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): April 26, 2012

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 April 26, 2012, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2012. 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 April 26, 2012.	
		
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: April 26, 2012	 	By:	 	/s/    S ANDRA L EUNG        	
	 	Name:	 	Sandra Leung	
	 	Title:	 	General Counsel and Corporate Secretary	

EXHIBIT INDEX

Exhibit No.	  	Description	
		
99.1	  	Press release of Bristol-Myers Squibb Company dated April 26, 2012.	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	

Exhibit 99.1

Bristol-Myers Squibb Delivers a Solid First Quarter with Strong Operating Results and Key R&D Milestones
 
 	•	 	Net Sales Rose 5% to $5.3 Billion in the First Quarter	
 
 	•	 	GAAP EPS Increased 12% to $0.64 in the First Quarter; Non-GAAP EPS Increased 10% to $0.64	
 
 	•	 	Received Positive European Advisory Opinion for FORXIGA ® for the Treatment of Type 2 Diabetes	
 
 	•	 	Presented Important New Clinical Data from HCV Franchise at EASL	
 
 	•	 	Confirms 2012 GAAP and non-GAAP EPS Guidance Range of $1.90 to $2.00	
(NEW YORK, April 26, 2012) – Bristol-Myers Squibb Company (NYSE: BMY) today announced first quarter results that included double-digit earnings growth and important R&D milestones in its metabolics and hepatitis C (HCV) franchises. The Company also confirmed guidance for 2012.
“This first quarter performance continues to demonstrate our ability to balance delivering strong financial results in the short-term with positioning the Company for long-term success,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We reported good financial performance at both the top and bottom lines, a positive opinion in Europe on FORXIGA for the treatment of type 2 diabetes and the presentation of important new clinical data from the Company’s HCV franchise,” Andreotti said.

 	  	First Quarter	 	
$ amounts in millions, except per share amounts	  	 	 	  	 	 	  	 	 	
 	  	2012	 	  	2011	 	  	Change	 	
Net Sales	  	$	5,251	  	  	$	5,011	  	  	 	5%	  	
GAAP Diluted EPS	  	 	0.64	  	  	 	0.57	  	  	 	12%	  	
Non-GAAP Diluted EPS	  	 	0.64	  	  	 	0.58	  	  	 	10%	  	
 
1

FIRST QUARTER FINANCIAL RESULTS
 
•	 	Bristol-Myers Squibb posted first quarter 2012 net sales of $5.3 billion, an increase of 5% compared to the same period a year ago.	
 
•	 	U.S. net sales increased 6% to $3.5 billion in the quarter compared to the same period a year ago. International net sales increased 2% to $1.8 billion.	
 
•	 	Gross margin as a percentage of net sales was 75.2% in the quarter compared to 73.2% in the same period a year ago.	
 
•	 	Marketing, selling and administrative expenses increased 8% to $1 billion in the quarter.	
 
•	 	Advertising and product promotion spending decreased 9% to $194 million in the quarter.	
 
•	 	Research and development expenses decreased 3% to $909 million in the quarter.	
 
•	 	The effective tax rate on earnings before income taxes was 26.9% in the quarter, compared to 22.6% in the first quarter last year.	
 
•	 	The Company reported net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.64 per share, in the quarter compared to $986 million, or $0.57 per share, a year ago.	
 
•	 	The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.64 per share, in the first quarter, compared to $1.0 billion, or $0.58 per share, for the same period in 2011. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.	
 
•	 	Cash, cash equivalents and marketable securities were $8.6 billion, with a net cash position of $3.2 billion, as of March 31, 2012.	
 
2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb’s global sales growth in the first quarter was led by, YERVOY ® , which had sales of $154 million in the quarter, ONGLYZA ® /KOMBIGLYZE ® which grew 99%, SPRYCEL ® which grew 34%, ORENCIA ® which grew 28% and BARACLUDE ® which grew 18%.
ELIQUIS ®
 
•	 	In February, the U.S. Food and Drug Administration (FDA) extended the action date by three months for the New Drug Application for ELIQUIS for the prevention of stroke and systemic embolism in patients with atrial fibrillation. The new Prescription Drug User Fee Act (PDUFA) date—the date by which action from the FDA is expected—is June 28, 2012. The Company co-develops ELIQUIS with its partner, Pfizer.	
 
•	 	In March, the Company and its partner presented data at the American College of Cardiology annual meeting in Chicago. Additional analyses were presented from the ARISTOTLE and AVERROES clinical trials. These two large Phase III clinical trials compared ELIQUIS to warfarin and aspirin, respectively, for the prevention of stroke or systemic embolism in patients with atrial fibrillation.	
FORXIGA
 
•	 	In April, the Marketing Authorization Application for FORXIGA received a positive opinion from Europe’s Committee for Medicinal Products for Human Use (CHMP) for use—as an adjunct to diet and exercise—as monotherapy in metformin intolerant patients, or in combination with other glucose lowering medicinal products including insulin. The CHMP’s positive opinion will now be reviewed by the European Commission, which has authority to approve medicines for the European Union. The Company co-develops and co-commercializes FORXIGA with its partner, AstraZeneca.	
ERBITUX ®
 
•	 	In April, the Company and its partner, Lilly, received a complete response letter from the FDA regarding the filing in first-line non-small cell lung cancer, which was based on the pivotal FLEX study. The companies do not plan to resubmit the FLEX filing.	
 
3

HCV
 
•	 	In April, at the annual meeting of the European Association for the Study of the Liver (EASL) in Barcelona, Spain, the Company presented important new clinical data on its HCV portfolio, including:	
 
 	¡   	 	An interim analysis of data from a Phase II study of treatment-naïve HCV patients that showed an all-oral combination of daclatasvir, the Company’s NS5A replication complex inhibitor, and GS-7977, Gilead’s nucleotide polymerase inhibitor, achieved Sustained Virologic Response (SVR4) in 100% of genotype 1 patients, and 91% of genotype 2 and 3 patients.	
 
 	¡   	 	Data from a Phase II study that showed an all-oral combination of daclatasvir and asunaprevir, the Company’s NS3 protease inhibitor, achieved SVR24 in 77% of difficult-to-treat patients with genotype 1b.	
 
 	¡   	 	Data from a Phase IIb study that showed peginterferon lambda-1a achieved SVR24 rates comparable to peginterferon alfa with fewer flu-like and musculoskeletal symptoms in treatment-naïve HCV patients with genotype 2 or 3.	
FIRST QUARTER BUSINESS DEVELOPMENT UPDATE
 
•	 	In February, the Company completed its $2.5 billion acquisition of Inhibitex, Inc., a clinical-stage biopharmaceutical company in Atlanta, Georgia, whose lead compound, INX-189, a nucleotide polymerase (NS5B) inhibitor in Phase II development, is part of a class of antivirals that may play a critical role as the backbone of future direct-acting antiviral-only combination approached to HCV treatment.	
 
•	 	In February, the Company and Duke Translational Medicine Institute announced the formation of a strategic partnership to broaden interactions between the two organizations and the initiation of the first project under the agreement. A cross-organizational team will co-develop and co-implement protocol for a Phase II study of BMS-986202, formerly AM152, for the treatment of idiopathic pulmonary fibrosis.	
 
4

2012 FINANCIAL GUIDANCE
Bristol-Myers Squibb is confirming its 2012 GAAP and non-GAAP EPS guidance range of $1.90 to $2.00. Key 2012 non-GAAP guidance assumptions remain unchanged. The non-GAAP guidance excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflected in specified items are provided in supplemental materials available on the Company’s website.
The financial guidance for 2012 excludes the impact of any potential strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and related earnings per share information, adjusted to exclude certain costs, expenses, significant gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other licensing payments for in-licensing of products that have not achieved regulatory approval which are immediately expensed; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of the discounts and
 
5

pharmaceutical company fee under the 2010 U.S. health care reform law, governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its String of Pearls strategy, the expiration of patents or data protection on certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on April 26, 2012, at 10:30 a.m. EDT during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing: 913-981-4915, confirmation code: 4074443 Materials related to the call will be available at the same website prior to the call.
For more information, contact: Jennifer Fron Mauer, 609-252-6579, Communications; Teri Loxam, 609-252-3368, or Timothy Power, 609-252-7509, Investor Relations.
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA ® is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® , and PLAVIX ® are trademarks of sanofi-aventis.
ERBITUX ® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.
ELIQUIS ® is a trademark of Pfizer, Inc.
If approved, KOMBIGLYZE ™ will be known as KOMBOGLYZE ™ in the European Union.
All other brand names of products appearing in all capital letters are registered trademarks of the Company or one of its subsidiaries.
 
