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): October 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 October 25, 2007, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2007. 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 October 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.

 	 	BRISTOL-MYERS SQUIBB COMPANY	
			
Dated: October 25, 2007	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President and General Counsel	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of Bristol-Myers Squibb Company dated October 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	 		 	Suketu Desai	
	  	Communications	 		 	Investor Relations	
	  	212-546-4824	 		 	609-252-5796	
	  	jeffrey.macdonald@bms.com	 		 	suketu.desai@bms.com	
BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE THIRD
QUARTER AND FIRST NINE MONTHS OF 2007
 
 	•	 	Posts Third Quarter 2007 GAAP EPS Growth to $0.43 from $0.17 and Non-GAAP EPS Growth to $0.38 from $0.22	
 
 	•	 	Revises 2007 Full-Year GAAP Guidance to $1.28 to $1.33, from $1.35 to $1.45, in Connection with the Adnexus Acquisition During the Fourth Quarter	
 
 	•	 	Raises 2007 Full-Year Non-GAAP EPS Guidance of $1.42 to $1.47	
 
 	•	 	Reaffirms 2008 Full-Year EPS Estimate of $1.60 to $1.70, Subject to Certain Assumptions	
 
 	•	 	Receives U.S. Approval for New Breast Cancer Treatment IXEMPRA ® (ixabepilone)	
(NEW YORK, October 25, 2007) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the third quarter and nine months ended September 30, 2007 and updated earnings guidance for the full year.
Bristol-Myers Squibb posted third quarter 2007 net sales of $5.1 billion, an increase of 22% over the same period in 2006. The company reported third quarter 2007 net earnings of $858 million, or $0.43 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $338 million, or $0.17 per diluted share for the same period in 2006. The 2007 results include a one-time pre-tax gain of $247 million ($144 million net of tax, or $0.07 per diluted share) on the sale of the BUFFERIN ® and EXCEDRIN ® brands in Japan. On a non-GAAP basis excluding specified items, third
 
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quarter 2007 net earnings were $764 million, or $0.38 per diluted share, compared to $438 million, or $0.22 per diluted share for the same period in 2006. The increase in net earnings in 2007 as compared to 2006 is due to strong sales growth of key and newer products in 2007 and reflects the adverse impact of generic competition for PLAVIX ® in the third quarter of 2006.
“We remain focused on developing breakthrough medicines for patients worldwide, while also delivering shareholder value,” said James M. Cornelius, chief executive officer, Bristol-Myers Squibb. “We’re making significant progress in identifying ways to operate more efficiently and reduce costs companywide as we maintain investments in our productive pipeline, which continues to yield important new therapies, including the recent addition of IXEMPRA ® for breast cancer. We’re also boosting our presence in biologics with the announced acquisition of Adnexus Therapeutics. Our key products continue to demonstrate solid growth as we move forward with the transformation of our pharmaceutical business to help even more people prevail in their fight against serious diseases.”
For the nine months ended September 30, 2007, net sales increased 5%, including a 2% favorable foreign exchange impact, to $14.5 billion compared to the same period in 2006. Net earnings in the first nine months of 2007 on a GAAP basis were $2.3 billion, or $1.14 per diluted share, compared to $1.7 billion, or $0.88 per diluted share for the same period last year. On a non-GAAP basis, excluding specified items, Bristol-Myers Squibb reported net earnings of $2.2 billion, or $1.13 per diluted share for the nine months ended September 30, 2007, compared to $1.8 billion, or $0.89 per diluted share for the same period last year.
NEW PRODUCT AND PIPELINE DEVELOPMENTS
In October, the U.S. Food and Drug Administration (FDA) granted approval of IXEMPRA™ (ixabepilone) as monotherapy for the treatment of patients with metastatic or locally advanced breast cancer in patients whose tumors are resistant or refractory to anthracyclines, taxanes and capecitabine. The FDA has also granted approval of IXEMPRA™ in combination with capecitabine for the treatment of patients with metastatic or locally advanced breast cancer resistant to treatment with an anthracycline, and a taxane, or whose cancer is taxane resistant and for whom further anthracycline therapy is contraindicated. In September, the company submitted a Marketing Application Authorization (MAA) for ixabepilone to the European Medicines Evaluation Agency (EMEA).
 
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In October, ATRIPLA™ was approved in Canada as the first once-daily single-tablet regimen for the treatment of HIV-1 infection in adults. In addition, the Committee for Medicinal Products for Human Use (CHMP) of the EMEA issued a positive opinion on the MAA for ATRIPLA™.
In October, the company, ImClone and Merck KGaA entered into an agreement for the co-development and co-commercialization of ERBITUX ® in Japan. Under the terms of the agreement, the parties will collaborate on a joint effort to develop and market ERBITUX ® in Japan for the treatment of metastatic colorectal cancer, as well as for the treatment of other cancers the parties agree to pursue. ERBITUX ® was submitted to the Japanese Pharmaceuticals and Medical Devices Agency for approval in February 2007.
In October, the company acquired privately held Adnexus Therapeutics, Inc. (Adnexus), developer of a new therapeutic class of biologics called ADNECTINS™. ADNECTINS™ are a proprietary class of targeted biologics based on a naturally occurring protein found in human serum. The company expects to record an in-process research and development charge in connection with the acquisition in the fourth quarter.
In September, ImClone Systems Incorporated (ImClone) and the company announced that a Phase III study of ERBITUX ® in combination with platinum-based chemotherapy, conducted by Merck KGaA, met its primary endpoint of increasing overall survival compared with chemotherapy alone in patients with advanced non-small cell lung cancer. As previously disclosed, an earlier study conducted by ImClone and the company evaluating the use of ERBITUX ® in combination with a different platinum-based therapy did not meet its primary endpoint of increasing progression free survival in patients with advanced non-small cell lung cancer. Key secondary endpoints of this study, however, were statistically significant and favored the ERBITUX ® -containing arm.
In August, the European Commission approved an update to the SPRYCEL TM label to include 100 mg once daily, from 70 mg twice daily, as a starting dose for patients with chronic phase chronic myeloid leukaemia resistant or intolerant to imatinib. The FDA is reviewing a sNDA on the 100 mg starting dose, with a target action date in mid-November.
In August, the FDA accepted, for filing and review, the supplemental biologics license application for ORENCIA ® for the treatment of pediatric patients with juvenile idiopathic arthritis.
 
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The company remains in discussions with the FDA regarding vinflunine. Based on FDA feedback, the company does not expect to file a New Drug Application for the treatment of bladder cancer.
THIRD QUARTER RESULTS
 
•	 	Third quarter 2007 net sales increased 22% to $5.1 billion, including a 3% favorable foreign exchange impact compared to the same period in 2006. U.S. net sales increased 35% to $3.0 billion for the quarter compared to 2006, primarily due to increased PLAVIX ® sales, as well as the continued growth of key and newer products. International net sales increased 7% to $2.1 billion, including a 6% favorable foreign exchange impact.	
 
•	 	Cost of products sold, as a percentage of net sales, decreased to 32.1% in the third quarter of 2007 compared to 35.3% in the same period in 2006. The margin improvement was due primarily to impairment charges recorded in 2006 in addition to sales growth of higher margin products in 2007.	
 
•	 	Marketing, selling and administrative expenses increased by 2% to $1.2 billion in the third quarter of 2007 compared to the same period in 2006, primarily due to foreign exchange impact.	
 
•	 	Advertising and product promotion spending increased by 23% to $351 million in the third quarter of 2007 from $286 million in the same period in 2006, driven primarily by increased spending for direct-to-consumer advertising for PLAVIX ® and ABILIFY ® , as well as investments to support the launch of IXEMPRA.	
 
•	 	Research and development expenses increased 9% to $827 million in the third quarter of 2007 from $756 million in the same period in 2006. This increase primarily reflects higher licensing up-front payments and continued investments in late-stage compounds, partially offset by sharing of co-development costs with alliance partners AstraZeneca PLC and Pfizer Inc.	
 
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INCOME TAXES
The effective income tax rate on earnings before minority interest and income taxes was 24.2% in the third quarter of 2007 compared to 31.3% in the third quarter of 2006. The 2006 effective tax rate included a $39 million change in estimate on a prior year specified item.
SPECIFIED ITEMS
In the three months ended September 30, 2007 and 2006, the company recorded specified income and expense items that affected the comparability of the results. For information on specified items, see 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 increased 24% to $3.9 billion in the third quarter of 2007, including a 3% favorable foreign exchange impact, compared to the same period in 2006.
U.S. pharmaceutical sales increased 42% to $2.3 billion in the third quarter of 2007 compared to the same period in 2006, primarily due to increased PLAVIX ® sales, as well as the continued growth of key products and sales of newer products ORENCIA ® , BARACLUDE ® and SPRYCEL ™ .
International pharmaceutical sales increased 6% to $1.6 billion in the third quarter of 2007 compared to the same period in 2006, due to a favorable 6% foreign exchange impact. Sales growth in ABILIFY ® and newer products BARACLUDE ® and SPRYCEL ™ was offset by increased generic competition for PRAVACHOL ® and TAXOL ® . The company’s reported international sales do not include copromotion sales reported by its alliance partner, sanofi-aventis, for PLAVIX ® and AVAPRO ® /AVALIDE ® , which continue to show growth in the third quarter of 2007.
 
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Product Sales
 
•	 	Sales of PLAVIX ® , a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, increased 99%, including a 2% favorable foreign exchange impact, to $1,254 million in the third quarter of 2007 from $630 million in the same period in 2006. Sales of PLAVIX ® increased 128% in the U.S. in the third quarter of 2007 to $1,080 million from $474 million in the same period in 2006. The comparison to the third quarter 2006 sales reflects the adverse impact of generic competition for PLAVIX ® in 2006, which the company estimates to be in the range of $525 million to $600 million. Estimated total U.S. prescription demand for clopidogrel bisulfate (branded and generic) increased by 7% in the third quarter of 2007 compared to 2006. Estimated total U.S. prescription demand for branded PLAVIX ® increased by 86% in the same period.	
 
•	 	Sales of AVAPRO ® /AVALIDE ® , an angiotensin II receptor blocker for the treatment of hypertension, also part of the sanofi-aventis alliance, increased 12%, including a 3% favorable foreign exchange impact, to $309 million in the third quarter of 2007 from $277 million in the same period in 2006. U.S. sales increased 11% to $176 million in the third quarter of 2007 from $159 million in the same period in 2006, primarily due to higher average net selling prices. Estimated total U.S. prescription demand decreased approximately 4% compared to 2006. International sales increased 13%, including a 7% favorable foreign exchange impact, to $133 million compared to $118 million in the same period in 2006.	
 
•	 	Total revenue for ABILIFY ® , an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 34%, including a 2% favorable foreign exchange impact, to $420 million in the third quarter of 2007 from $313 million in the same period in 2006. U.S. sales increased 27% to $329 million in the third quarter 2007 from $260 million in the same period in 2006, primarily due to higher demand and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 10% compared to the same period last year. International sales increased 72%, including a 12% favorable foreign exchange impact, to $91 million in the third quarter of 2007 from $53 million in the same period in 2006, due to continued growth across European markets. 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.	
 
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•	 	Sales of REYATAZ ® , a protease inhibitor for the treatment of human immunodeficiency virus (HIV), increased 17%, including a 3% favorable foreign exchange impact, to $273 million in the third quarter of 2007 from $233 million in the same period in 2006. U.S. sales increased 9% to $141 million in the third quarter of 2007 from $129 million in the same period in 2006, primarily due to higher demand. Estimated total U.S. prescription demand increased approximately 10% compared to 2006. International sales increased 27%, including a 7% favorable foreign exchange impact, to $132 million in the third quarter of 2007 from $104 million in the same period in 2006.	
 
•	 	Sales of ERBITUX ® , which is sold by the company almost exclusively in the U.S., increased 6% to $185 million in the third quarter of 2007 from $175 million in the same period in 2006, due to the continued transition to an open distribution model. ERBITUX ® sales increased 14% in the third quarter of 2007 compared to the second quarter of 2007, due to growth in the use for head and neck cancer as well as the continued rebound of the use for colorectal cancer. ERBITUX ® is marketed by the company under a distribution and copromotion agreement with ImClone.	
 
•	 	Sales of the SUSTIVA ® Franchise, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 18%, including a 3% favorable foreign exchange impact, to $237 million in the third quarter of 2007 from $201 million in the same period in 2006. U.S. sales increased 18% to $151 million in the third quarter of 2007 from $128 million in the same period in 2006, primarily due to higher demand. Estimated total U.S. prescription growth increased approximately 19% compared to 2006. International sales increased 18%, including a 8% favorable foreign exchange impact, to $86 million in the third quarter of 2007 from $73 million in the same period in 2006. 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 in the U.S. and Canada with Gilead Sciences, Inc.	
 
