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 28, 2005

 
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 28, 2005, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2005. 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 28, 2005	
		
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 28, 2005	 	By:	 	/s/ Sandra Leung
	
 	 	 	 	Name:	 	Sandra Leung	
 	 	 	 	Title:	 	Secretary	

EXHIBIT INDEX

Exhibit No.
	 	Description
	
99.1	 	Press release of Bristol-Myers Squibb Company dated October 28, 2005	
		
99.2	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release	

 
					
Contact:	  	Media:	  	Investors:	
 	  	Tony Plohoros	  	John Elicker	
 	  	Communications	  	Investor Relations	
 	  	212-546-4379	  	212-546-3775	
 	  	tony.plohoros@bms.com	  	john.elicker@bms.com	
			
 	  	Jeffrey Schoenborn	  	Blaine Davis	
 	  	Communications	  	Investor Relations	
 	  	212-546-2846	  	212-546-4631	
 	  	jeffrey.schoenborn@bms.com	  	blaine.davis@bms.com	
 
BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2005, REFLECTING ONGOING INVESTMENTS IN STRATEGY AIMED AT DELIVERING SUSTAINABLE GROWTH
 
 	•	 	Records GAAP EPS of $0.49 and Non-GAAP EPS of $0.31 for the Third Quarter	
 
 	•	 	Adjusts 2005 GAAP EPS Guidance to $1.48 to $1.58 and Updates 2005 Non-GAAP EPS Expectations to the Middle of the $1.35 to $1.45 Range	
 
(NEW YORK, October 28, 2005) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the quarter and nine months ended September 30, 2005 and provided further earnings guidance for the full year.
 
The company posted third quarter 2005 net sales from continuing operations of $4.8 billion, which were unchanged from the same period last year. Increased sales of newer pharmaceutical products, as well as growth in the Nutritionals segment in the third quarter of 2005 were offset by the impact of continued exclusivity losses among older pharmaceutical products.

The company reported third quarter 2005 net earnings from continuing operations of $964 million, or $0.49 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $755 million, or $0.38 per diluted share for the same period last year.
 
Bristol-Myers Squibb reported third quarter 2005 net earnings from continuing operations of $602 million, or $0.31 per diluted share, on a non-GAAP basis excluding specified items, compared to $865 million, or $0.44 per diluted share for the same period last year.
 
“Our strategy remains on track and our newer products delivered solid global sales performance during the quarter,” said Peter R. Dolan, chief executive officer, Bristol-Myers Squibb. “The company’s full-year expectations remain within our range and include our decision to make incremental, targeted investments, in addition to the spending programs we identified at mid year, to further support key products and pipeline priorities. And, our robust portfolio sets the stage for sustained growth for the future, with four new products launched in three years, three drugs currently under U.S. regulatory consideration, and another possible filing within the next three months.”
 
For the nine months ended September 30, 2005, net sales from continuing operations remained constant at $14.2 billion compared to the same period last year. Under GAAP, net earnings from continuing operations in the nine months ended September 30, 2005 were $2.5 billion, or $1.27 per diluted share compared to $2.2 billion, or $1.14 per diluted share for the same period last year. On a non-GAAP basis excluding specified items, Bristol-Myers Squibb reported net earnings from continuing operations of $2.2 billion, or $1.12 per diluted share for the nine months ended September 30, 2005, compared to $2.6 billion, or $1.31 per diluted share for the same period last year.
 
INCREMENTAL, TARGETED INVESTMENTS AND A ROBUST PIPELINE
 
Bristol-Myers Squibb is increasing investments behind targeted marketing programs for pharmaceutical products expected to drive future growth in serious disease areas with significant unmet medical need. For example, the company is complementing its efforts focused on high-value primary care physicians and specialists with direct-to-consumer marketing that includes expanded advertising for PLAVIX ® , and the first-ever print ad campaign for ABILIFY ® .
 
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Bristol-Myers Squibb is also increasing research and development investments, in line with the low double-digit annual growth rate that continues to be planned for 2005. During the third quarter, among Bristol-Myers Squibb’s full-development programs, ORENCIA ® , a potential therapy for rheumatoid arthritis was recommended for approval by the U.S. Food and Drug Administration (FDA) Arthritis Advisory Committee and saxagliptin, the company’s DPP4 inhibitor for the potential treatment of diabetes transitioned to Phase III.
 
As previously disclosed, on October 18, 2005, the FDA issued an approvable letter for PARGLUVA ™ (muraglitazar), the company’s investigational oral medicine for the treatment of type 2 diabetes. The FDA requested additional information from ongoing clinical trials to more fully address the cardiovascular safety profile of muraglitazar. Yesterday, Bristol-Myers Squibb announced that the company and its partner, Merck & Co., Inc., have determined that to receive regulatory approval and to achieve commercial success, additional studies may be required because the ongoing trials were not designed to answer questions raised by the FDA. The additional studies could take approximately five years to complete. Bristol-Myers Squibb also announced yesterday that it agreed to begin discussions with Merck to terminate the companies’ collaborative agreement. Bristol-Myers Squibb will continue discussions with the FDA and will consider a range of options including conducting additional studies or terminating further development of muraglitazar.
 
Looking ahead to December, Bristol-Myers Squibb plans to present Phase II data on dasatinib, a SRC/ABL Kinase Inhibitor being investigated for the treatment of chronic myelogenous leukemia (CML), at the American Society of Hematology (ASH) annual meeting. The company continues to expect a possible dasatinib filing in the next three months.
 
THIRD QUARTER RESULTS
 
•	 	Third quarter 2005 net sales from continuing operations remained constant at $4.8 billion compared to the same period last year, reflecting a 1% favorable impact of foreign exchange rate fluctuations and a 1% increase in average selling prices, offset by a 2% decrease in volume. U.S. net sales of $2.7 billion remained constant for the quarter compared to 2004, while international net sales decreased 1% to $2.1 billion, including a 2% favorable foreign exchange impact.	
 
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•	 	Marketing, selling and administrative expenses increased by 7% to $1.3 billion in the third quarter of 2005 primarily due to higher legal costs, higher pension expenses reflecting increased amortization of unrecognized net losses as well as changes in actuarial assumptions, and increased expenditures on late-stage compounds.	
 
•	 	Bristol-Myers Squibb continues to shift advertising and product promotion investments from mature brands to products expected to drive future growth. The company increased advertising and promotion spending by 7% to $349 million in the third quarter of 2005 from $325 million in the same period last year, primarily for increased investments behind PLAVIX ® and the launch of BARACLUDE™, in addition to increased costs associated with pre-launch activities.	
 
•	 	Research and development expenses increased by 9% to $669 million in the third quarter of 2005 from $615 million in the same period last year. Excluding $11 million consisting primarily of milestone payments in the third quarter of 2004, research and development grew 11%. This increase reflects continued investments in other late-stage compounds. Investment in pharmaceutical research and development equaled 16.3% of pharmaceutical sales in the third quarter of 2005, compared to 14.7% in the same period last year.	
 
•	 	The company completed the sale of its U.S. and Canadian Consumer Medicines business and related assets in the third quarter of 2005. The company received cash proceeds of $661 million in cash, of which $15 million is attributable to a post-closing supply arrangement. As a result of this transaction, the company recorded a pre-tax gain of $569 million ($370 million net of tax) in the third quarter of 2005.	
 
INCOME TAXES
 
The effective income tax rate on earnings from continuing operations before minority interest and income taxes was 31.2% and 20.9% for the three months ended September 30, 2005 and 2004, respectively. The higher effective tax rate was primarily driven by a $569 million pre-tax gain recognized on the sale of the U.S. and Canadian Consumer Medicines business and related assets in the third quarter of 2005.
 
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SPECIFIED ITEMS
 
In the three months ending September 30, 2005 and 2004, the company recorded specified income and expense items that affected the comparability of the results.
 
The pre-tax specified items in 2005 included:
 
 	•	 	$569 million gain on sale of the U.S. and Canadian Consumer Medicines business and related assets	
 
 	•	 	$31 million net charges primarily associated with accelerated depreciation and asset impairment	
 
 	•	 	$26 million income from insurance recoveries, related to various litigation matters	
 
The pre-tax specified items in 2004 included:
 
 	•	 	$105 million related to accelerated depreciation and termination benefits	
 
 	•	 	$36 million charges for litigation matters	
 
 	•	 	$8 million primarily related to a milestone payment	
 
For additional 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 decreased 2% to $3.8 billion in the third quarter of 2005 compared to the same period last year.
 
U.S. pharmaceutical sales decreased 3% to $2.1 billion in the third quarter of 2005 compared to the same period last year, primarily due to the continued impact of exclusivity losses for PARAPLATIN ® and VIDEX ® EC, increased competition for PRAVACHOL ® , partially offset by the continued growth of PLAVIX ® , ABILIFY ® , REYATAZ ® and ERBITUX ® . In aggregate, estimated wholesaler inventory levels of the company’s key pharmaceutical products sold by the U.S. Pharmaceutical business at the end of the third quarter were down from the end of the second quarter of 2005, by approximately one-tenth of a month to two-and-a-half weeks. Individually, estimated wholesaler inventory levels of major brands such as PLAVIX ® , PRAVACHOL ® and AVAPRO ® /AVALIDE ® decreased to approximately two weeks.
 
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Also in the third quarter of 2005, the company negotiated amendments to its inventory management agreements with its three largest wholesalers, which together account for over 90% of U.S. pharmaceutical net sales. The amendments extended the original agreements through December 31, 2005 and established lower limits than the original agreements for inventory levels of company pharmaceutical products held by the wholesalers. The company is in discussions to extend the agreements for periods beyond 2005. Over the long-term, if extended on similar terms, the company should benefit from reduced sales volatility due to lower levels of fluctuating inventory build and work down in the wholesaler channel.
 
International pharmaceutical sales remained constant, including a 2% favorable foreign exchange impact, at $1.7 billion for the third quarter of 2005 compared to the same period last year. The sales decrease excluding the favorable impact of foreign exchange was primarily due to a decline in TAXOL ® and PRAVACHOL ® sales resulting from increased generic competition, partially offset by increased sales of newer products including REYATAZ ® and ABILIFY ® , as well as growth of PLAVIX ® .
 
Pharmaceutical Growth Drivers
 
Worldwide sales of the products that the company views as current and future growth drivers increased to 47% of worldwide pharmaceutical sales in the third quarter of 2005, compared to 39% in the same period last year. U.S. sales of these growth drivers accounted for approximately 67% and 58% of total U.S. pharmaceutical sales in the third quarter of 2005 and 2004, respectively.
 
•	 	Sales of PLAVIX ® , a platelet aggregation inhibitor that is part of the company’s alliance with Sanofi-Aventis, increased 9%, including a 1% favorable foreign exchange impact, to $980 million in the third quarter of 2005 from $902 million in the same period last year, primarily due to increased demand, partially offset by a reduction in U.S. wholesale inventory levels in 2005. Total U.S. prescription demand grew approximately 12% compared to 2004.	
 
•	 	Sales of AVAPRO ® /AVALIDE ® , an angiotensin II receptor blocker for the treatment of hypertension, also part of the Sanofi-Aventis alliance, increased 4%, including a 2% favorable foreign exchange impact, to $251 million in the third quarter of 2005 from $241 million in the same	
 
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 	period last year primarily due to increased demand, partially offset by a reduction in U.S. wholesaler inventory levels in 2005. Total U.S. prescription growth increased approximately 11% compared to 2004.	
 
•	 	Total revenue for ABILIFY ® increased 58% to $260 million in the third quarter of 2005 from $165 million in the same period last year, primarily due to strong growth in domestic demand and the continued growth in Europe, which achieved sales of $40 million in the third quarter of 2005. Estimated U.S. wholesaler inventory levels at the end of the third quarter increased to nine-tenths of a month. Total U.S. prescription demand grew approximately 38% compared to 2004. ABILIFY ® is an antipsychotic agent used for the treatment of schizophrenia, acute bipolar mania and Bipolar I Disorder. Total revenue for ABILIFY ® primarily consists of alliance revenue recorded by the company as net sales based on its 65% share of net sales in copromotion countries with Otsuka Pharmaceutical Co. Ltd.	
 
•	 	Sales of REYATAZ ® , a protease inhibitor for the treatment of HIV, increased 66%, including a 1% favorable foreign exchange impact, to $176 million in the third quarter of 2005 from $106 million in the same period last year, primarily due to increased demand. REYATAZ ® has achieved a monthly new prescription share of the U.S. protease inhibitors market of approximately 31%. European sales increased 152% to $53 million in the third quarter of 2005 from $21 million in the same period last year.	
 
•	 	Sales of ERBITUX ® , sold almost exclusively in the United States, increased 27% to $107 million in the third quarter of 2005 from $84 million in the same period last year. ERBITUX ® also surpassed $500 million in total net sales since its launch in February 2004, with more than 16,500 patients receiving the metastatic colorectal cancer therapy. ERBITUX ® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.	
 
•	 	BARACLUDE™, Bristol-Myers Squibb’s internally developed therapy for hepatitis B, has generated domestic sales of $7 million since its U.S. launch in April 2005. BARACLUDE™ received approvals from international authorities in Brazil, Indonesia and Argentina during the third quarter of 2005.	
 
7

Other Pharmaceuticals
 
Pharmaceutical products other than those the company views as future growth drivers tend to be more mature products, many of which are subject to exclusivity losses.
 
•	 	Sales of PRAVACHOL ® decreased 12% to $527 million in the third quarter of 2005 from $598 million in the same period last year. U.S. PRAVACHOL ® sales decreased 7% to $297 million in the third quarter of 2005 from $318 million in the same period last year, primarily due to lower demand resulting from increased competition and the related reduction in wholesaler inventory levels, partially offset by lower managed healthcare rebates in 2005. Total U.S. prescriptions declined by 18% compared to 2004. International sales decreased 18%, including a 1% favorable foreign exchange impact, to $230 million, reflecting generic competition in key European markets.	
 