6

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	  	U.S. Net Sales	 	  	 	 	
 	  	2012	 	  	2011	 	  	%
Change	 	  	2012	 	  	2011	 	  	%
Change	 	  	% Change in U.S. Total
Prescriptions vs. 2011	 	
Three Months Ended March 31,	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Key Products	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Plavix	  	$	  1,693	  	  	$	  1,762	  	  	 	(4)%	  	  	$	  1,630	  	  	$	  1,641	  	  	 	(1)%	  	  	 	(6)%	  	
Avapro/Avalide	  	 	207	  	  	 	290	  	  	 	(29)%	  	  	 	100	  	  	 	160	  	  	 	(38)%	  	  	 	(33)%	  	
Abilify	  	 	621	  	  	 	624	  	  	 	—	  	  	 	440	  	  	 	460	  	  	 	(4)%	  	  	 	4%	  	
Reyataz	  	 	358	  	  	 	366	  	  	 	(2)%	  	  	 	187	  	  	 	181	  	  	 	3%	  	  	 	—	  	
Sustiva Franchise	  	 	386	  	  	 	343	  	  	 	13%	  	  	 	251	  	  	 	215	  	  	 	17%	  	  	 	2%	  	
Baraclude	  	 	325	  	  	 	275	  	  	 	18%	  	  	 	55	  	  	 	48	  	  	 	15%	  	  	 	11%	  	
Erbitux	  	 	179	  	  	 	165	  	  	 	8%	  	  	 	173	  	  	 	162	  	  	 	7%	  	  	 	N/A	  	
Sprycel	  	 	231	  	  	 	172	  	  	 	34%	  	  	 	93	  	  	 	61	  	  	 	52%	  	  	 	45%	  	
Yervoy	  	 	154	  	  	 	—	  	  	 	N/A	  	  	 	117	  	  	 	—	  	  	 	N/A	  	  	 	N/A	  	
Orencia	  	 	254	  	  	 	199	  	  	 	28%	  	  	 	169	  	  	 	138	  	  	 	22%	  	  	 	N/A	  	
Nulojix	  	 	1	  	  	 	—	  	  	 	N/A	  	  	 	1	  	  	 	—	  	  	 	N/A	  	  	 	N/A	  	
Onglyza/Kombiglyze	  	 	161	  	  	 	81	  	  	 	99%	  	  	 	118	  	  	 	57	  	  	 	*	  	  	 	78%	  	
								
Mature Products and All Other	  	 	681	  	  	 	734	  	  	 	(7)%	  	  	 	119	  	  	 	127	  	  	 	(6)%	  	  	 	N/A	  	
								
Total	  	 	5,251	  	  	 	5,011	  	  	 	5%	  	  	 	3,453	  	  	 	3,250	  	  	 	6%	  	  	 	N/A	  	
 
*	In excess of +/- 100%.	
 
7

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended March 31,	 	
 	  	2012	 	  	2011	 	
Net Sales	  	$	  5,251	  	  	$	  5,011	  	
	  	 	 	 	  	 	 	 	
Cost of products sold	  	 	1,303	  	  	 	1,343	  	
Marketing, selling and administrative	  	 	1,002	  	  	 	928	  	
Advertising and product promotion	  	 	194	  	  	 	214	  	
Research and development	  	 	909	  	  	 	935	  	
Provision for restructuring, net	  	 	22	  	  	 	44	  	
Litigation expense/(recoveries)	  	 	(172)	  	  	 	—	  	
Equity in net income of affiliates	  	 	(57)	  	  	 	(82)	  	
Other (income)/expense, net	  	 	23	  	  	 	(138)	  	
	  	 	 	 	  	 	 	 	
Total expenses	  	 	3,224	  	  	 	3,244	  	

Earnings before Income Taxes	  	 	2,027	  	  	 	1,767	  	
Provision for income taxes	  	 	545	  	  	 	400	  	

Net Earnings	  	 	1,482	  	  	 	1,367	  	
	  	 	 	 	  	 	 	 	
Net Earnings Attributable to Noncontrolling Interest	  	 	381	  	  	 	381	  	
	  	 	 	 	  	 	 	 	
Net Earnings Attributable to BMS	  	$	1,101	  	  	$	986	  	

Earnings per Common Share Attributable to BMS:	  				  				
Basic	  	$	0.65	  	  	$	0.58	  	
Diluted	  	$	0.64	  	  	$	0.57	  	
			
Average Common Shares Outstanding:	  				  				
Basic	  	 	1,687	  	  	 	1,702	  	
Diluted	  	 	1,706	  	  	 	1,714	  	
			
Other (income)/expense	  				  				
			
Interest expense	  	$	42	  	  	$	31	  	
Investment income	  	 	(36)	  	  	 	(21)	  	
Intangible asset impairment	  	 	38	  	  	 	—	  	
Gain on sale of product lines, businesses and assets	  	 	—	  	  	 	(9)	  	
Other income from alliance partners	  	 	(47)	  	  	 	(23)	  	
Pension curtailment and settlement charges	  	 	—	  	  	 	(3)	  	
Litigation charges/(recoveries)	  	 	—	  	  	 	(102)	  	
Product liability charges	  	 	—	  	  	 	26	  	
Other	  	 	26	  	  	 	(37)	  	
	  	 	 	 	  	 	 	 	
Other (income)/expense	  	$	23	  	  	$	(138	) 	

8

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(Unaudited, dollars in millions)

 	  	Three Months
Ended March 31,	 	
 	  	2012	 	  	2011	 	
Cost of products sold*	  	$	—	  	  	$	23	  	
			
Marketing, selling and administrative**	  	 	8	  	  	 	4	  	
			
Upfront, milestone and other licensing payments	  	 	—	  	  	 	88	  	
IPRD impairment	  	 	58	  	  	 	15	  	
	  	 	 	 	  	 	 	 	
Research and development	  	 	58	  	  	 	103	  	
			
Provision for restructuring	  	 	22	  	  	 	44	  	
			
Litigation expense/(recoveries)	  	 	(172)	  	  	 	—	  	
			
Intangible asset impairment	  	 	38	  	  	 	—	  	
Loss on debt repurchase	  	 	19	  	  	 	—	  	
Acquisition related items	  	 	12	  	  	 	—	  	
Litigation charges/(recoveries)	  	 	—	  	  	 	(102)	  	
Product liability charges	  	 	—	  	  	 	26	  	
	  	 	 	 	  	 	 	 	
Other (income)/expense	  	 	69	  	  	 	(76)	  	
			
Increase/(Decrease) to pretax income	  	 	(15)	  	  	 	98	  	
			
Income tax on items above	  	 	8	  	  	 	(28)	  	
Specified tax (benefit)/charge***	  	 	—	  	  	 	(56)	  	
	  	 	 	 	  	 	 	 	
Income taxes	  	 	8	  	  	 	(84)	  	

Increase/(Decrease) to net earnings	  	$	(7)	  	  	$	14	  	

*	Specified items in cost of products sold include accelerated depreciation, asset impairment and other shutdown costs	
**	Specified items in marketing, selling and administrative include process standardization implementation costs.	
***	The 2011 specified tax benefit relates to reclass of tax reserves that were specified in prior periods.	
 
9

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(Unaudited, dollars in millions)

Three months ended March 31, 2012	  	GAAP	 	  	Specified
Items*	 	  	Non
GAAP	 	
				
Gross Profit	  	$	3,948	  	  	 	—	  	  	$	3,948	  	
				
Marketing, Selling and Administrative	  	 	1,002	  	  	 	(8)	  	  	 	994	  	
				
Research and Development	  	 	909	  	  	 	(58)	  	  	 	851	  	
				
Other (income)/expense, net	  	 	23	  	  	 	(69)	  	  	 	(46)	  	
				
Effective Tax Rate	  	 	26.9%	  	  	 	(0.2)%	  	  	 	26.7%	  	
Three months ended March 31, 2011	  	GAAP	 	  	 
Specified
Items*	 	  	Non
GAAP	 	
				
Gross Profit	  	$	3,668	  	  	 	23	  	  	$	3,691	  	
				
Marketing, Selling and Administrative	  	 	928	  	  	 	(4)	  	  	 	924	  	
				
Research and Development	  	 	935	  	  	 	(103)	  	  	 	832	  	
				
Other (income)/expense, net	  	 	(138)	  	  	 	76	  	  	 	(62)	  	
				
Effective Tax Rate	  	 	22.6%	  	  	 	3.4%	  	  	 	26.0%	  	
 
*	Refer to the Specified Items schedules for further details.	
 
10

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended March 31,	 	
 	  	2012	 	  	2011	 	
Net Earnings Attributable to BMS—GAAP	  	$	  1,101	 	  	$	986	 	
Earnings attributable to unvested restricted shares	  	 	(1)	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	
Net Earnings used for Diluted EPS Calculation—GAAP	  	$	1,100	  	  	$	984	  	

Net Earnings Attributable to BMS—GAAP	  	$	1,101	 	  	$	986	 	
Less Specified Items*	  	 	(7)	  	  	 	14	  	
	  	 	 	 	  	 	 	 	
Net Earnings—Non-GAAP	  	 	1,094	 	  	 	1,000	 	
Earnings attributable to unvested restricted shares	  	 	(1)	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	
Net Earnings used for Diluted EPS Calculation—Non-GAAP	  	$	1,093	  	  	$	998	  	

Average Common Shares Outstanding—Diluted	  	 	1,706	 	  	 	1,714	 	
			
Diluted EPS—GAAP	  	$	0.64	  	  	$	0.57	  	
Diluted EPS Attributable to Specified Items	  	 	—	  	  	 	0.01	  	
	  	 	 	 	  	 	 	 	
Diluted EPS—Non-GAAP	  	$	0.64	  	  	$	0.58	  	

*	Refer to the Specified Items schedules for further details.	
 
