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 23, 2008

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 23, 2008, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2008. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com .
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits.

99.1	  	Press release of Bristol-Myers Squibb Company dated October 23, 2008	
		
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 23, 2008	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President, General Counsel and Secretary	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of Bristol-Myers Squibb Company dated October 23, 2008	
		
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 Continues Excellent Financial Performance
Led By Double-Digit Global Net Sales Growth and Strong Earnings Results
 
 	•	 	Reports Broad-Based Net Sales Growth of 14% from Continuing Operations	
 
 	•	 	Records Growth in GAAP Diluted EPS of $1.29 Compared to $0.43 in 2007; Includes After-Tax Gain of $0.99 Per Share From Sale of ConvaTec	
 
 	•	 	Posts 2008 GAAP Diluted EPS from Continuing Operations of $0.30 Compared to $0.38 in 2007	
 
 	•	 	Posts Non-GAAP Diluted EPS Growth from Continuing Operations of $0.46 Compared to $0.33 in 2007	
 
 	•	 	Raises 2008 GAAP EPS Guidance to $1.61 to $1.66, Subject to Receipt of Cash for ImClone Shares, and Refines 2008 Non-GAAP EPS Guidance to $1.65 to $1.70, Representing Upper Range of Previous Guidance	
 
 	•	 	Strengthens Cash Position to $7.2 Billion From $4.0 Billion on June 30, 2008	
(NEW YORK, October 23, 2008) — Consistent with recent performance, Bristol-Myers Squibb Company (NYSE:BMY) today reported strong sales growth and earnings performance for the third quarter 2008.
“Bristol-Myers Squibb continues to deliver excellent operating results. With double-digit sales growth in the third quarter and with strong financial results for the first nine months of 2008, we are refining our 2008 non-GAAP earnings-per-share guidance to be between $1.65 to $1.70, which is the upper range of our prior guidance” said James M. Cornelius, chairman and chief executive officer.
“Our recent success gives us confidence that our BioPharma strategy is the right one to help us fulfill our commitments to patients and shareholders,” Cornelius added. “As we continue to demonstrate strong performance in the marketplace, we’re moving forward to attain our goals, both commercially and with the advancement of our new product pipeline. The strength of our balance sheet and cash position enables us to execute our strategy, including our ongoing business development activity.”
Third Quarter 2008

 	  	2008	  	2007	  	Change	 	
Net Sales	  	$	5,254	  	$	4,601	  	14	%	
Net Earnings	  	$	2,578	  	$	858	  	200	%	
Net Earnings From Continuing Operations	  	$	588	  	$	753	  	(22	)%	
				
Net Earnings Per Common Share	  	 	1.29	  	 	0.43	  	200	%	
GAAP Diluted EPS From Continuing Operations	  	 	0.30	  	 	0.38	  	(21	)%	
Non-GAAP Diluted EPS From Continuing Operations	  	 	0.46	  	 	0.33	  	39	%	
($ amounts in millions, except per share amounts)	  			  			  			
 
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THIRD QUARTER RESULTS
 
•	 	Bristol-Myers Squibb posted third quarter 2008 net sales from continuing operations of $5.3 billion, an increase of 14%, including a 3% favorable foreign exchange impact, compared to the same period in 2007. Pharmaceutical net sales totaled $4.5 billion and sales of Nutritionals totaled $744 million in the third quarter of 2008, representing increases of 15% and 10%, respectively, compared to 2007.	
 
•	 	U.S. pharmaceutical net sales increased 18% to $2.7 billion in the third quarter of 2008 compared to the same period in 2007, primarily due to strong performance from PLAVIX ® and ABILIFY ® , and strong results from the HIV and hepatitis portfolio as well as ORENCIA ® .	
 
•	 	International pharmaceutical net sales increased 11%, including a 7% favorable foreign exchange impact, to $1.8 billion in the third quarter of 2008 compared to the same period in 2007. The increase was primarily due to the strong performance of BARACLUDE ® , ABILIFY ® , SPRYCEL™ and the HIV portfolio.	
 
•	 	Gross profit as a percentage of net sales improved to 68.9% in the third quarter 2008 compared to 67.9% in 2007. This increase of 1.0% was driven by favorable product mix, cost improvement from productivity initiatives and favorable foreign exchange, partially offset by higher manufacturing rationalization charges in 2008, which accounted for a 0.7% decrease.	
 
•	 	Marketing, selling and administrative expenses increased by 9%, including an unfavorable 3% foreign exchange impact, to $1.2 billion in the third quarter of 2008 compared to the same period in 2007.	
 
•	 	Advertising and product promotion spending increased by 7%, including an unfavorable 2% foreign exchange impact, to $362 million in the third quarter of 2008 compared to the same period in 2007.	
 
•	 	Research and development expenses increased 4%, including an unfavorable 1% foreign exchange impact, to $834 million in the third quarter of 2008 compared to the same period in 2007.	
 
•	 	The effective tax rate on earnings from continuing operations before minority interest and income taxes was 26.7% for the third quarter of 2008, compared with 23.2% in the third quarter of 2007. The company expects the full year 2008 non-GAAP effective tax rate from continuing operations to be in line with the previously issued guidance of approximately 24%.	
 