•	 	Sales of BARACLUDE ® , an oral antiviral agent for the treatment of chronic hepatitis B, increased to $72 million in the third quarter of 2007 from $22 million in the same period in 2006, due to continued growth across all markets.	
 
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•	 	Sales of ORENCIA ® , a fusion protein indicated for adult patients with moderate to severe rheumatoid arthritis launched in 2006, increased 76%, including a 1% favorable foreign exchange impact, to $60 million, in the third quarter of 2007 from $34 million in the same period in 2006.	
 
•	 	Sales for SPRYCEL ™ , an oral inhibitor of multiple tyrosine kinases, increased to $46 million in the third quarter of 2007 from $11 million in the same period in 2006. This was due to launches in international markets beginning in the fourth quarter of 2006 and the continued growth in the U.S.	
HEALTH CARE GROUP
The combined third quarter 2007 revenues from the Health Care Group increased 12%, including a 4% favorable foreign exchange impact, to $1.1 billion compared to the same period in 2006.
Nutritionals
 
•	 	Worldwide Nutritional sales increased 16%, including a 4% favorable foreign exchange impact, to $675 million in the third quarter of 2007 from $582 million in the same period in 2006. U.S. Nutritional sales increased 14% to $304 million in the third quarter of 2007, primarily due to the timing of contract transitions under the Women, Infants and Children (WIC) program. International Nutritional sales increased 18% to $371 million in the third quarter of 2007, including a 7% favorable foreign exchange impact, primarily due to strong infant formula sales and broad-based growth in Asia.	
Other Health Care
 
•	 	Worldwide ConvaTec sales increased 10%, including a 5% favorable foreign exchange impact, to $292 million in the third quarter of 2007 from $265 million in the same period in 2006. Sales of wound therapeutic products increased 12%, including a 5% favorable foreign exchange impact, to $126 million in the third quarter of 2007 from $113 million in the same period in 2006, primarily due to continued growth of AQUACEL ® .	
 
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•	 	Worldwide Medical Imaging sales increased 3%, including a 1% favorable foreign exchange impact, to $157 million in the third quarter of 2007 from $153 million in the same period in 2006. CARDIOLITE ® sales increased 2% to $99 million from the same period in 2006.	
OUTLOOK FOR 2007 AND 2008
Bristol-Myers Squibb revises its 2007 earnings guidance for fully diluted earnings per share on a GAAP basis to be between $1.28 and $1.33 from $1.35 to $1.45. The revised GAAP guidance reflects a fourth quarter charge for in-process research and development related to the company’s recent acquisition of Adnexus. The guidance does not include restructuring and other charges that cannot be reasonably estimated at this time in connection with the company’s comprehensive cost reduction programs, including charges related to workforce reductions and the rationalization of some facilities. While the amount and timing of these charges cannot be reasonably estimated at this time, the company expects that the charges are likely to be incurred over the next three years and are reasonably likely to be material.
The company raises its 2007 fully diluted earnings per share guidance on a non-GAAP basis to be between $1.42 and $1.47 from $1.35 to $1.45. The non-GAAP guidance 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 continues to estimate its 2008 earnings per share guidance on a fully diluted basis to be between $1.60 and $1.70, subject to certain assumptions, and excluding the impact of restructuring and other charges related to the company’s comprehensive cost reduction programs discussed above and specified items discussed below. This guidance assumes, compared to 2007:
 
 	•	 	mid to high single-digit revenue growth primarily from new and in-line products, partially offset by the decline of mature brands;	
 
 	•	 	slight improvement in gross margin;	
 
 	•	 	mid single-digit growth in research and development costs;	
 
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 	•	 	all other operating expenses flat; and	
 
 	•	 	effective tax rate will increase to the range of 22% to 24% in part due to a one-time benefit in 2007.	
The financial guidance for 2008 further assumes no significant acquisitions or divestitures and that the company and its product partner, sanofi-aventis, maintain exclusivity for the PLAVIX ® patent through at least 2008.
Further, the 2008 guidance excludes other specified items such as gains or losses from sale of businesses and product lines; from sale 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; and significant tax events.
As previously disclosed, the composition of matter patent for PLAVIX ® , which expires in 2011, is subject to litigation in the U.S. with Apotex Inc. and Apotex Corp. (Apotex). Apotex’s appeal of the U.S. District Court decision upholding the validity and enforceability of the main patent protection for PLAVIX ® is still pending before the U.S. Court of Appeals for the Federal Circuit. Activities relating to the damages phase of the litigation in the U.S. District Court continue to proceed.
Even though the company and its alliance partner, sanofi-aventis, prevailed in the U.S. District Court, if Apotex were to prevail on appeal, the company could 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 its alliance partner, 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 appeal by Apotex of the patent litigation 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.
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; co promotion 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. 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 to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for 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, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appeal of the District court’s decision in the PLAVIX ® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its comprehensive cost reduction programs, 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.
 
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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 October 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 web cast 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, Communications, Jeff Macdonald, 212-546-4824, Communications, John Elicker, 212-546-3775, Investor Relations, or Suketu Desai, 609-252-5796, Investor Relations.
# # #
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone Systems Incorporated
 
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BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(Unaudited, dollars in millions)

 	  	Three Months
Ended September 30,	  	Nine Months Ended
September 30,	
 	  	2007	  	2006	  	2007	  	2006	
Pharmaceuticals	  	$	3,926	  	$	3,154	  	$	11,234	  	$	10,713	
Nutritionals	  	 	675	  	 	582	  	 	1,901	  	 	1,729	
Other Health Care	  	 	449	  	 	418	  	 	1,319	  	 	1,259	
	  	 	 	  	 	 	  	 	 	  	 	 	
Health Care Group	  	 	1,124	  	 	1,000	  	 	3,220	  	 	2,988	
	  	 	 	  	 	 	  	 	 	  	 	 	
Net Sales	  	$	5,050	  	$	4,154	  	$	14,454	  	$	13,701	

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BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2007 compared to the three and nine months ended September 30, 2006. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	 	  	 	  	 	 	 	 	  	 	  	 	 	 	% Change in U.S. Total	 	
 	  	2007	  	2006	  	% Change	 	 	2007	  	2006	  	% Change	 	 	Prescriptions vs. 2006	 	
Three Months Ended September 30,	  			  			  			 			  			  			 			
								
Pharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	1,254	  	$	630	  	99	%	 	$	1,080	  	$	474	  	128	%	 	86	%	
Pravachol	  	 	86	  	 	192	  	(55	)%	 	 	17	  	 	73	  	(77	)%	 	(77	)%	
Avapro/Avalide	  	 	309	  	 	277	  	12	%	 	 	176	  	 	159	  	11	%	 	(4	)%	
Coumadin	  	 	50	  	 	53	  	(6	)%	 	 	40	  	 	45	  	(11	)%	 	(15	)%	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	273	  	 	233	  	17	%	 	 	141	  	 	129	  	9	%	 	10	%	
Sustiva Franchise (total revenue)	  	 	237	  	 	201	  	18	%	 	 	151	  	 	128	  	18	%	 	19	%	
Baraclude	  	 	72	  	 	22	  	*	*	 	 	22	  	 	14	  	57	%	 	71	%	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	185	  	 	175	  	6	%	 	 	183	  	 	173	  	6	%	 	N/A	 	
Taxol	  	 	102	  	 	137	  	(26	)%	 	 	1	  	 	2	  	(50	)%	 	N/A	 	
Sprycel	  	 	46	  	 	11	  	*	*	 	 	17	  	 	11	  	55	%	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 			  			  			 			
Abilify (total revenue)	  	 	420	  	 	313	  	34	%	 	 	329	  	 	260	  	27	%	 	10	%	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	60	  	 	34	  	76	%	 	 	57	  	 	34	  	68	%	 	N/A	 	
Other Pharmaceuticals	  			  			  			 			  			  			 			
Efferalgan	  	 	71	  	 	62	  	15	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 			  			  			 			
Enfamil	  	 	281	  	 	246	  	14	%	 	 	195	  	 	169	  	15	%	 	N/A	 	
Enfagrow	  	 	74	  	 	69	  	7	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 			  			  			 			
Ostomy	  	 	147	  	 	139	  	6	%	 	 	42	  	 	39	  	8	%	 	N/A	 	
Wound Therapeutics	  	 	126	  	 	113	  	12	%	 	 	38	  	 	36	  	6	%	 	N/A	 	
Cardiolite	  	 	99	  	 	97	  	2	%	 	 	88	  	 	86	  	2	%	 	N/A	 	

**	Change is in excess of 200%.	
 
15

(Continued)

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	 	  	 	  	 	 	 	 	  	 	  	 	 	 	% Change in U.S. Total	 	
 	  	2007	  	2006	  	% Change	 	 	2007	  	2006	  	% Change	 	 	Prescriptions vs. 2006	 	
Nine Months Ended September 30,	  			  			  			 			  			  			 			
								
Pharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	3,381	  	$	2,761	  	22	%	 	$	2,882	  	$	2,312	  	25	%	 	6	%	
Pravachol	  	 	353	  	 	1,051	  	(66	)%	 	 	121	  	 	503	  	(76	)%	 	(82	)%	
Avapro/Avalide	  	 	876	  	 	790	  	11	%	 	 	509	  	 	465	  	9	%	 	(3	)%	
Coumadin	  	 	148	  	 	163	  	(9	)%	 	 	121	  	 	138	  	(12	)%	 	(16	)%	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	790	  	 	676	  	17	%	 	 	422	  	 	370	  	14	%	 	13	%	
Sustiva Franchise (total revenue)	  	 	696	  	 	569	  	22	%	 	 	442	  	 	351	  	26	%	 	23	%	
Baraclude	  	 	176	  	 	47	  	*	*	 	 	59	  	 	32	  	84	%	 	86	%	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	507	  	 	485	  	5	%	 	 	501	  	 	481	  	4	%	 	N/A	 	
Taxol	  	 	308	  	 	433	  	(29	)%	 	 	9	  	 	10	  	(10	)%	 	N/A	 	
Sprycel	  	 	102	  	 	11	  	*	*	 	 	41	  	 	11	  	*	*	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 			  			  			 			
Abilify (total revenue)	  	 	1,198	  	 	920	  	30	%	 	 	944	  	 	758	  	25	%	 	12	%	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	156	  	 	57	  	174	%	 	 	150	  	 	57	  	163	%	 	N/A	 	
Other Pharmaceuticals	  			  			  			 			  			  			 			
Efferalgan	  	 	221	  	 	192	  	15	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 			  			  			 			
Enfamil	  	 	802	  	 	736	  	9	%	 	 	543	  	 	498	  	9	%	 	N/A	 	
Enfagrow	  	 	216	  	 	195	  	11	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 			  			  			 			
Ostomy	  	 	427	  	 	403	  	6	%	 	 	117	  	 	114	  	3	%	 	N/A	 	
Wound Therapeutics	  	 	352	  	 	318	  	11	%	 	 	106	  	 	100	  	6	%	 	N/A	 	
Cardiolite	  	 	304	  	 	305	  	—  	 	 	 	267	  	 	268	  	—  	 	 	N/A	 	

**	Change is in excess of 200%.	
 
16

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended September 30,	 	 	Nine Months
Ended September 30,	 	
 	  	2007	 	 	2006	 	 	2007	 	 	2006	 	
Net Sales	  	$	5,050	 	 	$	4,154	 	 	$	14,454	 	 	$	13,701	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,622	 	 	 	1,465	 	 	 	4,563	 	 	 	4,509	 	
Marketing, selling and administrative	  	 	1,214	 	 	 	1,189	 	 	 	3,581	 	 	 	3,608	 	
Advertising and product promotion	  	 	351	 	 	 	286	 	 	 	988	 	 	 	933	 	
Research and development	  	 	827	 	 	 	756	 	 	 	2,412	 	 	 	2,246	 	
Provision for restructuring, net	  	 	—  	 	 	 	2	 	 	 	44	 	 	 	6	 	
Litigation (income)/expense, net	  	 	—  	 	 	 	(9	)	 	 	14	 	 	 	(44	)	
Gain on sale of product assets	  	 	(247	)	 	 	—  	 	 	 	(273	)	 	 	(200	)	
Equity in net income of affiliates	  	 	(139	)	 	 	(118	)	 	 	(393	)	 	 	(336	)	
Other expense/(income), net (a)	  	 	11	 	 	 	(34	)	 	 	33	 	 	 	59	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	3,639	 	 	 	3,537	 	 	 	10,969	 	 	 	10,781	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes	  	 	1,411	 	 	 	617	 	 	 	3,485	 	 	 	2,920	 	
Provision for income taxes	  	 	342	 	 	 	193	 	 	 	685	 	 	 	777	 	
Minority interest, net of taxes	  	 	211	 	 	 	86	 	 	 	546	 	 	 	424	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	$	858	 	 	$	338	 	 	$	2,254	 	 	$	1,719	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Common Share	  				 				 				 				
Basic	  	$	.43	 	 	$	.17	 	 	$	1.15	 	 	$	.88	 	
Diluted	  	$	.43	 	 	$	.17	 	 	$	1.14	 	 	$	.88	 	
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,974	 	 	 	1,961	 	 	 	1,968	 	 	 	1,959	 	
Diluted	  	 	2,012	 	 	 	1,992	 	 	 	2,005	 	 	 	1,991	 	