11

BRISTOL-MYERS SQUIBB COMPANY
NET CASH CALCULATION
AS OF MARCH 31, 2012 AND DECEMBER 31, 2011
(Unaudited, dollars in millions)

 	  	March 31, 2012	 	 	December 31, 2011	 	
Cash and cash equivalents	  	$	2,307	  	 	$	5,776	  	
Marketable securities—current	  	 	2,722	  	 	 	2,957	  	
Marketable securities—long-term	  	 	3,585	  	 	 	2,909	  	
	  	 	 	 	 	 	 	 	
Cash, cash equivalents and marketable securities	  	 	8,614	  	 	 	11,642	  	
Short-term borrowings	  	 	(145	) 	 	 	(115	) 	
Long-term debt	  	 	(5,270	) 	 	 	(5,376	) 	
	  	 	 	 	 	 	 	 	
Net cash position	  	$	3,199	  	 	$	6,151	  	

12

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

																																																					
Net Sales	 	2011	 	 	2012	 	% Change	 	FX Impact	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 	Qtr vs. Qtr	 	YTD vs. YTD	
Total	 	$	  5,011	  	 	$	  5,434	  	 	$	  10,445	  	 	$	  5,345	  	 	$	  15,790	  	 	$	  5,454	  	 	$	  21,244	  	 	$	  5,251	  	 		 		 		 		 		 		 	5%	 	5%	 	(1)%	 	(1)%	
US	 	 	3,250	  	 	 	3,562	  	 	 	6,812	  	 	 	3,477	  	 	 	10,289	  	 	 	3,556	  	 	 	13,845	  	 	 	3,453	  	 		 		 		 		 		 		 	6%	 	6%	 	—	 	—	
Europe	 	 	868	  	 	 	954	  	 	 	1,822	  	 	 	916	  	 	 	2,738	  	 	 	929	  	 	 	3,667	  	 	 	883	  	 		 		 		 		 		 		 	2%	 	2%	 	(4)%	 	(4)%	
JPAC	 	 	449	  	 	 	462	  	 	 	911	  	 	 	464	  	 	 	1,375	  	 	 	487	  	 	 	1,862	  	 	 	413	  	 		 		 		 		 		 		 	(8)%	 	(8)%	 	1%	 	1%	
Intercon	 	 	214	  	 	 	220	  	 	 	434	  	 	 	230	  	 	 	664	  	 	 	230	  	 	 	894	  	 	 	220	  	 		 		 		 		 		 		 	3%	 	3%	 	(3)%	 	(3)%	
Emerging Markets	 	 	206	  	 	 	215	  	 	 	421	  	 	 	238	  	 	 	659	  	 	 	228	  	 	 	887	  	 	 	202	  	 		 		 		 		 		 		 	(2)%	 	(2)%	 	—	 	—	
Other	 	 	24	  	 	 	21	  	 	 	45	  	 	 	20	  	 	 	65	  	 	 	24	  	 	 	89	  	 	 	80	  	 		 		 		 		 		 		 	*	 	*	 	—	 	—	
						
% of Total Sales	 	2011	 	 	2012	 	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	 	 	
Total	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 		 		 		 		 		 		 	—	 	—	 		
US	 	 	64.9%	  	 	 	65.5%	  	 	 	65.2%	  	 	 	65.1%	  	 	 	65.2%	  	 	 	65.2%	  	 	 	65.2%	  	 	 	65.8%	  	 		 		 		 		 		 		 	90	 	90	 		
Europe	 	 	17.3%	  	 	 	17.6%	  	 	 	17.4%	  	 	 	17.1%	  	 	 	17.3%	  	 	 	17.0%	  	 	 	17.2%	  	 	 	16.8%	  	 		 		 		 		 		 		 	(50)	 	(50)	 		
JPAC	 	 	9.0%	  	 	 	8.5%	  	 	 	8.7%	  	 	 	8.7%	  	 	 	8.7%	  	 	 	8.9%	  	 	 	8.8%	  	 	 	7.9%	  	 		 		 		 		 		 		 	(110)	 	(110)	 		
Intercon	 	 	4.3%	  	 	 	4.0%	  	 	 	4.2%	  	 	 	4.3%	  	 	 	4.2%	  	 	 	4.2%	  	 	 	4.2%	  	 	 	4.2%	  	 		 		 		 		 		 		 	(10)	 	(10)	 		
Emerging Markets	 	 	4.0%	  	 	 	4.0%	  	 	 	4.0%	  	 	 	4.4%	  	 	 	4.2%	  	 	 	4.2%	  	 	 	4.2%	  	 	 	3.8%	  	 		 		 		 		 		 		 	(20)	 	(20)	 		
Other	 	 	0.5%	  	 	 	0.4%	  	 	 	0.5%	  	 	 	0.4%	  	 	 	0.4%	  	 	 	0.5%	  	 	 	0.4%	  	 	 	1.5%	  	 		 		 		 		 		 		 	100	 	100	 		
 
*	in excess of +/- 100%	
 
1

BRISTOL-MYERS SQUIBB COMPANY
SALES AND COMPOSITION OF CHANGE IN SALES
FOR THE PERIOD ENDED MARCH 31, 2012
($ in millions)

QUARTER-TO-DATE	  	Net Sales	 	  	Analysis of % Change	 	
 	  	2012	 	  	2011	 	  	Total Change	 	  	Volume	 	  	Price	 	  	Foreign Exchange	 	
US	  	$	                    3,453	  	  	$	                    3,250	  	  	 	                    6%	  	  	 	                    (4)%	  	  	 	                    10%	  	  	 	                    —	  	
Europe	  	 	883	  	  	 	868	  	  	 	2%	  	  	 	7%	  	  	 	(1)%	  	  	 	(4)%	  	
JPAC	  	 	413	  	  	 	449	  	  	 	(8)%	  	  	 	(8)%	  	  	 	(1)%	  	  	 	1%	  	
Intercon	  	 	220	  	  	 	214	  	  	 	3%	  	  	 	3%	  	  	 	3%	  	  	 	(3)%	  	
Emerging Markets	  	 	202	  	  	 	206	  	  	 	(2)%	  	  	 	1%	  	  	 	(3)%	  	  	 	—	  	
Other	  	 	80	  	  	 	24	  	  	 	*	  	  	 	N/A	  	  	 	N/A	  	  	 	—	  	
	  	 	 	 	  	 	 	 	  				  				  				  				
Total	  	$	5,251	  	  	$	5,011	  	  	 	5%	  	  	 	(1)%	  	  	 	7%	  	  	 	(1)%	  	

*      in excess of +/- 100%	         	
 
2

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
($ in millions, except per share amounts)

 	  	2011	 	  	2012	  	% Change	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	  	YTD vs. YTD	 	
Net Sales	  	$	5,011	  	  	$	5,434	  	  	$	10,445	  	  	$	5,345	  	  	$	15,790	  	  	$	5,454	  	  	$	21,244	  	  	$	5,251	  	  		  		  		  		  		  		  	 	5%    	  	  	 	5%    	  	
Cost of products sold	  	 	1,343	  	  	 	1,481	  	  	 	2,824	  	  	 	1,407	  	  	 	4,231	  	  	 	1,367	  	  	 	5,598	  	  	 	1,303	  	  		  		  		  		  		  		  	 	(3)%    	  	  	 	(3)%    	  	
Marketing, selling and administrative	  	 	928	  	  	 	1,040	  	  	 	1,968	  	  	 	1,019	  	  	 	2,987	  	  	 	1,216	  	  	 	4,203	  	  	 	1,002	  	  		  		  		  		  		  		  	 	8%    	  	  	 	8%    	  	
Advertising and product promotion	  	 	214	  	  	 	253	  	  	 	467	  	  	 	205	  	  	 	672	  	  	 	285	  	  	 	957	  	  	 	194	  	  		  		  		  		  		  		  	 	(9)%    	  	  	 	(9)%    	  	
Research and development	  	 	935	  	  	 	923	  	  	 	1,858	  	  	 	973	  	  	 	2,831	  	  	 	1,008	  	  	 	3,839	  	  	 	909	  	  		  		  		  		  		  		  	 	(3)%    	  	  	 	(3)%    	  	
Provision for restructuring, net	  	 	44	  	  	 	40	  	  	 	84	  	  	 	8	  	  	 	92	  	  	 	24	  	  	 	116	  	  	 	22	  	  		  		  		  		  		  		  	 	(50)%    	  	  	 	(50)%    	  	
Litigation expense/(recoveries)	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	(172)	  	  		  		  		  		  		  		  	 	—    	  	  	 	—    	  	
Equity in net income of affiliates	  	 	(82)	  	  	 	(62)	  	  	 	(144)	  	  	 	(71)	  	  	 	(215)	  	  	 	(66)	  	  	 	(281)	  	  	 	(57)	  	  		  		  		  		  		  		  	 	(30)%    	  	  	 	(30)%    	  	
Other (income)/expense, net	  	 	(138)	  	  	 	(31)	  	  	 	(169)	  	  	 	(26)	  	  	 	(195)	  	  	 	26	  	  	 	(169)	  	  	 	23	  	  		  		  		  		  		  		  	 	*    	  	  	 	*    	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	3,244	  	  	 	3,644	  	  	 	6,888	  	  	 	3,515	  	  	 	10,403	  	  	 	3,860	  	  	 	14,263	  	  	 	3,224	  	  		  		  		  		  		  		  	 	(1)%    	  	  	 	(1)%    	  	
																	
Earnings from Operations Before Income Taxes	  	$	1,767	  	  	$	1,790	  	  	$	3,557	  	  	$	1,830	  	  	$	5,387	  	  	$	1,594	  	  	$	6,981	  	  	$	2,027	  	  		  		  		  		  		  		  	 	15%    	  	  	 	15%    	  	
Provision for income taxes	  	 	400	  	  	 	483	  	  	 	883	  	  	 	475	  	  	 	1,358	  	  	 	363 	  	  	 	1,721 	  	  	 	545	  	  		  		  		  		  		  		  	 	36%    	  	  	 	36%    	  	

