			 			
Diluted (Loss)/Earnings per Common Share Continuing Operations**	 	$	0.27	 	 	$	0.50	 	 	$	0.78	 	 	$	0.49	 	 	$	1.27	 	 	$	0.26	 	 	$	1.52	 	 	$	0.36	 	 	$	0.34	 	 	$	0.70	 	 	$	0.17	 	 	$	0.88	 	 	($	0.07	)(1)	 	$	0.81	(2)	 	-127	%	 	-47	%	
																	
Average Common Shares Outstanding - Diluted	 	 	1,981	 	 	 	1,984	 	 	 	1,982	 	 	 	1,984	 	 	 	1,983	 	 	 	1,983	 	 	 	1,983	 	 	 	1,988	 	 	 	1,994	 	 	 	1,992	 	 	 	1,992	 	 	 	1,991	 	 	 	1,961 	(1)	 	 	1,963 	(2)	 	-1	%	 	-1	%	
Dividends declared per common share	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.28	 	 	$	1.12	 	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.28	 	 	$	1.12	 	 	—  	 	 	—  	 	

% of Net Sales	 	2005	 	 	2006	 	 	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	 	 	69.8	%	 	 	69.7	%	 	 	69.7	%	 	 	68.9	%	 	 	69.5	%	 	 	68.2	%	 	 	69.1	%	 	 	68.4	%	 	 	67.8	%	 	 	68.1	%	 	 	64.7	%	 	 	67.1	%	 	 	65.7	%	 	 	66.8	%	 	(250	)	 	(230	)	
																	
Cost of products sold	 	 	30.2	%	 	 	30.3	%	 	 	30.3	%	 	 	31.1	%	 	 	30.5	%	 	 	31.8	%	 	 	30.9	%	 	 	31.6	%	 	 	32.2	%	 	 	31.9	%	 	 	35.3	%	 	 	32.9	%	 	 	34.3	%	 	 	33.2	%	 	250	 	 	230	 	
Marketing, selling and administrative	 	 	26.1	%	 	 	25.9	%	 	 	26.0	%	 	 	27.0	%	 	 	26.3	%	 	 	27.3	%	 	 	26.6	%	 	 	26.5	%	 	 	24.2	%	 	 	25.3	%	 	 	28.6	%	 	 	26.3	%	 	 	31.1	%	 	 	27.5	%	 	380	 	 	90	 	
Advertising and product promotion	 	 	7.0	%	 	 	7.5	%	 	 	7.2	%	 	 	7.3	%	 	 	7.3	%	 	 	8.8	%	 	 	7.7	%	 	 	6.3	%	 	 	7.2	%	 	 	6.8	%	 	 	6.9	%	 	 	6.8	%	 	 	9.9	%	 	 	7.5	%	 	110	 	 	(20	)	
Research and development	 	 	14.4	%	 	 	13.3	%	 	 	13.8	%	 	 	14.0	%	 	 	13.9	%	 	 	15.4	%	 	 	14.3	%	 	 	16.0	%	 	 	15.2	%	 	 	15.6	%	 	 	18.2	%	 	 	16.4	%	 	 	19.5	%	 	 	17.1	%	 	410	 	 	280	 	
Total expenses	 	 	79.5	%	 	 	76.9	%	 	 	78.2	%	 	 	65.9	%	 	 	74.0	%	 	 	83.4	%	 	 	76.5	%	 	 	74.5	%	 	 	77.2	%	 	 	75.9	%	 	 	85.1	%	 	 	78.7	%	 	 	106.8	%	 	 	85.3	%	 	2,340	 	 	880	 	
																	
(Loss)/Earnings from Continuing Operations
Before Minority Interest and Provision
for Income Taxes	 	 	20.5	%	 	 	23.1	%	 	 	21.8	%	 	 	34.1	%	 	 	26.0	%	 	 	16.6	%	 	 	23.5	%	 	 	25.5	%	 	 	22.8	%	 	 	24.1	%	 	 	14.9	%	 	 	21.3	%	 	 	-6.8	%	 	 	14.7	%	 	(2,340	)	 	(880	)	
																	
(Loss)/Earnings from Continuing Operations	 	 	11.9	%	 	 	20.3	%	 	 	16.2	%	 	 	20.2	%	 	 	17.6	%	 	 	9.9	%	 	 	15.6	%	 	 	15.3	%	 	 	13.7	%	 	 	14.5	%	 	 	8.1	%	 	 	12.5	%	 	 	-3.2	%	 	 	8.8	%	 	(1,310	)	 	(680	)	
																	
Other Ratios	 				 				 				 				 				 				 				 				 				 				 				 				 				 				 			 			
Effective Tax Rate	 	 	28.9	%	 	 	-1.9	%	 	 	12.0	%	 	 	31.2	%	 	 	20.5	%	 	 	21.4	%	 	 	20.6	%	 	 	27.5	%	 	 	23.1	%	 	 	25.4	%	 	 	31.3	%	 	 	26.6	%	 	 	58.6	%	 	 	23.1	%	 			 			

Other (Income)/Expense, net	 	2005	 	 	2006	 	 	%
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	 	$	97	 	 	$	73	 	 	$	170	 	 	$	79	 	 	$	249	 	 	$	100	 	 	$	349	 	 	$	116	 	 	$	124	 	 	$	240	 	 	$	130	 	 	$	370	 	 	$	128	 	 	$	498	 	 	28	%	 	43	%	
Interest income	 	 	(45	)	 	 	(23	)	 	 	(68	)	 	 	(28	)	 	 	(96	)	 	 	(52	)	 	 	(148	)	 	 	(62	)	 	 	(65	)	 	 	(127	)	 	 	(74	)	 	 	(201	)	 	 	(73	)	 	 	(274	)	 	-40	%	 	-85	%	
Foreign exchange transaction (gains)/losses	 	 	12	 	 	 	35	 	 	 	47	 	 	 	—  	 	 	 	47	 	 	 	11	 	 	 	58	 	 	 	(12	)	 	 	23	 	 	 	11	 	 	 	(11	)	 	 	—  	 	 	 	6	 	 	 	6	 	 	-45	%	 	-90	%	
Other (income)/expense, net	 	 	(39	)	 	 	20	 	 	 	(19	)	 	 	(13	)	 	 	(32	)	 	 	(190	)	 	 	(222	)	 	 	(5	)	 	 	(26	)	 	 	(31	)	 	 	(79	)	 	 	(110	)	 	 	179	 	 	 	69	 	 	194	%	 	131	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	25	 	 	$	105	 	 	$	130	 	 	$	38	 	 	$	168	 	 	($	131	)	 	$	37	 	 	$	37	 	 	$	56	 	 	$	93	 	 	($	34	)	 	$	59	 	 	$	240	 	 	$	299	 	 	 	*	 	 	*	

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

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

 	  	2005	  	2006	  	% Change	 	
 	  	1st Qtr	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	1st Qtr	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Total Company	  	$	4,532	  	$	4,889	  	$	9,421	  	$	4,767	  	$	14,188	  	$	5,019	  	$	19,207	  	$	4,676	  	$	4,871	  	$	9,547	  	$	4,154	  	$	13,701	  	$	4,213	  	$	17,914	  	-16	%	 	-7	%	
																	