(a)    Other expense/(income), net	  				 				 				 				
Interest expense	  	$	109	 	 	$	130	 	 	$	325	 	 	$	370	 	
Interest income	  	 	(69	)	 	 	(74	)	 	 	(184	)	 	 	(201	)	
Foreign exchange transaction (gains)/losses	  	 	24	 	 	 	(11	)	 	 	27	 	 	 	—  	 	
Other, net	  	 	(53	)	 	 	(79	)	 	 	(135	)	 	 	(110	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	11	 	 	$	(34	)	 	$	33	 	 	$	59	 	

17

APPENDIX 1
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(Unaudited, dollars in millions)
Three months ended September 30, 2007

 	  	Cost of
products sold	  	Research and
development	  	Gain on sale of
product assets	 	 	Other
(income)/expense,
net	 	 	Total	 	
Litigation Matters:	  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	 	 	$	(11	)	 	$	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	 	 	 	5	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	 	 	 	(6	)	 	 	(6	)	
						
Other:	  			  			  				 				 				
Upfront and milestone payments	  	 	—  	  	 	60	  	 	—  	 	 	 	—  	 	 	 	60	 	
Accelerated depreciation and asset impairment	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	(247	)	 	 	—  	 	 	 	(247	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	17	  	$	60	  	$	(247	)	 	$	(6	)	 	 	(176	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  				 				 	 	82	 	
	  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  				 				 	$	(94	)	
	  			  			  				 				 	 	 	 	
Three months ended September 30, 2006

 	  	Cost of
products sold	  	Research and
development	  	Provision for
restructuring,
net	  	Litigation
income	 	 	Other
(income)/
expense, net	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	(9	)	 	$	—  	 	 	$	(9	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  				 	 	11	 	 	 	11	 	
Commercial litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(40	)	 	 	(40	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	(9	)	 	 	(29	)	 	 	(38	)	
							
Other:	  			  			  			  				 				 				
Accelerated depreciation and asset impairment	  	 	72	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	72	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	2	  				 	 	—  	 	 	 	2	 	
Upfront and milestone payments	  	 	—  	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	72	  	$	17	  	$	2	  	$	(9	)	 	$	(29	)	 	 	53	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 	 	(5	)	
Minority interest, net of taxes	  			  			  			  				 				 	 	13	 	
Change in estimate for taxes on prior year items	  			  			  			  				 				 	 	39	 	
	  			  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  				 				 	$	100	 	

18

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER, 2007 AND 2006
(Unaudited, dollars in millions)
Nine months ended September 30, 2007

 	  	Cost of
products sold	  	Research and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Gain on
sale of
product
assets	 	 	Total	 	
Litigation Matters:	  			  			  			  			  			 				 				
Litigation settlement	  	$	—  	  	$	—  	  	$	—  	  	$	14	  	—  	 	 	$	—  	 	 	$	14	 	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	(11	)	 	 	—  	 	 	 	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	5	 	 	 	—  	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	14	  	(6	)	 	 	—  	 	 	 	8	 	
								
Other:	  			  			  			  			  			 				 				
Upfront and milestone payments	  	 	—  	  	 	157	  	 	—  	  	 	—  	  	—  	 	 	 	—  	 	 	 	157	 	
Accelerated depreciation and asset impairment	  	 	46	  	 	—  	  	 	—  	  	 	—  	  	—  	 	 	 	—  	 	 	 	46	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	44	  	 	—  	  	—  	 	 	 	—  	 	 	 	44	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	—  	 	 	 	(273	)	 	 	(273	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	
	  	$	46	  	$	157	  	$	44	  	$	14	  	(6	)	 	$	(273	)	 	 	(18	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  			  			 				 	 	37	 	
Change in estimate for taxes on a prior year specified item	  			  			  			  			  			 				 	 	(39	)	
	  			  			  			  			  			 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  			  			 				 	$	(20	)	
	  			  			  			  			  			 				 	 	 	 	
Nine months ended September 30, 2006

 	  	Cost of
products sold	  	Research and
development	  	Marketing,
selling and
admin	  	Provision for
restructuring,
net	  	Litigation
income	 	 	Other
(income)/
expense,
net	  	Gain on
sale of
product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 			  				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	—  	  	$	(30	)	 	$	—  	  	$	—  	 	 	$	(30	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	  	 	—  	 	 	 	11	 	
Commercial litigations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	—  	  	 	—  	 	 	 	(14	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(44	)	 	 	11	  	 	—  	 	 	 	(33	)	
Other:	  			  			  			  			  				 			  				 				
Accelerated depreciation, asset impairment and contract termination	  	 	138	  	 	1	  	 	4	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	143	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	6	  	 	—  	 	 	 	—  	  	 	—  	 	 				
	  			  			  			  			  				 			  				 	 	6	 	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	35	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	138	  	$	36	  	$	4	  	$	6	  	$	(44	)	 	$	11	  	$	(200	)	 	 	(49	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 			  				 	 	47	 	
Change in estimate for taxes on prior year items	  			  			  			  			  				 			  				 	 	39	 	
	  			  			  			  			  				 			  				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  			  				 			  				 	$	37	 	

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

 	  	2006	 	 	2007	  	% Change	 	
Net Sales	  	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	  	$	3,700	 	 	$	3,859	 	 	$	7,559	 	 	$	3,154	 	 	$	10,713	 	 	$	3,148	 	 	$	13,861	 	 	$	3,457	 	 	$	3,851	 	 	$	7,308	 	 	$	3,926	 	 	$	11,234	 	 		  		  	24	%	 	5	%	
US Pharmaceuticals	  	 	2,064	 	 	 	2,197	 	 	 	4,261	 	 	 	1,609	 	 	 	5,870	 	 	 	1,501	 	 	 	7,371	 	 	 	1,932	 	 	 	2,235	 	 	 	4,167	 	 	 	2,295	 	 	 	6,462	 	 		  		  	43	%	 	10	%	
Primary Care	  	 	1,409	 	 	 	1,441	 	 	 	2,850	 	 	 	819	 	 	 	3,669	 	 	 	648	 	 	 	4,317	 	 	 	1,090	 	 	 	1,344	 	 	 	2,434	 	 	 	1,363	 	 	 	3,797	 	 		  		  	66	%	 	3	%	
Oncology/Virology	  	 	419	 	 	 	458	 	 	 	877	 	 	 	494	 	 	 	1,371	 	 	 	525	 	 	 	1,896	 	 	 	504	 	 	 	511	 	 	 	1,015	 	 	 	539	 	 	 	1,554	 	 		  		  	9	%	 	13	%	
Neuroscience	  	 	231	 	 	 	280	 	 	 	511	 	 	 	262	 	 	 	773	 	 	 	297	 	 	 	1,070	 	 	 	298	 	 	 	327	 	 	 	625	 	 	 	336	 	 	 	961	 	 		  		  	28	%	 	24	%	
Immunoscience	  	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	 	57	 	 	 	31	 	 	 	88	 	 	 	40	 	 	 	53	 	 	 	93	 	 	 	57	 	 	 	150	 	 		  		  	68	%	 	163	%	
Europe and Middle East Medicines	  	 	1,024	 	 	 	1,000	 	 	 	2,024	 	 	 	886	 	 	 	2,910	 	 	 	934	 	 	 	3,844	 	 	 	916	 	 	 	939	 	 	 	1,855	 	 	 	944	 	 	 	2,799	 	 		  		  	7	%	 	-4	%	
Latin America/Canada	  	 	288	 	 	 	303	 	 	 	591	 	 	 	300	 	 	 	891	 	 	 	306	 	 	 	1,197	 	 	 	297	 	 	 	311	 	 	 	608	 	 	 	331	 	 	 	939	 	 		  		  	10	%	 	5	%	
Asia/Pacific Medicines	  	 	279	 	 	 	320	 	 	 	599	 	 	 	318	 	 	 	917	 	 	 	349	 	 	 	1,266	 	 	 	289	 	 	 	333	 	 	 	622	 	 	 	319	 	 	 	941	 	 		  		  	—  	 	 	3	%	
Health Care Group	  	 	976	 	 	 	1,012	 	 	 	1,988	 	 	 	1,000	 	 	 	2,988	 	 	 	1,065	 	 	 	4,053	 	 	 	1,019	 	 	 	1,077	 	 	 	2,096	 	 	 	1,124	 	 	 	3,220	 	 		  		  	12	%	 	8	%	
Nutritionals	  	 	565	 	 	 	582	 	 	 	1,147	 	 	 	582	 	 	 	1,729	 	 	 	618	 	 	 	2,347	 	 	 	606	 	 	 	620	 	 	 	1,226	 	 	 	675	 	 	 	1,901	 	 		  		  	16	%	 	10	%	
Other Health Care	  	 	411	 	 	 	430	 	 	 	841	 	 	 	418	 	 	 	1,259	 	 	 	447	 	 	 	1,706	 	 	 	413	 	 	 	457	 	 	 	870	 	 	 	449	 	 	 	1,319	 	 		  		  	7	%	 	5	%	
ConvaTec	  	 	230	 	 	 	262	 	 	 	492	 	 	 	265	 	 	 	757	 	 	 	291	 	 	 	1,048	 	 	 	254	 	 	 	286	 	 	 	540	 	 	 	292	 	 	 	832	 	 		  		  	10	%	 	10	%	
Medical Imaging	  	 	181	 	 	 	168	 	 	 	349	 	 	 	153	 	 	 	502	 	 	 	156	 	 	 	658	 	 	 	159	 	 	 	171	 	 	 	330	 	 	 	157	 	 	 	487	 	 		  		  	3	%	 	-3	%	
Total Company	  	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	$	4,476	 	 	$	4,928	 	 	$	9,404	 	 	$	5,050	 	 	$	14,454	 	 		  		  	22	%	 	5	%	
				