Net Earnings from Operations	  	$	1,367	  	  	$	1,307	  	  	$	2,674	  	  	$	1,355	  	  	$	4,029	  	  	$	1,231	  	  	$	5,260	  	  	$	1,482	  	  		  		  		  		  		  		  	 	8%    	  	  	 	8%    	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	381	  	  	 	405	  	  	 	786	  	  	 	386	  	  	 	1,172	  	  	 	379	  	  	 	1,551	  	  	 	381	  	  		  		  		  		  		  		  	 	—    	  	  	 	—    	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	
Net Earnings from Operations Attributable to BMS	  	$	986	  	  	$	902	  	  	$	1,888	  	  	$	969	  	  	$	2,857	  	  	$	852	  	  	$	3,709	  	  	$	1,101	  	  		  		  		  		  		  		  	 	12%    	  	  	 	12%    	  	

Earnings attributable to unvested restricted shares	  	 	(2)	  	  	 	(2)	  	  	 	(4)	  	  	 	(2)	  	  	 	(6)	  	  	 	(1)	  	  	 	(8)	  	  	 	(1)	  	  		  		  		  		  		  		  	 	(50)%    	  	  	 	(50)%    	  	

Net Earnings used for Diluted EPS Calc	  	$	984	  	  	$	900	  	  	$	1,884	  	  	$	967	  	  	$	2,851	  	  	$	851	  	  	$	3,701	  	  	$	1,100	  	  		  		  		  		  		  		  	 	12%    	  	  	 	12%    	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	
Diluted Earnings Attributable to BMS per Common Share**	  	$	0.57	  	  	$	0.52	  	  	$	1.10	  	  	$	0.56	  	  	$	1.66	  	  	$	0.50	  	  	$	2.16	  	  	$	0.64	  	  		  		  		  		  		  		  	 	12%    	  	  	 	12%    	  	
																	
Average Common Shares Outstanding - Diluted	  	 	1,714	  	  	 	1,722	  	  	 	1,718	  	  	 	1,715	  	  	 	1,717	  	  	 	1,712 	  	  	 	1,717 	  	  	 	1,706	  	  		  		  		  		  		  		  	 	—    	  	  	 	—    	  	
Dividends declared per common share	  	$	0.33	  	  	$	0.33	  	  	$	0.66	  	  	$	0.33	  	  	$	0.99	  	  	$ 	0.34 	  	  	$ 	1.33 	  	  	$	0.34	  	  		  		  		  		  		  		  	 	3%    	  	  	 	3%    	  	
				
% of Net Sales	  	2011	 	  	2012	  	Basis Point Change	 	
   	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	  	YTD vs. YTD	 	
Gross Margin	  	 	73.2%	  	  	 	72.7%	  	  	 	73.0%	  	  	 	73.7%	  	  	 	73.2%	  	  	 	74.9%	  	  	 	73.6%	  	  	 	75.2%	  	  		  		  		  		  		  		  	 	200    	  	  	 	200    	  	
																	
Cost of products sold	  	 	26.8%	  	  	 	27.3%	  	  	 	27.0%	  	  	 	26.3%	  	  	 	26.8%	  	  	 	25.1%	  	  	 	26.4%	  	  	 	24.8%	  	  		  		  		  		  		  		  	 	(200)    	  	  	 	(200)    	  	
Marketing, selling and administrative	  	 	18.5%	  	  	 	19.1%	  	  	 	18.8%	  	  	 	19.1%	  	  	 	18.9%	  	  	 	22.3%	  	  	 	19.8%	  	  	 	19.1%	  	  		  		  		  		  		  		  	 	60    	  	  	 	60    	  	
Advertising and product promotion	  	 	4.3%	  	  	 	4.7%	  	  	 	4.5%	  	  	 	3.8%	  	  	 	4.3%	  	  	 	5.2%	  	  	 	4.5%	  	  	 	3.7%	  	  		  		  		  		  		  		  	 	(60)    	  	  	 	(60)    	  	
Research and development	  	 	18.7%	  	  	 	17.0%	  	  	 	17.8%	  	  	 	18.2%	  	  	 	17.9%	  	  	 	18.5%	  	  	 	18.1%	  	  	 	17.3%	  	  		  		  		  		  		  		  	 	(140)    	  	  	 	(140)    	  	
Total expenses	  	 	64.7%	  	  	 	67.1%	  	  	 	65.9%	  	  	 	65.8%	  	  	 	65.9%	  	  	 	70.8%	  	  	 	67.1%	  	  	 	61.4%	  	  		  		  		  		  		  		  	 	(330)    	  	  	 	(330)    	  	
																	
Earnings from Operations Before Income Taxes	  	 	35.3%	  	  	 	32.9%	  	  	 	34.1%	  	  	 	34.2%	  	  	 	34.1%	  	  	 	29.2%	  	  	 	32.9%	  	  	 	38.6%	  	  		  		  		  		  		  		  	 	330    	  	  	 	330    	  	
Net Earnings from Operations Attributable to BMS	  	 	19.7%	  	  	 	16.6%	  	  	 	18.1%	  	  	 	18.1%	  	  	 	18.1%	  	  	 	15.6%	  	  	 	17.5%	  	  	 	21.0%	  	  		  		  		  		  		  		  	 	130    	  	  	 	130    	  	
																	
Other Ratios	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  				  				
Effective Tax Rate	  	 	22.6%	  	  	 	27.0%	  	  	 	24.8%	  	  	 	26.0%	  	  	 	25.2%	  	  	 	22.8%	  	  	 	24.7%	  	  	 	26.9%	  	  		  		  		  		  		  		  	 	430    	  	  	 	430    	  	
				
Other (Income)/Expense, net	  	2011	 	  	2012	  	% Change	 	
   	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	  	YTD vs. YTD	 	
Interest expense	  	$	31	  	  	$	32	  	  	$	63	  	  	$	40	  	  	$	103	  	  	$	42	  	  	$	145	  	  	$	42	  	  		  		  		  		  		  		  	 	35%    	  	  	 	35%    	  	
Investment income	  	 	(21)	  	  	 	(25)	  	  	 	(46)	  	  	 	(23)	  	  	 	(69)	  	  	 	(22)	  	  	 	(91)	  	  	 	(36)	  	  		  		  		  		  		  		  	 	71%    	  	  	 	71%    	  	
Intangible asset impairment	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	38	  	  		  		  		  		  		  		  	 	—    	  	  	 	—    	  	
Gain on sale of product lines, businesses and assets	  	 	(9)	  	  	 	(2)	  	  	 	(11)	  	  	 	(25)	  	  	 	(36)	  	  	 	(1)	  	  	 	(37)	  	  	 	—	  	  		  		  		  		  		  		  	 	(100)%    	  	  	 	(100)%    	  	
Other income from alliance partners	  	 	(23)	  	  	 	(39)	  	  	 	(62)	  	  	 	(45)	  	  	 	(107)	  	  	 	(33)	  	  	 	(140)	  	  	 	(47)	  	  		  		  		  		  		  		  	 	*    	  	  	 	*    	  	
Pension curtailments and settlements	  	 	(3)	  	  	 	—	  	  	 	(3)	  	  	 	2	  	  	 	(1)	  	  	 	11	  	  	 	10	  	  	 	—	  	  		  		  		  		  		  		  	 	(100)%    	  	  	 	(100)%    	  	
Litigation charges/(recoveries)	  	 	(102)	  	  	 	(4)	  	  	 	(106)	  	  	 	1	  	  	 	(105)	  	  	 	80	  	  	 	(25)	  	  	 	—	  	  		  		  		  		  		  		  	 	(100)%    	  	  	 	(100)%    	  	
Product liability charges	  	 	26	  	  	 	—	  	  	 	26	  	  	 	10	  	  	 	36	  	  	 	(5)	  	  	 	31	  	  	 	—	  	  		  		  		  		  		  		  	 	(100)%    	  	  	 	(100)%    	  	
Other	  	 	(37)	  	  	 	7	  	  	 	(30)	  	  	 	14	  	  	 	(16)	  	  	 	(46)	  	  	 	(62)	  	  	 	26	  	  		  		  		  		  		  		  	 	*    	  	  	 	*    	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	
	  	($	138)	  	  	($	31)	  	  	($	169)	  	  	($	26)	  	  	($	195)	  	  	$	26	  	  	($	169)	  	  	 	23	  	  		  		  		  		  		  		  	 	*    	  	  	 	*    	  	

*	in excess of +/- 100%	
**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	

3

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2012
(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
 	  	2012	 	  	2011	 	  	Growth $	 	  	Growth %	 	  	Favorable /
(Unfavorable)
FX Impact $ *	 	  	2012
Excluding FX	 	  	Favorable /
(Unfavorable)
FX Impact % *	 	  	Growth %
Excluding FX	 	
Net sales	  	$	5,251	  	  	$	5,011	  	  	 	240	  	  	 	5%	  	  	 	(32)	  	  	$	5,283	  	  	 	(1)%	  	  	 	6%	  	
									
Gross profit	  	 	3,948	  	  	 	3,668	  	  	 	280	  	  	 	8%	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	
Gross profit excluding specified items (a)	  	 	3,948	  	  	 	3,691	  	  	 	257	  	  	 	7%	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	
Gross profit excluding specified items as a % of sales	  	 	75.2%	  	  	 	73.7%	  	  				  				  				  				  				  				
									
Marketing, selling and administrative	  	 	1,002	  	  	 	928	  	  	 	74	  	  	 	8%	  	  	 	11	  	  	 	1,013	  	  	 	1%	  	  	 	9%	  	
Marketing, selling and administrative excluding specified items (a)	  	 	994	  	  	 	924	  	  	 	70	  	  	 	8%	  	  	 	12	  	  	 	1,006	  	  	 	1%	  	  	 	9%	  	
									
Advertising and product promotion	  	 	194	  	  	 	214	  	  	 	(20)	  	  	 	(9)%	  	  	 	2	  	  	 	196	  	  	 	1%	  	  	 	(8)%	  	
									
SG&A excluding specified items as a % of sales	  	 	22.6%	  	  	 	22.7%	  	  				  				  				  				  				  				
									
Research and development	  	 	909	  	  	 	935	  	  	 	(26)	  	  	 	(3)%	  	  	 	5	  	  	 	914	  	  	 	1%	  	  	 	(2)%	  	
Research and development excluding specified items (a)	  	 	851	  	  	 	832	  	  	 	19	  	  	 	2%	  	  	 	5	  	  	 	856	  	  	 	1%	  	  	 	3%	  	
									
Research and development excluding specified items as a % of sales	  	 	16.2%	  	  	 	16.6%	  	  				  				  				  				  				  				
 
(a)	Refer to the Specified Items tab for detail of specified items.	
 