PHARMACEUTICALS	  	 	3,578	  	 	3,886	  	 	7,464	  	 	3,778	  	 	11,242	  	 	4,012	  	 	15,254	  	 	3,700	  	 	3,859	  	 	7,559	  	 	3,154	  	 	10,713	  	 	3,148	  	 	13,861	  	- 22	%	 	-9	%	
																	
Cardiovascular	  	 	1,712	  	 	2,031	  	 	3,743	  	 	1,935	  	 	5,678	  	 	2,090	  	 	7,768	  	 	1,917	  	 	1,907	  	 	3,824	  	 	1,239	  	 	5,063	  	 	1,093	  	 	6,156	  	-48	%	 	-21	%	
Plavix	  	 	814	  	 	968	  	 	1,782	  	 	980	  	 	2,762	  	 	1,061	  	 	3,823	  	 	986	  	 	1,145	  	 	2,131	  	 	630	  	 	2,761	  	 	496	  	 	3,257	  	-53	%	 	-15	%	
Pravachol	  	 	520	  	 	625	  	 	1,145	  	 	527	  	 	1,672	  	 	584	  	 	2,256	  	 	536	  	 	323	  	 	859	  	 	192	  	 	1,051	  	 	146	  	 	1,197	  	-75	%	 	-47	%	
Avapro/ Avalide	  	 	196	  	 	258	  	 	454	  	 	251	  	 	705	  	 	277	  	 	982	  	 	233	  	 	280	  	 	513	  	 	277	  	 	790	  	 	307	  	 	1,097	  	11	%	 	12	%	
Coumadin	  	 	49	  	 	50	  	 	99	  	 	57	  	 	156	  	 	56	  	 	212	  	 	55	  	 	55	  	 	110	  	 	53	  	 	163	  	 	57	  	 	220	  	2	%	 	4	%	
Monopril	  	 	59	  	 	54	  	 	113	  	 	49	  	 	162	  	 	46	  	 	208	  	 	48	  	 	49	  	 	97	  	 	34	  	 	131	  	 	28	  	 	159	  	-39	%	 	-24	%	
																	
Virology	  	 	430	  	 	457	  	 	887	  	 	440	  	 	1,327	  	 	450	  	 	1,777	  	 	468	  	 	524	  	 	992	  	 	532	  	 	1,524	  	 	580	  	 	2,104	  	29	%	 	18	%	
Reyataz	  	 	149	  	 	183	  	 	332	  	 	176	  	 	508	  	 	188	  	 	696	  	 	207	  	 	236	  	 	443	  	 	233	  	 	676	  	 	255	  	 	931	  	36	%	 	34	%	
Sustiva Franchise*****	  	 	173	  	 	167	  	 	340	  	 	170	  	 	510	  	 	170	  	 	680	  	 	175	  	 	193	  	 	368	  	 	201	  	 	569	  	 	222	  	 	791	  	31	%	 	16	%	
Zerit	  	 	59	  	 	59	  	 	118	  	 	51	  	 	169	  	 	47	  	 	216	  	 	40	  	 	41	  	 	81	  	 	38	  	 	119	  	 	36	  	 	155	  	-23	%	 	-28	%	
Baraclude	  	 	—  	  	 	5	  	 	5	  	 	2	  	 	7	  	 	5	  	 	12	  	 	11	  	 	14	  	 	25	  	 	22	  	 	47	  	 	36	  	 	83	  	 	***	 	 	***	
																	
Infectious Diseases	  	 	293	  	 	261	  	 	554	  	 	239	  	 	793	  	 	286	  	 	1,079	  	 	199	  	 	172	  	 	371	  	 	169	  	 	540	  	 	159	  	 	699	  	-44	%	 	-35	%	
Cefzil	  	 	82	  	 	54	  	 	136	  	 	48	  	 	184	  	 	75	  	 	259	  	 	23	  	 	23	  	 	46	  	 	18	  	 	64	  	 	23	  	 	87	  	-69	%	 	-66	%	
																	
Oncology	  	 	387	  	 	371	  	 	758	  	 	380	  	 	1,138	  	 	395	  	 	1,533	  	 	361	  	 	401	  	 	762	  	 	399	  	 	1,161	  	 	394	  	 	1,555	  	—   	 	 	1	%	
Erbitux	  	 	87	  	 	98	  	 	185	  	 	107	  	 	292	  	 	121	  	 	413	  	 	138	  	 	172	  	 	310	  	 	175	  	 	485	  	 	167	  	 	652	  	38	%	 	58	%	
Taxol	  	 	205	  	 	186	  	 	391	  	 	175	  	 	566	  	 	181	  	 	747	  	 	147	  	 	149	  	 	296	  	 	137	  	 	433	  	 	130	  	 	563	  	-28	%	 	-25	%	
Sprycel	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—   	  	 	—   	  	 	—  	  	 	—  	  	 	—  	  	 	11	  	 	11	  	 	14	  	 	25	  	—   	 	 	—   	 	
																	
Affective (Psychiatric) Disorders	  	 	232	  	 	284	  	 	516	  	 	306	  	 	822	  	 	267	  	 	1,089	  	 	323	  	 	376	  	 	699	  	 	354	  	 	1,053	  	 	404	  	 	1,457	  	51	%	 	34	%	
Abilify**	  	 	188	  	 	240	  	 	428	  	 	260	  	 	688	  	 	224	  	 	912	  	 	283	  	 	324	  	 	607	  	 	313	  	 	920	  	 	362	  	 	1,282	  	62	%	 	41	%	
EMSAM	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—   	  	 	—   	  	 	—  	  	 	12	  	 	12	  	 	3	  	 	15	  	 	3	  	 	18	  	—   	 	 	—   	 	
																	
Immunoscience	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—   	  	 	—   	  	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	32	  	 	89	  	—   	 	 	—   	 	
Orencia	  			  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—   	  	 	—   	  	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	32	  	 	89	  	—   	 	 	—   	 	
																	
Other Pharmaceuticals	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  			 			
Efferalgan	  	 	88	  	 	55	  	 	143	  	 	66	  	 	209	  	 	74	  	 	283	  	 	68	  	 	62	  	 	130	  	 	62	  	 	192	  	 	74	  	 	266	  	—   	 	 	-6	%	
																	
NUTRITIONALS	  	 	526	  	 	548	  	 	1,074	  	 	547	  	 	1,621	  	 	584	  	 	2,205	  	 	565	  	 	582	  	 	1,147	  	 	582	  	 	1,729	  	 	618	  	 	2,347	  	6	%	 	6	%	
Enfamil	  	 	235	  	 	250	  	 	485	  	 	230	  	 	715	  	 	277	  	 	992	  	 	237	  	 	253	  	 	490	  	 	246	  	 	736	  	 	271	  	 	1,007	  	-2	%	 	2	%	
Enfagrow	  	 	50	  	 	49	  	 	99	  	 	54	  	 	153	  	 	53	  	 	206	  	 	67	  	 	59	  	 	126	  	 	69	  	 	195	  	 	67	  	 	262	  	26	%	 	27	%	
																	
OTHER HEALTH CARE	  	 	428	  	 	455	  	 	883	  	 	442	  	 	1,325	  	 	423	  	 	1,748	  	 	411	  	 	430	  	 	841	  	 	418	  	 	1,259	  	 	447	  	 	1,706	  	6	%	 	-2	%	
																	