 	  	2006	 	 	2007	  	Basis Point
Change	 	
% of Total Sales	  	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	  	 	79.1	%	 	 	79.2	%	 	 	79.2	%	 	 	75.9	%	 	 	78.2	%	 	 	74.7	%	 	 	77.4	%	 	 	77.2	%	 	 	78.1	%	 	 	77.7	%	 	 	77.7	%	 	 	77.7	%	 		  		  	180	 	 	(50	)	
US Pharmaceuticals	  	 	44.1	%	 	 	45.1	%	 	 	44.6	%	 	 	38.7	%	 	 	42.8	%	 	 	35.6	%	 	 	41.1	%	 	 	43.2	%	 	 	45.4	%	 	 	44.3	%	 	 	45.4	%	 	 	44.7	%	 		  		  	670	 	 	190	 	
Primary Care	  	 	30.1	%	 	 	29.6	%	 	 	29.9	%	 	 	19.7	%	 	 	26.8	%	 	 	15.4	%	 	 	24.1	%	 	 	24.4	%	 	 	27.3	%	 	 	25.9	%	 	 	26.9	%	 	 	26.3	%	 		  		  	720	 	 	(50	)	
Oncology/Virology	  	 	9.0	%	 	 	9.4	%	 	 	9.2	%	 	 	11.9	%	 	 	10.0	%	 	 	12.5	%	 	 	10.5	%	 	 	11.3	%	 	 	10.4	%	 	 	10.8	%	 	 	10.7	%	 	 	10.8	%	 		  		  	(120	)	 	80	 	
Neuroscience	  	 	4.9	%	 	 	5.7	%	 	 	5.3	%	 	 	6.3	%	 	 	5.6	%	 	 	7.0	%	 	 	6.0	%	 	 	6.7	%	 	 	6.6	%	 	 	6.6	%	 	 	6.7	%	 	 	6.6	%	 		  		  	40	 	 	100	 	
Immunoscience	  	 	0.1	%	 	 	0.4	%	 	 	0.2	%	 	 	0.8	%	 	 	0.4	%	 	 	0.7	%	 	 	0.5	%	 	 	0.8	%	 	 	1.1	%	 	 	1.0	%	 	 	1.1	%	 	 	1.0	%	 		  		  	30	 	 	60	 	
Europe and Middle East Medicines	  	 	21.9	%	 	 	20.5	%	 	 	21.2	%	 	 	21.3	%	 	 	21.2	%	 	 	22.2	%	 	 	21.5	%	 	 	20.5	%	 	 	19.1	%	 	 	19.7	%	 	 	18.7	%	 	 	19.4	%	 		  		  	(260	)	 	(180	)	
Latin America/Canada	  	 	6.2	%	 	 	6.2	%	 	 	6.2	%	 	 	7.2	%	 	 	6.5	%	 	 	7.3	%	 	 	6.7	%	 	 	6.6	%	 	 	6.3	%	 	 	6.5	%	 	 	6.6	%	 	 	6.5	%	 		  		  	(60	)	 	—  	 	
Asia/Pacific Medicines	  	 	6.0	%	 	 	6.6	%	 	 	6.3	%	 	 	7.7	%	 	 	6.7	%	 	 	8.3	%	 	 	7.1	%	 	 	6.5	%	 	 	6.8	%	 	 	6.6	%	 	 	6.3	%	 	 	6.5	%	 		  		  	(140	)	 	(20	)	
Health Care Group	  	 	20.9	%	 	 	20.8	%	 	 	20.8	%	 	 	24.1	%	 	 	21.8	%	 	 	25.3	%	 	 	22.6	%	 	 	22.8	%	 	 	21.9	%	 	 	22.3	%	 	 	22.3	%	 	 	22.3	%	 		  		  	(180	)	 	50	 	
Nutritionals	  	 	12.1	%	 	 	12.0	%	 	 	12.0	%	 	 	14.0	%	 	 	12.6	%	 	 	14.7	%	 	 	13.1	%	 	 	13.5	%	 	 	12.6	%	 	 	13.0	%	 	 	13.4	%	 	 	13.2	%	 		  		  	(60	)	 	60	 	
Other Health Care	  	 	8.8	%	 	 	8.8	%	 	 	8.8	%	 	 	10.1	%	 	 	9.2	%	 	 	10.6	%	 	 	9.5	%	 	 	9.3	%	 	 	9.3	%	 	 	9.3	%	 	 	8.9	%	 	 	9.1	%	 		  		  	(120	)	 	(10	)	
ConvaTec	  	 	4.9	%	 	 	5.4	%	 	 	5.2	%	 	 	6.4	%	 	 	5.5	%	 	 	6.9	%	 	 	5.8	%	 	 	5.7	%	 	 	5.8	%	 	 	5.8	%	 	 	5.8	%	 	 	5.7	%	 		  		  	(60	)	 	20	 	
Medical Imaging	  	 	3.9	%	 	 	3.4	%	 	 	3.6	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	 	3.7	%	 	 	3.6	%	 	 	3.5	%	 	 	3.5	%	 	 	3.1	%	 	 	3.4	%	 		  		  	(60	)	 	(30	)	
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	%	 		  		  			 			

*	In Excess of +/- 200%	
 
1

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR TOTAL COMPANY
FOR THE PERIOD ENDED SEPTEMBER 30, 2007
($ in millions)
QUARTER-TO-DATE

 	  	Pharmaceuticals	 	 	Nutritionals	 	 	ConvaTec	 	 	Medical
Imaging	 	 	Total
Company	 	
Price Increases/(Decreases)	  	 	4	%	 	 	3	%	 	 	-1	%	 	 	8	%	 	 	4	%	
Foreign Exchange	  	 	3	%	 	 	4	%	 	 	5	%	 	 	1	%	 	 	3	%	
Volume	  	 	17	%	 	 	9	%	 	 	6	%	 	 	-6	%	 	 	15	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	24	%	 	 	16	%	 	 	10	%	 	 	3	%	 	 	22	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 Period to Date Sales	  	$	3,926	 	 	$	675	 	 	$	292	 	 	$	157	 	 	$	5,050	 	
Total 2006 Period to Date Sales	  	$	3,154	 	 	$	582	 	 	$	265	 	 	$	153	 	 	$	4,154	 	
 
YEAR-TO-DATE	  				 				 				 				 				
						
 	  	Pharmaceuticals	 	 	Nutritionals	 	 	ConvaTec	 	 	Medical
Imaging	 	 	Total
Company	 	
Price Increases/(Decreases)	  	 	2	%	 	 	2	%	 	 	-1	%	 	 	1	%	 	 	1	%	
Foreign Exchange	  	 	2	%	 	 	3	%	 	 	5	%	 	 	1	%	 	 	2	%	
Volume	  	 	1	%	 	 	5	%	 	 	6	%	 	 	-5	%	 	 	2	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	5	%	 	 	10	%	 	 	10	%	 	 	-3	%	 	 	5	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 Period to Date Sales	  	$	11,234	 	 	$	1,901	 	 	$	832	 	 	$	487	 	 	$	14,454	 	
Total 2006 Period to Date Sales	  	$	10,713	 	 	$	1,729	 	 	$	757	 	 	$	502	 	 	$	13,701	 	
 
2

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

 	  	2006	 	 	2007	  	% Change	 	
   	  	1st
Qtr	 	 	2nd
Qtr	 	 	6 Months	 	 	3rd
Qtr	 	 	9 Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6 Months	 	 	3rd
Qtr	 	 	9 Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Net Sales	  	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 	$	4,213	 	 	$	17,914	 	 	$	4,476	 	 	$	4,928	 	 	$	9,404	 	 	$	5,050	 	 	$	14,454	 	 		  		  	22	%	 	5	%	
																	
Cost of products sold	  	 	1,476	 	 	 	1,568	 	 	 	3,044	 	 	 	1,465	 	 	 	4,509	 	 	 	1,447	 	 	 	5,956	 	 	 	1,392	 	 	 	1,549	 	 	 	2,941	 	 	 	1,622	 	 	 	4,563	 	 		  		  	11	%	 	1	%	
Marketing, selling and administrative	  	 	1,238	 	 	 	1,181	 	 	 	2,419	 	 	 	1,189	 	 	 	3,608	 	 	 	1,311	 	 	 	4,919	 	 	 	1,158	 	 	 	1,209	 	 	 	2,367	 	 	 	1,214	 	 	 	3,581	 	 		  		  	2	%	 	-1	%	
Advertising and product promotion	  	 	295	 	 	 	352	 	 	 	647	 	 	 	286	 	 	 	933	 	 	 	418	 	 	 	1,351	 	 	 	269	 	 	 	368	 	 	 	637	 	 	 	351	 	 	 	988	 	 		  		  	23	%	 	6	%	
Research and development	  	 	750	 	 	 	740	 	 	 	1,490	 	 	 	756	 	 	 	2,246	 	 	 	821	 	 	 	3,067	 	 	 	807	 	 	 	778	 	 	 	1,585	 	 	 	827	 	 	 	2,412	 	 		  		  	9	%	 	7	%	
Provision for restructuring, net	  	 	1	 	 	 	3	 	 	 	4	 	 	 	2	 	 	 	6	 	 	 	53	 	 	 	59	 	 	 	37	 	 	 	7	 	 	 	44	 	 	 	—  	 	 	 	44	 	 		  		  	-100	%	 	*	 	
Litigation (income)/expense, net	  	 	(21	)	 	 	(14	)	 	 	(35	)	 	 	(9	)	 	 	(44	)	 	 	346	 	 	 	302	 	 	 	—  	 	 	 	14	 	 	 	14	 	 	 	—  	 	 	 	14	 	 		  		  	100	%	 	132	%	
Gain on sale of product assets	  	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(26	)	 	 	(26	)	 	 	(247	)	 	 	(273	)	 		  		  	—  	 	 	-37	%	
Equity in net income of affiliates	  	 	(93	)	 	 	(125	)	 	 	(218	)	 	 	(118	)	 	 	(336	)	 	 	(138	)	 	 	(474	)	 	 	(126	)	 	 	(128	)	 	 	(254	)	 	 	(139	)	 	 	(393	)	 		  		  	-18	%	 	-17	%	
Other expense/(income), net	  	 	37	 	 	 	56	 	 	 	93	 	 	 	(34	)	 	 	59	 	 	 	240	 	 	 	299	 	 	 	22	 	 	 	—  	 	 	 	22	 	 	 	11	 	 	 	33	 	 		  		  	132	%	 	-44	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Total expenses	  	 	3,483	 	 	 	3,761	 	 	 	7,244	 	 	 	3,537	 	 	 	10,781	 	 	 	4,498	 	 	 	15,279	 	 	 	3,559	 	 	 	3,771	 	 	 	7,330	 	 	 	3,639	 	 	 	10,969	 	 		  		  	3	%	 	2	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Earnings/(Loss) Before Minority Interest and Income Taxes	  	 	1,193	 	 	 	1,110	 	 	 	2,303	 	 	 	617	 	 	 	2,920	 	 	 	(285	)	 	 	2,635	 	 	 	917	 	 	 	1,157	 	 	 	2,074	 	 	 	1,411	 	 	 	3,485	 	 		  		  	129	%	 	19	%	
																	
Provision/(Benefit) for income taxes	  	 	328	 	 	 	256	 	 	 	584	 	 	 	193	 	 	 	777	 	 	 	(167	)	 	 	610	 	 	 	86	 	 	 	257	 	 	 	343	 	 	 	342	 	 	 	685	 	 		  		  	77	%	 	-12	%	
Minority interest, net of taxes	  	 	151	 	 	 	187	 	 	 	338	 	 	 	86	 	 	 	424	 	 	 	16	 	 	 	440	 	 	 	141	 	 	 	194	 	 	 	335	 	 	 	211	 	 	 	546	 	 		  		  	145	%	 	29	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss)	  	$	714	 	 	$	667	 	 	$	1,381	 	 	$	338	 	 	$	1,719	 	 	($	134	)	 	$	1,585	 	 	$	690	 	 	$	706	 	 	$	1,396	 	 	$	858	 	 	$	2,254	 	 		  		  	154	%	 	31	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Interest expense on conversion of convertible debt bonds, net of tax	  	 	8	 	 	 	8	 	 	 	16	 	 	 	9	 	 	 	25	 	 	 	—   	(a)	 	 	—   	(b)	 	 	9	 	 	 	9	 	 	 	18	 	 	 	10	 	 	 	28	 	 		  		  			 			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss) used for diluted earnings per common share calculation	  	$	722	 	 	$	675	 	 	$	1,397	 	 	$	347	 	 	$	1,744	 	 	($ 	134 	) (a)	 	$ 	1,585 	(b)	 	$	699	 	 	$	715	 	 	$	1,414	 	 	$ 	868 	 	 	$ 	2,282 	 	 		  		  			 			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Diluted Earnings/(Loss) per Common Share**	  	$	0.36	 	 	$ 	0.34 	 	 	$ 	0.70 	 	 	$	0.17	 	 	$	0.88	 	 	($ 	0.07 	) (a)	 	$ 	0.81 	(b)	 	$	0.35	 	 	$	0.36	 	 	$	0.71	 	 	$	0.43	 	 	$	1.14	 	 		  		  	153	%	 	30	%	
																	
Average Common Shares Outstanding—Diluted	  	 	1,988	 	 	 	1,994	 	 	 	1,992	 	 	 	1,992	 	 	 	1,991	 	 	 	1,961 	(a)	 	 	1,963 	(b)	 	 	1,997	 	 	 	2,006	 	 	 	2,002	 	 	 	2,012	 	 	 	2,005	 	 		  		  	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	 	 		  		  	—  	 	 	—  	 	
				
 	  	2006	 	 	2007	  	Basis Point
Change	 	
% of Net Sales	  	1st
Qtr	 	 	2nd
Qtr	 	 	6 Months	 	 	3rd
Qtr	 	 	9 Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6 Months	 	 	3rd
Qtr	 	 	9 Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Gross Margin	  	 	68.4	%	 	 	67.8	%	 	 	68.1	%	 	 	64.7	%	 	 	67.1	%	 	 	65.7	%	 	 	66.8	%	 	 	68.9	%	 	 	68.6	%	 	 	68.7	%	 	 	67.9	%	 	 	68.4	%	 		  		  	320	 	 	130	 	
																	