*	Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.	
 
4

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2012
(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
 	  	2012	 	  	2011	 	  	Growth $	 	  	Growth %	 	  	Favorable /
(Unfavorable)
 FX Impact $ **	 	  	2012
Excluding FX	 	  	Favorable /
(Unfavorable)
FX Impact % **	 	  	Growth %
Excluding FX	 	
Plavix	  	 	1,693	  	  	 	1,762	  	  	 	(69)	  	  	 	(4)%	  	  	 	1	  	  	 	1,692	  	  	 	—	  	  	 	(4)%	  	
Avapro/Avalide	  	 	207	  	  	 	290	  	  	 	(83)	  	  	 	(29)%	  	  	 	(1)	  	  	 	208	  	  	 	—	  	  	 	(29)%	  	
Abilify	  	 	621	  	  	 	624	  	  	 	(3)	  	  	 	—	  	  	 	(8)	  	  	 	629	  	  	 	(1)%	  	  	 	1%	  	
Reyataz	  	 	358	  	  	 	366	  	  	 	(8)	  	  	 	(2)%	  	  	 	(6)	  	  	 	364	  	  	 	(1)%	  	  	 	(1)%	  	
Sustiva Franchise	  	 	386	  	  	 	343	  	  	 	43	  	  	 	13%	  	  	 	(4)	  	  	 	390	  	  	 	(1)%	  	  	 	14%	  	
Baraclude	  	 	325	  	  	 	275	  	  	 	50	  	  	 	18%	  	  	 	—	  	  	 	325	  	  	 	—	  	  	 	18%	  	
Erbitux	  	 	179	  	  	 	165	  	  	 	14	  	  	 	8%	  	  	 	—	  	  	 	179	  	  	 	—	  	  	 	8%	  	
Sprycel	  	 	231	  	  	 	172	  	  	 	59	  	  	 	34%	  	  	 	(3)	  	  	 	234	  	  	 	(2)%	  	  	 	36%	  	
Yervoy	  	 	154	  	  	 	—	  	  	 	154	  	  	 	N/A	  	  	 	—	  	  	 	154	  	  	 	N/A	  	  	 	N/A	  	
Orencia	  	 	254	  	  	 	199	  	  	 	55	  	  	 	28%	  	  	 	(2)	  	  	 	256	  	  	 	(1)%	  	  	 	29%	  	
Nulojix	  	 	1	  	  	 	—	  	  	 	1	  	  	 	N/A	  	  	 	—	  	  	 	1	  	  	 	N/A	  	  	 	N/A	  	
Onglyza/Kombiglyze	  	 	161	  	  	 	81	  	  	 	80	  	  	 	99%	  	  	 	(2)	  	  	 	163	  	  	 	(2)%	  	  	 	*	  	
									
Mature Products and All Other	  	 	681	  	  	 	734	  	  	 	(53)	  	  	 	(7)%	  	  	 	(7)	  	  	 	688	  	  	 	(1)%	  	  	 	(6)%	  	
									
Total	  	 	5,251	  	  	 	5,011	  	  	 	240	  	  	 	5%	  	  	 	(32)	  	  	 	5,283	  	  	 	(1)%	  	  	 	6%	  	
 
*	In excess of +/- 100%	
**	Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.	
 
5

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

 	 	2011	 	 	2012	 	% Change	 	 	FX Impact	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
TOTAL	 	 	5,011	  	 	 	5,434	  	 	 	10,445	  	 	 	5,345	  	 	 	15,790	  	 	 	5,454	  	 	 	21,244	  	 	 	5,251	  	 		 		 		 		 		 		 	 	5%  	  	 	 	5%  	  	 	 	(1)%	  	 	 	(1)%	  	
Key Products	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 				 				 				 				
Plavix	 	 	    1,762	  	 	 	    1,865	  	 	 	    3,627	  	 	 	    1,788	  	 	 	    5,415	  	 	 	    1,672	  	 	 	    7,087	  	 	 	    1,693	  	 		 		 		 		 		 		 	 	(4)%  	  	 	 	(4)%  	  	 	 	—	  	 	 	—	  	
Avapro/Avalide	 	 	290	  	 	 	251	  	 	 	541	  	 	 	216	  	 	 	757	  	 	 	195	  	 	 	952	  	 	 	207	  	 		 		 		 		 		 		 	 	(29)%  	  	 	 	(29)%  	  	 	 	—	  	 	 	—	  	
Abilify (a)	 	 	624	  	 	 	706	  	 	 	1,330	  	 	 	691	  	 	 	2,021	  	 	 	737	  	 	 	2,758	  	 	 	621	  	 		 		 		 		 		 		 	 	—  	  	 	 	—  	  	 	 	(1)%	  	 	 	(1)%	  	
Reyataz	 	 	366	  	 	 	396	  	 	 	762	  	 	 	391	  	 	 	1,153	  	 	 	416	  	 	 	1,569	  	 	 	358	  	 		 		 		 		 		 		 	 	(2)%  	  	 	 	(2)%  	  	 	 	(1)%	  	 	 	(1)%	  	
Sustiva Franchise (b)	 	 	343	  	 	 	371	  	 	 	714	  	 	 	359	  	 	 	1,073	  	 	 	412	  	 	 	1,485	  	 	 	386	  	 		 		 		 		 		 		 	 	13%  	  	 	 	13%  	  	 	 	(1)%	  	 	 	(1)%	  	
Baraclude	 	 	275	  	 	 	292	  	 	 	567	  	 	 	311	  	 	 	878	  	 	 	318	  	 	 	1,196	  	 	 	325	  	 		 		 		 		 		 		 	 	18%  	  	 	 	18%  	  	 	 	—	  	 	 	—	  	
Erbitux	 	 	165	  	 	 	173	  	 	 	338	  	 	 	172	  	 	 	510	  	 	 	181	  	 	 	691	  	 	 	179	  	 		 		 		 		 		 		 	 	8%  	  	 	 	8%  	  	 	 	—	  	 	 	—	  	
Sprycel	 	 	172	  	 	 	193	  	 	 	365	  	 	 	211	  	 	 	576	  	 	 	227	  	 	 	803	  	 	 	231	  	 		 		 		 		 		 		 	 	34%  	  	 	 	34%  	  	 	 	(2)%	  	 	 	(2)%	  	
Yervoy	 	 	—	  	 	 	95	  	 	 	95	  	 	 	121	  	 	 	216	  	 	 	144	  	 	 	360	  	 	 	154	  	 		 		 		 		 		 		 	 	N/A  	  	 	 	N/A  	  	 	 	N/A	  	 	 	N/A	  	
Orencia (c)	 	 	199	  	 	 	228	  	 	 	427	  	 	 	233	  	 	 	660	  	 	 	257	  	 	 	917	  	 	 	254	  	 		 		 		 		 		 		 	 	28%  	  	 	 	28%  	  	 	 	(1)%	  	 	 	(1)%	  	
Nulojix	 	 	—	  	 	 	2	  	 	 	2	  	 	 	—	  	 	 	2	  	 	 	1	  	 	 	3	  	 	 	1	  	 		 		 		 		 		 		 	 	N/A  	  	 	 	N/A  	  	 	 	N/A	  	 	 	N/A	  	
Onglyza/Kombiglyze (d)	 	 	81	  	 	 	112	  	 	 	193	  	 	 	127	  	 	 	320	  	 	 	153	  	 	 	473	  	 	 	161	  	 		 		 		 		 		 		 	 	99%  	  	 	 	99%  	  	 	 	(2)%	  	 	 	(2)%	  	
																			
Mature Products and All Other (e)	 	 	734	  	 	 	750	  	 	 	1,484	  	 	 	725	  	 	 	2,209	  	 	 	741	  	 	 	2,950	  	 	 	681	  	 		 		 		 		 		 		 	 	(7)%  	  	 	 	(7)%  	  	 	 	(1)%	  	 	 	(1)%	  	
					