CONVATEC	  	 	228	  	 	247	  	 	475	  	 	250	  	 	725	  	 	267	  	 	992	  	 	230	  	 	262	  	 	492	  	 	265	  	 	757	  	 	291	  	 	1,048	  	9	%	 	6	%	
Ostomy	  	 	127	  	 	139	  	 	266	  	 	139	  	 	405	  	 	145	  	 	550	  	 	123	  	 	141	  	 	264	  	 	139	  	 	403	  	 	151	  	 	554	  	4	%	 	1	%	
Wound Therapeutics	  	 	97	  	 	103	  	 	200	  	 	104	  	 	304	  	 	112	  	 	416	  	 	98	  	 	107	  	 	205	  	 	113	  	 	318	  	 	123	  	 	441	  	10	%	 	6	%	
																	
MEDICAL IMAGING	  	 	145	  	 	151	  	 	296	  	 	150	  	 	446	  	 	156	  	 	602	  	 	181	  	 	168	  	 	349	  	 	153	  	 	502	  	 	156	  	 	658	  	—   	 	 	9	%	
Cardiolite	  	 	102	  	 	108	  	 	210	  	 	106	  	 	316	  	 	100	  	 	416	  	 	103	  	 	105	  	 	208	  	 	97	  	 	305	  	 	103	  	 	408	  	3	%	 	-2	%	
																	
CONSUMER MEDICINES	  	 	55	  	 	57	  	 	112	  	 	42	  	 	154	  	 	—   	  	 	154	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—   	  	 	—   	  	—   	 	 	-100	%	

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

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

 	 	 	 	 	% Change in U.S.
Total
Prescription****	 	
 	 	2005	 	2006	 	 	%
Change	 	 	NPA	 	 	NGPS	 	
 	 	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	 	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	 	$	2,310	 	$	2,668	 	$	4,978	 	$	2,638	 	$	7,616	 	$	2,845	 	$	10,461	 	$	2,638	 	 	$	2,806	 	 	$	5,444	 	 	$	2,170	 	$	7,614	 	 	$	2,115	 	 	$	9,729	 	 	-26	%	 	-7	%	 			 			 			 			
																					
PHARMACEUTICALS	 	 	1,777	 	 	2,097	 	 	3,874	 	 	2,082	 	 	5,956	 	 	2,234	 	 	8,190	 	 	2,076	 	 	 	2,205	 	 	 	4,281	 	 	 	1,619	 	 	5,900	 	 	 	1,517	 	 	 	7,417	 	 	-32	%	 	-9	%	 			 			 			 			
																					
Cardiovascular	 	 	1,080	 	 	1,377	 	 	2,457	 	 	1,328	 	 	3,785	 	 	1,496	 	 	5,281	 	 	1,341	 	 	 	1,330	 	 	 	2,671	 	 	 	752	 	 	3,423	 	 	 	616	 	 	 	4,039	 	 	-59	%	 	-24	%	 			 			 			 			
Plavix	 	 	673	 	 	823	 	 	1,496	 	 	833	 	 	2,329	 	 	906	 	 	3,235	 	 	850	 	 	 	988	 	 	 	1,838	 	 	 	474	 	 	2,312	 	 	 	343	 	 	 	2,655	 	 	-62	%	 	-18	%	 	-64	%	 	-18	%	 	-66	%	 	-20	%	
Pravachol	 	 	258	 	 	353	 	 	611	 	 	297	 	 	908	 	 	366	 	 	1,274	 	 	302	 	 	 	128	 	 	 	430	 	 	 	73	 	 	503	 	 	 	50	 	 	 	553	 	 	-86	%	 	-57	%	 	-84	%	 	-59	%	 	-84	%	 	-59	%	
Avapro/ Avalide	 	 	102	 	 	157	 	 	259	 	 	147	 	 	406	 	 	168	 	 	574	 	 	139	 	 	 	167	 	 	 	306	 	 	 	159	 	 	465	 	 	 	182	 	 	 	647	 	 	8	%	 	13	%	 	2	%	 	4	%	 	1	%	 	2	%	
Coumadin	 	 	42	 	 	42	 	 	84	 	 	49	 	 	133	 	 	50	 	 	183	 	 	47	 	 	 	46	 	 	 	93	 	 	 	45	 	 	138	 	 	 	48	 	 	 	186	 	 	-4	%	 	2	%	 	-19	%	 	-21	%	 	-18	%	 	-22	%	
Monopril	 	 	3	 	 	2	 	 	5	 	 	1	 	 	6	 	 	3	 	 	9	 	 	2	 	 	 	1	 	 	 	3	 	 	 	—  	 	 	3	 	 	 	(7	)	 	 	(4	)	 	*	**	 	-144	%	 	-53	%	 	-54	%	 	-51	%	 	-54	%	
																					
Virology	 	 	231	 	 	231	 	 	462	 	 	239	 	 	701	 	 	244	 	 	945	 	 	259	 	 	 	270	 	 	 	529	 	 	 	292	 	 	821	 	 	 	327	 	 	 	1,148	 	 	34	%	 	21	%	 			 			 			 			
Reyataz	 	 	92	 	 	98	 	 	190	 	 	105	 	 	295	 	 	110	 	 	405	 	 	119	 	 	 	122	 	 	 	241	 	 	 	129	 	 	370	 	 	 	144	 	 	 	514	 	 	31	%	 	27	%	 	20	%	 	18	%	 	15	%	 	17	%	
Sustiva Franchise*****	 	 	103	 	 	97	 	 	200	 	 	101	 	 	301	 	 	102	 	 	403	 	 	108	 	 	 	115	 	 	 	223	 	 	 	128	 	 	351	 	 	 	144	 	 	 	495	 	 	41	%	 	23	%	 	21	%	 	11	%	 	20	%	 	11	%	
Zerit	 	 	26	 	 	26	 	 	52	 	 	24	 	 	76	 	 	21	 	 	97	 	 	19	 	 	 	18	 	 	 	37	 	 	 	19	 	 	56	 	 	 	19	 	 	 	75	 	 	-10	%	 	-23	%	 	-27	%	 	-30	%	 	-28	%	 	-30	%	
Baraclude	 	 	—  	 	 	5	 	 	5	 	 	2	 	 	7	 	 	4	 	 	11	 	 	9	 	 	 	9	 	 	 	18	 	 	 	14	 	 	32	 	 	 	18	 	 	 	50	 	 	 	***	 	 	***	 	 	***	 	 	***	 	198	%	 	 	***	
																					
Infectious Diseases	 	 	91	 	 	57	 	 	148	 	 	53	 	 	201	 	 	75	 	 	276	 	 	12	 	 	 	(3	)	 	 	9	 	 	 	25	 	 	34	 	 	 	(31	)	 	 	3	 	 	-141	%	 	-99	%	 			 			 			 			
Cefzil	 	 	50	 	 	30	 	 	80	 	 	27	 	 	107	 	 	46	 	 	153	 	 	(5	)	 	 	(1	)	 	 	(6	)	 	 	1	 	 	(5	)	 	 	(5	)	 	 	(10	)	 	-111	%	 	-107	%	 	-97	%	 	-91	%	 	-97	%	 	-91	%	
																					