•	 	Sales of TAXOL ® , an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 28%, including a 1% favorable foreign exchange impact, to $175 million in the third quarter of 2005 from $243 million in the same period last year, primarily as a result of increased generic competition in Europe.	
 
•	 	Sales of SUSTIVA ® , a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 8% to $170 million in the third quarter of 2005 from $157 million in the same period last year, primarily due to U.S. prescription growth of approximately 6% for the third quarter of 2005.	
 
•	 	Sales of PARAPLATIN ® , an anticancer agent, decreased 76% to $42 million in the third quarter of 2005 from $177 million in the same period last year due to increased generic competition.	
 
NUTRITIONALS AND RELATED HEALTHCARE
 
Bristol-Myers Squibb’s Nutritionals and Related Healthcare segments posted combined third quarter 2005 revenues of $989 million compared to $930 million in the same period in 2004. The two segments continue to generate a significant portion of Bristol-Myers Squibb’s revenues, contributing a combined 21% of third quarter 2005 sales.
 
8

Nutritionals
 
•	 	Worldwide Nutritional sales increased 13%, including a 2% favorable foreign exchange impact, to $547 million in the third quarter of 2005 from $484 million in the same period last year.	
 
•	 	U.S. Nutritional sales increased 16% to $266 million, primarily due to increased sales of ENFAMIL ® , the company’s best-selling infant formula. International Nutritional sales increased 11% to $281 million, including a 4% favorable foreign exchange impact, primarily due to increased sales of products for toddlers and children.	
 
Related Healthcare
 
•	 	ConvaTec sales increased 5%, including a 1% favorable foreign exchange impact, to $250 million from $237 million in 2004. Sales of wound therapeutic products increased 5% including a 1% favorable foreign exchange impact, to $104 million from $99 million in the last year, primarily due to increased sales of AQUACEL ® .	
 
•	 	Medical Imaging sales increased 3% including a 1% favorable foreign exchange impact, to $150 million from $145 million in 2004, primarily driven by increased sales of CARDIOLITE ® .	
 
•	 	Consumer Medicines sales were $42 million in the third quarter of 2005 compared to $64 million in the same period in 2004. During the third quarter of 2005, the company completed the sale of its U.S. and Canadian Consumer Medicines business and related assets.	
 
2005 EPS GUIDANCE
 
Bristol-Myers Squibb updated 2005 full year earnings guidance of fully-diluted earnings per share from continuing operations to the middle of its previously disclosed $1.35 to $1.45 range, on an adjusted non-GAAP basis which excludes specified items as discussed under “Use of Non-GAAP Financial Information.”
 
The company adjusted its estimate of fully diluted earnings per share when adding back exclusions – such as milestone payments in connection with previously announced external development, cost of early debt retirement, litigation settlements (including related insurance recoveries for significant legal proceedings), the gain on sale of business and restructurings activities from
 
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continuing operations – to $1.48 to $1.58, from $1.49 to $1.59. This guidance range excludes the impact of recognizing the remaining deferred income from the potential termination of the collaborative agreement with Merck.
 
Factors that may cause variation in the company’s earnings estimates and other risks and uncertainties, are discussed in the company’s “Statement on Cautionary Factors,” below, and its Securities and Exchange Commission filings.
 
The company and its subsidiaries are the subject of a number of significant pending lawsuits, claims, proceedings and investigations. It is not possible at this time reasonably to assess the final outcome of these investigations or litigations. Management continues to believe, as previously disclosed, that during the next few years, the aggregate impact, beyond current reserves, of these and other legal matters affecting the company is reasonably likely to be material to the company’s results of operations and cash flows, and may be material to its financial condition and liquidity. The company’s expectations for the next several years described above do not reflect the potential impact of litigation on the company’s results of operations.
 
For additional discussion of legal matters including PLAVIX ® patent litigation, see “Item 8. Financial Statements and Supplementary Data-Note 21 Legal Proceedings and Contingencies” in the company’s Form 10-K Annual Report for 2004.
 
Use of Non-GAAP Financial Information
 
This press release contains non-GAAP 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 product lines, from sale or write-down of equity investments and from discontinuations of operations; restructuring and similar charges; charges and recoveries relating to significant legal proceedings; 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. 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 operational 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.
 
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Statement on Cautionary Factors
 
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), 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, governmental regulations and legislation, difficulties and delays in product development, manufacturing and sales, patent positions and litigation, including the outcome of the PLAVIX ® litigation in the U.S. and the expiration of patents on certain other products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful. For further details and a discussion of these and other risks and uncertainties, see the company’s Securities and Exchange Commission filings. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
 
Company and Conference Call Information
 
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
 
There will be a conference call on October 28, 2005 at 9:00 a.m. (EDT) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at www.bms.com/ir or by dialing 719-457-2625. Materials related to the call will be available at the same Web site prior to the call.
 
For more information, contact: Tony Plohoros, 212-546-4379, or Jeffrey Schoenborn, 212-546-2846, Communications, or John Elicker, 212-546-3775, or Blaine Davis, 212-546-4631, Investor Relations.
 
# # #
 
ABILIFY ® is the trademark of Otsuka Pharmaceutical Company, Ltd.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of Sanofi-Aventis
ERBITUX ® is a trademark of ImClone Systems Incorporated
GLUCOPHAGE ® , GLUCOPHAGE ® XR and GLUCOVANCE ® are registered trademarks of Merck Sante, S.A.S., an associate of Merck KGaA of Darmstadt, Germany
 
11

BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Unaudited, in millions of dollars)

 	  	Three Months
Ended September 30,
	  	Nine Months
Ended September 30,
	
 	  	2005
	  	2004
	  	2005
	  	2004
	
Pharmaceuticals	  	$	3,778	  	$	3,848	  	$	11,242	  	$	11,414	
Nutritionals	  	 	547	  	 	484	  	 	1,621	  	 	1,496	
Related Healthcare	  	 	442	  	 	446	  	 	1,325	  	 	1,313	
 	  			  			  			  			
Net Sales from Continuing Operations	  	$	4,767	  	$	4,778	  	$	14,188	  	$	14,223	

12

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Unaudited, in millions of dollars except prescription data)
 
The following tables set forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2005 compared to the three and nine months ended September 30, 2004. In addition, the tables include, where applicable, the estimated total (both retail and mail-order customers) prescription growth, for the comparative periods presented, for certain of the company’s U.S. primary care pharmaceutical prescription products. The estimated prescription growth amounts are based on third-party data. A significant portion of the company’s domestic 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	 	
 	  	2005
	  	2004
	  	%
Change
	 	 	2005
	  	2004
	  	%
Change
	 	 	Prescriptions vs. 2004
	 	
Three Months Ended September 30	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
								
Pharmaceuticals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Cardiovascular	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Plavix	  	$	980	  	$	902	  	9	%	 	$	833	  	$	781	  	7	%	 	12	%	
Pravachol	  	 	527	  	 	598	  	(12	)%	 	 	297	  	 	318	  	(7	)%	 	(18	)%	
Avapro/Avalide	  	 	251	  	 	241	  	4	%	 	 	147	  	 	148	  	(1	)%	 	11	%	
Monopril	  	 	49	  	 	69	  	(29	)%	 	 	1	  	 	13	  	(92	)%	 	(58	)%	
Coumadin	  	 	57	  	 	65	  	(12	)%	 	 	49	  	 	58	  	(16	)%	 	(22	)%	
Virology	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Sustiva	  	 	170	  	 	157	  	8	%	 	 	101	  	 	95	  	6	%	 	6	%	
Reyataz	  	 	176	  	 	106	  	66	%	 	 	105	  	 	75	  	40	%	 	35	%	
Zerit	  	 	51	  	 	69	  	(26	)%	 	 	24	  	 	34	  	(29	)%	 	(31	)%	
Videx/Videx EC	  	 	41	  	 	67	  	(39	)%	 	 	7	  	 	27	  	(74	)%	 	(72	)%	
Infectious Diseases	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Cefzil	  	 	48	  	 	54	  	(11	)%	 	 	27	  	 	30	  	(10	)%	 	(15	)%	
Baraclude	  	 	2	  	 	—  	  	—  	 	 	 	2	  	 	—  	  	—  	 	 	N/A	 	
Oncology	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Taxol	  	 	175	  	 	243	  	(28	)%	 	 	4	  	 	9	  	(56	)%	 	N/A	 	
Erbitux	  	 	107	  	 	84	  	27	%	 	 	106	  	 	83	  	28	%	 	N/A	 	
Paraplatin	  	 	42	  	 	177	  	(76	)%	 	 	9	  	 	145	  	(94	)%	 	N/A	 	
Affective (Psychiatric) Disorders	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Abilify (total revenue)	  	 	260	  	 	165	  	58	%	 	 	214	  	 	152	  	41	%	 	38	%	
Metabolics	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Glucophage Franchise	  	 	43	  	 	43	  	—  	 	 	 	38	  	 	39	  	(3	)%	 	(46	)%	
Other Pharmaceuticals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Efferalgan	  	 	66	  	 	61	  	8	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
								
Nutritionals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Enfamil	  	 	230	  	 	203	  	13	%	 	 	168	  	 	137	  	23	%	 	N/A	 	
								
Related Healthcare	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Ostomy	  	 	139	  	 	135	  	3	%	 	 	43	  	 	39	  	10	%	 	N/A	 	
Cardiolite	  	 	106	  	 	101	  	5	%	 	 	95	  	 	91	  	4	%	 	N/A	 	
Wound Therapeutics	  	 	104	  	 	99	  	5	%	 	 	34	  	 	31	  	10	%	 	N/A	 	
 
13

																						
 	  	Worldwide Net Sales
	 	 	U.S. Net Sales
	 	 	% Change in U.S. Total	 	
 	  	2005
	  	2004
	  	%
Change
	 	 	2005
	  	2004
	  	%
Change
	 	 	Prescriptions vs. 2004
	 	
Nine Months Ended September 30	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
								
Pharmaceuticals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Cardiovascular	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Plavix	  	$	2,762	  	$	2,368	  	17	%	 	$	2,329	  	$	2,017	  	15	%	 	14	%	
Pravachol	  	 	1,672	  	 	1,925	  	(13	)%	 	 	908	  	 	987	  	(8	)%	 	(16	)%	
Avapro/Avalide	  	 	705	  	 	671	  	5	%	 	 	406	  	 	408	  	—  	 	 	13	%	
Monopril	  	 	162	  	 	206	  	(21	)%	 	 	6	  	 	25	  	(76	)%	 	(61	)%	
Coumadin	  	 	156	  	 	179	  	(13	)%	 	 	133	  	 	159	  	(16	)%	 	(18	)%	
Virology	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Sustiva	  	 	510	  	 	449	  	14	%	 	 	301	  	 	261	  	15	%	 	5	%	
Reyataz	  	 	508	  	 	266	  	91	%	 	 	295	  	 	206	  	43	%	 	44	%	
Zerit	  	 	169	  	 	205	  	(18	)%	 	 	76	  	 	88	  	(14	)%	 	(31	)%	
Videx/Videx EC	  	 	133	  	 	207	  	(36	)%	 	 	22	  	 	81	  	(73	)%	 	(62	)%	
Infectious Diseases	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Cefzil	  	 	184	  	 	181	  	2	%	 	 	107	  	 	101	  	6	%	 	(9	)%	
Baraclude	  	 	7	  	 	—  	  	—  	 	 	 	7	  	 	—  	  	—  	 	 	N/A	 	
Oncology	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Taxol	  	 	566	  	 	735	  	(23	)%	 	 	12	  	 	24	  	(50	)%	 	N/A	 	
Erbitux	  	 	292	  	 	173	  	69	%	 	 	290	  	 	172	  	69	%	 	N/A	 	
Paraplatin	  	 	119	  	 	646	  	(82	)%	 	 	23	  	 	549	  	(96	)%	 	N/A	 	
Affective (Psychiatric) Disorders	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Abilify (total revenue)	  	 	688	  	 	402	  	71	%	 	 	575	  	 	384	  	50	%	 	46	%	
Metabolics	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Glucophage Franchise	  	 	137	  	 	283	  	(52	)%	 	 	121	  	 	267	  	(55	)%	 	(66	)%	
Other Pharmaceuticals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Efferalgan	  	 	209	  	 	198	  	6	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
								
Nutritionals	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Enfamil	  	 	715	  	 	635	  	13	%	 	 	501	  	 	439	  	14	%	 	N/A	 	
								
Related Healthcare	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	
Ostomy	  	 	405	  	 	399	  	2	%	 	 	115	  	 	120	  	(4	)%	 	N/A	 	
Cardiolite	  	 	316	  	 	298	  	6	%	 	 	282	  	 	266	  	6	%	 	N/A	 	
Wound Therapeutics	  	 	304	  	 	280	  	9	%	 	 	93	  	 	91	  	2	%	 	N/A	 	
 
14

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Unaudited, in millions of dollars except per share amounts)