 	 	2011	 	 	2012	 	% Change	 	 	FX Impact	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Net Sales by Therapeutic Area:	  	 				 				 				 				 				 				 		 		 		 		 		 		 				 				 				 				
Cardiovascular	 	 	2,162	  	 	 	2,236	  	 	 	4,398	  	 	 	2,114	  	 	 	6,512	  	 	 	1,972	  	 	 	8,484	  	 	 	1,991	  	 		 		 		 		 		 		 	 	(8)%  	  	 	 	(8)%  	  	 	 	—	  	 	 	—	  	
Virology	 	 	997	  	 	 	1,075	  	 	 	2,072	  	 	 	1,080	  	 	 	3,152	  	 	 	1,158	  	 	 	4,310	  	 	 	1,077	  	 		 		 		 		 		 		 	 	8%  	  	 	 	8%  	  	 	 	(1)%	  	 	 	(1)%	  	
Oncology	 	 	466	  	 	 	591	  	 	 	1,057	  	 	 	629	  	 	 	1,686	  	 	 	684	  	 	 	2,370	  	 	 	679	  	 		 		 		 		 		 		 	 	46%  	  	 	 	46%  	  	 	 	—	  	 	 	—	  	
Neuroscience	 	 	631	  	 	 	714	  	 	 	1,345	  	 	 	698	  	 	 	2,043	  	 	 	742	  	 	 	2,785	  	 	 	627	  	 		 		 		 		 		 		 	 	(1)%  	  	 	 	(1)%  	  	 	 	(2)%	  	 	 	(2)%	  	
Immunoscience	 	 	199	  	 	 	230	  	 	 	429	  	 	 	233	  	 	 	662	  	 	 	258	  	 	 	920	  	 	 	255	  	 		 		 		 		 		 		 	 	28%  	  	 	 	28%  	  	 	 	(1)%	  	 	 	(1)%	  	
Metabolics	 	 	107	  	 	 	139	  	 	 	246	  	 	 	158	  	 	 	404	  	 	 	181	  	 	 	585	  	 	 	194	  	 		 		 		 		 		 		 	 	81%  	  	 	 	81%  	  	 	 	(1)%	  	 	 	(1)%	  	
Other Therapeutic Areas	 	 	449	  	 	 	449	  	 	 	898	  	 	 	433	  	 	 	1,331	  	 	 	459	  	 	 	1,790	  	 	 	428	  	 		 		 		 		 		 		 	 	(5)%  	  	 	 	(5)%  	  	 	 	(3)%	  	 	 	(3)%	  	
 
*	In excess of +/- 100%	
(a)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(b)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.	
(c)	Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012.	
(d)	Includes Kombiglyze sales of $4M and $36M for the three months ended March 31, 2011 and 2012 respectively.	
(e)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.	
 
6

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

 	 	2011	 	 	2012	 	% Change	 	 	% Change in U.S.
Total Prescription**	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
TOTAL	 	 	3,250	  	 	 	3,562	  	 	 	6,812	  	 	 	3,477	  	 	 	10,289	  	 	 	3,556	  	 	 	13,845	  	 	 	3,453	  	 		 		 		 		 		 		 	 	6%    	  	 	 	6%    	  	 				 				
Key Products	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 				 				 				 				
Plavix	 	 	1,641	  	 	 	1,747	  	 	 	3,388	  	 	 	1,672	  	 	 	5,060	  	 	 	1,562	  	 	 	6,622	  	 	 	1,630	  	 		 		 		 		 		 		 	 	(1)%    	  	 	 	(1)%    	  	 	 	(6)%    	  	 	 	(6)%    	  	
Avapro/Avalide	 	 	160	  	 	 	133	  	 	 	293	  	 	 	121	  	 	 	414	  	 	 	107	  	 	 	521	  	 	 	100	  	 		 		 		 		 		 		 	 	(38)%    	  	 	 	(38)%    	  	 	 	(33)%    	  	 	 	(33)%    	  	
Abilify (a)	 	 	460	  	 	 	517	  	 	 	977	  	 	 	505	  	 	 	1,482	  	 	 	555	  	 	 	2,037	  	 	 	440	  	 		 		 		 		 		 		 	 	(4)%    	  	 	 	(4)%    	  	 	 	4%    	  	 	 	4%    	  	
Reyataz	 	 	181	  	 	 	189	  	 	 	370	  	 	 	184	  	 	 	554	  	 	 	206	  	 	 	760	  	 	 	187	  	 		 		 		 		 		 		 	 	3%    	  	 	 	3%    	  	 	 	—    	  	 	 	—    	  	
Sustiva Franchise (b)	 	 	215	  	 	 	228	  	 	 	443	  	 	 	222	  	 	 	665	  	 	 	275	  	 	 	940	  	 	 	251	  	 		 		 		 		 		 		 	 	17%    	  	 	 	17%    	  	 	 	2%    	  	 	 	2%    	  	
Baraclude	 	 	48	  	 	 	51	  	 	 	99	  	 	 	51	  	 	 	150	  	 	 	57	  	 	 	207	  	 	 	55	  	 		 		 		 		 		 		 	 	15%    	  	 	 	15%    	  	 	 	11%    	  	 	 	11%    	  	
Erbitux	 	 	162	  	 	 	167	  	 	 	329	  	 	 	168	  	 	 	497	  	 	 	175	  	 	 	672	  	 	 	173	  	 		 		 		 		 		 		 	 	7%    	  	 	 	7%    	  	 	 	N/A    	  	 	 	N/A    	  	
Sprycel	 	 	61	  	 	 	68	  	 	 	129	  	 	 	78	  	 	 	207	  	 	 	87	  	 	 	294	  	 	 	93	  	 		 		 		 		 		 		 	 	52%    	  	 	 	52%    	  	 	 	45%    	  	 	 	45%    	  	
Yervoy	 	 	—	  	 	 	95	  	 	 	95	  	 	 	109	  	 	 	204	  	 	 	118	  	 	 	322	  	 	 	117	  	 		 		 		 		 		 		 	 	N/A    	  	 	 	N/A    	  	 	 	N/A    	  	 	 	N/A    	  	
Orencia (c)	 	 	138	  	 	 	152	  	 	 	290	  	 	 	154	  	 	 	444	  	 	 	171	  	 	 	615	  	 	 	169	  	 		 		 		 		 		 		 	 	22%    	  	 	 	22%    	  	 	 	N/A    	  	 	 	N/A    	  	
Nulojix	 	 	—	  	 	 	2	  	 	 	2	  	 	 	—	  	 	 	2	  	 	 	1	  	 	 	3	  	 	 	1	  	 		 		 		 		 		 		 	 	N/A    	  	 	 	N/A    	  	 	 	N/A    	  	 	 	N/A    	  	
Onglyza/Kombiglyze (d)	 	 	57	  	 	 	80	  	 	 	137	  	 	 	91	  	 	 	228	  	 	 	111	  	 	 	339	  	 	 	118	  	 		 		 		 		 		 		 	 	*    	  	 	 	*    	  	 	 	78%    	  	 	 	78%    	  	
																			
Mature Products and All Other (e)	 	 	127	  	 	 	133	  	 	 	260	  	 	 	122	  	 	 	382	  	 	 	131	  	 	 	513	  	 	 	119	  	 		 		 		 		 		 		 	 	(6)%    	  	 	 	(6)%    	  	 				 				
						
 	 	2011	 	 	2012	 	% Change	 	 	 	 	 	 	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	 	YTD vs. YTD	 	 	 	 	
Net Sales by Therapeutic Area:	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 				 				 				
Cardiovascular	 	 	1,832	  	 	 	1,919	  	 	 	3,751	  	 	 	1,826	  	 	 	5,577	  	 	 	1,701	  	 	 	7,278	  	 	 	1,757	  	 		 		 		 		 		 		 	 	(4)%	  	 	 	(4)%	  	 				
Virology	 	 	446	  	 	 	470	  	 	 	916	  	 	 	457	  	 	 	1,373	  	 	 	540	  	 	 	1,913	  	 	 	494	  	 		 		 		 		 		 		 	 	11%	  	 	 	11%	  	 				
Oncology	 	 	249	  	 	 	356	  	 	 	605	  	 	 	377	  	 	 	982	  	 	 	409	  	 	 	1,391	  	 	 	407	  	 		 		 		 		 		 		 	 	63%	  	 	 	63%	  	 				
Neuroscience	 	 	460	  	 	 	518	  	 	 	978	  	 	 	506	  	 	 	1,484	  	 	 	554	  	 	 	2,038	  	 	 	440	  	 		 		 		 		 		 		 	 	(4)%	  	 	 	(4)%	  	 				
Immunoscience	 	 	138	  	 	 	154	  	 	 	292	  	 	 	154	  	 	 	446	  	 	 	171	  	 	 	617	  	 	 	170	  	 		 		 		 		 		 		 	 	23%	  	 	 	23%	  	 				
Metabolics	 	 	64	  	 	 	84	  	 	 	148	  	 	 	98	  	 	 	246	  	 	 	116	  	 	 	362	  	 	 	123	  	 		 		 		 		 		 		 	 	92%	  	 	 	92%	  	 				
Other Therapeutic Areas	 	 	61	  	 	 	61	  	 	 	122	  	 	 	59	  	 	 	181	  	 	 	65	  	 	 	246	  	 	 	62	  	 		 		 		 		 		 		 	 	2%	  	 	 	2%	  	 				
 
*	In excess of +/- 100%	
**	The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, federal facilities including Veterans Administration hospitals, and long-term care, among others. The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit. As of December 31, 2011, SPRYCEL demand is based upon information from the Next-Generation Prescription Service (NGPS) version 2.0 of the National Prescription Audit provided by the IMS Health (IMS). The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error.	
(a)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement.	