Oncology	 	 	115	 	 	112	 	 	227	 	 	131	 	 	358	 	 	144	 	 	502	 	 	159	 	 	 	187	 	 	 	346	 	 	 	201	 	 	547	 	 	 	195	 	 	 	742	 	 	35	%	 	48	%	 			 			 			 			
Erbitux	 	 	87	 	 	97	 	 	184	 	 	106	 	 	290	 	 	121	 	 	411	 	 	136	 	 	 	172	 	 	 	308	 	 	 	173	 	 	481	 	 	 	165	 	 	 	646	 	 	36	%	 	57	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Taxol	 	 	4	 	 	4	 	 	8	 	 	4	 	 	12	 	 	5	 	 	17	 	 	4	 	 	 	4	 	 	 	8	 	 	 	2	 	 	10	 	 	 	2	 	 	 	12	 	 	-60	%	 	-29	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Sprycel	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	11	 	 	11	 	 	 	11	 	 	 	22	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
Affective (Psychiatric) Disorders	 	 	167	 	 	206	 	 	373	 	 	221	 	 	594	 	 	183	 	 	777	 	 	237	 	 	 	286	 	 	 	523	 	 	 	266	 	 	789	 	 	 	302	 	 	 	1,091	 	 	65	%	 	40	%	 			 			 			 			
Abilify**	 	 	161	 	 	200	 	 	361	 	 	214	 	 	575	 	 	175	 	 	750	 	 	231	 	 	 	267	 	 	 	498	 	 	 	260	 	 	758	 	 	 	294	 	 	 	1,052	 	 	68	%	 	40	%	 	17	%	 	21	%	 	17	%	 	21	%	
EMSAM	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	12	 	 	 	12	 	 	 	3	 	 	15	 	 	 	3	 	 	 	18	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
Immunoscience	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	57	 	 	 	31	 	 	 	88	 	 	—  	 	 	—  	 	 			 			 			 			
Orencia	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	57	 	 	 	31	 	 	 	88	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
Other Pharmaceuticals	 			 			 			 			 			 			 			 				 				 				 			 				 				 				 			 			 			 			 			 			
Efferalgan	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
NUTRITIONALS	 	 	255	 	 	267	 	 	522	 	 	266	 	 	788	 	 	282	 	 	1,070	 	 	247	 	 	 	282	 	 	 	529	 	 	 	267	 	 	796	 	 	 	295	 	 	 	1,091	 	 	5	%	 	2	%	 			 			 			 			
Enfamil	 	 	162	 	 	171	 	 	333	 	 	168	 	 	501	 	 	184	 	 	685	 	 	155	 	 	 	174	 	 	 	329	 	 	 	169	 	 	498	 	 	 	190	 	 	 	688	 	 	3	%	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Enfagrow	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
OTHER HEALTH CARE	 	 	242	 	 	253	 	 	495	 	 	252	 	 	747	 	 	225	 	 	972	 	 	231	 	 	 	226	 	 	 	457	 	 	 	215	 	 	672	 	 	 	232	 	 	 	904	 	 	3	%	 	-7	%	 			 			 			 			
																					
CONVATEC	 	 	66	 	 	71	 	 	137	 	 	82	 	 	219	 	 	93	 	 	312	 	 	73	 	 	 	85	 	 	 	158	 	 	 	84	 	 	242	 	 	 	101	 	 	 	343	 	 	9	%	 	10	%	 			 			 			 			
Ostomy	 	 	34	 	 	38	 	 	72	 	 	43	 	 	115	 	 	46	 	 	161	 	 	34	 	 	 	41	 	 	 	75	 	 	 	39	 	 	114	 	 	 	45	 	 	 	159	 	 	-2	%	 	-1	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Wound Therapeutics	 	 	30	 	 	29	 	 	59	 	 	34	 	 	93	 	 	40	 	 	133	 	 	30	 	 	 	34	 	 	 	64	 	 	 	36	 	 	100	 	 	 	43	 	 	 	143	 	 	8	%	 	8	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
MEDICAL IMAGING	 	 	124	 	 	127	 	 	251	 	 	129	 	 	380	 	 	132	 	 	512	 	 	158	 	 	 	141	 	 	 	299	 	 	 	131	 	 	430	 	 	 	131	 	 	 	561	 	 	-1	%	 	10	%	 			 			 			 			
Cardiolite	 	 	91	 	 	96	 	 	187	 	 	95	 	 	282	 	 	88	 	 	370	 	 	91	 	 	 	91	 	 	 	182	 	 	 	86	 	 	268	 	 	 	90	 	 	 	358	 	 	2	%	 	-3	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
CONSUMER MEDICINES	 	 	52	 	 	55	 	 	107	 	 	41	 	 	148	 	 	—  	 	 	148	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	—  	 	 	-100	%	 			 			 			 			

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis.	
As a result, the sum of segment sales does not tie to Total Company sales.
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
****	The estimated total U.S. prescription growth for the retail and mail order channels are calculated based on National Prescription Audit (NPA) and Next-Generation Prescription Services (NGPS) data provided by IMS Health, a supplier of market research for the pharmaceutical industry. The NPA data is based on a simple average of the estimated number of prescriptions in the retail and mail order channels, and the NGPS data is based on a weighted average of the estimated number of prescription units (pills) in each of the retail and mail order channels as provided by IMS.	
*****	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	

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

 	  	2005	  	2006	  	% Change	 	
 	  	1st Qtr	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	1st Qtr	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Total Company	  	$	2,222	  	$	2,221	  	$	4,443	  	$	2,129	  	$	6,572	  	$	2,174	  	$	8,746	  	$	2,038	  	$	2,065	  	$	4,103	  	$	1,984	  	$	6,087	  	$	2,098	  	$	8,185	  	-3	%	 	-6	%	
																	
PHARMACEUTICALS	  	 	1,801	  	 	1,789	  	 	3,590	  	 	1,696	  	 	5,286	  	 	1,778	  	 	7,064	  	 	1,624	  	 	1,654	  	 	3,278	  	 	1,535	  	 	4,813	  	 	1,631	  	 	6,444	  	-8	%	 	-9	%	
																	
Cardiovascular	  	 	632	  	 	654	  	 	1,286	  	 	607	  	 	1,893	  	 	594	  	 	2,487	  	 	576	  	 	577	  	 	1,153	  	 	487	  	 	1,640	  	 	477	  	 	2,117	  	-20	%	 	-15	%	
Plavix	  	 	141	  	 	145	  	 	286	  	 	147	  	 	433	  	 	155	  	 	588	  	 	136	  	 	157	  	 	293	  	 	156	  	 	449	  	 	153	  	 	602	  	-1	%	 	2	%	
Pravachol	  	 	262	  	 	272	  	 	534	  	 	230	  	 	764	  	 	218	  	 	982	  	 	234	  	 	195	  	 	429	  	 	119	  	 	548	  	 	96	  	 	644	  	-56	%	 	-34	%	
Avapro/Avalide	  	 	94	  	 	101	  	 	195	  	 	104	  	 	299	  	 	109	  	 	408	  	 	94	  	 	113	  	 	207	  	 	118	  	 	325	  	 	125	  	 	450	  	15	%	 	10	%	
Coumadin	  	 	7	  	 	8	  	 	15	  	 	8	  	 	23	  	 	6	  	 	29	  	 	8	  	 	9	  	 	17	  	 	8	  	 	25	  	 	9	  	 	34	  	50	%	 	17	%	
Monopril	  	 	56	  	 	52	  	 	108	  	 	48	  	 	156	  	 	43	  	 	199	  	 	46	  	 	48	  	 	94	  	 	34	  	 	128	  	 	35	  	 	163	  	-19	%	 	-18	%	
																	