 	  	Three Months Ended September 30,
	 	 	Nine Months Ended September 30,
	 	
 	  	2005
	 	 	2004
	 	 	2005
	 	 	2004
	 	
Net Sales	  	$	4,767	 	 	$	4,778	 	 	$	14,188	 	 	$	14,223	 	
 	  				 				 				 				
Cost of products sold	  	 	1,483	 	 	 	1,467	 	 	 	4,333	 	 	 	4,324	 	
Marketing, selling and administrative	  	 	1,286	 	 	 	1,199	 	 	 	3,737	 	 	 	3,626	 	
Advertising and product promotion	  	 	349	 	 	 	325	 	 	 	1,032	 	 	 	987	 	
Research and development	  	 	669	 	 	 	615	 	 	 	1,971	 	 	 	1,823	 	
Acquired in-process research and development	  	 	—  	 	 	 	1	 	 	 	—  	 	 	 	63	 	
Provision for restructuring and other items, net	  	 	(5	)	 	 	57	 	 	 	—  	 	 	 	75	 	
Litigation (income)/charges, net	  	 	(26	)	 	 	25	 	 	 	72	 	 	 	404	 	
Gain on sale of business	  	 	(569	)	 	 	(3	)	 	 	(569	)	 	 	(316	)	
Equity in net income of affiliates	  	 	(84	)	 	 	(70	)	 	 	(240	)	 	 	(204	)	
Other expense, net (a)	  	 	38	 	 	 	16	 	 	 	168	 	 	 	62	 	
 	  				 				 				 				
 	  	 	3,141	 	 	 	3,632	 	 	 	10,504	 	 	 	10,844	 	
 	  				 				 				 				
Earnings from Continuing Operations	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before Minority Interest and Income Taxes	  	 	1,626	 	 	 	1,146	 	 	 	3,684	 	 	 	3,379	 	
Provision for income taxes	  	 	507	 	 	 	239	 	 	 	754	 	 	 	753	 	
Minority interest, net of taxes	  	 	155	 	 	 	152	 	 	 	437	 	 	 	387	 	
 	  				 				 				 				
Earnings from Continuing Operations	  	 	964	 	 	 	755	 	 	 	2,493	 	 	 	2,239	 	
 	  				 				 				 				
Discontinued Operations	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	 	—  	 	 	 	3	 	 	 	(5	)	 	 	10	 	
Net Gain on Disposal	  	 	—  	 	 	 	—  	 	 	 	13	 	 	 	—  	 	
 	  				 				 				 				
 	  	 	—  	 	 	 	3	 	 	 	8	 	 	 	10	 	
 	  				 				 				 				
Net Earnings	  	$	964	 	 	$	758	 	 	$	2,501	 	 	$	2,249	 	
 	  				 				 				 				
Earnings per Common Share:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
					
Basic:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	  	$	0.49	 	 	$	0.39	 	 	$	1.28	 	 	$	1.16	 	
Discontinued Operations	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net Gain on Disposal	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  				 				 				 				
Net Earnings per Common Share	  	$	0.49	 	 	$	0.39	 	 	$	1.28	 	 	$	1.16	 	
 	  				 				 				 				
Diluted:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	  	$	0.49	 	 	$	0.38	 	 	$	1.27	 	 	$	1.14	 	
Discontinued Operations	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Net Gain on Disposal	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  				 				 				 				
Net Earnings per Common Share	  	$	0.49	 	 	$	0.38	 	 	$	1.27	 	 	$	1.14	 	
 	  				 				 				 				
Average Common Shares Outstanding:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	1,953	 	 	 	1,942	 	 	 	1,951	 	 	 	1,941	 	
Diluted	  	 	1,984	 	 	 	1,975	 	 	 	1,983	 	 	 	1,975	 	
					
(a)    Other expense/(income), net	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	$	79	 	 	$	80	 	 	$	249	 	 	$	219	 	
Interest income	  	 	(28	)	 	 	(29	)	 	 	(96	)	 	 	(67	)	
Foreign exchange transaction losses/(gains)	  	 	—  	 	 	 	(20	)	 	 	47	 	 	 	35	 	
Other, net	  	 	(13	)	 	 	(15	)	 	 	(32	)	 	 	(125	)	
 	  				 				 				 				
 	  	$	38	 	 	$	16	 	 	$	168	 	 	$	62	 	

15

APPENDIX 1
 
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Unaudited, in millions of dollars)

																							
 	  	Cost of
products
sold
	  	Gain on
sale of
business
	 	 	Provision for
restructuring and
other items, net
	 	 	Litigation
settlement
income
	 	 	Other
expense,
net
	  	Total
	 	
Three months ended September 30, 2005	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
							
Litigation Matters:	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Insurance recoveries	  	$	—  	  	$	—  	 	 	$	—  	 	 	$	(26	)	 	$	—  	  	$	(26	)	
							
Other:	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	(569	)	
Loss on sale of fixed assets	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	  	 	1	 	
Accelerated depreciation and asset impairment	  	 	35	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	35	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	 	 	 	(5	)	 	 	—  	 	 	 	—  	  	 	(5	)	
 	  			  				 				 				 			  				
 	  	$	35	  	$	(569	)	 	$	(5	)	 	$	(26	)	 	$	1	  	 	(564	)	
 	  			  				 				 				 			  	 	 	 	
Income taxes on items above	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	202	 	
 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  				
Increase to Net Earnings from Continuing Operations	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	$	(362	)	

																											
 	  	Cost of
products
sold
	  	Research and
development
	  	Acquired in-
process
research and
development
	  	Gain on
sale of
business
	 	 	Provision for
restructuring
and other
items, net
	  	Litigation
settlement
expense
	  	Other
expense,
net
	  	Total
	 	
Three months ended September 30, 2004	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
									
Litigation Matters:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Product liability	  	$	—  	  	$	—  	  	$	—  	  	$	—  	 	 	$	—  	  	$	—  	  	$	11	  	$	11	 	
Anti-trust litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	25	  	 	—  	  	 	25	 	
 	  			  			  			  				 			  			  			  				
 	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	25	  	 	11	  	 	36	 	
									
Other:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Gain on sale of Adult Nutritional business	  	 	—  	  	 	—  	  	 	—  	  	 	(3	)	 	 	—  	  	 	—  	  	 	—  	  	 	(3	)	
Accelerated depreciation	  	 	47	  	 	1	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	48	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	57	  	 	—  	  	 	—  	  	 	57	 	
Milestone payment	  	 	—  	  	 	10	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	10	 	
Acordis IPR&D write-off	  	 	—  	  	 	—  	  	 	1	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	1	 	
 	  			  			  			  				 			  			  			  				
 	  	$	47	  	$	11	  	$	1	  	$	(3	)	 	$	57	  	$	25	  	$	11	  	 	149	 	
 	  			  			  			  				 			  			  			  	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	(39	)	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  				
Reduction to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	$	110	 	

16

APPENDIX 1
 
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
(Unaudited, in millions of dollars)

																							
 	  	Cost of
products
sold
	  	Research and
development
	  	Gain on sale
of business
	 	 	Litigation
settlement
expense/(income)
	 	 	Other
(income)/
expense, net
	 	 	Total
	 	
Nine months ended September 30, 2005	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
Litigation Matters:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Private litigations and governmental investigations	  	$	—  	  	$	—  	  	$	—  	 	 	$	373	 	 	$	—  	 	 	$	373	 	
ERISA liability and other matters	  	 	—  	  	 	—  	  	 	—  	 	 	 	20	 	 	 	—  	 	 	 	20	 	
Insurance recoveries	  	 	—  	  	 	—  	  	 	—  	 	 	 	(321	)	 	 	—  	 	 	 	(321	)	
 	  			  			  				 				 				 				
 	  	 	—  	  	 	—  	  	 	—  	 	 	 	72	 	 	 	—  	 	 	 	72	 	
							
Other:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(27	)	 	 	(27	)	
Loss on sale of fixed assets	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	18	 	 	 	18	 	
Accelerated depreciation and asset impairment	  	 	69	  	 	2	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	71	 	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	(569	)	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35	 	
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	69	 	 	 	69	 	
 	  			  			  				 				 				 				
 	  	$	69	  	$	37	  	$	(569	)	 	$	72	 	 	$	60	 	 	 	(331	)	
 	  			  			  				 				 				 	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	178	 	
Adjustment to taxes on repatriation of foreign earnings	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	(135	)	
 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				
Increase to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	$	(288	)	

																												
 	  	Cost of
products
sold
	 	 	Research and
development
	  	Acquired in-
process
research and
development
	  	Gain on
sale of
business
	 	 	Provision for
restructuring
and other items,
net
	  	Litigation
settlement
expense
	  	Other
expense,
net
	  	Total
	 	
Nine months ended September 30, 2004	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
									
Litigation Matters:	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Private litigation and governmental investigations	  	$	—  	 	 	$	—  	  	$	—  	  	$	—  	 	 	$	—  	  	$	320	  	$	—  	  	$	320	 	
Product liability	  	 	75	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	11	  	 	86	 	
Pharmaceutical pricing and sales litigation	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	34	  	 	—  	  	 	34	 	
Commercial litigation	  	 	26	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	26	 	
Anti-trust litigation	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	50	  	 	—  	  	 	50	 	
Product liability insurance recovery	  	 	(25	)	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	(25	)	
 	  				 			  			  				 			  			  			  				
 	  	 	76	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	404	  	 	11	  	 	491	 	
Other:	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Gain on sale of Adult Nutritional business	  	 	—  	 	 	 	—  	  	 	—  	  	 	(316	)	 	 	—  	  	 	—  	  	 	—  	  	 	(316	)	
Accelerated depreciation	  	 	70	 	 	 	1	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	4	  	 	75	 	
Downsizing and streamlining of worldwide operations	  	 	1	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	75	  	 	—  	  	 	—  	  	 	76	 	
Milestone payments	  	 	—  	 	 	 	40	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	40	 	
Acordis IPR&D write-off	  	 	—  	 	 	 	—  	  	 	63	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	63	 	
 	  				 			  			  				 			  			  			  				
 	  	$	147	 	 	$	41	  	$	63	  	$	(316	)	 	$	75	  	$	404	  	$	15	  	 	429	 	
 	  				 			  			  				 			  			  			  	 	 	 	
Income taxes on items above	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	(94	)	
 	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  				
Reduction to Net Earnings from Continuing Operations	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	$	335	 	

17
  
EXHIBIT 99.2
 
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
QUARTERLY SALES TREND ANALYSIS
($ in millions)

Net Sales
	 	2004
	 	 	2005
	 	% Change
	 	
 	 	1st Qtr
	 	 	2nd Qtr
	 	 	6 Months
	 	 	3rd Qtr
	 	 	9 Months
	 	 	4th Qtr
	 	 	Year
	 	 	1st Qtr
	 	 	2nd Qtr
	 	 	6 Months
	 	 	3rd Qtr
	 	 	9 Months
	 	 	4th Qtr
	 	Year
	 	Qtr vs. Qtr
	 	 	YTD vs. YTD
	 	
Pharmaceuticals	 	$	3,710	 	 	$	3,856	 	 	$	7,566	 	 	$	3,848	 	 	$	11,414	 	 	$	4,150	 	 	$	15,564	 	 	$	3,578	 	 	$	3,886	 	 	$	7,464	 	 	$	3,778	 	 	$	11,242	 	 	 	 	 	 	-2	%	 	-2	%	
US Pharmaceuticals	 	 	1,926	 	 	 	2,048	 	 	 	3,974	 	 	 	2,135	 	 	 	6,109	 	 	 	2,242	 	 	 	8,351	 	 	 	1,767	 	 	 	2,084	 	 	 	3,851	 	 	 	2,069	 	 	 	5,920	 	 	 	 	 	 	-3	%	 	-3	%	
Primary Care	 	 	1,381	 	 	 	1,419	 	 	 	2,800	 	 	 	1,496	 	 	 	4,296	 	 	 	1,721	 	 	 	6,017	 	 	 	1,258	 	 	 	1,539	 	 	 	2,797	 	 	 	1,486	 	 	 	4,283	 	 	 	 	 	 	-1	%	 	0	%	
Oncology/Virology	 	 	432	 	 	 	510	 	 	 	942	 	 	 	487	 	 	 	1,429	 	 	 	351	 	 	 	1,780	 	 	 	348	 	 	 	345	 	 	 	693	 	 	 	370	 	 	 	1,063	 	 	 	 	 	 	-24	%	 	-26	%	
Neuroscience	 	 	113	 	 	 	119	 	 	 	232	 	 	 	152	 	 	 	384	 	 	 	170	 	 	 	554	 	 	 	161	 	 	 	200	 	 	 	361	 	 	 	213	 	 	 	574	 	 	 	 	 	 	40	%	 	49	%	
Latin America/Canada	 	 	251	 	 	 	257	 	 	 	508	 	 	 	246	 	 	 	754	 	 	 	287	 	 	 	1,041	 	 	 	258	 	 	 	306	 	 	 	564	 	 	 	285	 	 	 	849	 	 	 	 	 	 	16	%	 	13	%	
Europe and Middle East Medicines	 	 	1,189	 	 	 	1,185	 	 	 	2,374	 	 	 	1,128	 	 	 	3,502	 	 	 	1,219	 	 	 	4,721	 	 	 	1,201	 	 	 	1,112	 	 	 	2,313	 	 	 	1,030	 	 	 	3,343	 	 	 	 	 	 	-9	%	 	-5	%	
Asia/Pacific Medicines	 	 	287	 	 	 	318	 	 	 	605	 	 	 	297	 	 	 	902	 	 	 	354	 	 	 	1,256	 	 	 	299	 	 	 	329	 	 	 	628	 	 	 	342	 	 	 	970	 	 	 	 	 	 	15	%	 	8	%	
Nutritionals	 	 	502	 	 	 	510	 	 	 	1,012	 	 	 	484	 	 	 	1,496	 	 	 	505	 	 	 	2,001	 	 	 	526	 	 	 	548	 	 	 	1,074	 	 	 	547	 	 	 	1,621	 	 	 	 	 	 	13	%	 	8	%	
Related Healthcare	 	 	414	 	 	 	453	 	 	 	867	 	 	 	446	 	 	 	1,313	 	 	 	502	 	 	 	1,815	 	 	 	428	 	 	 	455	 	 	 	883	 	 	 	442	 	 	 	1,325	 	 	 	 	 	 	-1	%	 	1	%	
ConvaTec	 	 	217	 	 	 	234	 	 	 	451	 	 	 	237	 	 	 	688	 	 	 	266	 	 	 	954	 	 	 	228	 	 	 	247	 	 	 	475	 	 	 	250	 	 	 	725	 	 	 	 	 	 	5	%	 	5	%	
Medical Imaging	 	 	139	 	 	 	151	 	 	 	290	 	 	 	145	 	 	 	435	 	 	 	154	 	 	 	589	 	 	 	145	 	 	 	151	 	 	 	296	 	 	 	150	 	 	 	446	 	 	 	 	 	 	3	%	 	3	%	
Consumer Medicines	 	 	58	 	 	 	68	 	 	 	126	 	 	 	64	 	 	 	190	 	 	 	82	 	 	 	272	 	 	 	55	 	 	 	57	 	 	 	112	 	 	 	42	 	 	 	154	 	 	 	 	 	 	-34	%	 	-19	%	
Total Company	 	$	4,626	 	 	$	4,819	 	 	$	9,445	 	 	$	4,778	 	 	$	14,223	 	 	$	5,157	 	 	$	19,380	 	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	 	 	 	 	0	%	 	0	%	
				