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•	 	The company reported third quarter net earnings of $2.6 billion or $1.29 per diluted share, compared to net earnings of $858 million or $0.43 per diluted share for the same period in 2007. The third quarter 2008 net earnings includes a $2.0 billion after-tax gain, or $0.99 per share, attributed to the sale of the company’s ConvaTec business which is recorded in discontinued operations. In addition, the third quarter of 2008 and 2007 net earnings include the impact of specified items as discussed under “Use of Non-GAAP Financial Information.”	
 
•	 	The company reported earnings from continuing operations of $588 million or $0.30 per diluted share which represented a 21% decrease from prior year primarily due to the impact of specified items.	
 
•	 	Non-GAAP earnings from continuing operations excluding specified items amounted to $910 million, or $0.46 per diluted share, which represents a 39% increase from the prior year. This increase is driven by higher sales growth, improved gross margins and execution of cost-containment measures.	
SELECTED BALANCE SHEET AND CASH UPDATES
 
•	 	The company’s financial condition improved significantly during the quarter as a result of $1.4 billion of cash generated from operating activities as well as $4.1 billion in proceeds from the sale of ConvaTec. Cash and cash equivalents were $7.2 billion as of September 30, 2008 of which a significant majority was invested in U.S. Treasury Bills and Treasury-backed securities, consistent with the more conservative approach the company announced it would take earlier in 2008.	
 
•	 	Net debt, which is defined as short-term borrowings and long-term debt less cash and cash equivalents and marketable securities, was reduced by $4.6 billion to a net cash position of $1.2 billion.	
 
•	 	An impairment charge of $224 million, $184 million net of tax, related to certain auction rate securities (ARS) was recognized during the three months ended September 30, 2008. The charge was required after an analysis of other-than-temporary impairment factors, including the severity of decline in the securities and current financial market conditions. The carrying value of the $811	
 
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 	million of principal invested in ARS as of December 31, 2007 has been reduced to a remaining amount of $213 million as of September 30, 2008.	
BUSINESS DEVELOPMENT UPDATE
Eli Lilly commenced a tender offer to acquire ImClone on October 14, 2008. Based on Bristol-Myers Squibb’s ownership of 14.4 million shares of ImClone, the company expects to receive approximately $1.0 billion in cash upon the closing of the transaction. Bristol-Myers Squibb continues to have long-term marketing rights to ERBITUX in the U.S. and Canada and believes it has rights to ImClone’s investigational compound IMC-11F8.
The company is executing on its strategic priorities for its healthcare group. On August 1, the company announced that it had completed the divestiture of the ConvaTec business unit to Nordic Capital Fund VII and Avista Capital Partners. On September 25, the company announced that Mead Johnson Nutrition Company had filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its Class A common stock.
Bristol-Myers Squibb is focusing on supplementing its internal research and development portfolio with strategic partnerships and acquisitions. In August, the company announced a global alliance with PDL BioPharma to develop and commercialize elotuzumab, an anti-CS1 antibody currently in Phase I development for multiple myeloma.
NEW PRODUCT PIPELINE UPDATE
Bristol-Myers Squibb and its partner AstraZeneca announced on July 23 that the regulatory submissions for ONGLYZA (saxagliptin) were made in both the United States and in Europe on June 30 and July 1, respectively. On September 2, the U.S. Food and Drug Administration (FDA) announced it had accepted the filing.
The following regulatory and data milestones occurred in the third quarter or in October:
 
 	•	 	On October 1, the FDA approved the use of REYATAZ ® (atazanavir sulfate) 300 milligram once-daily boosted with ritonavir 100 milligram as part of combination therapy in previously untreated (treatment-naïve) HIV-1 infected patients. This use of once-daily REYATAZ/ritonavir in HIV-1 infected treatment-naïve adult patients is based upon 48-week results from the CASTLE study, which demonstrated similar antiviral efficacy of REYATAZ/ritonavir to twice-daily lopinavir/ritonavir, each as part of HIV combination therapy in treatment-naïve HIV-1	
 
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 	infected adult patients. Data from the CASTLE study were published in the August 23 issue of The Lancet .	
 
 	•	 	Bristol-Myers Squibb and its development partner Pfizer announced in August that the primary endpoint was not met in a Phase III study of apixaban – a novel anticoagulant – for prevention of venous thromboembolism (VTE) in patients undergoing total knee replacement. The rate of the primary efficacy endpoint on apixaban was numerically similar to that observed with enoxaparin, but did not meet the pre-specified statistical criteria for non-inferiority compared to enoxaparin. The results of the trial do not necessitate any changes in protocols of any other ongoing apixaban studies. The companies are considering further studies in preventing VTE in knee surgery and will not submit the U.S. filing for VTE prevention in the second half of 2009, as had been previously communicated. Programs directed toward prevention of VTE including EMEA registrational studies, treatment of VTE, and in the prevention of stroke in atrial fibrillation continue as planned.	
 
 	•	 	A Phase II study of apixaban (APPRAISE-1) provided encouraging trends suggesting that anticoagulation with apixaban on top of current standards of care and continued beyond the initial hospitalization for acute coronary syndrome may reduce the risk of a second heart attack, stroke or death.	
 