 	  	2012	 	  	 	  	2011	 	  	 	  	% Change	 	
 	  	1st Qtr	 	  	 	  	1st Qtr	 	  	 	  	Qtr vs. Qtr	 	
Abilify Net Sales As Reported	  	 	440	  	  		  	 	460	  	  		  	 	(4)%	  	
Contractual share change from 53.5% to 51.5%	  	 	17	  	  		  	 	—	  	  		  	 	N/A	  	
	  	 	 	 	  		  	 	 	 	  		  	 	 	 	
Abilify Net Sales—Adjusted	  	 	457	  	  		  	 	460	  	  		  	 	(1)%	  	

(b)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	
(c)	Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012.	
(d)	Includes Kombiglyze sales of $4M and $35M for the three months ended March 31, 2011 and 2012 respectively.	
(e)	Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets.	

7

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

 	  	2011	 	  	2012	  	% Change	 	  	FX Impact	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	  	YTD vs. YTD	 	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
TOTAL	  	 	1,761	  	  	 	1,872	  	  	 	3,633	  	  	 	1,868	  	  	 	5,501	  	  	 	1,898	  	  	 	7,399	  	  	 	1,798	  	  		  		  		  		  		  		  	 	2%    	  	  	 	2%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Key Products	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  				  				  				 				
Plavix	  	 	121	  	  	 	118	  	  	 	239	  	  	 	116	  	  	 	355	  	  	 	110	  	  	 	465	  	  	 	63	  	  		  		  		  		  		  		  	 	(48)%    	  	  	 	(48)%    	  	  	 	(1)%    	  	 	 	(1)%    	  	
Avapro/Avalide	  	 	130	  	  	 	118	  	  	 	248	  	  	 	95	  	  	 	343	  	  	 	88	  	  	 	431	  	  	 	107	  	  		  		  		  		  		  		  	 	(18)%    	  	  	 	(18)%    	  	  	 	—      	  	 	 	—      	  	
Abilify (a)	  	 	164	  	  	 	189	  	  	 	353	  	  	 	186	  	  	 	539	  	  	 	182	  	  	 	721	  	  	 	181	  	  		  		  		  		  		  		  	 	10%    	  	  	 	10%    	  	  	 	(5)%    	  	 	 	(5)%    	  	
Reyataz	  	 	185	  	  	 	207	  	  	 	392	  	  	 	207	  	  	 	599	  	  	 	210	  	  	 	809	  	  	 	171	  	  		  		  		  		  		  		  	 	(8)%    	  	  	 	(8)%    	  	  	 	(4)%    	  	 	 	(4)%    	  	
Sustiva Franchise (b)	  	 	128	  	  	 	143	  	  	 	271	  	  	 	137	  	  	 	408	  	  	 	137	  	  	 	545	  	  	 	135	  	  		  		  		  		  		  		  	 	5%    	  	  	 	5%    	  	  	 	(4)%    	  	 	 	(4)%    	  	
Baraclude	  	 	227	  	  	 	241	  	  	 	468	  	  	 	260	  	  	 	728	  	  	 	261	  	  	 	989	  	  	 	270	  	  		  		  		  		  		  		  	 	19%    	  	  	 	19%    	  	  	 	—      	  	 	 	—      	  	
Erbitux	  	 	3	  	  	 	6	  	  	 	9	  	  	 	4	  	  	 	13	  	  	 	6	  	  	 	19	  	  	 	6	  	  		  		  		  		  		  		  	 	100%    	  	  	 	100%    	  	  	 	(1)%    	  	 	 	(1)%    	  	
Sprycel	  	 	111	  	  	 	125	  	  	 	236	  	  	 	133	  	  	 	369	  	  	 	140	  	  	 	509	  	  	 	138	  	  		  		  		  		  		  		  	 	24%    	  	  	 	24%    	  	  	 	(3)%    	  	 	 	(3)%    	  	
Yervoy	  	 	—	  	  	 	—	  	  	 	—	  	  	 	12	  	  	 	12	  	  	 	26	  	  	 	38	  	  	 	37	  	  		  		  		  		  		  		  	 	N/A      	  	  	 	N/A      	  	  	 	N/A      	  	 	 	N/A      	  	
Orencia	  	 	61	  	  	 	76	  	  	 	137	  	  	 	79	  	  	 	216	  	  	 	86	  	  	 	302	  	  	 	85	  	  		  		  		  		  		  		  	 	39%    	  	  	 	39%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Onglyza/Kombiglyze	  	 	24	  	  	 	32	  	  	 	56	  	  	 	36	  	  	 	92	  	  	 	42	  	  	 	134	  	  	 	43	  	  		  		  		  		  		  		  	 	79%    	  	  	 	79%    	  	  	 	(7)%    	  	 	 	(7)%    	  	
																			
Mature Products and All Other  (c)	  	 	607	  	  	 	617	  	  	 	1,224	  	  	 	603	  	  	 	1,827	  	  	 	610	  	  	 	2,437	  	  	 	562	  	  		  		  		  		  		  		  	 	(7)%    	  	  	 	(7)%    	  	  	 	(1)%    	  	 	 	(1)%    	  	
					
 	  	2011	 	  	2012	  	% Change	 	  	FX Impact	 	
 	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr vs. Qtr	 	  	YTD vs. YTD	 	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
Net Sales by Therapeutic Area:	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  				  				  				 				
Cardiovascular	  	 	330	  	  	 	317	  	  	 	647	  	  	 	288	  	  	 	935	  	  	 	271	  	  	 	1,206	  	  	 	234	  	  		  		  		  		  		  		  	 	(29)%    	  	  	 	(29)%    	  	  	 	(1)%    	  	 	 	(1)%    	  	
Virology	  	 	551	  	  	 	605	  	  	 	1,156	  	  	 	623	  	  	 	1,779	  	  	 	618	  	  	 	2,397	  	  	 	583	  	  		  		  		  		  		  		  	 	6%    	  	  	 	6%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Oncology	  	 	217	  	  	 	235	  	  	 	452	  	  	 	252	  	  	 	704	  	  	 	275	  	  	 	979	  	  	 	272	  	  		  		  		  		  		  		  	 	25%    	  	  	 	25%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Neuroscience	  	 	171	  	  	 	196	  	  	 	367	  	  	 	192	  	  	 	559	  	  	 	188	  	  	 	747	  	  	 	187	  	  		  		  		  		  		  		  	 	9%    	  	  	 	9%    	  	  	 	(5)%    	  	 	 	(5)%    	  	
Immunoscience	  	 	61	  	  	 	76	  	  	 	137	  	  	 	79	  	  	 	216	  	  	 	87	  	  	 	303	  	  	 	85	  	  		  		  		  		  		  		  	 	39%    	  	  	 	39%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Metabolics	  	 	43	  	  	 	55	  	  	 	98	  	  	 	60	  	  	 	158	  	  	 	65	  	  	 	223	  	  	 	71	  	  		  		  		  		  		  		  	 	65%    	  	  	 	65%    	  	  	 	(2)%    	  	 	 	(2)%    	  	
Other Therapeutic Areas	  	 	388	  	  	 	388	  	  	 	776	  	  	 	374	  	  	 	1,150	  	  	 	394	  	  	 	1,544	  	  	 	366	  	  		  		  		  		  		  		  	 	(6)%    	  	  	 	(6)%    	  	  	 	(1)%    	  	 	 	(1)%    	  	
 
*	In excess of +/- 100%	
(a)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(b)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.	
(c)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.	
 
8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
(Unaudited, amounts in millions except per share data)

 	  	2011	 	 	2012	
 	  	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	
Gross Profit	  	$	3,668	  	 	$	3,953	  	 	$	7,621	  	 	$	3,938	  	 	$	11,559	  	 	$	4,087	  	 	$	15,646	  	 	$	3,948	  	 		  		  		  		  		  		
Specified items  (a)	  	 	23	  	 	 	18	  	 	 	41	  	 	 	19	  	 	 	60	  	 	 	15	  	 	 	75	  	 	 	—  	  	 		  		  		  		  		  		
Gross profit excluding specified items	  	 	3,691	  	 	 	3,971	  	 	 	7,662	  	 	 	3,957	  	 	 	11,619	  	 	 	4,102	  	 	 	15,721	  	 	 	3,948	  	 		  		  		  		  		  		
															
Marketing, selling and administrative	  	 	928	  	 	 	1,040	  	 	 	1,968	  	 	 	1,019	  	 	 	2,987	  	 	 	1,216	  	 	 	4,203	  	 	 	1,002	  	 		  		  		  		  		  		
Specified items (a)	  	 	(4	) 	 	 	(10	) 	 	 	(14	) 	 	 	(5	) 	 	 	(19	) 	 	 	(10	) 	 	 	(29	) 	 	 	(8	) 	 		  		  		  		  		  		
Marketing, selling and administrative excluding specified items	  	 	924	  	 	 	1,030	  	 	 	1,954	  	 	 	1,014	  	 	 	2,968	  	 	 	1,206	  	 	 	4,174	  	 	 	994	  	 		  		  		  		  		  		
															
Research and development	  	 	935	  	 	 	923	  	 	 	1,858	  	 	 	973	  	 	 	2,831	  	 	 	1,008	  	 	 	3,839	  	 	 	909	  	 		  		  		  		  		  		
Specified items (a)	  	 	(103	) 	 	 	(50	) 	 	 	(153	) 	 	 	(82	) 	 	 	(235	) 	 	 	—  	  	 	 	(235	) 	 	 	(58	) 	 		  		  		  		  		  		
Research and development excluding specified items	  	 	832	  	 	 	873	  	 	 	1,705	  	 	 	891	  	 	 	2,596	  	 	 	1,008	  	 	 	3,604	  	 	 	851	  	 		  		  		  		  		  		
															