% of Total Sales
	 	2004
	 	 	2005
	 	Basis Point Change
	 	
 	 	1st Qtr
	 	 	2nd Qtr
	 	 	6 Months
	 	 	3rd Qtr
	 	 	9 Months
	 	 	4th Qtr
	 	 	Year
	 	 	1st Qtr
	 	 	2nd Qtr
	 	 	6 Months
	 	 	3rd Qtr
	 	 	9 Months
	 	 	4th Qtr
	 	Year
	 	Qtr vs. Qtr
	 	 	YTD vs. YTD
	 	
Pharmaceuticals	 	 	80.2	%	 	 	80.0	%	 	 	80.1	%	 	 	80.6	%	 	 	80.3	%	 	 	80.5	%	 	 	80.3	%	 	 	79.0	%	 	 	79.5	%	 	 	79.2	%	 	 	79.3	%	 	 	79.2	%	 	 	 	 	 	(130	)	 	(110	)	
US Pharmaceuticals	 	 	41.6	%	 	 	42.5	%	 	 	42.1	%	 	 	44.7	%	 	 	43.0	%	 	 	43.5	%	 	 	43.1	%	 	 	39.0	%	 	 	42.6	%	 	 	40.9	%	 	 	43.4	%	 	 	41.7	%	 	 	 	 	 	(130	)	 	(130	)	
Primary Care	 	 	29.9	%	 	 	29.4	%	 	 	29.6	%	 	 	31.3	%	 	 	30.2	%	 	 	33.4	%	 	 	31.0	%	 	 	27.8	%	 	 	31.4	%	 	 	29.7	%	 	 	31.2	%	 	 	30.2	%	 	 	 	 	 	(10	)	 	0	 	
Oncology/Virology	 	 	9.3	%	 	 	10.6	%	 	 	10.0	%	 	 	10.2	%	 	 	10.1	%	 	 	6.8	%	 	 	9.2	%	 	 	7.7	%	 	 	7.1	%	 	 	7.4	%	 	 	7.8	%	 	 	7.5	%	 	 	 	 	 	(240	)	 	(260	)	
Neuroscience	 	 	2.4	%	 	 	2.5	%	 	 	2.5	%	 	 	3.2	%	 	 	2.7	%	 	 	3.3	%	 	 	2.9	%	 	 	3.5	%	 	 	4.1	%	 	 	3.8	%	 	 	4.4	%	 	 	4.0	%	 	 	 	 	 	120	 	 	130	 	
Latin America/Canada	 	 	5.4	%	 	 	5.3	%	 	 	5.4	%	 	 	5.1	%	 	 	5.3	%	 	 	5.6	%	 	 	5.4	%	 	 	5.7	%	 	 	6.3	%	 	 	6.0	%	 	 	6.0	%	 	 	6.0	%	 	 	 	 	 	90	 	 	70	 	
Europe and Middle East Medicines	 	 	25.7	%	 	 	24.6	%	 	 	25.1	%	 	 	23.6	%	 	 	24.6	%	 	 	23.6	%	 	 	24.4	%	 	 	26.5	%	 	 	22.7	%	 	 	24.6	%	 	 	21.6	%	 	 	23.6	%	 	 	 	 	 	(200	)	 	(100	)	
Asia/Pacific Medicines	 	 	6.2	%	 	 	6.6	%	 	 	6.4	%	 	 	6.2	%	 	 	6.3	%	 	 	6.9	%	 	 	6.5	%	 	 	6.6	%	 	 	6.7	%	 	 	6.7	%	 	 	7.2	%	 	 	6.8	%	 	 	 	 	 	100	 	 	50	 	
Nutritionals	 	 	10.9	%	 	 	10.6	%	 	 	10.7	%	 	 	10.1	%	 	 	10.5	%	 	 	9.8	%	 	 	10.3	%	 	 	11.6	%	 	 	11.2	%	 	 	11.4	%	 	 	11.5	%	 	 	11.4	%	 	 	 	 	 	140	 	 	90	 	
Related Healthcare	 	 	8.9	%	 	 	9.4	%	 	 	9.2	%	 	 	9.3	%	 	 	9.2	%	 	 	9.7	%	 	 	9.4	%	 	 	9.4	%	 	 	9.3	%	 	 	9.4	%	 	 	9.2	%	 	 	9.4	%	 	 	 	 	 	(10	)	 	20	 	
ConvaTec	 	 	4.7	%	 	 	4.9	%	 	 	4.8	%	 	 	5.0	%	 	 	4.8	%	 	 	5.1	%	 	 	4.9	%	 	 	5.0	%	 	 	5.0	%	 	 	5.1	%	 	 	5.2	%	 	 	5.1	%	 	 	 	 	 	20	 	 	30	 	
Medical Imaging	 	 	3.0	%	 	 	3.1	%	 	 	3.1	%	 	 	3.0	%	 	 	3.1	%	 	 	3.0	%	 	 	3.1	%	 	 	3.2	%	 	 	3.1	%	 	 	3.1	%	 	 	3.1	%	 	 	3.2	%	 	 	 	 	 	10	 	 	10	 	
Consumer Medicines	 	 	1.2	%	 	 	1.4	%	 	 	1.3	%	 	 	1.3	%	 	 	1.3	%	 	 	1.6	%	 	 	1.4	%	 	 	1.2	%	 	 	1.2	%	 	 	1.2	%	 	 	0.9	%	 	 	1.1	%	 	 	 	 	 	(40	)	 	(20	)	
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	%	 	 	 	 	 	 	 	 	 	 	

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2005
($ in millions)

 	  	Pharmaceuticals
	 	 	Nutritionals
	 	 	Convatec
	 	 	Medical Imaging
	 	 	Consumer
Medicines
	 	 	Continuing
Operations
	 	
QUARTER-TO-DATE	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
Price Increases(Decreases)	  	 	2	%	 	 	1	%	 	 	-4	%	 	 	-1	%	 	 	—  	 	 	 	1	%	
Foreign Exchange	  	 	1	%	 	 	2	%	 	 	1	%	 	 	1	%	 	 	—  	 	 	 	1	%	
Volume	  	 	-5	%	 	 	10	%	 	 	8	%	 	 	3	%	 	 	-34	%	 	 	-2	%	
 	  				 				 				 				 				 				
Total Change	  	 	-2	%	 	 	13	%	 	 	5	%	 	 	3	%	 	 	-34	%	 	 	—  	 	
 	  				 				 				 				 				 				
Total 2005 Period to Date Sales	  	$	3,778	 	 	$	547	 	 	$	250	 	 	$	150	 	 	$	42	 	 	$	4,767	 	
Total 2004 Period to Date Sales	  	$	3,848	 	 	$	484	 	 	$	237	 	 	$	145	 	 	$	64	 	 	$	4,778	 	
							
 	  	Pharmaceuticals
	 	 	Nutritionals
	 	 	Convatec
	 	 	Medical Imaging
	 	 	Consumer
Medicines
	 	 	Continuing
Operations
	 	
YEAR-TO-DATE	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
Price Increases(Decreases)	  	 	-1	%	 	 	2	%	 	 	-2	%	 	 	-1	%	 	 	—  	 	 	 	—  	 	
Foreign Exchange	  	 	2	%	 	 	1	%	 	 	3	%	 	 	1	%	 	 	—  	 	 	 	2	%	
Volume	  	 	-3	%	 	 	5	%	 	 	4	%	 	 	3	%	 	 	-19	%	 	 	-2	%	
 	  				 				 				 				 				 				
Total Change	  	 	-2	%	 	 	8	%	 	 	5	%	 	 	3	%	 	 	-19	%	 	 	—  	 	
 	  				 				 				 				 				 				
Total 2005 Period to Date Sales	  	$	11,242	 	 	$	1,621	 	 	$	725	 	 	$	446	 	 	$	154	 	 	$	14,188	 	
Total 2004 Period to Date Sales	  	$	11,414	 	 	$	1,496	 	 	$	688	 	 	$	435	 	 	$	190	 	 	$	14,223	 	

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
CONTINUING OPERATIONS
($ in Millions, except EPS)

 	 	2004
	 	 	2005
	 	% Change
	 	
 	 	1 st  Qtr
	 	 	2 nd  Qtr
	 	 	6 Months
	 	 	3 rd Qtr
	 	 	9 Months
	 	 	4 th Qtr
	 	 	Year
	 	 	1 st Qtr
	 	 	2 nd  Qtr
	 	 	6 Months
	 	 	3 rd Qtr
	 	 	9 Months
	 	 	4 th  Qtr
	 	Year
	 	Qtr vs. Qtr
	 	 	YTD vs. YTD
	 	
Net Sales	 	$	4,626	 	 	$	4,819	 	 	$	9,445	 	 	$	4,778	 	 	$	14,223	 	 	$	5,157	 	 	$	19,380	 	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	 	 	 	 	0	%	 	0	%	
																	
Cost of products sold	 	 	1,357	 	 	 	1,500	 	 	 	2,857	 	 	 	1,467	 	 	 	4,324	 	 	 	1,665	 	 	 	5,989	 	 	 	1,367	 	 	 	1,483	 	 	 	2,850	 	 	 	1,483	 	 	 	4,333	 	 	 	 	 	 	1	%	 	0	%	
Marketing, selling, and administrative	 	 	1,226	 	 	 	1,201	 	 	 	2,427	 	 	 	1,199	 	 	 	3,626	 	 	 	1,390	 	 	 	5,016	 	 	 	1,183	 	 	 	1,268	 	 	 	2,451	 	 	 	1,286	 	 	 	3,737	 	 	 	 	 	 	7	%	 	3	%	
Advertising and promotion	 	 	316	 	 	 	346	 	 	 	662	 	 	 	325	 	 	 	987	 	 	 	424	 	 	 	1,411	 	 	 	318	 	 	 	365	 	 	 	683	 	 	 	349	 	 	 	1,032	 	 	 	 	 	 	7	%	 	5	%	
Research and development	 	 	583	 	 	 	625	 	 	 	1,208	 	 	 	615	 	 	 	1,823	 	 	 	677	 	 	 	2,500	 	 	 	653	 	 	 	649	 	 	 	1,302	 	 	 	669	 	 	 	1,971	 	 	 	 	 	 	9	%	 	8	%	
Acquired in-process R&D	 	 	—  	 	 	 	62	 	 	 	62	 	 	 	1	 	 	 	63	 	 	 	—  	 	 	 	63	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	 	 	 	-100	%	 	-100	%	
Provision for restructuring	 	 	12	 	 	 	6	 	 	 	18	 	 	 	57	 	 	 	75	 	 	 	29	 	 	 	104	 	 	 	3	 	 	 	2	 	 	 	5	 	 	 	(5	)	 	 	—  	 	 	 	 	 	 	-109	%	 	-100	%	
Litigation charges, net	 	 	—  	 	 	 	379	 	 	 	379	 	 	 	25	 	 	 	404	 	 	 	16	 	 	 	420	 	 	 	124	 	 	 	(26	)	 	 	98	 	 	 	(26	)	 	 	72	 	 	 	 	 	 	*	 	 	-82	%	
Gain on sale of businesses	 	 	(295	)	 	 	(18	)	 	 	(313	)	 	 	(3	)	 	 	(316	)	 	 	(4	)	 	 	(320	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	(569	)	 	 	 	 	 	*	 	 	-80	%	
Equity in net income from affiliates, net	 	 	(75	)	 	 	(59	)	 	 	(134	)	 	 	(70	)	 	 	(204	)	 	 	(69	)	 	 	(273	)	 	 	(69	)	 	 	(87	)	 	 	(156	)	 	 	(84	)	 	 	(240	)	 	 	 	 	 	-20	%	 	-18	%	
Other (income)/expense, net	 	 	38	 	 	 	8	 	 	 	46	 	 	 	16	 	 	 	62	 	 	 	(10	)	 	 	52	 	 	 	25	 	 	 	105	 	 	 	130	 	 	 	38	 	 	 	168	 	 	 	 	 	 	138	%	 	171	%	
 	 				 				 				 				 				 				 				 				 				 				 				 				 	 	 	 	 			 			
Total expenses	 	 	3,162	 	 	 	4,050	 	 	 	7,212	 	 	 	3,632	 	 	 	10,844	 	 	 	4,118	 	 	 	14,962	 	 	 	3,604	 	 	 	3,759	 	 	 	7,363	 	 	 	3,141	 	 	 	10,504	 	 	 	 	 	 	-14	%	 	-3	%	
 	 				 				 				 				 				 				 				 				 				 				 				 				 	 	 	 	 			 			