 	•	 	The company and its development partner AstraZeneca announced results of phase 3 studies of ONGLYZA™ (saxagliptin), a potential treatment for type 2 diabetes, in September at the European Association for the Study of Diabetes. Data showed ONGLYZA, used in combination with metformin as initial therapy, when added to a sulfonylurea or thiazolidinedione in patients with inadequately controlled type 2 diabetes significantly lowered A1C and demonstrated significant improvements across key measures of glucose control.	
 
 	•	 	Bristol-Myers Squibb and its development partner ImClone Systems announced ERBITUX® five-year data showing significant improvement in overall survival for patients with locally or regionally advanced head and neck cancer. In the September 10 issue of the New England Journal of Medicine , the EXTREME study was published and it showed that ERBITUX improved survival in first-line recurrent and/or metastatic head and neck cancer.	
 
 	•	 	Bristol-Myers Squibb and its development partner Medarex, Inc. announced in September updated survival data from three phase 2 studies of ipilimumab in patients with advanced metastatic melanoma (stage III or IV) who had been previously treated. Study results showed	
 
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 	that approximately half of patients who received ipilimumab (10 mg/kg) remained alive beyond one year.	
2008 GUIDANCE
Bristol-Myers Squibb is raising its 2008 earnings guidance for fully diluted earnings per share from continuing operations on a GAAP basis to between $1.61 and $1.66, reflecting an estimated $900 million pre-tax gain ($0.29 per share after tax) from Eli Lilly’s acceptance of the company’s tender of its ImClone shares. If the company does not receive such cash from the tender, the company expects to lower 2008 guidance on a GAAP basis to between $1.32 to $1.37 per share. The company is also refining its 2008 fully diluted earnings per share from continuing operations guidance on a non-GAAP basis to be between $1.65 and $1.70, which is the upper end of its previous guidance. The non-GAAP guidance excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling the GAAP and non-GAAP bases are provided in supplemental materials available on the company’s website.
The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the agreement to sell the ConvaTec business, excluding costs associated with the Productivity Transformation Initiative and other specified items that have not yet been identified and quantified.
The non-GAAP 2008 guidance and the three-year compound annual growth rate exclude other specified items such as gains or losses from sale of businesses and product lines; from sale of equity investments and from discontinuations of operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; payments for in-process research and development; debt retirement costs; impairments to investments; and significant tax events.
The financial guidance for 2008 and the three-year compound annual growth rate exclude the impact of any potential strategic acquisitions and divestitures and further assume that the company and its product partner, sanofi-aventis, maintain U.S. exclusivity for the PLAVIX ® patent through at least 2010.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other
 
6

specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative and the company’s strategy for Mead Johnson Nutritionals; gains or losses from sale and leaseback of properties and from discontinuations of operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; payments for in-process research and development; impairments to investments; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors (including whether uncertainties in the credit and capital markets or a further deterioration of these markets will lead to future impairments to the company’s investment portfolio), competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appeal of the District court’s decision in the PLAVIX ® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its Productivity Transformation Initiative, the expiration of patents or data protection on certain products (including the expiration of data protection for PLAVIX ® in the European Union), and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic
 
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reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Statement on Mead Johnson Nutrition Company Registration Statement
A registration statement relating to the securities of Mead Johnson Nutrition Company has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical and company whose mission is to extend and enhance human life.
There will be a conference call on October 23, 2008 at 10:30 a.m. (EDT) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at www.bms.com/ir or by dialing 913-312-9330, confirmation code 7242577. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Brian Henry, 609-252-3337, Communications, Tracy Furey, 609-252-3208, Communications, John Elicker, 212-546-3775, Investor Relations, or Suketu Desai, 609-252-5796, Investor Relations.
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone Systems Incorporated
 
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BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, dollars in millions)

 	  	Three Months Ended
September 30,	  	Nine Months Ended
September 30,	
 	  	2008	  	2007	  	2008	  	2007	
Pharmaceuticals	  	$	4,510	  	$	3,926	  	$	13,173	  	$	11,234	
Nutritionals	  	 	744	  	 	675	  	 	2,175	  	 	1,901	
	  	 	 	  	 	 	  	 	 	  	 	 	
Net Sales	  	$	5,254	  	$	4,601	  	$	15,348	  	$	13,135	

9

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2008 compared to the three and nine months ended September 30, 2007. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2008	  	2007	  	%
Change	 	 	2008	 	 	2007	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2007	 	
Three Months Ended September 30,	  			  			  			 				 			  			 			
								
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	1,439	  	$	1,254	  	15	%	 	$	1,263	 	 	$	1,080	  	17	%	 	7	%	
Avapro/Avalide	  	 	334	  	 	309	  	8	%	 	 	189	 	 	 	176	  	7	%	 	(7)	%	
Pravachol	  	 	34	  	 	86	  	(60	)%	 	 	(18	)	 	 	17	  	*	 	 	(52)	%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	342	  	 	273	  	25	%	 	 	176	 	 	 	141	  	25	%	 	18	%	
Sustiva Franchise (total revenue)	  	 	294	  	 	237	  	24	%	 	 	185	 	 	 	151	  	23	%	 	15	%	
Baraclude	  	 	144	  	 	72	  	100	%	 	 	36	 	 	 	22	  	64	%	 	59	%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	184	  	 	185	  	(1	)%	 	 	182	 	 	 	183	  	(1	)%	 	N/A	 	
Taxol	  	 	91	  	 	102	  	(11	)%	 	 	(1	)	 	 	1	  	(200	)%	 	N/A	 	
Sprycel	  	 	82	  	 	46	  	78	%	 	 	21	 	 	 	17	  	24	%	 	29	%	
Ixempra	  	 	25	  	 	—  	  	—  	 	 	 	24	 	 	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify	  	 	564	  	 	420	  	34	%	 	 	435	 	 	 	329	  	32	%	 	26	%	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	119	  	 	60	  	98	%	 	 	97	 	 	 	57	  	70	%	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	295	  	 	281	  	5	%	 	 	178	 	 	 	195	  	(9	)%	 	N/A	 	