Virology	  	 	199	  	 	226	  	 	425	  	 	201	  	 	626	  	 	206	  	 	832	  	 	209	  	 	254	  	 	463	  	 	240	  	 	703	  	 	253	  	 	956	  	23	%	 	15	%	
Reyataz	  	 	57	  	 	85	  	 	142	  	 	71	  	 	213	  	 	78	  	 	291	  	 	88	  	 	114	  	 	202	  	 	104	  	 	306	  	 	111	  	 	417	  	42	%	 	43	%	
Sustiva Franchise*****	  	 	70	  	 	70	  	 	140	  	 	69	  	 	209	  	 	68	  	 	277	  	 	67	  	 	78	  	 	145	  	 	73	  	 	218	  	 	78	  	 	296	  	15	%	 	7	%	
Zerit	  	 	33	  	 	33	  	 	66	  	 	27	  	 	93	  	 	26	  	 	119	  	 	21	  	 	23	  	 	44	  	 	19	  	 	63	  	 	17	  	 	80	  	-35	%	 	-33	%	
Baraclude	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	2	  	 	5	  	 	7	  	 	8	  	 	15	  	 	18	  	 	33	  	 	***	 	 	***	
																	
Infectious Diseases	  	 	202	  	 	204	  	 	406	  	 	186	  	 	592	  	 	211	  	 	803	  	 	187	  	 	175	  	 	362	  	 	144	  	 	506	  	 	190	  	 	696	  	-10	%	 	-13	%	
Cefzil	  	 	32	  	 	24	  	 	56	  	 	21	  	 	77	  	 	29	  	 	106	  	 	28	  	 	24	  	 	52	  	 	17	  	 	69	  	 	28	  	 	97	  	-3	%	 	-8	%	
																	
Oncology	  	 	272	  	 	259	  	 	531	  	 	249	  	 	780	  	 	251	  	 	1,031	  	 	202	  	 	214	  	 	416	  	 	198	  	 	614	  	 	199	  	 	813	  	-21	%	 	-21	%	
Erbitux	  	 	—  	  	 	1	  	 	1	  	 	1	  	 	2	  	 	—  	  	 	2	  	 	2	  	 	—  	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  	—  	 	 	200	%	
Taxol	  	 	201	  	 	182	  	 	383	  	 	171	  	 	554	  	 	176	  	 	730	  	 	143	  	 	145	  	 	288	  	 	135	  	 	423	  	 	128	  	 	551	  	-27	%	 	-25	%	
Sprycel	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	3	  	 	3	  	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	  	 	65	  	 	78	  	 	143	  	 	85	  	 	228	  	 	84	  	 	312	  	 	86	  	 	90	  	 	176	  	 	88	  	 	264	  	 	102	  	 	366	  	21	%	 	17	%	
Abilify**	  	 	27	  	 	40	  	 	67	  	 	46	  	 	113	  	 	49	  	 	162	  	 	52	  	 	57	  	 	109	  	 	53	  	 	162	  	 	68	  	 	230	  	39	%	 	42	%	
EMSAM	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	 	 	—  	 	
																	
Immunoscience	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	—  	 	 	—  	 	
Orencia	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	—  	 	 	—  	 	
																	
Other Pharmaceuticals	  			  			  			  			  			  			  			  			  			  			  			  			  			  			  			 			
Efferalgan	  	 	88	  	 	55	  	 	143	  	 	66	  	 	209	  	 	74	  	 	283	  	 	68	  	 	62	  	 	130	  	 	62	  	 	192	  	 	74	  	 	266	  	—  	 	 	-6	%	
																	
NUTRITIONALS	  	 	271	  	 	281	  	 	552	  	 	281	  	 	833	  	 	302	  	 	1,135	  	 	318	  	 	300	  	 	618	  	 	315	  	 	933	  	 	323	  	 	1,256	  	7	%	 	11	%	
Enfamil	  	 	73	  	 	79	  	 	152	  	 	62	  	 	214	  	 	93	  	 	307	  	 	82	  	 	79	  	 	161	  	 	77	  	 	238	  	 	81	  	 	319	  	-13	%	 	4	%	
Enfagrow	  	 	50	  	 	49	  	 	99	  	 	54	  	 	153	  	 	53	  	 	206	  	 	67	  	 	59	  	 	126	  	 	69	  	 	195	  	 	67	  	 	262	  	26	%	 	27	%	
																	
OTHER HEALTH CARE	  	 	186	  	 	202	  	 	388	  	 	190	  	 	578	  	 	198	  	 	776	  	 	180	  	 	204	  	 	384	  	 	203	  	 	587	  	 	215	  	 	802	  	9	%	 	3	%	
																	
CONVATEC	  	 	162	  	 	176	  	 	338	  	 	168	  	 	506	  	 	174	  	 	680	  	 	157	  	 	177	  	 	334	  	 	181	  	 	515	  	 	190	  	 	705	  	9	%	 	4	%	
Ostomy	  	 	93	  	 	101	  	 	194	  	 	96	  	 	290	  	 	99	  	 	389	  	 	89	  	 	100	  	 	189	  	 	100	  	 	289	  	 	106	  	 	395	  	7	%	 	2	%	
Wound Therapeutics	  	 	67	  	 	74	  	 	141	  	 	70	  	 	211	  	 	72	  	 	283	  	 	68	  	 	73	  	 	141	  	 	77	  	 	218	  	 	80	  	 	298	  	11	%	 	5	%	
																	
MEDICAL IMAGING	  	 	21	  	 	24	  	 	45	  	 	21	  	 	66	  	 	24	  	 	90	  	 	23	  	 	27	  	 	50	  	 	22	  	 	72	  	 	25	  	 	97	  	4	%	 	8	%	
Cardiolite	  	 	11	  	 	12	  	 	23	  	 	11	  	 	34	  	 	12	  	 	46	  	 	12	  	 	14	  	 	26	  	 	11	  	 	37	  	 	13	  	 	50	  	8	%	 	9	%	
																	
CONSUMER MEDICINES	  	 	3	  	 	2	  	 	5	  	 	1	  	 	6	  	 	—  	  	 	6	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	 	 	-100	%	

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

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

 	  	2006	  	2005	  	% Change	
 	  	Q4	  	Q4	  	Qtr vs. Qtr	
U.S Pharmaceuticals Net Sales	  			  			  		
				
U.S Pharmaceuticals Net Sales as Reported	  	$	1,501	  	$	2,220	  	-32%	
				
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	 	700 to 750	  	 	—  	  	—  	
	  	 	 	  	 	 	  	 	
U.S Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	$	2,201 to $2,251	  	$	2,220	  	-1% to 1%	

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

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

																					
  	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,532	 	 	$	4,889	 	 	$	4,767	 	 	$	5,019	 	 	$	19,207	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,165	 	 	$	3,406	 	 	$	3,284	 	 	$	3,424	 	 	$	13,279	 	
						
Specified items*	  	 	13	 	 	 	21	 	 	 	35	 	 	 	33	 	 	 	102	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin Excluding Specified Items	  	$	3,178	 	 	$	3,427	 	 	$	3,319	 	 	$	3,457	 	 	$	13,381	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin %	  				 				 				 				 				
Gross Margin %	  	 	69.8	%	 	 	69.7	%	 	 	68.9	%	 	 	68.2	%	 	 	69.1	%	
						
Specified items*	  	 	0.3	%	 	 	0.4	%	 	 	0.7	%	 	 	0.7	%	 	 	0.5	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin Excluding Specified Items	  	 	70.1	%	 	 	70.1	%	 	 	69.6	%	 	 	68.9	%	 	 	69.6	%	

*	Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.	