Other (income)/expense	  	 	(138	) 	 	 	(31	) 	 	 	(169	) 	 	 	(26	) 	 	 	(195	) 	 	 	26	  	 	 	(169	) 	 	 	23	  	 		  		  		  		  		  		
Specified items (a)	  	 	76	  	 	 	—  	  	 	 	76	  	 	 	2	  	 	 	78	  	 	 	(68	) 	 	 	10	  	 	 	(69	) 	 		  		  		  		  		  		
Other (income)/expense excluding specified items	  	 	(62	) 	 	 	(31	) 	 	 	(93	) 	 	 	(24	) 	 	 	(117	) 	 	 	(42	) 	 	 	(159	) 	 	 	(46	) 	 		  		  		  		  		  		
															
Effective Tax Rate	  	 	22.6	% 	 	 	27.0	% 	 	 	24.8	% 	 	 	26.0	% 	 	 	25.2	% 	 	 	22.8	% 	 	 	24.7	% 	 	 	26.9	% 	 		  		  		  		  		  		
Specified items (a)	  	 	3.4	% 	 	 	0.9	% 	 	 	2.1	% 	 	 	0.4	% 	 	 	1.5	% 	 	 	2.1	% 	 	 	1.6	% 	 	 	(0.2	)% 	 		  		  		  		  		  		
Effective Tax Rate excluding specified items	  	 	26.0	% 	 	 	27.9	% 	 	 	26.9	% 	 	 	26.4	% 	 	 	26.7	% 	 	 	24.9	% 	 	 	26.3	% 	 	 	26.7	% 	 		  		  		  		  		  		
 
(a)	Refer to the Specified Items tab for detail of specified items.	
 
9

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

 	  	2011	 	 	2012	
Dollars in Millions	  	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	
Cost of products sold*	  	$	23	  	 	$	18	  	 	$	41	  	 	$	19	  	 	$	60	  	 	$	15	  	 	$	75	  	 	 	—	  	 		  		  		  		  		  		
															
Marketing, selling and administrative**	  	 	4	  	 	 	10	  	 	 	14	  	 	 	5	  	 	 	19	  	 	 	10	  	 	 	29	  	 	 	8	  	 		  		  		  		  		  		
															
Upfront, milestone and other licensing payments	  	 	88	  	 	 	50	  	 	 	138	  	 	 	69	  	 	 	207	  	 	 	—	  	 	 	207	  	 	 	—	  	 		  		  		  		  		  		
IPRD impairment	  	 	15	  	 	 	—	  	 	 	15	  	 	 	13	  	 	 	28	  	 	 	—	  	 	 	28	  	 	 	58	  	 		  		  		  		  		  		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	
Research and development	  	 	103	  	 	 	50	  	 	 	153	  	 	 	82	  	 	 	235	  	 	 	—	  	 	 	235	  	 	 	58	  	 		  		  		  		  		  		
															
Provision for restructuring	  	 	44	  	 	 	40	  	 	 	84	  	 	 	8	  	 	 	92	  	 	 	24	  	 	 	116	  	 	 	22	  	 		  		  		  		  		  		
															
Litigation expense/(recoveries)	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(172	) 	 		  		  		  		  		  		
															
Gain on sale of product lines, businesses and assets	  	 	—	  	 	 	—	  	 	 	—	  	 	 	(12	) 	 	 	(12	) 	 	 	—	  	 	 	(12	) 	 	 	—	  	 		  		  		  		  		  		
Pension curtailments and settlements	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	13	  	 	 	13	  	 	 	—	  	 		  		  		  		  		  		
Acquisition related items	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	12	  	 		  		  		  		  		  		
Litigation charges/(recoveries)	  	 	(102	) 	 	 	—	  	 	 	(102	) 	 	 	—	  	 	 	(102	) 	 	 	80	  	 	 	(22	) 	 	 	—	  	 		  		  		  		  		  		
Product liability charges	  	 	26	  	 	 	—	  	 	 	26	  	 	 	10	  	 	 	36	  	 	 	(5	) 	 	 	31	  	 	 	—	  	 		  		  		  		  		  		
Intangible asset impairment	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	38	  	 		  		  		  		  		  		
Loss on debt repurchase	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	19	  	 		  		  		  		  		  		
Upfront, milestone and other licensing receipts	  	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(20	) 	 	 	(20	) 	 	 	—	  	 		  		  		  		  		  		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	  	 	  	 	  	 	
Other (income)/expense	  	 	(76	) 	 	 	—	  	 	 	(76	) 	 	 	(2	) 	 	 	(78	) 	 	 	68	  	 	 	(10	) 	 	 	69	  	 		  		  		  		  		  		
															
Increase/(Decrease) to pretax income	  	 	98	  	 	 	118	  	 	 	216	  	 	 	112	  	 	 	328	  	 	 	117	  	 	 	445	  	 	 	(15	) 	 		  		  		  		  		  		
															
Income tax on items above	  	 	(28	) 	 	 	(34	) 	 	 	(62	) 	 	 	(37	) 	 	 	(99	) 	 	 	(37	) 	 	 	(136	) 	 	 	8	  	 		  		  		  		  		  		
Specified tax (benefit)/charge***	  	 	(56	) 	 	 	(15	) 	 	 	(71	) 	 	 	—	  	 	 	(71	) 	 	 	(26	) 	 	 	(97	) 	 	 	—	  	 		  		  		  		  		  		

Income taxes	  	 	(84	) 	 	 	(49	) 	 	 	(133	) 	 	 	(37	) 	 	 	(170	) 	 	 	(63	) 	 	 	(233	) 	 	 	8	  	 		  		  		  		  		  		

Increase/(Decrease) to net earnings	  	$	14	  	 	$	69	  	 	$	83	  	 	$	75	  	 	$	158	  	 	$	54	  	 	$	212	  	 	($	7	) 	 		  		  		  		  		  		

*	Specified items in cost of products sold include accelerated depreciation, asset impairment and other shutdown costs.	
**	Specified items in marketing, selling and administrative include process standardization implementation costs.	
***	The 2011 specified tax benefit relates to releases of tax reserves that were specified in prior periods.	
 
10

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

 	  	March 31,
2011	 	  	June 30,
2011	 	  	September 30,
2011	 	  	December 31,
2011	 	  	March 31,
2012	 	  	June 30,
2012	  	September 30,
2012	  	December 31,
2012	
Cash and cash equivalents	  	$	3,405	  	  	$	3,665	  	  	$	4,471	  	  	$	5,776	  	  	$	2,307	  	  		  		  		
Marketable securities—current	  	 	3,388	  	  	 	4,005	  	  	 	3,722	  	  	 	2,957	  	  	 	2,722	  	  		  		  		
Marketable securities—long term	  	 	3,065	  	  	 	2,734	  	  	 	2,819	  	  	 	2,909	  	  	 	3,585	  	  		  		  		
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	
Cash, cash equivalents and marketable securities	  	 	9,858	  	  	 	10,404	  	  	 	11,012	  	  	 	11,642	  	  	 	8,614	  	  		  		  		
Short-term borrowings	  	 	135	  	  	 	187	  	  	 	182	  	  	 	115	  	  	 	145	  	  		  		  		
Long-term debt	  	 	5,276	  	  	 	5,332	  	  	 	5,437	  	  	 	5,376	  	  	 	5,270	  	  		  		  		
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	  	 	  	 	
Net cash position	  	$	4,447	  	  	$	4,885	  	  	$	5,393	  	  	$	6,151	  	  	$	3,199	  	  		  		  		

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BRISTOL-MYERS SQUIBB COMPANY
2012 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2012	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share—GAAP	  	$	1.90 to $2.00	  	
Projected Specified Items:	  				
	  	 	 	 	
Downsizing and streamlining of worldwide operations	  	 	0.05	  	
Upfront, milestone and other	  	 	0.02	  	
Impairment charges	  	 	0.04	  	
Litigation recoveries	  	 	(0.07	) 	
Total	  	 	0.04	  	
	  	 	 	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share—Non-GAAP	  	$	1.90 to $2.00	  	
	  	 	 	 	
Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended March 31, 2012 was 75.2%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 to remain consistent with last year. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See “—Reconciliation of GAAP and Non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact”.
Research and development expenses on a GAAP basis for the three months ended March 31, 2012 were $909 million, which included specified items of $58 million. On a Non-GAAP basis, for the three months ended March 31, 2012 research and development expenses were $851 million. On a Non-GAAP basis, the Company projects research and development expense for the full year 2012 to increase in the low single digit range compared to 2011. It is estimated that 30% to 40% of the research and development expenses in 2012 will be incurred on late-stage development programs. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2012 were $1 billion, which included specified items of $8 million. On a Non-GAAP basis, for the three months ended March 31, 2012 marketing, selling and administrative expenses were $994 million. On a Non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the mid-single digit range compared to 2011. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
The effective tax rate on a GAAP basis for the three months ended March 31, 2012 was 26.9%, which included specified items of $8 million in the tax provision, and had a (0.2)% impact on the effective tax rate in aggregate. On a Non-GAAP basis, for the three months ended March 31, 2012 the effective tax rate was 26.7%. On a Non-GAAP basis, the Company projects an annual effective tax rate of between 25% and 26%, which assumes the extension of the R&D tax credit for the full year 2012. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
The GAAP financial results for the full year 2012 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments and recoveries relating to significant legal proceedings. The GAAP financial results for the full year 2012 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of Non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The First Quarter of 2012, April 26, 2012 including “2012 Guidance” and “Use of Non-GAAP Financial Information” therein.
 
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