*	In excess of +/- 200%	
 
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(Continued)

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2008	  	2007	  	%
Change	 	 	2008	  	2007	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2007	 	
Nine Months Ended September 30,	  			  			  			 			  			  			 			
								
Pharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	4,134	  	$	3,381	  	22	%	 	$	3,609	  	$	2,882	  	25	%	 	26	%	
Avapro/Avalide	  	 	974	  	 	876	  	11	%	 	 	547	  	 	509	  	7	%	 	(7)	%	
Pravachol	  	 	176	  	 	353	  	(50)	%	 	 	7	  	 	121	  	(94)	%	 	(78)	%	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	963	  	 	790	  	22	%	 	 	495	  	 	422	  	17	%	 	15	%	
Sustiva Franchise (total revenue)	  	 	849	  	 	696	  	22	%	 	 	531	  	 	442	  	20	%	 	14	%	
Baraclude	  	 	388	  	 	176	  	120	%	 	 	100	  	 	59	  	69	%	 	60	%	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	567	  	 	507	  	12	%	 	 	560	  	 	501	  	12	%	 	N/A	 	
Taxol	  	 	286	  	 	308	  	(7)	%	 	 	2	  	 	9	  	(78)	%	 	N/A	 	
Sprycel	  	 	224	  	 	102	  	120	%	 	 	62	  	 	41	  	51	%	 	42	%	
Ixempra	  	 	76	  	 	—  	  	—  	 	 	 	75	  	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 			  			  			 			
Abilify	  	 	1,547	  	 	1,198	  	29	%	 	 	1,186	  	 	944	  	26	%	 	20	%	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	312	  	 	156	  	100	%	 	 	257	  	 	150	  	71	%	 	N/A	 	
Nutritionals	  			  			  			 			  			  			 			
Enfamil	  	 	872	  	 	802	  	9	%	 	 	536	  	 	543	  	(1)	%	 	N/A	 	
 
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BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended September 30,	 	 	Nine Months
Ended September 30,	 	
 	  	2008	 	 	2007	 	 	2008	 	 	2007	 	
Net Sales	  	$	5,254	 	 	$	4,601	 	 	$	15,348	 	 	$	13,135	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,634	 	 	 	1,478	 	 	 	4,874	 	 	 	4,152	 	
Marketing, selling and administrative	  	 	1,208	 	 	 	1,105	 	 	 	3,507	 	 	 	3,260	 	
Advertising and product promotion	  	 	362	 	 	 	338	 	 	 	1,101	 	 	 	950	 	
Research and development	  	 	834	 	 	 	802	 	 	 	2,442	 	 	 	2,338	 	
Acquired in-process research and development	  	 	—  	 	 	 	—  	 	 	 	32	 	 	 	—  	 	
Provision for restructuring, net	  	 	26	 	 	 	—  	 	 	 	67	 	 	 	44	 	
Litigation expense, net	  	 	30	 	 	 	—  	 	 	 	32	 	 	 	14	 	
Gain on sale of product assets	  	 	—  	 	 	 	(247	)	 	 	—  	 	 	 	(273	)	
Equity in net income of affiliates	  	 	(164	)	 	 	(139	)	 	 	(478	)	 	 	(393	)	
Other expense, net (a)	  	 	169	 	 	 	8	 	 	 	188	 	 	 	29	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	4,099	 	 	 	3,345	 	 	 	11,765	 	 	 	10,121	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	1,155	 	 	 	1,256	 	 	 	3,583	 	 	 	3,014	 	
Provision for income taxes	  	 	308	 	 	 	292	 	 	 	896	 	 	 	535	 	
Minority interest, net of taxes	  	 	259	 	 	 	211	 	 	 	730	 	 	 	546	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings from Continuing Operations	  	 	588	 	 	 	753	 	 	 	1,957	 	 	 	1,933	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	8	 	 	 	105	 	 	 	107	 	 	 	321	 	
Gain on Disposal, net of taxes	  	 	1,982	 	 	 	—  	 	 	 	1,939	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,990	 	 	 	105	 	 	 	2,046	 	 	 	321	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	$	2,578	 	 	$	858	 	 	$	4,003	 	 	$	2,254	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Common Share	  				 				 				 				
Basic:	  				 				 				 				
Net Earnings from Continuing Operations	  	$	0.30	 	 	$	0.38	 	 	$	0.99	 	 	$	0.98	 	
Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	—  	 	 	 	0.05	 	 	 	0.06	 	 	 	0.17	 	
Gain on Disposal, net of taxes	  	 	1.00	 	 	 	—  	 	 	 	0.98	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings per Common Share	  	$	1.30	 	 	$	0.43	 	 	$	2.03	 	 	$	1.15	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted:	  				 				 				 				
Net Earnings from Continuing Operations	  	$	0.30	 	 	$	0.38	 	 	$	0.98	 	 	$	0.98	 	
Discontinued Operations:	  				 				 				 				
Earnings, net of taxes	  	 	—  	 	 	 	0.05	 	 	 	0.05	 	 	 	0.16	 	
Gain on Disposal, net of taxes	  	 	0.99	 	 	 	—  	 	 	 	0.97	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings per Common Share	  	$	1.29	 	 	$	0.43	 	 	$	2.00	 	 	$	1.14	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,977	 	 	 	1,974	 	 	 	1,976	 	 	 	1,968	 	
Diluted	  	 	2,004	 	 	 	2,012	 	 	 	2,006	 	 	 	2,005	 	
(a) Other expense, net	  				 				 				 				
Interest expense	  	$	84	 	 	$	109	 	 	$	237	 	 	$	325	 	
Interest income	  	 	(37	)	 	 	(69	)	 	 	(111	)	 	 	(184	)	
Impairment charge of marketable securities	  	 	224	 	 	 	—  	 	 	 	247	 	 	 	—  	 	
Foreign exchange transaction (gains)/losses	  	 	(51	)	 	 	21	 	 	 	(34	)	 	 	24	 	
Other, net	  	 	(51	)	 	 	(53	)	 	 	(151	)	 	 	(136	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	169	 	 	$	8	 	 	$	188	 	 	$	29	 	