Cost of products sold	  	 	31.6	%	 	 	32.2	%	 	 	31.9	%	 	 	35.3	%	 	 	32.9	%	 	 	34.3	%	 	 	33.2	%	 	 	31.1	%	 	 	31.4	%	 	 	31.3	%	 	 	32.1	%	 	 	31.6	%	 		  		  	(320	)	 	(130	)	
Marketing, selling and administrative	  	 	26.5	%	 	 	24.2	%	 	 	25.3	%	 	 	28.6	%	 	 	26.3	%	 	 	31.1	%	 	 	27.5	%	 	 	25.9	%	 	 	24.5	%	 	 	25.2	%	 	 	24.0	%	 	 	24.8	%	 		  		  	(460	)	 	(150	)	
Advertising and product promotion	  	 	6.3	%	 	 	7.2	%	 	 	6.8	%	 	 	6.9	%	 	 	6.8	%	 	 	9.9	%	 	 	7.5	%	 	 	6.0	%	 	 	7.5	%	 	 	6.8	%	 	 	7.0	%	 	 	6.8	%	 		  		  	10	 	 	0	 	
Research and development	  	 	16.0	%	 	 	15.2	%	 	 	15.6	%	 	 	18.2	%	 	 	16.4	%	 	 	19.5	%	 	 	17.1	%	 	 	18.0	%	 	 	15.8	%	 	 	16.9	%	 	 	16.4	%	 	 	16.7	%	 		  		  	(180	)	 	30	 	
Total expenses	  	 	74.5	%	 	 	77.2	%	 	 	75.9	%	 	 	85.1	%	 	 	78.7	%	 	 	106.8	%	 	 	85.3	%	 	 	79.5	%	 	 	76.5	%	 	 	77.9	%	 	 	72.1	%	 	 	75.9	%	 		  		  	(1,300	)	 	(280	)	
																	
Earnings/(Loss) Before Minority Interest and Income Taxes	  	 	25.5	%	 	 	22.8	%	 	 	24.1	%	 	 	14.9	%	 	 	21.3	%	 	 	-6.8	%	 	 	14.7	%	 	 	20.5	%	 	 	23.5	%	 	 	22.1	%	 	 	27.9	%	 	 	24.1	%	 		  		  	1,300	 	 	280	 	
																	
Net Earnings/(Loss)	  	 	15.3	%	 	 	13.7	%	 	 	14.5	%	 	 	8.1	%	 	 	12.5	%	 	 	-3.2	%	 	 	8.8	%	 	 	15.4	%	 	 	14.3	%	 	 	14.8	%	 	 	17.0	%	 	 	15.6	%	 		  		  	890	 	 	310	 	
																	
Other Ratios	  				 				 				 				 				 				 				 				 				 				 				 				 		  		  			 			
Effective Tax Rate	  	 	27.5	%	 	 	23.1	%	 	 	25.4	%	 	 	31.3	%	 	 	26.6	%	 	 	58.6	%	 	 	23.1	%	 	 	9.4	%	 	 	22.2	%	 	 	16.5	%	 	 	24.2	%	 	 	19.7	%	 		  		  	(710	)	 	(690	)	
				
 	  	2006	 	 	2007	  	% Change	 	
Other (Income)/Expense, net	  	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	  	$	116	 	 	$	124	 	 	$	240	 	 	$	130	 	 	$	370	 	 	$	128	 	 	$	498	 	 	$	109	 	 	$	107	 	 	$	216	 	 	$	109	 	 	$	325	 	 		  		  	-16	%	 	-12	%	
Interest income	  	 	(62	)	 	 	(65	)	 	 	(127	)	 	 	(74	)	 	 	(201	)	 	 	(73	)	 	 	(274	)	 	 	(53	)	 	 	(62	)	 	 	(115	)	 	 	(69	)	 	 	(184	)	 		  		  	7	%	 	8	%	
Foreign exchange transaction (gains)/losses	  	 	(12	)	 	 	23	 	 	 	11	 	 	 	(11	)	 	 	—  	 	 	 	6	 	 	 	6	 	 	 	8	 	 	 	(5	)	 	 	3	 	 	 	24	 	 	 	27	 	 		  		  	 	*	 	—  	 	
Other, net	  	 	(5	)	 	 	(26	)	 	 	(31	)	 	 	(79	)	 	 	(110	)	 	 	179	 	 	 	69	 	 	 	(42	)	 	 	(40	)	 	 	(82	)	 	 	(53	)	 	 	(135	)	 		  		  	33	%	 	-23	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
	  	$	37	 	 	$	56	 	 	$	93	 	 	$	(34	)	 	$	59	 	 	$	240	 	 	$	299	 	 	$	22	 	 	$	0	 	 	$	22	 	 	$	11	 	 	$	33	 	 		  		  	132	%	 	-44	%	

*	in excess of +/- 200%	
**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
(a)	as a result of the Q4 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.	
(b)	assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is anti-dilutive.	
 
3

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

 	 	2006	  	2007	 	%
Change	 	
 	 	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	 	$	4,676	  	$	4,871	  	$	9,547	  	$	4,154	  	$	13,701	  	$	4,213	  	$	17,914	  	$	4,476	  	$	4,928	  	$	9,404	  	$	5,050	  	$	14,454	  		  		 	22	%	 	5	%	
																	
PHARMACEUTICALS	 	 	3,700	  	 	3,859	  	 	7,559	  	 	3,154	  	 	10,713	  	 	3,148	  	 	13,861	  	 	3,457	  	 	3,851	  	 	7,308	  	 	3,926	  	 	11,234	  		  		 	24	%	 	5	%	
																	
Cardiovascular	 	 	1,917	  	 	1,907	  	 	3,824	  	 	1,239	  	 	5,063	  	 	1,093	  	 	6,156	  	 	1,475	  	 	1,763	  	 	3,238	  	 	1,793	  	 	5,031	  		  		 	45	%	 	-1	%	
Plavix	 	 	986	  	 	1,145	  	 	2,131	  	 	630	  	 	2,761	  	 	496	  	 	3,257	  	 	938	  	 	1,189	  	 	2,127	  	 	1,254	  	 	3,381	  		  		 	99	%	 	22	%	
Pravachol	 	 	536	  	 	323	  	 	859	  	 	192	  	 	1,051	  	 	146	  	 	1,197	  	 	135	  	 	132	  	 	267	  	 	86	  	 	353	  		  		 	-55	%	 	-66	%	
Avapro/ Avalide	 	 	233	  	 	280	  	 	513	  	 	277	  	 	790	  	 	307	  	 	1,097	  	 	270	  	 	297	  	 	567	  	 	309	  	 	876	  		  		 	12	%	 	11	%	
Coumadin	 	 	55	  	 	55	  	 	110	  	 	53	  	 	163	  	 	57	  	 	220	  	 	46	  	 	52	  	 	98	  	 	50	  	 	148	  		  		 	-6	%	 	-9	%	
																	
Virology	 	 	468	  	 	524	  	 	992	  	 	532	  	 	1,524	  	 	580	  	 	2,104	  	 	590	  	 	608	  	 	1,198	  	 	647	  	 	1,845	  		  		 	22	%	 	21	%	
Reyataz	 	 	207	  	 	236	  	 	443	  	 	233	  	 	676	  	 	255	  	 	931	  	 	263	  	 	254	  	 	517	  	 	273	  	 	790	  		  		 	17	%	 	17	%	
Sustiva Franchise***	 	 	175	  	 	193	  	 	368	  	 	201	  	 	569	  	 	222	  	 	791	  	 	226	  	 	233	  	 	459	  	 	237	  	 	696	  		  		 	18	%	 	22	%	
Baraclude	 	 	11	  	 	14	  	 	25	  	 	22	  	 	47	  	 	36	  	 	83	  	 	45	  	 	59	  	 	104	  	 	72	  	 	176	  		  		 	*	 	 	*	 	
																	
Oncology	 	 	361	  	 	401	  	 	762	  	 	399	  	 	1,161	  	 	394	  	 	1,555	  	 	355	  	 	360	  	 	715	  	 	402	  	 	1,117	  		  		 	1	%	 	-4	%	
Erbitux	 	 	138	  	 	172	  	 	310	  	 	175	  	 	485	  	 	167	  	 	652	  	 	160	  	 	162	  	 	322	  	 	185	  	 	507	  		  		 	6	%	 	5	%	
Taxol	 	 	147	  	 	149	  	 	296	  	 	137	  	 	433	  	 	130	  	 	563	  	 	111	  	 	95	  	 	206	  	 	102	  	 	308	  		  		 	-26	%	 	-29	%	
Sprycel	 	 	—  	  	 	—  	  	 	—  	  	 	11	  	 	11	  	 	14	  	 	25	  	 	21	  	 	35	  	 	56	  	 	46	  	 	102	  		  		 	*	 	 	*	 	
																	
Affective (Psychiatric) Disorders	 	 	323	  	 	376	  	 	699	  	 	354	  	 	1,053	  	 	404	  	 	1,457	  	 	408	  	 	458	  	 	866	  	 	467	  	 	1,333	  		  		 	32	%	 	27	%	
Abilify**	 	 	283	  	 	324	  	 	607	  	 	313	  	 	920	  	 	362	  	 	1,282	  	 	366	  	 	412	  	 	778	  	 	420	  	 	1,198	  		  		 	34	%	 	30	%	
																	
Immunoscience	 	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	32	  	 	89	  	 	41	  	 	55	  	 	96	  	 	60	  	 	156	  		  		 	76	%	 	174	%	
Orencia	 	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	32	  	 	89	  	 	41	  	 	55	  	 	96	  	 	60	  	 	156	  		  		 	76	%	 	174	%	
																	
Other Pharmaceuticals	 			  			  			  			  			  			  			  			  			  			  			  			  		  		 			 			
Efferalgan	 	 	68	  	 	62	  	 	130	  	 	62	  	 	192	  	 	74	  	 	266	  	 	81	  	 	69	  	 	150	  	 	71	  	 	221	  		  		 	15	%	 	15	%	
																	
HEALTH CARE GROUP	 	 	976	  	 	1,012	  	 	1,988	  	 	1,000	  	 	2,988	  	 	1,065	  	 	4,053	  	 	1,019	  	 	1,077	  	 	2,096	  	 	1,124	  	 	3,220	  		  		 	12	%	 	8	%	
																	
NUTRITIONALS	 	 	565	  	 	582	  	 	1,147	  	 	582	  	 	1,729	  	 	618	  	 	2,347	  	 	606	  	 	620	  	 	1,226	  	 	675	  	 	1,901	  		  		 	16	%	 	10	%	
Enfamil	 	 	237	  	 	253	  	 	490	  	 	246	  	 	736	  	 	271	  	 	1,007	  	 	254	  	 	267	  	 	521	  	 	281	  	 	802	  		  		 	14	%	 	9	%	
Enfagrow	 	 	67	  	 	59	  	 	126	  	 	69	  	 	195	  	 	67	  	 	262	  	 	72	  	 	70	  	 	142	  	 	74	  	 	216	  		  		 	7	%	 	11	%	
																	
OTHER HEALTH CARE	 	 	411	  	 	430	  	 	841	  	 	418	  	 	1,259	  	 	447	  	 	1,706	  	 	413	  	 	457	  	 	870	  	 	449	  	 	1,319	  		  		 	7	%	 	5	%	
																	
CONVATEC	 	 	230	  	 	262	  	 	492	  	 	265	  	 	757	  	 	291	  	 	1,048	  	 	254	  	 	286	  	 	540	  	 	292	  	 	832	  		  		 	10	%	 	10	%	
Ostomy	 	 	123	  	 	141	  	 	264	  	 	139	  	 	403	  	 	151	  	 	554	  	 	130	  	 	150	  	 	280	  	 	147	  	 	427	  		  		 	6	%	 	6	%	
Wound Therapeutics	 	 	98	  	 	107	  	 	205	  	 	113	  	 	318	  	 	123	  	 	441	  	 	107	  	 	119	  	 	226	  	 	126	  	 	352	  		  		 	12	%	 	11	%	
																	
MEDICAL IMAGING	 	 	181	  	 	168	  	 	349	  	 	153	  	 	502	  	 	156	  	 	658	  	 	159	  	 	171	  	 	330	  	 	157	  	 	487	  		  		 	3	%	 	-3	%	
Cardiolite	 	 	103	  	 	105	  	 	208	  	 	97	  	 	305	  	 	103	  	 	408	  	 	99	  	 	106	  	 	205	  	 	99	  	 	304	  		  		 	2	%	 	—  	 	

*	In excess of +/- 200%	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	Beginning in the third quarter of 2006, Sustiva Franchise includes sales of 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.	
 