Earnings from Continuing Operations Before Minority interest and income taxes	 	 	1,464	 	 	 	769	 	 	 	2,233	 	 	 	1,146	 	 	 	3,379	 	 	 	1,039	 	 	 	4,418	 	 	 	928	 	 	 	1,130	 	 	 	2,058	 	 	 	1,626	 	 	 	3,684	 	 	 	 	 	 	42	%	 	9	%	
																	
Provision for income taxes	 	 	396	 	 	 	118	 	 	 	514	 	 	 	239	 	 	 	753	 	 	 	766	 	 	 	1,519	 	 	 	268	 	 	 	(21	)	 	 	247	 	 	 	507	 	 	 	754	 	 	 	 	 	 	112	%	 	0	%	
Minority Interest, Net	 	 	107	 	 	 	128	 	 	 	235	 	 	 	152	 	 	 	387	 	 	 	134	 	 	 	521	 	 	 	122	 	 	 	160	 	 	 	282	 	 	 	155	 	 	 	437	 	 	 	 	 	 	2	%	 	13	%	

Earnings from Continuing Operations	 	$	961	 	 	$	523	 	 	$	1,484	 	 	$	755	 	 	$	2,239	 	 	$	139	 	 	$	2,378	 	 	$	538	 	 	$	991	 	 	$	1,529	 	 	$	964	 	 	$	2,493	 	 	 	 	 	 	28	%	 	11	%	

Diluted Earnings per Common Share Continuing Operations	 	$	0.49	 	 	$	0.27	 	 	$	0.76	 	 	$	0.38	 	 	$	1.14	 	 	$	0.07	 	 	$	1.21	 	 	$	0.27	 	 	$	0.50	 	 	$	0.78	 	 	$	0.49	 	 	$	1.27	 	 	 	 	 	 	29	%	 	11	%	
																	
Average Common Shares Outstanding – Diluted	 	 	1,976	 	 	 	1,976	 	 	 	1,976	 	 	 	1,975	 	 	 	1,975	 	 	 	1,976	 	 	 	1,976	 	 	 	1,981	 	 	 	1,984	 	 	 	1,982	 	 	 	1,984	 	 	 	1,983	 	 	 	 	 	 	0	%	 	0	%	
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	 	 	 	 	 	 	—  	 	 	—  	 	
				
 	 	2004
	 	 	2005
	 	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	 	 	70.7	%	 	 	68.9	%	 	 	69.8	%	 	 	69.3	%	 	 	69.6	%	 	 	67.7	%	 	 	69.1	%	 	 	69.8	%	 	 	69.7	%	 	 	69.7	%	 	 	68.9	%	 	 	69.5	%	 	 	 	 	 	(40	)	 	(10	)	
Cost of products sold	 	 	29.3	%	 	 	31.1	%	 	 	30.2	%	 	 	30.7	%	 	 	30.4	%	 	 	32.3	%	 	 	30.9	%	 	 	30.2	%	 	 	30.3	%	 	 	30.3	%	 	 	31.1	%	 	 	30.5	%	 	 	 	 	 	40	 	 	10	 	
Marketing, selling, and admin	 	 	26.5	%	 	 	24.9	%	 	 	25.7	%	 	 	25.1	%	 	 	25.5	%	 	 	27.0	%	 	 	25.9	%	 	 	26.1	%	 	 	25.9	%	 	 	26.0	%	 	 	27.0	%	 	 	26.3	%	 	 	 	 	 	190	 	 	80	 	
Advertising and promotion	 	 	6.8	%	 	 	7.2	%	 	 	7.0	%	 	 	6.8	%	 	 	6.9	%	 	 	8.2	%	 	 	7.3	%	 	 	7.0	%	 	 	7.5	%	 	 	7.2	%	 	 	7.3	%	 	 	7.3	%	 	 	 	 	 	50	 	 	40	 	
Research and development	 	 	12.6	%	 	 	13.0	%	 	 	12.8	%	 	 	12.9	%	 	 	12.8	%	 	 	13.1	%	 	 	12.9	%	 	 	14.4	%	 	 	13.3	%	 	 	13.8	%	 	 	14.0	%	 	 	13.9	%	 	 	 	 	 	110	 	 	110	 	
Total expenses	 	 	68.4	%	 	 	84.0	%	 	 	76.4	%	 	 	76.0	%	 	 	76.2	%	 	 	79.9	%	 	 	77.2	%	 	 	79.5	%	 	 	76.9	%	 	 	78.2	%	 	 	65.9	%	 	 	74.0	%	 	 	 	 	 	(1,010	)	 	(220	)	
Earnings from Continuing Operations Before Minority interest and income taxes	 	 	31.6	%	 	 	16.0	%	 	 	23.6	%	 	 	24.0	%	 	 	23.8	%	 	 	20.1	%	 	 	22.8	%	 	 	20.5	%	 	 	23.1	%	 	 	21.8	%	 	 	34.1	%	 	 	26.0	%	 	 	 	 	 	1,010	 	 	220	 	
																	
Earnings from Continuing Operations	 	 	20.8	%	 	 	10.9	%	 	 	15.7	%	 	 	15.8	%	 	 	15.7	%	 	 	2.7	%	 	 	12.3	%	 	 	11.9	%	 	 	20.3	%	 	 	16.2	%	 	 	20.2	%	 	 	17.6	%	 	 	 	 	 	440	 	 	190	 	
																	
Other Ratios	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effective Tax Rate	 	 	27.0	%	 	 	15.3	%	 	 	23.0	%	 	 	20.9	%	 	 	22.3	%	 	 	73.7	%	 	 	34.4	%	 	 	28.9	%	 	 	-1.9	%	 	 	12.0	%	 	 	31.2	%	 	 	20.5	%	 	 	 	 	 	 	 	 	 	 	
				
 	 	2004
	 	 	2005
	 	% 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	 	$	69	 	 	$	70	 	 	$	139	 	 	$	80	 	 	$	219	 	 	$	91	 	 	$	310	 	 	$	97	 	 	$	73	 	 	$	170	 	 	$	79	 	 	$	249	 	 	 	 	 	 	-1	%	 	14	%	
Interest income	 	 	(17	)	 	 	(21	)	 	 	(38	)	 	 	(29	)	 	 	(67	)	 	 	(38	)	 	 	(105	)	 	 	(45	)	 	 	(23	)	 	 	(68	)	 	 	(28	)	 	 	(96	)	 	 	 	 	 	3	%	 	-43	%	
Foreign exchange	 	 	17	 	 	 	38	 	 	 	55	 	 	 	(20	)	 	 	35	 	 	 	(30	)	 	 	5	 	 	 	12	 	 	 	35	 	 	 	47	 	 	 	—  	 	 	 	47	 	 	 	 	 	 	100	%	 	34	%	
Other - net	 	 	(31	)	 	 	(79	)	 	 	(110	)	 	 	(15	)	 	 	(125	)	 	 	(33	)	 	 	(158	)	 	 	(39	)	 	 	20	 	 	 	(19	)	 	 	(13	)	 	 	(32	)	 	 	 	 	 	13	%	 	74	%	
 	 				 				 				 				 				 				 				 				 				 				 				 				 	 	 	 	 			 			
 	 	$	38	 	 	$	8	 	 	$	46	 	 	$	16	 	 	$	62	 	 	($	10	)	 	$	52	 	 	$	25	 	 	$	105	 	 	$	130	 	 	$	38	 	 	$	168	 	 	 	 	 	 	138	%	 	171	%	

*	in excess of +/- 200%	

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

 	 	2004
	 	2005
	 	% 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	 	$	4,626	 	$	4,819	 	$	9,445	 	$	4,778	 	$	14,223	 	$	5,157	 	$	19,380	 	$	4,532	 	$	4,889	 	$	9,421	 	$	4,767	 	$	14,188	 	 	 	 	 	0	%	 	0	%	
																	
PHARMACEUTICALS	 	 	3,710	 	 	3,856	 	 	7,566	 	 	3,848	 	 	11,414	 	 	4,150	 	 	15,564	 	 	3,578	 	 	3,886	 	 	7,464	 	 	3,778	 	 	11,242	 	 	 	 	 	-2	%	 	-2	%	
																	
Cardiovascular	 	 	1,748	 	 	1,891	 	 	3,639	 	 	1,951	 	 	5,590	 	 	2,150	 	 	7,740	 	 	1,712	 	 	2,031	 	 	3,743	 	 	1,935	 	 	5,678	 	 	 	 	 	-1	%	 	2	%	
Plavix	 	 	697	 	 	769	 	 	1,466	 	 	902	 	 	2,368	 	 	959	 	 	3,327	 	 	814	 	 	968	 	 	1,782	 	 	980	 	 	2,762	 	 	 	 	 	9	%	 	17	%	
Pravachol	 	 	671	 	 	656	 	 	1,327	 	 	598	 	 	1,925	 	 	710	 	 	2,635	 	 	520	 	 	625	 	 	1,145	 	 	527	 	 	1,672	 	 	 	 	 	-12	%	 	-13	%	
Avapro/ Avalide	 	 	197	 	 	233	 	 	430	 	 	241	 	 	671	 	 	259	 	 	930	 	 	196	 	 	258	 	 	454	 	 	251	 	 	705	 	 	 	 	 	4	%	 	5	%	
Monopril	 	 	65	 	 	72	 	 	137	 	 	69	 	 	206	 	 	68	 	 	274	 	 	59	 	 	54	 	 	113	 	 	49	 	 	162	 	 	 	 	 	-29	%	 	-21	%	
Coumadin	 	 	37	 	 	77	 	 	114	 	 	65	 	 	179	 	 	76	 	 	255	 	 	49	 	 	50	 	 	99	 	 	57	 	 	156	 	 	 	 	 	-12	%	 	-13	%	
																	
Virology	 	 	343	 	 	385	 	 	728	 	 	399	 	 	1,127	 	 	454	 	 	1,581	 	 	430	 	 	452	 	 	882	 	 	438	 	 	1,320	 	 	 	 	 	10	%	 	17	%	
Sustiva	 	 	139	 	 	153	 	 	292	 	 	157	 	 	449	 	 	172	 	 	621	 	 	173	 	 	167	 	 	340	 	 	170	 	 	510	 	 	 	 	 	8	%	 	14	%	
Reyataz	 	 	75	 	 	85	 	 	160	 	 	106	 	 	266	 	 	148	 	 	414	 	 	149	 	 	183	 	 	332	 	 	176	 	 	508	 	 	 	 	 	66	%	 	91	%	
Zerit	 	 	58	 	 	78	 	 	136	 	 	69	 	 	205	 	 	67	 	 	272	 	 	59	 	 	59	 	 	118	 	 	51	 	 	169	 	 	 	 	 	-26	%	 	-18	%	
Videx/ Videx EC	 	 	71	 	 	69	 	 	140	 	 	67	 	 	207	 	 	67	 	 	274	 	 	49	 	 	43	 	 	92	 	 	41	 	 	133	 	 	 	 	 	-39	%	 	-36	%	
																	
Infectious Diseases	 	 	306	 	 	294	 	 	600	 	 	277	 	 	877	 	 	353	 	 	1,230	 	 	306	 	 	278	 	 	584	 	 	251	 	 	835	 	 	 	 	 	-9	%	 	-5	%	
Cefzil	 	 	72	 	 	55	 	 	127	 	 	54	 	 	181	 	 	89	 	 	270	 	 	82	 	 	54	 	 	136	 	 	48	 	 	184	 	 	 	 	 	-11	%	 	2	%	
Baraclude	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	5	 	 	2	 	 	7	 	 	 	 	 	—  	 	 	—  	 	
																	
Oncology	 	 	543	 	 	619	 	 	1,162	 	 	566	 	 	1,728	 	 	427	 	 	2,155	 	 	387	 	 	371	 	 	758	 	 	380	 	 	1,138	 	 	 	 	 	-33	%	 	-34	%	
Taxol	 	 	243	 	 	249	 	 	492	 	 	243	 	 	735	 	 	256	 	 	991	 	 	205	 	 	186	 	 	391	 	 	175	 	 	566	 	 	 	 	 	-28	%	 	-23	%	
Erbitux	 	 	17	 	 	72	 	 	89	 	 	84	 	 	173	 	 	88	 	 	261	 	 	87	 	 	98	 	 	185	 	 	107	 	 	292	 	 	 	 	 	27	%	 	69	%	
Paraplatin	 	 	228	 	 	241	 	 	469	 	 	177	 	 	646	 	 	27	 	 	673	 	 	44	 	 	33	 	 	77	 	 	42	 	 	119	 	 	 	 	 	-76	%	 	-82	%	
																	
Affective (Psychiatric) Disorders	 	 	158	 	 	166	 	 	324	 	 	210	 	 	534	 	 	239	 	 	773	 	 	232	 	 	284	 	 	516	 	 	306	 	 	822	 	 	 	 	 	46	%	 	54	%	
Abilify**	 	 	115	 	 	122	 	 	237	 	 	165	 	 	402	 	 	191	 	 	593	 	 	188	 	 	240	 	 	428	 	 	260	 	 	688	 	 	 	 	 	58	%	 	71	%	
																	
Metabolics	 	 	161	 	 	79	 	 	240	 	 	43	 	 	283	 	 	53	 	 	336	 	 	43	 	 	51	 	 	94	 	 	43	 	 	137	 	 	 	 	 	—  	 	 	-52	%	
Glucophage franchise	 	 	161	 	 	79	 	 	240	 	 	43	 	 	283	 	 	53	 	 	336	 	 	43	 	 	51	 	 	94	 	 	43	 	 	137	 	 	 	 	 	—  	 	 	-52	%	
																	
Other Pharmaceuticals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Efferalgan	 	 	78	 	 	59	 	 	137	 	 	61	 	 	198	 	 	76	 	 	274	 	 	88	 	 	55	 	 	143	 	 	66	 	 	209	 	 	 	 	 	8	%	 	6	%	
																	