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

 	  	2006	
	  	Q1	  	Q2	  	Q3	  	Q4	  	TOTAL YEAR	
Research and Development Expenses	  	$	750	  	$	740	  	$	756	  	$	821	  	$	3,067	
						
Specified items*	  	 	18	  	 	1	  	 	17	  	 	49	  	 	85	

Research and Development Expenses Excluding Specified Items	  	$	732	  	$	739	  	$	739	  	$	772	  	$	2,982	

																
  	  	2005	
	  	Q1	  	Q2	  	Q3	  	Q4	  	TOTAL YEAR	
Research and Development Expenses	  	$	653	  	$	649	  	$	669	  	$	775	  	$	2,746	
						
Specified items*	  	 	36	  	 	1	  	 	—  	  	 	35	  	 	72	

Research and Development Expenses Excluding Specified Items	  	$	617	  	$	648	  	$	669	  	$	740	  	$	2,674	

*	Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.	

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

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

 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision/(Benefit) for Income Taxes	  	$	268	 	 	$	(21	)	 	$	507	 	 	$	178	 	 	$	932	 	
						
Specified items*	  	 	42	 	 	 	117	 	 	 	(202	)	 	 	52	 	 	 	9	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for Income Taxes Excluding Specified Items	  	$	310	 	 	$	96	 	 	$	305	 	 	$	230	 	 	$	941	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	928	 	 	$	1,130	 	 	$	1,626	 	 	$	832	 	 	$	4,516	 	
						
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,102	 	 	$	1,189	 	 	$	1,062	 	 	$	986	 	 	$	4,339	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate from Continuing Operations	  	 	28.9	%	 	 	-1.9	%	 	 	31.2	%	 	 	21.4	%	 	 	20.6	%	
						
Effective Tax Rate from Continuing Operations Excluding Specified Items	  	 	28.1	%	 	 	8.1	%	 	 	28.7	%	 	 	23.3	%	 	 	21.7	%	

*	Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.	

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

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

																					
  	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	928	 	 	$	1,130	 	 	$	1,626	 	 	$	832	 	 	$	4,516	 	
Specified items:	  				 				 				 				 				
Gain on sale of equity investment	  	 	(18	)	 	 	(9	)	 	 	—  	 	 	 	—  	 	 	 	(27	)	
Litigation matters	  	 	124	 	 	 	269	 	 	 	—  	 	 	 	197	 	 	 	590	 	
Insurance recoveries	  	 	—  	 	 	 	(295	)	 	 	(26	)	 	 	—  	 	 	 	(321	)	
Provision for restructuring / other	  	 	68	 	 	 	94	 	 	 	31	 	 	 	95	 	 	 	288	 	
Termination of muraglitizar agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(138	)	 	 	(138	)	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	—  	 	 	 	(569	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	174	 	 	 	59	 	 	 	(564	)	 	 	154	 	 	 	(177	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,102	 	 	$	1,189	 	 	$	1,062	 	 	$	986	 	 	$	4,339	 	

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

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

 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR *	 	
Diluted Earnings per Common Share from Continuing Operations	  	$	0.27	 	 	$	0.50	 	 	$	0.49	 	 	$	0.26	 	 	$	1.52	 	
						
Specified items:	  				 				 				 				 				
Gain on sale of equity investment	  	 	(0.01	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(0.01	)	
Litigation matters	  	 	0.05	 	 	 	0.10	 	 	 	—  	 	 	 	0.06	 	 	 	0.22	 	
Insurance recoveries	  	 	—  	 	 	 	(0.09	)	 	 	(0.01	)	 	 	—  	 	 	 	(0.10	)	
Provision for restructuring / other	  	 	0.03	 	 	 	0.03	 	 	 	0.02	 	 	 	0.03	 	 	 	0.10	 	
Termination of muraglitizar agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(0.04	)	 	 	(0.04	)	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(0.19	)	 	 	—  	 	 	 	(0.19	)	
Tax items	  	 	—  	 	 	 	(0.07	)	 	 	—  	 	 	 	—  	 	 	 	(0.07	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	0.07	 	 	 	(0.03	)	 	 	(0.18	)	 	 	0.05	 	 	 	(0.09	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	0.34	 	 	$	0.47	 	 	$	0.31	 	 	$	0.31	 	 	$	1.43	 	

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2006 AND 2005
($ in millions)
Three months ended December 31, 2006

 	  	Cost of
products sold	  	Research and
development	  	Provision for
restructuring, net	  	Litigation
settlement
(income)/
expense, net	 	 	Other expense	  	Total	 	
Litigation Matters:	  			  			  			  				 			  				
Pharmaceutical pricing and sales litigation	  	$	—  	  	$	—  	  	$	—  	  	$	353	 	 	$	—  	  	$	353	 	
Claim for damages	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	13	  	 	13	 	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	(7	)	 	 	—  	  	 	(7	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	346	 	 	 	13	  	 	359	 	
							
Other:	  			  			  			  				 			  				
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	220	  	 	220	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	53	  	 	—  	 	 	 	—  	  	 	53	 	
Accelerated depreciation and asset impairment	  	 	29	  	 	14	  	 	—  	  	 	—  	 	 	 	—  	  	 	43	 	
Milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	 	 	 	—  	  	 	35	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	
	  	$	29	  	$	49	  	$	53	  	$	346	 	 	$	233	  	 	710	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  				
Income taxes on items above	  			  			  			  				 			  	 	(196	)	
	  			  			  			  				 			  	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  				 			  	$	514	 	
	  			  			  			  				 			  	 	 	 	
Three months ended December 31, 2005

  	  	Cost of
products sold	  	Research and
development	  	Provision for
restructuring and
other items, net	  	Litigation
settlement
expense	  	Other income	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 				
Private litigation and governmental investigations	  	$	—  	  	$	—  	  	$	—  	  	$	185	  	$	—  	 	 	$	185	 	
Pharmaceutical pricing and sales litigation	  	 	—  	  	 	—  	  	 	—  	  	 	12	  	 	—  	 	 	 	12	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	197	  	 	—  	 	 	 	197	 	
							
Other:	  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	 	1	  	 	14	  	 	32	  	 	—  	  	 	—  	 	 	 	47	 	
Accelerated depreciation and asset impairment	  	 	27	  	 	12	  	 	—  	  	 	—  	  	 	—  	 	 	 	39	 	
Upfront and milestone payments	  	 	—  	  	 	9	  	 	—  	  	 	—  	  	 	—  	 	 	 	9	 	
Termination of muraglitazar agreement	  	 	5	  	 	—  	  	 	—  	  	 	—  	  	 	(143	)	 	 	(138	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	$	33	  	$	35	  	$	32	  	$	197	  	$	(143	)	 	 	154	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 	 	(52	)	
	  			  			  			  			  				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  			  				 	$	102	 	

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
($ in millions)
Twelve months ended December 31, 2006