12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, dollars in millions)
Three months ended September 30, 2008

 	 	Cost of
products
sold	 	Marketing,
selling and
administrative	 	Research and
development	 	Provision for
restructuring, net	 	Litigation expense,
net	 	Other
(income)/
expense, net	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 			 			 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	26	 	$	—  	 	$	—  	 	$	26	 	
Accelerated depreciation and other shutdown costs	 	 	53	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	53	 	
Process standardization implementation costs	 	 	—  	 	 	28	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	28	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	53	 	 	28	 	 	—  	 	 	26	 	 	—  	 	 	—  	 	 	107	 	
								
Litigation Matters:	 			 			 			 			 			 			 				
Litigation settlement	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	30	 	 	—  	 	 	30	 	
								
Other:	 			 			 			 			 			 			 				
Mead Johnson Nutritionals charges	 	 	—  	 	 	9	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	9	 	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	2	 	 	2	 	
Upfront and milestone payments	 	 	—  	 	 	—  	 	 	37	 	 	—  	 	 	—  	 	 	—  	 	 	37	 	
Auction rate securities impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	224	 	 	224	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	53	 	$	37	 	$	37	 	$	26	 	$	30	 	$	226	 	 	409	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 			 			 	 	(87	)	
	 			 			 			 			 			 			 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	 			 			 			 			 			 			 	$	322	 	
	 			 			 			 			 			 			 	 	 	 	
Three months ended September 30, 2007

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

13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, dollars in millions)
Nine months ended September 30, 2008

 	 	Cost of
products
sold	 	Marketing,
selling
and
administrative	 	Research and
development	 	Provision for
restructuring,
net	 	Litigation
expense, net	 	 	Other
(income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 				 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	67	 	$	—  	 	 	$	—  	 	 	$	67	 	
Accelerated depreciation and other shutdown costs	 	 	207	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	207	 	
Process standardization implementation costs	 	 	—  	 	 	64	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	64	 	
Gain on sale and leaseback of properties	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(9	)	 	 	(9	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	207	 	 	64	 	 	—  	 	 	67	 	 	—  	 	 	 	(9	)	 	 	329	 	
								
Litigation Matters:	 			 			 			 			 				 				 				
Litigation settlement	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	32	 	 	 	—  	 	 	 	32	 	
								
Other:	 			 			 			 			 				 				 				
Mead Johnson Nutritionals charges	 	 	—  	 	 	10	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	10	 	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	18	 	 	 	18	 	
Upfront and milestone payments	 	 	—  	 	 	—  	 	 	88	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	88	 	
Acquired in-process research & development	 	 	—  	 	 	—  	 	 	32	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	32	 	
Auction rate securities impairment	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	247	 	 	 	247	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	207	 	$	74	 	$	120	 	$	67	 	$	32	 	 	$	256	 	 	 	756	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 				 				 	 	(154	)	
	 			 			 			 			 				 				 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	 			 			 			 			 				 				 	$	602	 	

Nine months ended September 30, 2007	 			 			 			 				 				 				
								
 	 	Cost of
products
sold	 	Research and
development	 	Provision for
restructuring,
net	 	Litigation
expense, net	 	Other
(income)/
expense, net	 	 	Gain on
sale of
product
assets	 	 	Total	 	
Litigation Matters:	 			 			 			 			 				 				 				
Litigation settlement	 	$	—  	 	$	—  	 	$	—  	 	$	14	 	$	—  	 	 	$	—  	 	 	$	14	 	
Insurance recovery	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(11	)	 	 	—  	 	 	 	(11	)	
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	 	—  	 	 	 	5	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	—  	 	 	—  	 	 	—  	 	 	14	 	 	(6	)	 	 	—  	 	 	 	8	 	
								