4

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

 	  	2006	  	2007	 	%
Change	 	 	% Change in U.S.
Total Prescription****	 	
 	  	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	  	$	2,638	  	$	2,806	  	$	5,444	  	$	2,170	  	$	7,614	  	$	2,115	  	$	9,729	  	$	2,505	  	$	2,830	  	$	5,335	  	$	2,920	  	$	8,255	  		  		 	35	%	 	8	%	 			 			
																			
PHARMACEUTICALS	  	 	2,076	  	 	2,205	  	 	4,281	  	 	1,619	  	 	5,900	  	 	1,517	  	 	7,417	  	 	1,944	  	 	2,243	  	 	4,187	  	 	2,302	  	 	6,489	  		  		 	42	%	 	10	%	 			 			
																			
Cardiovascular	  	 	1,341	  	 	1,330	  	 	2,671	  	 	752	  	 	3,423	  	 	616	  	 	4,039	  	 	1,045	  	 	1,279	  	 	2,324	  	 	1,316	  	 	3,640	  		  		 	75	%	 	6	%	 			 			
Plavix	  	 	850	  	 	988	  	 	1,838	  	 	474	  	 	2,312	  	 	343	  	 	2,655	  	 	787	  	 	1,015	  	 	1,802	  	 	1,080	  	 	2,882	  		  		 	128	%	 	25	%	 	86	%	 	6	%	
Pravachol	  	 	302	  	 	128	  	 	430	  	 	73	  	 	503	  	 	50	  	 	553	  	 	57	  	 	47	  	 	104	  	 	17	  	 	121	  		  		 	-77	%	 	-76	%	 	-77	%	 	-82	%	
Avapro/Avalide	  	 	139	  	 	167	  	 	306	  	 	159	  	 	465	  	 	182	  	 	647	  	 	163	  	 	170	  	 	333	  	 	176	  	 	509	  		  		 	11	%	 	9	%	 	-4	%	 	-3	%	
Coumadin	  	 	47	  	 	46	  	 	93	  	 	45	  	 	138	  	 	48	  	 	186	  	 	38	  	 	43	  	 	81	  	 	40	  	 	121	  		  		 	-11	%	 	-12	%	 	-15	%	 	-16	%	
																			
Virology	  	 	259	  	 	270	  	 	529	  	 	292	  	 	821	  	 	327	  	 	1,148	  	 	319	  	 	323	  	 	642	  	 	328	  	 	970	  		  		 	12	%	 	18	%	 			 			
Reyataz	  	 	119	  	 	122	  	 	241	  	 	129	  	 	370	  	 	144	  	 	514	  	 	143	  	 	138	  	 	281	  	 	141	  	 	422	  		  		 	9	%	 	14	%	 	10	%	 	13	%	
Sustiva Franchise*****	  	 	108	  	 	115	  	 	223	  	 	128	  	 	351	  	 	144	  	 	495	  	 	144	  	 	147	  	 	291	  	 	151	  	 	442	  		  		 	18	%	 	26	%	 	19	%	 	23	%	
Baraclude	  	 	9	  	 	9	  	 	18	  	 	14	  	 	32	  	 	18	  	 	50	  	 	17	  	 	20	  	 	37	  	 	22	  	 	59	  		  		 	57	%	 	84	%	 	71	%	 	86	%	
																			
Oncology	  	 	159	  	 	187	  	 	346	  	 	201	  	 	547	  	 	195	  	 	742	  	 	182	  	 	187	  	 	369	  	 	208	  	 	577	  		  		 	3	%	 	5	%	 			 			
Erbitux	  	 	136	  	 	172	  	 	308	  	 	173	  	 	481	  	 	165	  	 	646	  	 	158	  	 	160	  	 	318	  	 	183	  	 	501	  		  		 	6	%	 	4	%	 	N/A	 	 	N/A	 	
Taxol	  	 	4	  	 	4	  	 	8	  	 	2	  	 	10	  	 	2	  	 	12	  	 	4	  	 	4	  	 	8	  	 	1	  	 	9	  		  		 	-50	%	 	-10	%	 	N/A	 	 	N/A	 	
Sprycel	  	 	—  	  	 	—  	  	 	—  	  	 	11	  	 	11	  	 	11	  	 	22	  	 	10	  	 	14	  	 	24	  	 	17	  	 	41	  		  		 	55	%	 	*	**	 	N/A	 	 	N/A	 	
																			
Affective (Psychiatric) Disorders	  	 	237	  	 	286	  	 	523	  	 	266	  	 	789	  	 	302	  	 	1,091	  	 	305	  	 	333	  	 	638	  	 	346	  	 	984	  		  		 	30	%	 	25	%	 			 			
Abilify**	  	 	231	  	 	267	  	 	498	  	 	260	  	 	758	  	 	294	  	 	1,052	  	 	293	  	 	322	  	 	615	  	 	329	  	 	944	  		  		 	27	%	 	25	%	 	10	%	 	12	%	
																			
Immunoscience	  	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	31	  	 	88	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  		  		 	68	%	 	163	%	 			 			
Orencia	  	 	5	  	 	18	  	 	23	  	 	34	  	 	57	  	 	31	  	 	88	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  		  		 	68	%	 	163	%	 	N/A	 	 	N/A	 	
																			
Other Pharmaceuticals	  			  			  			  			  			  			  			  			  			  			  			  			  		  		 			 			 			 			
Efferalgan	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  		  		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
HEALTH CARE GROUP	  	 	478	  	 	508	  	 	986	  	 	482	  	 	1,468	  	 	527	  	 	1,995	  	 	488	  	 	511	  	 	999	  	 	529	  	 	1,528	  		  		 	10	%	 	4	%	 	N/A	 	 	N/A	 	
																			
NUTRITIONALS	  	 	247	  	 	282	  	 	529	  	 	267	  	 	796	  	 	295	  	 	1,091	  	 	274	  	 	275	  	 	549	  	 	304	  	 	853	  		  		 	14	%	 	7	%	 			 			
Enfamil	  	 	155	  	 	174	  	 	329	  	 	169	  	 	498	  	 	190	  	 	688	  	 	171	  	 	177	  	 	348	  	 	195	  	 	543	  		  		 	15	%	 	9	%	 	N/A	 	 	N/A	 	
Enfagrow	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  		  		 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
OTHER HEALTH CARE	  	 	231	  	 	226	  	 	457	  	 	215	  	 	672	  	 	232	  	 	904	  	 	214	  	 	236	  	 	450	  	 	225	  	 	675	  		  		 	5	%	 	—  	 	 			 			
																			
CONVATEC	  	 	73	  	 	85	  	 	158	  	 	84	  	 	242	  	 	101	  	 	343	  	 	78	  	 	93	  	 	171	  	 	94	  	 	265	  		  		 	12	%	 	10	%	 			 			
Ostomy	  	 	34	  	 	41	  	 	75	  	 	39	  	 	114	  	 	45	  	 	159	  	 	34	  	 	41	  	 	75	  	 	42	  	 	117	  		  		 	8	%	 	3	%	 	N/A	 	 	N/A	 	
Wound Therapeutics	  	 	30	  	 	34	  	 	64	  	 	36	  	 	100	  	 	43	  	 	143	  	 	32	  	 	36	  	 	68	  	 	38	  	 	106	  		  		 	6	%	 	6	%	 	N/A	 	 	N/A	 	
																			
MEDICAL IMAGING	  	 	158	  	 	141	  	 	299	  	 	131	  	 	430	  	 	131	  	 	561	  	 	136	  	 	143	  	 	279	  	 	131	  	 	410	  		  		 	—  	 	 	-5	%	 			 			
Cardiolite	  	 	91	  	 	91	  	 	182	  	 	86	  	 	268	  	 	90	  	 	358	  	 	87	  	 	92	  	 	179	  	 	88	  	 	267	  		  		 	2	%	 	—  	 	 	N/A	 	 	N/A	 	

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales.	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
****	The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) version 2.0 data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.	
*****	Beginning in the third quarter of 2006, Sustiva Franchise includes sales of 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.	
 
5

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

 	  	2006	  	2007	  	% Change	 	
 	  	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	  	$	2,038	  	$	2,065	  	$	4,103	  	$	1,984	  	$	6,087	  	$	2,098	  	$	8,185	  	$	1,971	  	$	2,098	  	$	4,069	  	$	2,130	  	$	6,199	  		  		  	7	%	 	2	%	
																	
PHARMACEUTICALS	  	 	1,624	  	 	1,654	  	 	3,278	  	 	1,535	  	 	4,813	  	 	1,631	  	 	6,444	  	 	1,513	  	 	1,608	  	 	3,121	  	 	1,624	  	 	4,745	  		  		  	6	%	 	-1	%	
																	
Cardiovascular	  	 	576	  	 	577	  	 	1,153	  	 	487	  	 	1,640	  	 	477	  	 	2,117	  	 	430	  	 	484	  	 	914	  	 	477	  	 	1,391	  		  		  	-2	%	 	-15	%	
Plavix	  	 	136	  	 	157	  	 	293	  	 	156	  	 	449	  	 	153	  	 	602	  	 	151	  	 	174	  	 	325	  	 	174	  	 	499	  		  		  	12	%	 	11	%	
Pravachol	  	 	234	  	 	195	  	 	429	  	 	119	  	 	548	  	 	96	  	 	644	  	 	78	  	 	85	  	 	163	  	 	69	  	 	232	  		  		  	-42	%	 	-58	%	
Avapro/Avalide	  	 	94	  	 	113	  	 	207	  	 	118	  	 	325	  	 	125	  	 	450	  	 	107	  	 	127	  	 	234	  	 	133	  	 	367	  		  		  	13	%	 	13	%	
Coumadin	  	 	8	  	 	9	  	 	17	  	 	8	  	 	25	  	 	9	  	 	34	  	 	8	  	 	9	  	 	17	  	 	10	  	 	27	  		  		  	25	%	 	8	%	
																	
Virology	  	 	209	  	 	254	  	 	463	  	 	240	  	 	703	  	 	253	  	 	956	  	 	271	  	 	285	  	 	556	  	 	319	  	 	875	  		  		  	33	%	 	24	%	
Reyataz	  	 	88	  	 	114	  	 	202	  	 	104	  	 	306	  	 	111	  	 	417	  	 	120	  	 	116	  	 	236	  	 	132	  	 	368	  		  		  	27	%	 	20	%	
Sustiva Franchise****	  	 	67	  	 	78	  	 	145	  	 	73	  	 	218	  	 	78	  	 	296	  	 	82	  	 	86	  	 	168	  	 	86	  	 	254	  		  		  	18	%	 	17	%	
Baraclude	  	 	2	  	 	5	  	 	7	  	 	8	  	 	15	  	 	18	  	 	33	  	 	28	  	 	39	  	 	67	  	 	50	  	 	117	  		  		  	*	 	 	*	 	
																	
Oncology	  	 	202	  	 	214	  	 	416	  	 	198	  	 	614	  	 	199	  	 	813	  	 	173	  	 	173	  	 	346	  	 	194	  	 	540	  		  		  	-2	%	 	-12	%	
Erbitux	  	 	2	  	 	—  	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  		  		  	—  	 	 	50	%	
Taxol	  	 	143	  	 	145	  	 	288	  	 	135	  	 	423	  	 	128	  	 	551	  	 	107	  	 	91	  	 	198	  	 	101	  	 	299	  		  		  	-25	%	 	-29	%	
Sprycel	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	3	  	 	3	  	 	11	  	 	21	  	 	32	  	 	29	  	 	61	  		  		  	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	  	 	86	  	 	90	  	 	176	  	 	88	  	 	264	  	 	102	  	 	366	  	 	103	  	 	125	  	 	228	  	 	121	  	 	349	  		  		  	38	%	 	32	%	
Abilify**	  	 	52	  	 	57	  	 	109	  	 	53	  	 	162	  	 	68	  	 	230	  	 	73	  	 	90	  	 	163	  	 	91	  	 	254	  		  		  	72	%	 	57	%	
																	
Immunoscience	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  		  		  	—  	 	 	—  	 	
Orencia	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  		  		  	—  	 	 	—  	 	
																	
Other Pharmaceuticals	  			  			  			  			  			  			  			  			  			  			  			  			  		  		  			 			
Efferalgan	  	 	68	  	 	62	  	 	130	  	 	62	  	 	192	  	 	74	  	 	266	  	 	81	  	 	69	  	 	150	  	 	71	  	 	221	  		  		  	15	%	 	15	%	
																	