   	 	Cost of
products
sold	 	Research and
development	 	Marketing, selling
and administrative	 	Provision for
restructuring, net	 	Litigation
settlement
(income)/
expense, net	 	 	Other expense	 	Gain on sale
of product
asset	 	 	Total	 	
Litigation Matters:	 			 			 			 			 				 			 				 				
Pharmaceutical pricing and sales litigation	 	$	—  	 	$	—  	 	$	—  	 	$	—  	 	$	353	 	 	$	—  	 	$	—  	 	 	$	353	 	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	11	 	 	—  	 	 	 	11	 	
Claim for damages	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	13	 	 	—  	 	 	 	13	 	
Commercial litigations	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(14	)	 	 	—  	 	 	—  	 	 	 	(14	)	
Insurance recovery	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(37	)	 	 	—  	 	 	—  	 	 	 	(37	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	302	 	 	 	24	 	 	—  	 	 	 	326	 	
									
Other:	 			 			 			 			 				 			 				 				
Debt retirement costs	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	220	 	 	—  	 	 	 	220	 	
Accelerated depreciation, asset impairment and contract termination	 	 	167	 	 	15	 	 	4	 	 	—  	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	186	 	
Upfront and milestone payments	 	 	—  	 	 	70	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	70	 	
Downsizing and streamlining of worldwide operations	 	 	—  	 	 	—  	 	 	—  	 	 	59	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	59	 	
Gain on sale of product asset	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	(200	)	 	 	(200	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	167	 	$	85	 	$	4	 	$	59	 	$	302	 	 	$	244	 	$	(200	)	 	 	661	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 				 			 				 	 	(149	)	
Change in estimate for taxes on prior year items	 			 			 			 			 				 			 				 	 	39	 	
	 			 			 			 			 				 			 				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	 			 			 			 			 				 			 				 	$	551	 	
	 			 			 			 			 				 			 				 	 	 	 	
Twelve months ended December 31, 2005

    	  	Cost of
products
sold	  	Research and
development	  	Provision for
restructuring, net	  	Gain
on sale of
business	 	 	Litigation
settlement
expense/
(income), net	 	 	Other (income)/
expense, net	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 				 				
Private litigations and governmental investigations	  	$	—  	  	$	—  	  	$	—  	  	$	—  	 	 	$	558	 	 	$	—  	 	 	$	558	 	
ERISA liability and other matters	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	20	 	 	 	—  	 	 	 	20	 	
Pharmaceutical pricing and sales litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	12	 	 	 	—  	 	 	 	12	 	
Insurance recoveries	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(321	)	 	 	—  	 	 	 	(321	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	269	 	 	 	—  	 	 	 	269	 	
Other:	  			  			  			  				 				 				 				
Accelerated depreciation and asset impairment	  	 	96	  	 	14	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	110	 	
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	69	 	 	 	69	 	
Downsizing and streamlining of worldwide operations	  	 	1	  	 	14	  	 	32	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	47	 	
Upfront and milestone payments	  	 	—  	  	 	44	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	44	 	
Loss on sale of fixed assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	18	 	 	 	18	 	
Gain on sale of equity investment	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(27	)	 	 	(27	)	
Termination of muraglitazar agreement	  	 	5	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(143	)	 	 	(138	)	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	—  	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	(569	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	102	  	$	72	  	$	32	  	$	(569	)	 	$	269	 	 	$	(83	)	 	 	(177	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 				 	 	126	 	
Adjustment to taxes on repatriation of foreign earnings	  			  			  			  				 				 				 	 	(135	)	
	  			  			  			  				 				 				 	 	 	 	
Increase to Net Earnings from Continuing Operations	  			  			  			  				 				 				 	$	(186	)	

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

 	  	March 31,
2005	  	June 30,
2005	  	September 30,
2005	  	December 31,
2005	  	March 31,
2006	  	June 30,
2006	  	September 30,
2006	  	December 31,
2006	 	
Cash, cash equivalents and marketable debt securities	  	$	5,982	  	$	3,040	  	$	3,781	  	$	5,799	  	$	5,281	  	$	5,357	  	$	5,505	  	$	4,013	 	
Short-term borrowings	  	 	244	  	 	292	  	 	277	  	 	231	  	 	234	  	 	189	  	 	630	  	 	187	 	
Long-term debt	  	 	8,326	  	 	6,008	  	 	5,895	  	 	8,364	  	 	8,278	  	 	8,239	  	 	7,837	  	 	7,275	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	
Net debt	  	$	2,588	  	$	3,260	  	$	2,391	  	$	2,796	  	$	3,231	  	$	3,071	  	$	2,962	  	$	3,449	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	
Receivables, net of allowances	  	$	3,647	  	$	3,315	  	$	3,305	  	$	3,378	  	$	3,236	  	$	3,326	  	$	2,945	  	$	3,247	 	
Stockholders’ equity	  	 	10,381	  	 	10,801	  	 	11,268	  	 	11,208	  	 	11,556	  	 	11,712	  	 	11,589	  	 	9,991	(1)	
Capital expenditures and capitalized software (for the quarter ended)	  	 	181	  	 	171	  	 	185	  	 	201	  	 	202	  	 	160	  	 	199	  	 	224	 	

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

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

 	  	Full Year 2007	
Projected Diluted Earnings per Common Share from Continuing Operations	  	$	1.12 to $1.22	
Projected Specified Items:	  			
Upfront and milestone payments	  	 	0.05	
Downsizing and streamlining of worldwide operations	  	 	0.03	
	  	 	 	
Total	  	 	0.08	
	  	 	 	
Projected Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	1.20 to $1.30	
	  	 	 	
Gross Margin/Tax Rate Projections Excluding Specified Items
Gross margin on a GAAP basis for the full year 2006 was 66.8%, which included specified items of $167 million and had a 0.9% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2006 gross margin was 67.7%. On a non-GAAP basis, based on historical trends in 2006 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See Gross Margin non comparable tab.
Research and development expenses on a GAAP basis for the full year 2006 were $3,067 million, which included specified items of $85 million. On a non-GAAP basis, 2006 research and development expenses were $2,982 million. On a non-GAAP basis, based on historical trends in 2006 the Company projects research and development expenses for the full year 2007 to increase in the upper single digit range compared to 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.
The effective tax rate on a GAAP basis in 2006 was 23.1%, which included specified items of $110 million, and had a 1.3% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, 2006 effective tax rate was 21.8%. On a non-GAAP basis, based on historical trends in 2006 the Company projects effective tax rate for the full year 2007 to be in line with the 2006 rate. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.
The GAAP results for the full year 2007 would include specified items that may occur and impact results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, 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 and restructuring activities. 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 2006, January 25, 2007, including “2007 Guidance” and “Use of Non-GAAP Financial Information” therein.

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
The following table sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and other products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended December 31, 2006 and 2005 and September 30, 2006 and 2005.