Other:	 			 			 			 			 				 				 				
Upfront and milestone payments	 	 	—  	 	 	157	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	157	 	
Downsizing and streamlining of worldwide operations	 	 	—  	 	 	—  	 	 	44	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	44	 	
Accelerated depreciation and asset impairment	 	 	46	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	—  	 	 	 	46	 	
Gain on sale of product assets	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	(273	)	 	 	(273	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	46	 	$	157	 	$	44	 	$	14	 	$	(6	)	 	$	(273	)	 	 	(18	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 				 				 	 	37	 	
Change in estimate for taxes on prior year items	 			 			 			 			 				 				 	 	(39	)	
	 			 			 			 			 				 				 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	 			 			 			 			 				 				 	$	(20	)	

14

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	Q3 2008
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	Q3 2007
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,254	 	 			 	$	5,254	 	 	$	4,601	 	 			 	$	4,601	 	
Cost of Products Sold	  	 	1,634	 	 	(53	)	 	 	1,581	 	 	 	1,478	 	 	(17	)	 	 	1,461	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,620	 	 	53	 	 	 	3,673	 	 	 	3,123	 	 	17	 	 	 	3,140	 	
Gross Margin as % of Sales	  	 	68.9	%	 	1.0	%	 	 	69.9	%	 	 	67.9	%	 	0.3	%	 	 	68.2	%	
							
Marketing Selling and Admin	  	 	1,208	 	 	(37	)	 	 	1,171	 	 	 	1,105	 	 			 	 	1,105	 	
Advertising and Product Promotion	  	 	362	 	 			 	 	362	 	 	 	338	 	 			 	 	338	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,570	 	 	(37	)	 	 	1,533	 	 	 	1,443	 	 			 	 	1,443	 	
SG&A as % of Sales	  	 	29.9	%	 	(0.7	)%	 	 	29.2	%	 	 	31.4	%	 			 	 	31.4	%	
							
R&D	  	 	834	 	 	(37	)	 	 	797	 	 	 	802	 	 	(60	)	 	 	742	 	
							
R&D as % of Sales	  	 	15.9	%	 	(0.7	)%	 	 	15.2	%	 	 	17.4	%	 	(1.3	)%	 	 	16.1	%	
							
Provision for restructuring, net	  	 	26	 	 	(26	)	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	
Litigation expense, net	  	 	30	 	 	(30	)	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	
Gain on sale of Product Assets	  	 	—  	 	 	—  	 	 	 	—  	 	 	 	(247	)	 	247	 	 	 	—  	 	
Equity in Net Income of Affiliates	  	 	(164	)	 	—  	 	 	 	(164	)	 	 	(139	)	 	—  	 	 	 	(139	)	
Other expense/(income), net	  	 	169	 	 	(226	)	 	 	(57	)	 	 	8	 	 	6	 	 	 	14	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	1,155	 	 	409	 	 	$	1,564	 	 	$	1,256	 	 	(176	)	 	$	1,080	 	
							
Provision for income taxes	  	 	308	 	 	87	 	 	 	395	 	 	 	292	 	 	(82	)	 	 	210	 	
							
Minority Interest, net of taxes	  	 	259	 	 			 	 	259	 	 	 	211	 	 			 	 	211	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings – Continuing Operations	  	 	588	 	 	322	 	 	 	910	 	 	 	753	 	 	(94	)	 	 	659	 	
							
Net Earnings – Discontinued Ops	  	 	1,990	 	 			 	 	1,990	 	 	 	105	 	 			 	 	105	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings	  	$	2,578	 	 	322	 	 	$	2,900	 	 	$	858	 	 	(94	)	 	$	764	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Interest Exp on Conv. Of Conv Debt Bonds	  	 	4	 	 			 	 	4	 	 	 	10	 	 			 	 	10	 	
Net Earnings used for Diluted EPS Calc – Continuing Operations.	  	$	592	 	 	322	 	 	$	914	 	 	$	763	 	 	(94	)	 	$	669	 	
							
Avg Shares (Diluted)	  	 	2,004	 	 			 	 	2,004	 	 	 	2,012	 	 			 	 	2,012	 	
							
Diluted EPS – Continuing Operations	  	$	0.30	 	 	0.16	 	 	$	0.46	 	 	$	0.38	 	 	(0.05	)	 	$	0.33	 	
							
Net Earnings – Continuing Operations as a % of sales	  	 	11.2	%	 	6.1	%	 	 	17.3	%	 	 	16.4	%	 	(2.1	)%	 	 	14.3	%	
							
Effective Tax Rate	  	 	26.7	%	 	(1.4	)%	 	 	25.3	%	 	 	23.2	%	 	(3.8	)%	 	 	19.4	%	

*	Please refer to the Specified Items schedules for further details.	
 