NUTRITIONALS	 	 	502	 	 	510	 	 	1,012	 	 	484	 	 	1,496	 	 	505	 	 	2,001	 	 	526	 	 	548	 	 	1,074	 	 	547	 	 	1,621	 	 	 	 	 	13	%	 	8	%	
Enfamil	 	 	208	 	 	224	 	 	432	 	 	203	 	 	635	 	 	224	 	 	859	 	 	235	 	 	250	 	 	485	 	 	230	 	 	715	 	 	 	 	 	13	%	 	13	%	
																	
RELATED HEALTHCARE	 	 	414	 	 	453	 	 	867	 	 	446	 	 	1,313	 	 	502	 	 	1,815	 	 	428	 	 	455	 	 	883	 	 	442	 	 	1,325	 	 	 	 	 	-1	%	 	1	%	
																	
CONVATEC	 	 	217	 	 	234	 	 	451	 	 	237	 	 	688	 	 	266	 	 	954	 	 	228	 	 	247	 	 	475	 	 	250	 	 	725	 	 	 	 	 	5	%	 	5	%	
Ostomy	 	 	127	 	 	137	 	 	264	 	 	135	 	 	399	 	 	152	 	 	551	 	 	127	 	 	139	 	 	266	 	 	139	 	 	405	 	 	 	 	 	3	%	 	2	%	
Wound Therapeutics	 	 	87	 	 	94	 	 	181	 	 	99	 	 	280	 	 	111	 	 	391	 	 	97	 	 	103	 	 	200	 	 	104	 	 	304	 	 	 	 	 	5	%	 	9	%	
																	
MEDICAL IMAGING	 	 	139	 	 	151	 	 	290	 	 	145	 	 	435	 	 	154	 	 	589	 	 	145	 	 	151	 	 	296	 	 	150	 	 	446	 	 	 	 	 	3	%	 	3	%	
Cardiolite	 	 	92	 	 	105	 	 	197	 	 	101	 	 	298	 	 	108	 	 	406	 	 	102	 	 	108	 	 	210	 	 	106	 	 	316	 	 	 	 	 	5	%	 	6	%	
																	
CONSUMER MEDICINES	 	 	58	 	 	68	 	 	126	 	 	64	 	 	190	 	 	82	 	 	272	 	 	55	 	 	57	 	 	112	 	 	42	 	 	154	 	 	 	 	 	-34	%	 	-19	%	

**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	

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

 	 	2004
	 	2005
	 	% Change
	 	 	% Change in U.S.Rx Demand
	 	
 	 	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	 	$	2,508	 	 	$	2,662	 	$	5,170	 	$	2,633	 	$	7,803	 	$	2,810	 	 	$	10,613	 	$	2,310	 	$	2,668	 	 	$	4,978	 	$	2,638	 	$	7,616	 	 	 	 	 	0	%	 	-2	%	 	N/A	 	 	N/A	 	
																			
PHARMACEUTICALS	 	 	1,966	 	 	 	2,071	 	 	4,037	 	 	2,154	 	 	6,191	 	 	2,255	 	 	 	8,446	 	 	1,777	 	 	2,097	 	 	 	3,874	 	 	2,082	 	 	5,956	 	 	 	 	 	-3	%	 	-4	%	 	N/A	 	 	N/A	 	
																			
Cardiovascular	 	 	1,074	 	 	 	1,207	 	 	2,281	 	 	1,320	 	 	3,601	 	 	1,482	 	 	 	5,083	 	 	1,080	 	 	1,377	 	 	 	2,457	 	 	1,328	 	 	3,785	 	 	 	 	 	1	%	 	5	%	 	 	 	 	 	 	
Plavix	 	 	585	 	 	 	651	 	 	1,236	 	 	781	 	 	2,017	 	 	816	 	 	 	2,833	 	 	673	 	 	823	 	 	 	1,496	 	 	833	 	 	2,329	 	 	 	 	 	7	%	 	15	%	 	12	%	 	14	%	
Pravachol	 	 	343	 	 	 	326	 	 	669	 	 	318	 	 	987	 	 	433	 	 	 	1,420	 	 	258	 	 	353	 	 	 	611	 	 	297	 	 	908	 	 	 	 	 	-7	%	 	-8	%	 	-18	%	 	-16	%	
Avapro/ Avalide	 	 	116	 	 	 	144	 	 	260	 	 	148	 	 	408	 	 	154	 	 	 	562	 	 	102	 	 	157	 	 	 	259	 	 	147	 	 	406	 	 	 	 	 	-1	%	 	0	%	 	11	%	 	13	%	
Monopril	 	 	(1	)	 	 	13	 	 	12	 	 	13	 	 	25	 	 	9	 	 	 	34	 	 	3	 	 	2	 	 	 	5	 	 	1	 	 	6	 	 	 	 	 	-92	%	 	-76	%	 	-58	%	 	-61	%	
Coumadin	 	 	31	 	 	 	70	 	 	101	 	 	58	 	 	159	 	 	69	 	 	 	228	 	 	42	 	 	42	 	 	 	84	 	 	49	 	 	133	 	 	 	 	 	-16	%	 	-16	%	 	-22	%	 	-18	%	
																			
Virology	 	 	187	 	 	 	218	 	 	405	 	 	231	 	 	636	 	 	258	 	 	 	894	 	 	231	 	 	226	 	 	 	457	 	 	237	 	 	694	 	 	 	 	 	3	%	 	9	%	 	 	 	 	 	 	
Sustiva	 	 	76	 	 	 	90	 	 	166	 	 	95	 	 	261	 	 	103	 	 	 	364	 	 	103	 	 	97	 	 	 	200	 	 	101	 	 	301	 	 	 	 	 	6	%	 	15	%	 	6	%	 	5	%	
Reyataz	 	 	66	 	 	 	65	 	 	131	 	 	75	 	 	206	 	 	99	 	 	 	305	 	 	92	 	 	98	 	 	 	190	 	 	105	 	 	295	 	 	 	 	 	40	%	 	43	%	 	35	%	 	44	%	
Zerit	 	 	16	 	 	 	38	 	 	54	 	 	34	 	 	88	 	 	31	 	 	 	119	 	 	26	 	 	26	 	 	 	52	 	 	24	 	 	76	 	 	 	 	 	-29	%	 	-14	%	 	-31	%	 	-31	%	
Videx/ Videx EC	 	 	29	 	 	 	25	 	 	54	 	 	27	 	 	81	 	 	25	 	 	 	106	 	 	10	 	 	5	 	 	 	15	 	 	7	 	 	22	 	 	 	 	 	-74	%	 	-73	%	 	-72	%	 	-62	%	
																			
Infectious Diseases	 	 	78	 	 	 	62	 	 	140	 	 	66	 	 	206	 	 	105	 	 	 	311	 	 	92	 	 	62	 	 	 	154	 	 	55	 	 	209	 	 	 	 	 	-17	%	 	1	%	 	 	 	 	 	 	
Cefzil	 	 	42	 	 	 	29	 	 	71	 	 	30	 	 	101	 	 	60	 	 	 	161	 	 	50	 	 	30	 	 	 	80	 	 	27	 	 	107	 	 	 	 	 	-10	%	 	6	%	 	-15	%	 	-9	%	
Baraclude	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	—  	 	 	5	 	 	 	5	 	 	2	 	 	7	 	 	 	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
Oncology	 	 	240	 	 	 	290	 	 	530	 	 	255	 	 	785	 	 	92	 	 	 	877	 	 	115	 	 	112	 	 	 	227	 	 	131	 	 	358	 	 	 	 	 	-49	%	 	-54	%	 	 	 	 	 	 	
Taxol	 	 	14	 	 	 	1	 	 	15	 	 	9	 	 	24	 	 	7	 	 	 	31	 	 	4	 	 	4	 	 	 	8	 	 	4	 	 	12	 	 	 	 	 	-56	%	 	-50	%	 	N/A	 	 	N/A	 	
Erbitux	 	 	17	 	 	 	72	 	 	89	 	 	83	 	 	172	 	 	88	 	 	 	260	 	 	87	 	 	97	 	 	 	184	 	 	106	 	 	290	 	 	 	 	 	28	%	 	69	%	 	N/A	 	 	N/A	 	
Paraplatin	 	 	198	 	 	 	206	 	 	404	 	 	145	 	 	549	 	 	(12	)	 	 	537	 	 	15	 	 	(1	)	 	 	14	 	 	9	 	 	23	 	 	 	 	 	-94	%	 	-96	%	 	N/A	 	 	N/A	 	
																			
Affective (Psychiatric) Disorders	 	 	117	 	 	 	121	 	 	238	 	 	157	 	 	395	 	 	180	 	 	 	575	 	 	167	 	 	206	 	 	 	373	 	 	221	 	 	594	 	 	 	 	 	41	%	 	50	%	 	 	 	 	 	 	
Abilify**	 	 	113	 	 	 	119	 	 	232	 	 	152	 	 	384	 	 	170	 	 	 	554	 	 	161	 	 	200	 	 	 	361	 	 	214	 	 	575	 	 	 	 	 	41	%	 	50	%	 	38	%	 	46	%	
																			
Metabolics	 	 	155	 	 	 	73	 	 	228	 	 	39	 	 	267	 	 	48	 	 	 	315	 	 	39	 	 	44	 	 	 	83	 	 	38	 	 	121	 	 	 	 	 	-3	%	 	-55	%	 	 	 	 	 	 	
Glucophage franchise	 	 	155	 	 	 	73	 	 	228	 	 	39	 	 	267	 	 	48	 	 	 	315	 	 	39	 	 	44	 	 	 	83	 	 	38	 	 	121	 	 	 	 	 	-3	%	 	-55	%	 	-46	%	 	-66	%	
																			
Other Pharmaceuticals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Efferalgan	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	—  	 	 	—  	 	 	 	 	 	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
NUTRITIONALS	 	 	256	 	 	 	255	 	 	511	 	 	230	 	 	741	 	 	250	 	 	 	991	 	 	255	 	 	267	 	 	 	522	 	 	266	 	 	788	 	 	 	 	 	16	%	 	6	%	 	 	 	 	 	 	
Enfamil	 	 	144	 	 	 	158	 	 	302	 	 	137	 	 	439	 	 	157	 	 	 	596	 	 	162	 	 	171	 	 	 	333	 	 	168	 	 	501	 	 	 	 	 	23	%	 	14	%	 	N/A	 	 	N/A	 	
																			
RELATED HEALTHCARE	 	 	245	 	 	 	264	 	 	509	 	 	257	 	 	766	 	 	294	 	 	 	1,060	 	 	242	 	 	253	 	 	 	495	 	 	252	 	 	747	 	 	 	 	 	-2	%	 	-2	%	 	 	 	 	 	 	
																			
CONVATEC	 	 	71	 	 	 	71	 	 	142	 	 	72	 	 	214	 	 	87	 	 	 	301	 	 	66	 	 	71	 	 	 	137	 	 	82	 	 	219	 	 	 	 	 	14	%	 	2	%	 	 	 	 	 	 	
Ostomy	 	 	40	 	 	 	41	 	 	81	 	 	39	 	 	120	 	 	47	 	 	 	167	 	 	34	 	 	38	 	 	 	72	 	 	43	 	 	115	 	 	 	 	 	10	%	 	-4	%	 	N/A	 	 	N/A	 	
Wound Therapeutics	 	 	30	 	 	 	30	 	 	60	 	 	31	 	 	91	 	 	39	 	 	 	130	 	 	30	 	 	29	 	 	 	59	 	 	34	 	 	93	 	 	 	 	 	10	%	 	2	%	 	N/A	 	 	N/A	 	
																			
MEDICAL IMAGING	 	 	120	 	 	 	127	 	 	247	 	 	123	 	 	370	 	 	128	 	 	 	498	 	 	124	 	 	127	 	 	 	251	 	 	129	 	 	380	 	 	 	 	 	5	%	 	3	%	 	 	 	 	 	 	
Cardiolite	 	 	83	 	 	 	92	 	 	175	 	 	91	 	 	266	 	 	95	 	 	 	361	 	 	91	 	 	96	 	 	 	187	 	 	95	 	 	282	 	 	 	 	 	4	%	 	6	%	 	N/A	 	 	N/A	 	
																			
CONSUMER MEDICINES	 	 	54	 	 	 	66	 	 	120	 	 	62	 	 	182	 	 	79	 	 	 	261	 	 	52	 	 	55	 	 	 	107	 	 	41	 	 	148	 	 	 	 	 	-34	%	 	-19	%	 	 	 	 	 	 	

*	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%	

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

 	 	2004
	 	2005
	 	% 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	 	$	2,118	 	$	2,157	 	$	4,275	 	$	2,145	 	$	6,420	 	$	2,347	 	$	8,767	 	$	2,222	 	$	2,221	 	$	4,443	 	$	2,129	 	$	6,572	 	 	 	 	 	-1	%	 	2	%	
																	
PHARMACEUTICALS	 	 	1,744	 	 	1,785	 	 	3,529	 	 	1,694	 	 	5,223	 	 	1,895	 	 	7,118	 	 	1,801	 	 	1,789	 	 	3,590	 	 	1,696	 	 	5,286	 	 	 	 	 	0	%	 	1	%	
																	