HEALTH CARE GROUP	  	 	498	  	 	504	  	 	1,002	  	 	518	  	 	1,520	  	 	538	  	 	2,058	  	 	531	  	 	566	  	 	1,097	  	 	595	  	 	1,692	  		  		  	15	%	 	11	%	
																	
NUTRITIONALS	  	 	318	  	 	300	  	 	618	  	 	315	  	 	933	  	 	323	  	 	1,256	  	 	332	  	 	345	  	 	677	  	 	371	  	 	1,048	  		  		  	18	%	 	12	%	
Enfamil	  	 	82	  	 	79	  	 	161	  	 	77	  	 	238	  	 	81	  	 	319	  	 	83	  	 	90	  	 	173	  	 	86	  	 	259	  		  		  	12	%	 	9	%	
Enfagrow	  	 	67	  	 	59	  	 	126	  	 	69	  	 	195	  	 	67	  	 	262	  	 	72	  	 	70	  	 	142	  	 	74	  	 	216	  		  		  	7	%	 	11	%	
																	
OTHER HEALTH CARE	  	 	180	  	 	204	  	 	384	  	 	203	  	 	587	  	 	215	  	 	802	  	 	199	  	 	221	  	 	420	  	 	224	  	 	644	  		  		  	10	%	 	10	%	
																	
CONVATEC	  	 	157	  	 	177	  	 	334	  	 	181	  	 	515	  	 	190	  	 	705	  	 	176	  	 	193	  	 	369	  	 	198	  	 	567	  		  		  	9	%	 	10	%	
Ostomy	  	 	89	  	 	100	  	 	189	  	 	100	  	 	289	  	 	106	  	 	395	  	 	96	  	 	109	  	 	205	  	 	105	  	 	310	  		  		  	5	%	 	7	%	
Wound Therapeutics	  	 	68	  	 	73	  	 	141	  	 	77	  	 	218	  	 	80	  	 	298	  	 	75	  	 	83	  	 	158	  	 	88	  	 	246	  		  		  	14	%	 	13	%	
																	
MEDICAL IMAGING	  	 	23	  	 	27	  	 	50	  	 	22	  	 	72	  	 	25	  	 	97	  	 	23	  	 	28	  	 	51	  	 	26	  	 	77	  		  		  	18	%	 	7	%	
Cardiolite	  	 	12	  	 	14	  	 	26	  	 	11	  	 	37	  	 	13	  	 	50	  	 	12	  	 	14	  	 	26	  	 	11	  	 	37	  		  		  	—  	 	 	—  	 	

*	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, Sustiva Franchise includes sales of 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.	
 
6

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

 	  	2007
Q3	  	2006
Q3	  	% Change
Qtr vs. Qtr	 	
U.S Pharmaceuticals Net Sales	  			  			  			
				
U.S Pharmaceuticals Net Sales as Reported	  	$	2,295	  	 	$1,609	  	43	%	
				
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	 	—  	  	 	525 to 600	  	—  	 	

U.S Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	$	2,295	  	$	2,134 to $2,209	  	4% to 8	%	

 	  	2007
Q3	  	2006
Q3	  	% Change
Qtr vs. Qtr	 	
U.S Plavix Net Sales	  			  			  			
				
U.S Plavix Net Sales as Reported	  	$	1,080	  	 	$474	  	128	%	
				
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	 	—  	  	 	525 to 600	  	—  	 	

U.S Plavix Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	$	1,080	  	$	999 to $1,074	  	1% to 8	%	

7

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

 	  	2007	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,476	 	 	$	4,928	 	 	$	5,050	 	 				 	$	14,454	 	

Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,084	 	 	$	3,379	 	 	$	3,428	 	 				 	$	9,891	 	
						
Specified items*	  	 	16	 	 	 	13	 	 	 	17	 	 				 	 	46	 	

Gross Profit Excluding Specified Items	  	$	3,100	 	 	$	3,392	 	 	$	3,445	 	 				 	$	9,937	 	

Gross Margin %	  				 				 				 				 				
Gross Margin %	  	 	68.9	%	 	 	68.6	%	 	 	67.9	%	 				 	 	68.4	%	
						
Specified items*	  	 	0.4	%	 	 	0.2	%	 	 	0.3	%	 				 	 	0.3	%	

Gross Margin % Excluding Specified Items	  	 	69.3	%	 	 	68.8	%	 	 	68.2	%	 				 	 	68.7	%	

 	  	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	%	 	 	65.7	%	 	 	66.8	%	
						
Specified items*	  	 	1.0	%	 	 	0.4	%	 	 	1.8	%	 	 	0.6	%	 	 	0.9	%	

Gross Margin % Excluding Specified Items	  	 	69.4	%	 	 	68.2	%	 	 	66.5	%	 	 	66.3	%	 	 	67.7	%	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	
 
8

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

 	  	2007	
 	  	Q1	  	Q2	  	Q3	  	 	  	TOTAL
YEAR	
Research and Development Expenses	  	$	807	  	$	778	  	$	827	  			  	$	2,412	
						
Specified items*	  	 	80	  	 	17	  	 	60	  			  	 	157	

Research and Development Expenses Excluding Specified Items	  	$	727	  	$	761	  	$	767	  			  	$	2,255	

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

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

*	Please refer to the Specified Item—QTD tab for detail of specified items.	
 
9

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

 	  	2007	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL
YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision for Income Taxes	  	$	86	 	 	$	257	 	 	$	342	 	 				 	$	685	 	
						
Specified items*	  	 	79	 	 	 	5	 	 	 	(82	)	 				 	 	2	 	

Provision for Income Taxes Excluding Specified Items	  	$	165	 	 	$	262	 	 	$	260	 	 				 	$	687	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Earnings Before Minority Interest and Provision for Income Taxes	  	$	917	 	 	$	1,157	 	 	$	1,411	 	 				 	$	3,485	 	
						
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,050	 	 	$	1,182	 	 	$	1,235	 	 				 	$	3,467	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate	  	 	9.4	%	 	 	22.2	%	 	 	24.2	%	 				 	 	19.7	%	
						
Effective Tax Rate Excluding Specified Items	  	 	15.7	%	 	 	22.2	%	 	 	21.1	%	 				 	 	19.8	%	
		
 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL
YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision/(Benefit) for Income Taxes	  	$	328	 	 	$	256	 	 	$	193	 	 	$	(167	)	 	$	610	 	
						
Specified items*	  	 	(49	)	 	 	(3	)	 	 	(34	)	 	 	196	 	 	 	110	 	

Provision for Income Taxes Excluding Specified Items	  	$	279	 	 	$	253	 	 	$	159	 	 	$	29	 	 	$	720	 	

Earnings/(Loss) Before Minority Interest and Provision for Income Taxes	  	$	1,193	 	 	$	1,110	 	 	$	617	 	 	$	(285	)	 	$	2,635	 	
						
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 	$	425	 	 	$	3,296	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate	  	 	27.5	%	 	 	23.1	%	 	 	31.3	%	 	 	58.6	%	 	 	23.1	%	
						
Effective Tax Rate Excluding Specified Items	  	 	25.8	%	 	 	22.6	%	 	 	23.7	%	 	 	6.8	%	 	 	21.8	%	

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

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

 	  	2007	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR	 	
Earnings Before Minority Interest and Provision for Income Taxes	  	$	917	 	 	$	1,157	 	 	$	1,411	 	 				 	$	3,485	 	
						
Specified items:	  				 				 				 				 				
Upfront and milestone payments	  	 	80	 	 	 	17	 	 	 	60	 	 				 	 	157	 	
Downsizing and streamlining of worldwide operations	  	 	53	 	 	 	20	 	 	 	17	 	 				 	 	90	 	
Litigation matters	  	 	—  	 	 	 	14	 	 	 	5	 	 				 	 	19	 	
Insurance recoveries	  	 	—  	 	 	 	—  	 	 	 	(11	)	 				 	 	(11	)	
Gain on sale of product assets	  	 	—  	 	 	 	(26	)	 	 	(247	)	 				 	 	(273	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Subtotal	  	 	133	 	 	 	25	 	 	 	(176	)	 				 	 	(18	)	

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,050	 	 	$	1,182	 	 	$	1,235	 	 				 	$	3,467	 	

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

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 	$	425	 	 	$	3,296	 	

11

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

 	  	2007	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR *	 	
Diluted Earnings per Common Share	  	$	0.35	 	 	$	0.36	 	 	$	0.43	 	 				 	$	1.14	 	
						
Specified items:	  				 				 				 				 				
Upfront and milestone payments	  	 	0.03	 	 	 	0.01	 	 	 	0.01	 	 				 	 	0.05	 	
Downsizing and streamlining of worldwide operations	  	 	0.02	 	 	 	0.01	 	 	 	0.01	 	 				 	 	0.04	 	
Gain on sale of product assets	  	 	—  	 	 	 	(0.01	)	 	 	(0.07	)	 				 	 	(0.08	)	
Tax item	  	 	(0.02	)	 	 	—  	 	 	 	—  	 	 				 	 	(0.02	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Subtotal	  	 	0.03	 	 	 	0.01	 	 	 	(0.05	)	 				 	 	(0.01	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Diluted Earnings per Common Share Excluding Specified Items	  	$	0.38	 	 	$	0.37	 	 	$	0.38	 	 				 	$	1.13	 	

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

*	quarterly amounts may not add to the annual total due to rounding of individual calculations.	
 
12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
($ in millions)
Three months ended September 30, 2007

 	  	Cost of
products
sold	  	Research and
development	  	Gain on sale of
product assets	 	 	Other
(income)/expense,
net	 	 	Total	 	
Litigation Matters:	  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	 	 	$	(11	)	 	$	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	 	 	 	5	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	 	 	 	(6	)	 	 	(6	)	
						
Other:	  			  			  				 				 				
Upfront and milestone payments	  	 	—  	  	 	60	  	 	—  	 	 	 	—  	 	 	 	60	 	
Accelerated depreciation and asset impairment	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	(247	)	 	 	—  	 	 	 	(247	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	17	  	$	60	  	$	(247	)	 	$	(6	)	 	 	(176	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  				 				 	 	82	 	
	  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  				 				 	$	(94	)	
	  			  			  				 				 	 	 	 	
Three months ended September 30, 2006

 	  	Cost of
products
sold	  	Research and
development	  	Provision for
restructuring, net	  	Litigation
income, net	 	 	Other
(income)/
expense, net	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	(9	)	 	$	—  	 	 	$	(9	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	 	 	 	11	 	
Commercial litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(40	)	 	 	(40	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	(9	)	 	 	(29	)	 	 	(38	)	
							
Other:	  			  			  			  				 				 				
Accelerated depreciation and asset impairment	  	 	72	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	72	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	2	  	 	—  	 	 	 	—  	 	 	 	2	 	
Upfront and milestone payments	  	 	—  	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	72	  	$	17	  	$	2	  	$	(9	)	 	$	(29	)	 	 	53	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 	 	(5	)	
Minority interest, net of taxes	  			  			  			  				 				 	 	13	 	
Change in estimate for taxes on prior year items	  			  			  			  				 				 	 	39	 	
	  			  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  				 				 	$	100	 	

13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
($ in millions)
Nine months ended September 30, 2007

 	  	Cost of
products
sold	  	Research and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other (income)/
expense, net	 	 	Gain on
sale of
product
assets	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 				 				
Litigation settlement	  	$	—  	  	$	—  	  	$	—  	  	$	14	  	$	—  	 	 	$	—  	 	 	$	14	 	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	)	 	 	—  	 	 	 	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	5	 	 	 	—  	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	14	  	 	(6	)	 	 	—  	 	 	 	8	 	
								
Other:	  			  			  			  			  				 				 				
Upfront and milestone payments	  	 	—  	  	 	157	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	157	 	
Accelerated depreciation and asset impairment	  	 	46	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	46	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	44	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	44	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(273	)	 	 	(273	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	46	  	$	157	  	$	44	  	$	14	  	$	(6	)	 	$	(273	)	 	 	(18	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 				 	 	37	 	
Change in estimate for taxes on a prior year specified item	  			  			  			  			  				 				 	 	(39	)	
	  			  			  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  			  				 				 	$	(20	)	
	  			  			  			  			  				 				 	 	 	 	