15

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

 	  	September 30, 2008	 	 	June 30, 2008	 	
Cash and cash equivalents	  	$	7,173	 	 	$	4,047	 	
Marketable securities-current	  	 	258	 	 	 	355	 	
Short-term borrowings	  	 	(135	)	 	 	(1,799	)	
Long-term debt	  	 	(6,120	)	 	 	(6,021	)	
	  	 	 	 	 	 	 	 	
Net cash / (debt)	  	$	1,176	 	 	$	(3,418	)	

16

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

Net Sales	 	2007	 	 	2008	 	% Change	 	
 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	 	$	3,457	 	 	$	3,851	 	 	$	7,308	 	 	$	3,926	 	 	$	11,234	 	 	$	4,388	 	 	$	15,622	 	 	$	4,188	 	 	$	4,475	 	 	$	8,663	 	 	$	4,510	 	 	$	13,173	 	 		 		 	15	%	 	17	%	
US Pharmaceuticals	 	 	1,932	 	 	 	2,235	 	 	 	4,167	 	 	 	2,295	 	 	 	6,462	 	 	 	2,496	 	 	 	8,958	 	 	 	2,451	 	 	 	2,610	 	 	 	5,061	 	 	 	2,695	 	 	 	7,756	 	 		 		 	17	%	 	20	%	
Primary Care	 	 	1,090	 	 	 	1,344	 	 	 	2,434	 	 	 	1,363	 	 	 	3,797	 	 	 	1,460	 	 	 	5,257	 	 	 	1,407	 	 	 	1,483	 	 	 	2,890	 	 	 	1,517	 	 	 	4,407	 	 		 		 	11	%	 	16	%	
Oncology/Virology	 	 	504	 	 	 	511	 	 	 	1,015	 	 	 	539	 	 	 	1,554	 	 	 	602	 	 	 	2,156	 	 	 	619	 	 	 	633	 	 	 	1,252	 	 	 	641	 	 	 	1,893	 	 		 		 	19	%	 	22	%	
Neuroscience	 	 	298	 	 	 	327	 	 	 	625	 	 	 	336	 	 	 	961	 	 	 	368	 	 	 	1,329	 	 	 	352	 	 	 	407	 	 	 	759	 	 	 	440	 	 	 	1,199	 	 		 		 	31	%	 	25	%	
Immunoscience	 	 	40	 	 	 	53	 	 	 	93	 	 	 	57	 	 	 	150	 	 	 	66	 	 	 	216	 	 	 	73	 	 	 	87	 	 	 	160	 	 	 	97	 	 	 	257	 	 		 		 	70	%	 	71	%	
Europe and Middle East Medicines	 	 	916	 	 	 	939	 	 	 	1,855	 	 	 	944	 	 	 	2,799	 	 	 	1,086	 	 	 	3,885	 	 	 	1,077	 	 	 	1,135	 	 	 	2,212	 	 	 	1,091	 	 	 	3,303	 	 		 		 	16	%	 	18	%	
Latin America/Canada	 	 	297	 	 	 	311	 	 	 	608	 	 	 	331	 	 	 	939	 	 	 	396	 	 	 	1,335	 	 	 	316	 	 	 	333	 	 	 	649	 	 	 	342	 	 	 	991	 	 		 		 	3	%	 	6	%	
Asia/Pacific Medicines	 	 	289	 	 	 	333	 	 	 	622	 	 	 	319	 	 	 	941	 	 	 	377	 	 	 	1,318	 	 	 	323	 	 	 	365	 	 	 	688	 	 	 	352	 	 	 	1,040	 	 		 		 	10	%	 	11	%	
Nutritionals	 	 	606	 	 	 	620	 	 	 	1,226	 	 	 	675	 	 	 	1,901	 	 	 	670	 	 	 	2,571	 	 	 	703	 	 	 	728	 	 	 	1,431	 	 	 	744	 	 	 	2,175	 	 		 		 	10	%	 	14	%	
Continuing Operations	 	 	4,063	 	 	 	4,471	 	 	 	8,534	 	 	 	4,601	 	 	 	13,135	 	 	 	5,058	 	 	 	18,193	 	 	 	4,891	 	 	 	5,203	 	 	 	10,094	 	 	 	5,254	 	 	 	15,348	 	 		 		 	14	%	 	17	%	
Discontinued Operations	 	 	413	 	 	 	457	 	 	 	870	 	 	 	449	 	 	 	1,319	 	 	 	465	 	 	 	1,784	 	 	 	308	 	 	 	330	 	 	 	638	 	 	 	127	 	 	 	765	 	 		 		 	-72	%	 	-42	%	
Total Company	 	$	4,476	 	 	$	4,928	 	 	$	9,404	 	 	$	5,050	 	 	$	14,454	 	 	$	5,523	 	 	$	19,977	 	 	$	5,199	 	 	$	5,533	 	 	$	10,732	 	 	$	5,381	 	 	$	16,113	 	 		 		 	7	%	 	11	%	
				