Cardiovascular	 	 	674	 	 	684	 	 	1,358	 	 	631	 	 	1,989	 	 	668	 	 	2,657	 	 	632	 	 	654	 	 	1,286	 	 	607	 	 	1,893	 	 	 	 	 	-4	%	 	-5	%	
Plavix	 	 	112	 	 	118	 	 	230	 	 	121	 	 	351	 	 	143	 	 	494	 	 	141	 	 	145	 	 	286	 	 	147	 	 	433	 	 	 	 	 	21	%	 	23	%	
Pravachol	 	 	328	 	 	330	 	 	658	 	 	280	 	 	938	 	 	277	 	 	1,215	 	 	262	 	 	272	 	 	534	 	 	230	 	 	764	 	 	 	 	 	-18	%	 	-19	%	
Avapro/ Avalide	 	 	81	 	 	89	 	 	170	 	 	93	 	 	263	 	 	105	 	 	368	 	 	94	 	 	101	 	 	195	 	 	104	 	 	299	 	 	 	 	 	12	%	 	14	%	
Monopril	 	 	66	 	 	59	 	 	125	 	 	56	 	 	181	 	 	59	 	 	240	 	 	56	 	 	52	 	 	108	 	 	48	 	 	156	 	 	 	 	 	-14	%	 	-14	%	
Coumadin	 	 	6	 	 	7	 	 	13	 	 	7	 	 	20	 	 	7	 	 	27	 	 	7	 	 	8	 	 	15	 	 	8	 	 	23	 	 	 	 	 	14	%	 	15	%	
																	
Virology	 	 	156	 	 	167	 	 	323	 	 	168	 	 	491	 	 	196	 	 	687	 	 	199	 	 	226	 	 	425	 	 	201	 	 	626	 	 	 	 	 	20	%	 	27	%	
Sustiva	 	 	63	 	 	63	 	 	126	 	 	62	 	 	188	 	 	69	 	 	257	 	 	70	 	 	70	 	 	140	 	 	69	 	 	209	 	 	 	 	 	11	%	 	11	%	
Reyataz	 	 	9	 	 	20	 	 	29	 	 	31	 	 	60	 	 	49	 	 	109	 	 	57	 	 	85	 	 	142	 	 	71	 	 	213	 	 	 	 	 	129	%	 	*	 	
Zerit	 	 	42	 	 	40	 	 	82	 	 	35	 	 	117	 	 	36	 	 	153	 	 	33	 	 	33	 	 	66	 	 	27	 	 	93	 	 	 	 	 	-23	%	 	-21	%	
Videx/ Videx EC	 	 	42	 	 	44	 	 	86	 	 	40	 	 	126	 	 	42	 	 	168	 	 	39	 	 	38	 	 	77	 	 	34	 	 	111	 	 	 	 	 	-15	%	 	-12	%	
																	
Infectious Diseases	 	 	228	 	 	232	 	 	460	 	 	211	 	 	671	 	 	248	 	 	919	 	 	214	 	 	216	 	 	430	 	 	196	 	 	626	 	 	 	 	 	-7	%	 	-7	%	
Cefzil	 	 	30	 	 	26	 	 	56	 	 	24	 	 	80	 	 	29	 	 	109	 	 	32	 	 	24	 	 	56	 	 	21	 	 	77	 	 	 	 	 	-13	%	 	-4	%	
Baraclude	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	 	 	—  	 	 	—  	 	
																	
Oncology	 	 	303	 	 	329	 	 	632	 	 	311	 	 	943	 	 	335	 	 	1,278	 	 	272	 	 	259	 	 	531	 	 	249	 	 	780	 	 	 	 	 	-20	%	 	-17	%	
Taxol	 	 	229	 	 	248	 	 	477	 	 	234	 	 	711	 	 	249	 	 	960	 	 	201	 	 	182	 	 	383	 	 	171	 	 	554	 	 	 	 	 	-27	%	 	-22	%	
Erbitux	 	 	—  	 	 	—  	 	 	—  	 	 	1	 	 	1	 	 	0	 	 	1	 	 	0	 	 	1	 	 	1	 	 	1	 	 	2	 	 	 	 	 	—  	 	 	100	%	
Paraplatin	 	 	30	 	 	35	 	 	65	 	 	32	 	 	97	 	 	39	 	 	136	 	 	29	 	 	34	 	 	63	 	 	33	 	 	96	 	 	 	 	 	3	%	 	-1	%	
																	
Affective (Psychiatric) Disorders	 	 	41	 	 	45	 	 	86	 	 	53	 	 	139	 	 	59	 	 	198	 	 	65	 	 	78	 	 	143	 	 	85	 	 	228	 	 	 	 	 	60	%	 	64	%	
Abilify**	 	 	2	 	 	3	 	 	5	 	 	13	 	 	18	 	 	21	 	 	39	 	 	27	 	 	40	 	 	67	 	 	46	 	 	113	 	 	 	 	 	*	 	 	*	 	
																	
Metabolics	 	 	6	 	 	6	 	 	12	 	 	4	 	 	16	 	 	5	 	 	21	 	 	4	 	 	7	 	 	11	 	 	5	 	 	16	 	 	 	 	 	25	%	 	—  	 	
Glucophage franchise	 	 	6	 	 	6	 	 	12	 	 	4	 	 	16	 	 	5	 	 	21	 	 	4	 	 	7	 	 	11	 	 	5	 	 	16	 	 	 	 	 	25	%	 	—  	 	
																	
Other Pharmaceuticals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Efferalgan	 	 	78	 	 	59	 	 	137	 	 	61	 	 	198	 	 	76	 	 	274	 	 	88	 	 	55	 	 	143	 	 	66	 	 	209	 	 	 	 	 	8	%	 	6	%	
																	
NUTRITIONALS	 	 	246	 	 	255	 	 	501	 	 	254	 	 	755	 	 	255	 	 	1,010	 	 	271	 	 	281	 	 	552	 	 	281	 	 	833	 	 	 	 	 	11	%	 	10	%	
Enfamil	 	 	64	 	 	66	 	 	130	 	 	66	 	 	196	 	 	67	 	 	263	 	 	73	 	 	79	 	 	152	 	 	62	 	 	214	 	 	 	 	 	-6	%	 	9	%	
																	
RELATED HEALTHCARE	 	 	169	 	 	189	 	 	358	 	 	189	 	 	547	 	 	208	 	 	755	 	 	186	 	 	202	 	 	388	 	 	190	 	 	578	 	 	 	 	 	1	%	 	6	%	
																	
CONVATEC	 	 	146	 	 	163	 	 	309	 	 	165	 	 	474	 	 	179	 	 	653	 	 	162	 	 	176	 	 	338	 	 	168	 	 	506	 	 	 	 	 	2	%	 	7	%	
Ostomy	 	 	87	 	 	96	 	 	183	 	 	96	 	 	279	 	 	105	 	 	384	 	 	93	 	 	101	 	 	194	 	 	96	 	 	290	 	 	 	 	 	—  	 	 	4	%	
Wound Therapeutics	 	 	57	 	 	64	 	 	121	 	 	68	 	 	189	 	 	72	 	 	261	 	 	67	 	 	74	 	 	141	 	 	70	 	 	211	 	 	 	 	 	3	%	 	12	%	
																	
MEDICAL IMAGING	 	 	19	 	 	24	 	 	43	 	 	22	 	 	65	 	 	26	 	 	91	 	 	21	 	 	24	 	 	45	 	 	21	 	 	66	 	 	 	 	 	-5	%	 	2	%	
Cardiolite	 	 	9	 	 	13	 	 	22	 	 	10	 	 	32	 	 	13	 	 	45	 	 	11	 	 	12	 	 	23	 	 	11	 	 	34	 	 	 	 	 	10	%	 	6	%	
																	
CONSUMER MEDICINES	 	 	4	 	 	2	 	 	6	 	 	2	 	 	8	 	 	3	 	 	11	 	 	3	 	 	2	 	 	5	 	 	1	 	 	6	 	 	 	 	 	-50	%	 	-25	%	

*	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%	

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

 	  	2005
	 	
 	  	Q1
	 	 	Q2
	 	 	Q3
	 	 	 	 	 	TOTAL YEAR
	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	$	928	 	 	$	1,130	 	 	$	1,626	 	 	 	 	 	 	$	3,684	 	
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	 	(18	)	 	 	(9	)	 	 	—  	 	 	 	 	 	 	 	(27	)	
Litigation reserves	  	 	124	 	 	 	269	 	 	 	—  	 	 	 	 	 	 	 	393	 	
Insurance recoveries	  	 	—  	 	 	 	(295	)	 	 	(26	)	 	 	 	 	 	 	(321	)	
Provision for restructuring / other	  	 	68	 	 	 	94	 	 	 	31	 	 	 	 	 	 	 	193	 	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	 	 	 	 	(569	)	
 	  				 				 				 	 	 	 	 				
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	  	$	1,102	 	 	$	1,189	 	 	$	1,062	 	 	 	 	 	 	$	3,353	 	

 	  	2004
	 	
 	  	Q1
	 	 	Q2
	 	 	Q3
	 	 	Q4
	 	 	TOTAL YEAR
	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	$	1,464	 	 	$	769	 	 	$	1,146	 	 	$	1,039	 	 	$	4,418	 	
						
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of businesses	  	 	(295	)	 	 	(18	)	 	 	(3	)	 	 	(4	)	 	 	(320	)	
In-process research and development	  	 	—  	 	 	 	62	 	 	 	1	 	 	 	—  	 	 	 	63	 	
Provision for restructuring / other	  	 	34	 	 	 	42	 	 	 	115	 	 	 	76	 	 	 	267	 	
Litigation reserves	  	 	—  	 	 	 	455	 	 	 	36	 	 	 	16	 	 	 	507	 	
 	  				 				 				 				 				
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	  	$	1,203	 	 	$	1,310	 	 	$	1,295	 	 	$	1,127	 	 	$	4,935	 	

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

 	  	2005
	 	
 	  	Q1
	 	 	Q2
	 	 	Q3
	 	 	 	  	TOTAL
YEAR* 
	 	
Diluted Earnings per Common Share from Continuing Operations	  	$	0.27	 	 	$	0.50	 	 	$	0.49	 	 	 	 	  	$	1.27	 	
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Gain on sale of equity investment	  	 	(0.01	)	 	 	—  	 	 	 	—  	 	 	 	 	  	 	(0.01	)	
Litigation reserves	  	 	0.05	 	 	 	0.10	 	 	 	—  	 	 	 	 	  	 	0.15	 	
Insurance recoveries	  	 	—  	 	 	 	(0.09	)	 	 	(0.01	)	 	 	 	  	 	(0.10	)	
Provision for restructuring / other	  	 	0.03	 	 	 	0.03	 	 	 	0.02	 	 	 	 	  	 	0.07	 	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(0.19	)	 	 	 	  	 	(0.19	)	
Tax items	  	 	—  	 	 	 	(0.07	)	 	 	—  	 	 	 	 	  	 	(0.07	)	
 	  				 				 				 	 	 	  				
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	0.34	 	 	$	0.47	 	 	$	0.31	 	 	 	 	  	$	1.12	 	

 	  	2004
	 	
 	  	Q1
	 	 	Q2
	 	 	Q3
	 	 	Q4
	  	TOTAL YEAR
	 	
Diluted Earnings per Common Share from Continuing Operations	  	$	0.49	 	 	$	0.27	 	 	$	0.38	 	 	$	0.07	  	$	1.21	 	
						
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Gain on sale of businesses	  	 	(0.09	)	 	 	(0.01	)	 	 	—  	 	 	 	—  	  	 	(0.10	)	
In-process research and development	  	 	—  	 	 	 	0.03	 	 	 	—  	 	 	 	—  	  	 	0.03	 	
Provision for restructuring / other	  	 	0.01	 	 	 	0.02	 	 	 	0.04	 	 	 	0.03	  	 	0.10	 	
Litigation reserves	  	 	—  	 	 	 	0.15	 	 	 	0.01	 	 	 	—  	  	 	0.16	 	
Tax items	  	 	—  	 	 	 	—  	 	 	 	0.01	 	 	 	0.29	  	 	0.30	 	
 	  				 				 				 			  				
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	0.41	 	 	$	0.46	 	 	$	0.44	 	 	$	0.39	  	$	1.70	 	

*	amounts may not add due to rounding of individual calculations.	