 	  	December 31, 2006	  	September 30, 2006	  	December 31, 2005	  	September 30, 2005	
	  	Net Sales	 	 	Months on Hand	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	
	  	(Dollars in Millions)	 	 	 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	  	 	
Abilify (total revenue)	  	$	294	 	 	0.5	  	$	260	  	0.5	  	$	175	  	0.6	  	$	214	  	0.9	
Avapro/Avalide	  	 	182	 	 	0.5	  	 	159	  	0.4	  	 	168	  	0.6	  	 	147	  	0.5	
Baraclude	  	 	18	 	 	0.7	  	 	14	  	0.6	  	 	4	  	0.7	  	 	2	  	1.2	
Cefzil	  	 	(5	)	 	21.7	  	 	1	  	29.2	  	 	46	  	0.7	  	 	27	  	0.7	
Coumadin	  	 	48	 	 	0.8	  	 	45	  	0.7	  	 	50	  	0.8	  	 	49	  	0.6	
Erbitux*	  	 	165	 	 	0.4	  	 	173	  	0.5	  	 	121	  	—  	  	 	106	  	—  	
Glucophage Franchise	  	 	16	 	 	0.7	  	 	20	  	0.7	  	 	29	  	0.7	  	 	38	  	0.7	
Kenalog	  	 	24	 	 	0.8	  	 	19	  	0.8	  	 	23	  	0.9	  	 	19	  	0.7	
Orencia**	  	 	31	 	 	0.4	  	 	34	  	0.8	  	 	—  	  	—  	  	 	—  	  	—  	
Paraplatin	  	 	6	 	 	5.8	  	 	5	  	1.5	  	 	5	  	0.9	  	 	9	  	1.1	
Plavix	  	 	343	 	 	0.6	  	 	474	  	1.5	  	 	906	  	0.6	  	 	833	  	0.4	
Pravachol	  	 	50	 	 	0.6	  	 	73	  	1.0	  	 	366	  	0.6	  	 	297	  	0.5	
Reyataz	  	 	144	 	 	0.7	  	 	129	  	0.5	  	 	110	  	0.5	  	 	105	  	0.6	
Sprycel	  	 	11	 	 	1.4	  	 	11	  	1.2	  	 	—  	  	—  	  	 	—  	  	—  	
Sustiva Franchise  (a)  (total revenue)	  	 	144	 	 	0.7	  	 	128	  	0.5	  	 	102	  	0.6	  	 	101	  	0.6	
Tequin	  	 	(10	)	 	—  	  	 	2	  	2.3	  	 	22	  	0.9	  	 	21	  	0.9	
Videx/Videx EC	  	 	2	 	 	1.1	  	 	3	  	0.9	  	 	7	  	0.9	  	 	7	  	1.1	
Zerit	  	 	19	 	 	0.9	  	 	19	  	0.7	  	 	21	  	0.8	  	 	24	  	0.8	
For all products other than Erbitux and Orencia, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third party data, which represent their own record-keeping processes and as such, may also reflect estimates.
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 31 days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

*	To help maintain the product quality of the Company’s biologic oncology product, Erbitux, the product was previously shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for Erbitux. Such wholesaler held Erbitux inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user.  Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler and thereafter did not have Erbitux consignment inventory.  Following the divestiture, the Company sold Erbitux to intermediaries (such as specialty oncology distributors) and shipped Erbitux directly to the end-users of the product who are the customers of those intermediaries.  Beginning in the third quarter 2006, the Company expanded its distribution model to one of the Company’s wholesalers who then held Erbitux inventory beginning with the quarter ended September 30, 2006.  The Company recognizes revenue upon such shipment consistent with its revenue recognition policy.  The above estimate of months on hand was calculated by dividing the inventories of Erbitux held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the outmovements of the product reported by that wholesaler over the last 31 day period, not the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process.	
 
**	Orencia was launched in February 2006. From launch through the second quarter, the Company distributed Orencia through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application (sBLA) that allows a third party to manufacture Orencia at an additional site, that arrangement recently terminated and the Company expanded its distribution network for Orencia to multiple distributors. The above estimates of months on hand were calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the outmovement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and outmovements reported by these distributors are a product of the distributors’ own record-keeping process.	
 
(a)	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICAL
AND WORLDWIDE NON-PHARMACEUTICAL PRODUCTS
The following table, which was posted on the Company’s website and furnished on Form 8-K on November 30, 2006, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended September 30, 2006 and 2005 and June 30, 2006 and 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

 	  	September 30, 2006	  	June 30, 2006	  	September 30, 2005	  	June 30, 2005	
 	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	  	Net Sales	  	Months on Hand	
 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	  	 	
International Pharmaceuticals	  			  		  			  		  			  		  			  		
Abilify (total revenue)	  	$	53	  	0.6	  	$	57	  	0.6	  	$	46	  	0.8	  	$	40	  	0.6	
Avapro/Avalide	  	 	118	  	0.5	  	 	113	  	0.5	  	 	104	  	0.5	  	 	101	  	0.4	
Baraclude	  	 	8	  	0.9	  	 	5	  	1.0	  	 	—  	  	—  	  	 	—  	  	—  	
Bufferin	  	 	28	  	0.5	  	 	31	  	0.5	  	 	31	  	0.6	  	 	32	  	1.0	
Capoten	  	 	28	  	0.8	  	 	31	  	0.9	  	 	38	  	0.9	  	 	42	  	0.8	
Dafalgan	  	 	35	  	1.1	  	 	37	  	1.1	  	 	34	  	1.3	  	 	33	  	0.8	
Efferalgan	  	 	62	  	0.9	  	 	62	  	0.9	  	 	66	  	1.1	  	 	55	  	0.5	
Maxipime	  	 	40	  	0.7	  	 	43	  	0.8	  	 	40	  	0.7	  	 	52	  	0.8	
Monopril	  	 	34	  	1.0	  	 	48	  	1.1	  	 	48	  	1.0	  	 	52	  	0.7	
Paraplatin	  	 	27	  	0.6	  	 	29	  	0.6	  	 	33	  	0.6	  	 	34	  	0.6	
Perfalgan	  	 	48	  	0.6	  	 	51	  	0.6	  	 	38	  	0.7	  	 	42	  	0.6	
Plavix	  	 	156	  	0.6	  	 	157	  	0.5	  	 	147	  	0.6	  	 	145	  	0.5	
Pravachol	  	 	119	  	0.7	  	 	195	  	1.4	  	 	230	  	0.8	  	 	272	  	0.7	
Reyataz	  	 	104	  	1.1	  	 	114	  	0.7	  	 	71	  	0.9	  	 	85	  	0.8	
Sustiva	  	 	73	  	0.5	  	 	78	  	0.5	  	 	69	  	0.6	  	 	70	  	0.6	
Taxol	  	 	135	  	0.6	  	 	145	  	0.5	  	 	171	  	0.5	  	 	182	  	0.5	
Videx/Videx EC	  	 	35	  	1.4	  	 	35	  	1.2	  	 	34	  	0.9	  	 	38	  	0.9	
Nutritionals	  			  		  			  		  			  		  			  		
Enfamil/Enfagrow	  	 	315	  	0.8	  	 	312	  	0.9	  	 	284	  	0.9	  	 	299	  	0.9	
Nutramigen	  	 	50	  	1.0	  	 	54	  	1.0	  	 	44	  	1.1	  	 	47	  	1.0	
Other Health Care	  			  		  			  		  			  		  			  		
ConvaTec	  			  		  			  		  			  		  			  		
Ostomy	  	 	139	  	0.9	  	 	141	  	1.0	  	 	139	  	0.9	  	 	139	  	0.9	
Wound Therapeutics	  	 	113	  	0.9	  	 	107	  	0.9	  	 	104	  	0.8	  	 	103	  	0.8	
Medical Imaging	  			  		  			  		  			  		  			  		
Cardiolite	  	 	97	  	0.8	  	 	105	  	0.8	  	 	106	  	0.8	  	 	108	  	0.7	
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 31 day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.