Nine months ended September 30, 2006

 	  	Cost of
products
sold	  	Research and
development	  	Marketing
selling and
administrative	  	Provision for
restructuring,
net	  	Litigation
income,
net	 	 	Other
(income)/
expense,
net	  	Gain on
sale of
product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 			  				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	—  	  	$	(30	)	 	$	—  	  	$	—  	 	 	$	(30	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	  	 	—  	 	 	 	11	 	
Commercial litigations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	—  	  	 	—  	 	 	 	(14	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(44	)	 	 	11	  	 	—  	 	 	 	(33	)	
									
Other:	  			  			  			  			  				 			  				 				
Accelerated depreciation, asset impairment and contract termination	  	 	138	  	 	1	  	 	4	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	143	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	6	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	6	 	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	35	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	138	  	$	36	  	$	4	  	$	6	  	$	(44	)	 	$	11	  	$	(200	)	 	 	(49	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 			  				 	 	47	 	
Change in estimate for taxes on prior year items	  			  			  			  			  				 			  				 	 	39	 	
	  			  			  			  			  				 			  				 	 	 	 	
(Increase)/Decrease to Net Earnings	  			  			  			  			  				 			  				 	$	37	 	

14

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

 	  	March 31,	  	June 30,	  	September 30,	  	December 31,	 	 	March 31,	  	June 30,	  	September 30,	  	December 31,	
 	  	2006	  	2006	  	2006	  	2006	 	 	2007	  	2007	  	2007	  	2007	
Cash, cash equivalents and marketable
debt securities	  	$	5,281	  	$	5,357	  	$	5,505	  	$	4,013	 	 	$	4,012	  	$	4,646	  	$	3,582	  		
Short-term borrowings	  	 	234	  	 	189	  	 	630	  	 	187	 	 	 	241	  	 	256	  	 	1,879	  		
Long-term debt	  	 	8,278	  	 	8,239	  	 	7,837	  	 	7,248	 	 	 	7,132	  	 	6,978	  	 	4,248	  		
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  		
Net debt	  	$	3,231	  	$	3,071	  	$	2,962	  	$	3,422	 	 	$	3,361	  	$	2,588	  	$	2,545	  		

Receivables, net of allowances	  	$	3,236	  	$	3,326	  	$	2,945	  	$	3,247	 	 	$	3,381	  	$	3,632	  	$	3,704	  		
									
Stockholders' equity	  	 	11,556	  	 	11,712	  	 	11,589	  	 	9,991 	(1) 	 	 	10,261	  	 	10,762	  	 	11,153	  		
									
Capital expenditures and capitalized
software (for the quarter ended)	  	 	202	  	 	160	  	 	199	  	 	224	 	 	 	202	  	 	206	  	 	185	  		

(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)"	
 
15

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

 	  	Full Year 2007	 	
Projected Diluted Earnings per Common Share	  	$	1.28 to $1.33	 	
Projected Specified Items:	  				
In-process R&D charge	  	 	0.12	 	
Upfront and milestone payments	  	 	0.06	 	
Downsizing and streamlining of worldwide operations	  	 	0.06	 	
Gain on sale of product assets	  	 	(0.08	)	
Tax item	  	 	(0.02	)	
	  	 	 	 	
Total	  	 	0.14	 	
	  	 	 	 	
Projected Diluted Earnings per Common Share Excluding Specified Items	  	$	1.42 to $1.47	 	
	  	 	 	 	
2007 and 2008 Gross Margin/Research and Development/Tax Rate Projections Excluding Specified Items
Gross margin on a GAAP basis for the nine months ended September 30, 2007 was 68.4%, which included specified items of $46 million and had a 0.3% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2007 gross margin was 68.7%. On a non-GAAP basis, based on historical trends in 2006 and for the nine months ended September 30, 2007 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006 and for the full year 2008 to improve slightly compared to the full year 2007 estimate. 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 nine months ended September 30, 2007 were $2,412 million, which included specified items of $157 million. On a non-GAAP basis, for the nine months ended September 30, 2007 research and development expenses were $2,255 million. On a non-GAAP basis, based on historical trends in 2006 and for the nine months ended September 30, 2007 the Company projects research and development expenses for the full year 2007 to increase in the mid single digit range compared to 2006 and for the full year 2008 to increase in the mid single digit range compared to the full year 2007 estimate. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.
The effective tax rate on a GAAP basis for the nine months ended September 30, 2007 was 19.7%, which included specified items of $2 million in the tax provision, and had a 0.1% favorable impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2007 effective tax rate was 19.8%. On a non-GAAP basis, based on historical trends in 2006 and for the nine months ended September 30, 2007 the Company projects effective tax rate for the full year 2007 to be in the 20% range and for the full year 2008 to be in the 22% to 24% range. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.
The GAAP results for the full year 2007 and 2008 would include specified items that may occur and impact results, including restructuring and other charges that cannot be reasonably estimated at this time in connection with the Company's comprehensive cost reduction programs, including charges relating to workforce reductions and the rationalization of some facilities. While the amount and timing of these restructuring and other charges cannot be reasonably estimated at this time, the Company expects that the charges are likely to be incurred over the next three years and are reasonably likely to be material. These specified items could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, restructuring activities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter of 2007, October 25, 2007, including “Outlook for 2007 and 2008” and “Use of Non-GAAP Financial Information” therein.
 
16

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
The following tables sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) sold by the Company's U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended September 30, 2007 and 2006 and June 30, 2007 and 2006.

 	  	September 30, 2007	  	September 30, 2006	  	June 30, 2007	  	June 30, 2006	
 	  	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)	  	$	329	 	 	0.4	  	$	260	  	0.5	  	$	322	  	0.4	  	$	267	  	0.5	
Avapro/Avalide	  	 	176	 	 	0.4	  	 	159	  	0.4	  	 	170	  	0.4	  	 	167	  	0.5	
Baraclude	  	 	22	 	 	0.5	  	 	14	  	0.6	  	 	20	  	0.7	  	 	9	  	0.7	
Coumadin	  	 	40	 	 	0.6	  	 	45	  	0.7	  	 	43	  	0.7	  	 	46	  	0.8	
Erbitux (a) 	  	 	183	 	 	0.3	  	 	173	  	0.5	  	 	160	  	0.4	  	 	172	  	—  	
Glucophage Franchise	  	 	17	 	 	0.6	  	 	20	  	0.7	  	 	17	  	0.6	  	 	22	  	0.6	
Kenalog	  	 	20	 	 	0.6	  	 	19	  	0.8	  	 	26	  	0.5	  	 	22	  	0.8	
Orencia (b) 	  	 	57	 	 	0.4	  	 	34	  	0.8	  	 	53	  	0.5	  	 	18	  	0.3	
Paraplatin	  	 	(1	)	 	25.0	  	 	5	  	1.5	  	 	1	  	17.5	  	 	2	  	1.7	
Plavix	  	 	1,080	 	 	0.4	  	 	474	  	1.5	  	 	1,015	  	0.4	  	 	988	  	0.5	
Pravachol	  	 	17	 	 	0.7	  	 	73	  	1.0	  	 	47	  	0.5	  	 	128	  	1.0	
Reyataz	  	 	141	 	 	0.5	  	 	129	  	0.5	  	 	138	  	0.6	  	 	122	  	0.6	
Sprycel	  	 	17	 	 	0.7	  	 	11	  	1.2	  	 	14	  	0.8	  	 	—  	  	—  	
Sustiva Franchise (c) (total revenue)	  	 	151	 	 	0.6	  	 	128	  	0.5	  	 	147	  	0.7	  	 	115	  	0.5	
Zerit	  	 	13	 	 	0.7	  	 	19	  	0.7	  	 	15	  	0.7	  	 	18	  	0.7	

For all products other than Erbitux and Orencia, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company's estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third-party data, which represent their own record-keeping processes and as such, may also reflect estimates.
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 31 days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company's estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company's records of sales to these wholesalers with respect to such open orders.
 
(a)	The Company sells Erbitux to intermediaries (such as wholesalers and specialty oncology distributors) and ships Erbitux directly to the end-users of the product who are the customers of those intermediaries. The Company also sells Erbitux to other distributors who then hold Erbitux inventory. The above estimate of months on hand was calculated by dividing the inventories of Erbitux held by the distributors for their own accounts as reported by the distributors as of the end of the quarter by the out-movements of the product reported by the distributors over the last 31 day period. The inventory levels reported by the distributors are a product of their record-keeping process.	
 
(b)	The Company distributes Orencia through distribution arrangements with multiple distributors. The above estimates of months on hand was calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the out-movement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and out-movements reported by these distributors are a product of the distributors’ own record-keeping processes.	
 
(c)	Beginning in the third quarter of 2006, Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.	
 
17

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 filed on Form 8-K on August 31, 2007, sets forth for each of the Company’s key products sold by the businesses listed below, the net sales of the applicable product for each of the quarters ended June 30, 2007, March 31, 2007, June 30, 2006 and March 31, 2006, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the business 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 business are based on data collected for all of the Company’s significant business units outside of the U.S. For the other non-Pharmaceuticals reporting segments, estimates are based on data collected for the U.S. and all significant business units outside of the U.S.

 	  	June 30, 2007	  	March 31, 2007	  	June 30, 2006	  	March 31, 2006	
 	  	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)	  	$	90	  	0.6	  	$	73	  	0.6	  	$	57	  	0.6	  	$	52	  	0.6	
Avapro/Avalide	  	 	127	  	0.5	  	 	107	  	0.5	  	 	113	  	0.5	  	 	94	  	0.5	
Baraclude	  	 	39	  	0.7	  	 	28	  	0.7	  	 	5	  	1.0	  	 	2	  	1.1	
Bufferin	  	 	27	  	0.5	  	 	24	  	0.5	  	 	31	  	0.5	  	 	22	  	0.6	
Capoten	  	 	25	  	0.9	  	 	26	  	0.8	  	 	31	  	0.9	  	 	35	  	0.8	
Dafalgan	  	 	42	  	1.4	  	 	44	  	1.2	  	 	37	  	1.1	  	 	37	  	1.4	
Efferalgan	  	 	69	  	1.4	  	 	81	  	1.1	  	 	62	  	0.9	  	 	68	  	1.2	
Maxipime	  	 	39	  	0.8	  	 	29	  	0.5	  	 	43	  	0.8	  	 	40	  	0.8	
Monopril	  	 	42	  	1.2	  	 	36	  	0.8	  	 	48	  	1.1	  	 	46	  	1.1	
Orencia	  	 	2	  	0.4	  	 	1	  	0.3	  	 	—  	  	—  	  	 	—  	  	—  	
Perfalgan	  	 	65	  	0.5	  	 	58	  	0.5	  	 	51	  	0.6	  	 	46	  	0.6	
Plavix	  	 	174	  	0.6	  	 	151	  	0.5	  	 	157	  	0.5	  	 	136	  	0.5	
Pravachol	  	 	85	  	0.6	  	 	78	  	0.6	  	 	195	  	1.4	  	 	234	  	1.5	
Reyataz	  	 	116	  	0.7	  	 	120	  	0.9	  	 	114	  	0.7	  	 	88	  	0.6	
Sprycel	  	 	21	  	0.4	  	 	11	  	0.4	  	 	—  	  	—  	  	 	—  	  	—  	
Sustiva Franchise (a) 	  	 	86	  	0.5	  	 	82	  	0.5	  	 	78	  	0.5	  	 	67	  	0.5	
Taxol	  	 	91	  	0.6	  	 	107	  	0.7	  	 	145	  	0.5	  	 	143	  	0.6	
Videx/Videx EC	  	 	27	  	1.1	  	 	27	  	1.1	  	 	35	  	1.2	  	 	31	  	0.8	
Nutritionals	  			  		  			  		  			  		  			  		
Enfamil/Enfagrow	  	 	337	  	0.9	  	 	326	  	0.8	  	 	312	  	0.9	  	 	304	  	0.9	
Nutramigen	  	 	54	  	1.0	  	 	52	  	0.9	  	 	54	  	1.0	  	 	48	  	1.0	
Other Health Care	  			  		  			  		  			  		  			  		
ConvaTec	  			  		  			  		  			  		  			  		
Ostomy	  	 	150	  	0.9	  	 	130	  	0.9	  	 	141	  	1.0	  	 	123	  	0.9	
Wound Therapeutics	  	 	119	  	0.9	  	 	107	  	0.9	  	 	107	  	0.9	  	 	98	  	0.9	
Medical Imaging	  			  		  			  		  			  		  			  		
Cardiolite	  	 	106	  	0.7	  	 	99	  	0.7	  	 	105	  	0.8	  	 	103	  	0.8	

(a)	Beginning in the third quarter of 2006, Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the distribution channel only include branded Sustiva inventory.	
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.
 
18