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
($ in millions)

 	  	Cost of
products sold
	  	Gain on sale of
business
	 	 	Provision for
restructuring and
other items, net
	 	 	Litigation
settlement
income
	 	 	Other
expense,
net
	  	Total
	 	
Three months ended September 30, 2005	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
							
Litigation Matters:	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Insurance recoveries	  	$	—  	  	$	—  	 	 	$	—  	 	 	$	(26	)	 	$	—  	  	$	(26	)	
							
Other:	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	(569	)	
Loss on sale of fixed assets	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1	  	 	1	 	
Accelerated depreciation and asset impairment	  	 	35	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	35	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	 	 	 	(5	)	 	 	—  	 	 	 	—  	  	 	(5	)	
 	  			  				 				 				 			  				
 	  	$	35	  	$	(569	)	 	$	(5	)	 	$	(26	)	 	$	1	  	 	(564	)	
 	  			  				 				 				 			  	 	 	 	
Income taxes on items above	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	202	 	
 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  				
Increase to Net Earnings from Continuing Operations	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	$	(362	)	

																											
 	  	Cost of
products sold
	  	Research and
development
	  	Acquired in-process
research and
development
	  	Gain on sale
of business
	 	 	Provision for
restructuring and
other items, net
	  	Litigation
settlement
expense
	  	Other
expense,
net
	  	Total
	 	
Three months ended September 30, 2004	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
									
Litigation Matters:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Product liability	  	$	—  	  	$	—  	  	$	—  	  	$	—  	 	 	$	—  	  	$	—  	  	$	11	  	$	11	 	
Anti-trust litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	25	  	 	—  	  	 	25	 	
 	  			  			  			  				 			  			  			  				
 	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	25	  	 	11	  	 	36	 	
Other:	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Gain on sale of Adult Nutritional business	  	 	—  	  	 	—  	  	 	—  	  	 	(3	)	 	 	—  	  	 	—  	  	 	—  	  	 	(3	)	
Accelerated depreciation	  	 	47	  	 	1	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	48	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	57	  	 	—  	  	 	—  	  	 	57	 	
Milestone payment	  	 	—  	  	 	10	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	10	 	
Acordis IPR&D write-off	  	 	—  	  	 	—  	  	 	1	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	1	 	
 	  			  			  			  				 			  			  			  				
 	  	$	47	  	$	11	  	$	1	  	$	(3	)	 	$	57	  	$	25	  	$	11	  	 	149	 	
 	  			  			  			  				 			  			  			  	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	(39	)	
 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  				
Reduction to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	$	110	 	

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
($ in millions)

 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Cost of
products sold
	  	Research and
development
	  	Gain on sale of business
	 	 	Litigation settlement
expense/ (income)
	 	 	Other (income)/
expense, net
	 	 	Total
	 	
Nine months ended September 30, 2005	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
							
Litigation Matters:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Private litigations and governmental investigations	  	$	—  	  	$	—  	  	$	—  	 	 	$	373	 	 	$	—  	 	 	$	373	 	
ERISA liability and other matters	  	 	—  	  	 	—  	  	 	—  	 	 	 	20	 	 	 	—  	 	 	 	20	 	
Insurance recoveries	  	 	—  	  	 	—  	  	 	—  	 	 	 	(321	)	 	 	—  	 	 	 	(321	)	
 	  			  			  				 				 				 				
 	  	 	—  	  	 	—  	  	 	—  	 	 	 	72	 	 	 	—  	 	 	 	72	 	
Other:	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(27	)	 	 	(27	)	
Loss on sale of fixed assets	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	18	 	 	 	18	 	
Accelerated depreciation and asset impairment	  	 	69	  	 	2	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	71	 	
Gain on sale of Consumer Medicines businesses	  	 	—  	  	 	—  	  	 	(569	)	 	 	—  	 	 	 	—  	 	 	 	(569	)	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35	 	
Debt retirement costs	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	69	 	 	 	69	 	
 	  			  			  				 				 				 				
 	  	$	69	  	$	37	  	$	(569	)	 	$	72	 	 	$	60	 	 	 	(331	)	
 	  			  			  				 				 				 	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	178	 	
Adjustment to taxes on repatriation of foreign earnings	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	(135	)	
 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 				
Reduction to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	$	(288	)	

																												
 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	  	 	  	 	 	
  	  	Cost of
products sold
	 	 	Research and
development
	  	Acquired in-process
research and
development
	  	Gain on sale of
business
	 	 	Provision for
restructuring and
other items, net
	  	Litigation
settlement
expense
	  	Other
expense, net
	  	Total
	 	
Nine months ended September 30, 2004	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
									
Litigation Matters:	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Private litigation and governmental	  	$	—  	 	 	$	—  	  	$	—  	  	$	—  	 	 	$	—  	  	$	320	  	$	—  	  	$	320	 	
investigations	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Product liability	  	 	75	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	11	  	 	86	 	
Pharmaceutical pricing and sales	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	34	  	 	—  	  	 	34	 	
litigation	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Commercial litigation	  	 	26	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	26	 	
Anti-trust litigation	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	50	  	 	—  	  	 	50	 	
Product liability insurance recovery	  	 	(25	)	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	(25	)	
 	  				 			  			  				 			  			  			  				
 	  	 	76	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	404	  	 	11	  	 	491	 	
Other:	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Gain on sale of Adult Nutritional	  	 	—  	 	 	 	—  	  	 	—  	  	 	(316	)	 	 	—  	  	 	—  	  	 	—  	  	 	(316	)	
business	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Accelerated depreciation	  	 	70	 	 	 	1	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	4	  	 	75	 	
Downsizing and streamlining of	  	 	1	 	 	 	—  	  	 	—  	  	 	—  	 	 	 	75	  	 	—  	  	 	—  	  	 	76	 	
worldwide operations	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	 	
Milestone payments	  	 	—  	 	 	 	40	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	40	 	
Acordis IPR&D write-off	  	 	—  	 	 	 	—  	  	 	63	  	 	—  	 	 	 	—  	  	 	—  	  	 	—  	  	 	63	 	
 	  				 			  			  				 			  			  			  				
 	  	$	147	 	 	$	41	  	$	63	  	$	(316	)	 	$	75	  	$	404	  	$	15	  	 	429	 	
 	  				 			  			  				 			  			  			  	 	 	 	
Income taxes on items above	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	 	(94	)	
 	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  				
Reduction to Net Earnings from Continuing Operations	  	 	 	 	 	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	  	 	 	  	$	335	 	

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

 	  	March 31,
2004
	  	June 30,
2004
	  	September 30,
2004
	  	December 31,
2004
	  	March 31,
2005
	  	June 30,
2005
	  	September 30,
2005
	  	December 31,
2005
	
Cash, cash equivalents and marketable debt securities	  	$	6,725	  	$	6,913	  	$	7,318	  	$	7,474	  	$	5,982	  	$	3,040	  	$	3,781	  	 	
Receivables, net of allowances	  	 	3,106	  	 	3,508	  	 	3,808	  	 	4,373	  	 	3,647	  	 	3,315	  	 	3,306	  	 	
									
Short-term borrowings	  	 	884	  	 	1,078	  	 	1,715	  	 	1,883	  	 	244	  	 	292	  	 	277	  	 	
Long-term debt	  	 	8,635	  	 	8,376	  	 	8,540	  	 	8,463	  	 	8,326	  	 	6,008	  	 	5,895	  	 	
									
Stockholders’ equity	  	 	10,533	  	 	10,431	  	 	10,663	  	 	10,202	  	 	10,381	  	 	10,801	  	 	11,268	  	 	
									
Capital Expenditures and Capitalized Software	  	 	163	  	 	140	  	 	174	  	 	199	  	 	181	  	 	171	  	 	185	  	 	

BRISTOL-MYERS SQUIBB COMPANY
2005 DILUTED EPS FROM CONTINUING OPERATIONS
IMPACT OF PROJECTED SPECIFIED ITEMS

 	  	Diluted EPS
Impact
	 	
Anticipated restructuring/other	  	$	(0.05	)	
Licensing milestones	  	 	(0.02	)	
Debt retirement costs	  	 	(0.02	)	
Litigation Reserves	  	 	(0.15	)	
Insurance recoveries	  	 	0.10	 	
Gain on sales of equity investment	  	 	0.01	 	
Gain on sale of Consumer Medicines	  	 	0.19	 	
Adjustment to deferred taxes on repatriation of foreign earnings	  	 	0.07	 	
 	  				
Total	  	$	0.13	 	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
 
The following table sets forth, for each of the Company’s top 15 pharmaceutical products sold by the Company’s U.S. Pharmaceuticals business (based on 2004 net sales), the amount of the U.S. Pharmaceutical business’s net sales of the applicable product for each of the three months through September 30, 2005 and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel at the end of each quarter.

 	  	September 30, 2004
	  	December 31, 2004
	  	March 31, 2005
	 	 	June 30, 2005
	  	September 30, 2005
	
 	  	Net Sales
	  	Months
on Hand
	  	Net Sales
	 	 	Months
on Hand
	  	Net Sales
	  	Months
on Hand
	 	 	Net Sales
	 	 	Months
on Hand
	  	Net Sales
	  	Months
on Hand
	
 	  	($ in millions)	  	 	  	($ in millions)	 	 	 	  	($ in millions)	  	 	 	 	($ in millions)	 	 	 	  	($ in millions)	  	 	
Abilify	  	$	152	  	0.6	  	$	170	 	 	0.9	  	$	161	  	0.7	 	 	$	200	 	 	0.7	  	$	214	  	0.9	
Avapro/Avalide	  	 	148	  	0.6	  	 	154	 	 	0.9	  	 	102	  	0.8	 	 	 	157	 	 	0.6	  	 	147	  	0.5	
Cefzil	  	 	30	  	0.6	  	 	60	 	 	1.1	  	 	50	  	0.7	 	 	 	30	 	 	0.8	  	 	27	  	0.7	
Coumadin	  	 	58	  	0.9	  	 	69	 	 	1.0	  	 	42	  	1.0	 	 	 	42	 	 	0.7	  	 	49	  	0.6	
Dovonex	  	 	34	  	0.7	  	 	40	 	 	0.9	  	 	30	  	0.6	 	 	 	36	 	 	0.7	  	 	31	  	0.6	
Erbitux*	  	 	83	  	0.2	  	 	88	 	 	0.2	  	 	87	  	 	**	 	 	97	 	 	—  	  	 	106	  	—  	
Glucophage Franchise	  	 	39	  	1.0	  	 	48	 	 	1.1	  	 	39	  	1.0	 	 	 	44	 	 	0.8	  	 	38	  	0.7	
Paraplatin	  	 	145	  	1.2	  	 	(12	)	 	1.2	  	 	15	  	0.9	 	 	 	(1	)	 	0.8	  	 	9	  	1.1	
Plavix	  	 	781	  	0.6	  	 	816	 	 	0.9	  	 	673	  	0.8	 	 	 	823	 	 	0.6	  	 	833	  	0.4	
Pravachol	  	 	318	  	0.6	  	 	433	 	 	1.0	  	 	258	  	0.8	 	 	 	353	 	 	0.7	  	 	297	  	0.5	
Reyataz	  	 	75	  	0.6	  	 	99	 	 	0.9	  	 	92	  	0.8	 	 	 	98	 	 	0.8	  	 	105	  	0.6	
Sustiva	  	 	95	  	0.7	  	 	103	 	 	0.8	  	 	103	  	0.8	 	 	 	97	 	 	0.8	  	 	101	  	0.6	
Tequin	  	 	31	  	0.7	  	 	39	 	 	0.9	  	 	38	  	0.7	 	 	 	22	 	 	0.8	  	 	21	  	0.9	
Videx/Videx EC	  	 	27	  	0.6	  	 	25	 	 	0.9	  	 	10	  	1.2	 	 	 	5	 	 	1.0	  	 	7	  	1.1	
Zerit	  	 	34	  	0.7	  	 	31	 	 	0.9	  	 	26	  	0.8	 	 	 	26	 	 	0.8	  	 	24	  	0.8	
 
The Company determines the above months on hand estimates by dividing the estimated amount of the product in the wholesaler distribution channel by the estimated amount of out-movement of the product over a period of thirty-one days 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 data from third parties which data are a product of the third parties’ own record-keeping processes and such third-party data also may 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 thirty-one days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

*	To help maintain the product quality of the Company’s biologic oncology product, ERBITUX, the product is shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX. Such wholesaler held ERBITUX inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. The above estimates of months on hand for the three months ended March 31, 2005, were calculated by dividing the inventories of ERBITUX held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process. After the divestiture of OTN in May 2005, the Company no longer had consignment inventory at the wholesaler, and recognized revenue upon shipment to that wholesaler, consistent with its terms of sale and revenue recognition policy. At September 30, 2005, there was no ERBITUX inventory held by wholesalers.	
**	Less than 0.1 months on hand.	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICALS PRODUCTS
 
The following table sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for the three months ended March 31, 2005 and June 30, 2005 and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of March 31, 2005 and June 30, 2005. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States.

 	  	March 31, 2005
	 	June 30, 2005
	
 	  	Net Sales
	  	Months on Hand
	 	Net Sales
	  	Months on Hand
	
 	  	(dollars in millions)	  	 	 	(dollars in millions)	  	 	
International Pharmaceuticals	  	 	 	  	 	 	 	 	  	 	
Abilify	  	$	27	  	0.6	 	$	40	  	0.6	
Avapro/Avalide	  	 	94	  	0.4	 	 	101	  	0.4	
Bufferin	  	 	26	  	0.5	 	 	32	  	1.0	
Capoten	  	 	42	  	0.8	 	 	42	  	0.8	
Dafalgan	  	 	40	  	1.3	 	 	33	  	0.8	
Efferalgan	  	 	88	  	0.9	 	 	55	  	0.5	
Maxipime	  	 	46	  	0.7	 	 	52	  	0.8	
Monopril	  	 	56	  	0.6	 	 	52	  	0.7	
Paraplatin	  	 	29	  	0.6	 	 	34	  	0.6	
Perfalgan	  	 	42	  	0.5	 	 	42	  	0.6	
Plavix	  	 	141	  	0.7	 	 	145	  	0.5	
Pravachol	  	 	262	  	0.7	 	 	272	  	0.7	
Reyataz	  	 	57	  	0.6	 	 	85	  	0.8	
Sustiva	  	 	70	  	0.5	 	 	70	  	0.6	
Taxol	  	 	201	  	0.5	 	 	182	  	0.5	
Videx/Videx EC	  	 	39	  	0.8	 	 	38	  	0.9	
Zerit	  	 	33	  	0.6	 	 	33	  	0.6	
					
Nutritionals	  	 	 	  	 	 	 	 	  	 	
Enfamil	  	 	235	  	0.9	 	 	250	  	0.9	
Nutramigen	  	 	44	  	1.0	 	 	47	  	1.0	
					
Related Healthcare	  	 	 	  	 	 	 	 	  	 	
ConvaTec	  	 	 	  	 	 	 	 	  	 	
Ostomy	  	 	127	  	0.9	 	 	139	  	0.9	
Wound Therapeutics	  	 	97	  	0.8	 	 	103	  	0.8	
Medical Imaging	  	 	 	  	 	 	 	 	  	 	
Cardiolite	  	 	102	  	0.7	 	 	108	  	0.7	
Consumer Products	  	 	 	  	 	 	 	 	  	 	
Excedrin	  	 	39	  	1.6	 	 	38	  	1.5	
 
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers as of March 31, 2005 and June 30, 2005 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 outmovement data over the most recent thirty-one 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 launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.