% of Total Sales	 	2007	 	 	2008	 	Basis Point
Change	 	
 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	 	 	77.2	%	 	 	78.1	%	 	 	77.7	%	 	 	77.7	%	 	 	77.7	%	 	 	79.4	%	 	 	78.2	%	 	 	80.6	%	 	 	80.9	%	 	 	80.7	%	 	 	83.8	%	 	 	81.8	%	 		 		 	610	 	 	410	 	
US Pharmaceuticals	 	 	43.2	%	 	 	45.4	%	 	 	44.3	%	 	 	45.4	%	 	 	44.7	%	 	 	45.2	%	 	 	44.8	%	 	 	47.2	%	 	 	47.2	%	 	 	47.2	%	 	 	50.1	%	 	 	48.1	%	 		 		 	470	 	 	340	 	
Primary Care	 	 	24.4	%	 	 	27.3	%	 	 	25.9	%	 	 	26.9	%	 	 	26.3	%	 	 	26.4	%	 	 	26.3	%	 	 	27.1	%	 	 	26.8	%	 	 	26.9	%	 	 	28.2	%	 	 	27.4	%	 		 		 	130	 	 	110	 	
Oncology/Virology	 	 	11.3	%	 	 	10.4	%	 	 	10.8	%	 	 	10.7	%	 	 	10.8	%	 	 	10.9	%	 	 	10.8	%	 	 	11.9	%	 	 	11.4	%	 	 	11.7	%	 	 	11.9	%	 	 	11.7	%	 		 		 	120	 	 	90	 	
Neuroscience	 	 	6.7	%	 	 	6.6	%	 	 	6.6	%	 	 	6.7	%	 	 	6.6	%	 	 	6.7	%	 	 	6.7	%	 	 	6.8	%	 	 	7.4	%	 	 	7.1	%	 	 	8.2	%	 	 	7.4	%	 		 		 	150	 	 	80	 	
Immunoscience	 	 	0.8	%	 	 	1.1	%	 	 	1.0	%	 	 	1.1	%	 	 	1.0	%	 	 	1.2	%	 	 	1.0	%	 	 	1.4	%	 	 	1.6	%	 	 	1.5	%	 	 	1.8	%	 	 	1.6	%	 		 		 	70	 	 	60	 	
Europe and Middle East Medicines	 	 	20.5	%	 	 	19.1	%	 	 	19.7	%	 	 	18.7	%	 	 	19.4	%	 	 	19.7	%	 	 	19.4	%	 	 	20.7	%	 	 	20.5	%	 	 	20.6	%	 	 	20.3	%	 	 	20.5	%	 		 		 	160	 	 	110	 	
Latin America/Canada	 	 	6.6	%	 	 	6.3	%	 	 	6.5	%	 	 	6.6	%	 	 	6.5	%	 	 	7.2	%	 	 	6.7	%	 	 	6.1	%	 	 	6.0	%	 	 	6.0	%	 	 	6.4	%	 	 	6.2	%	 		 		 	(20	)	 	(30	)	
Asia/Pacific Medicines	 	 	6.5	%	 	 	6.8	%	 	 	6.6	%	 	 	6.3	%	 	 	6.5	%	 	 	6.8	%	 	 	6.6	%	 	 	6.2	%	 	 	6.6	%	 	 	6.4	%	 	 	6.5	%	 	 	6.5	%	 		 		 	20	 	 	—  	 	
Nutritionals	 	 	13.5	%	 	 	12.6	%	 	 	13.0	%	 	 	13.4	%	 	 	13.2	%	 	 	12.2	%	 	 	12.9	%	 	 	13.5	%	 	 	13.1	%	 	 	13.3	%	 	 	13.8	%	 	 	13.5	%	 		 		 	40	 	 	30	 	
Continuing Operations	 	 	90.7	%	 	 	90.7	%	 	 	90.7	%	 	 	91.1	%	 	 	90.9	%	 	 	91.6	%	 	 	91.1	%	 	 	94.1	%	 	 	94.0	%	 	 	94.0	%	 	 	97.6	%	 	 	95.3	%	 		 		 	650	 	 	440	 	
Discontinued Operations	 	 	9.3	%	 	 	9.3	%	 	 	9.3	%	 	 	8.9	%	 	 	9.1	%	 	 	8.4	%	 	 	8.9	%	 	 	5.9	%	 	 	6.0	%	 	 	6.0	%	 	 	2.4	%	 	 	4.7	%	 		 		 	(650	)	 	(440	)	
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	%	 		 		 			 			
 
1

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2008
($ in millions)

QUARTER-TO-DATE	  				 				
 	  	Pharmaceuticals	 	 	Nutritionals	 	 	Continuing
Operations	 	
Price Increases/(Decreases)	  	 	2	%	 	 	9	%	 	 	3	%	
Foreign Exchange	  	 	3	%	 	 	3	%	 	 	3	%	
Volume	  	 	10	%	 	 	-2	%	 	 	8	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	15	%	 	 	10	%	 	 	14	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total 2008 Period to Date Sales	  	$	4,510	 	 	$	744	 	 	$	5,254	 	
Total 2007 Period to Date Sales	  	$	3,926	 	 	$	675	 	 	$	4,601	 	
			
YEAR-TO-DATE	  				 				
 	  	Pharmaceuticals	 	 	Nutritionals	 	 	Continuing
Operations	 	
Price Increases	  	 	3	%	 	 	9	%	 	 	4	%	
Foreign Exchange	  	 	4	%	 	 	4	%	 	 	4	%	
Volume	  	 	10	%	 	 	1	%	 	 	9	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	17	%	 	 	14	%	 	 	17	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total 2008 Period to Date Sales	  	$	13,173	 	 	$	2,175	 	 	$	15,348	 	
Total 2007 Period to Date Sales	  	$	11,234	 	 	$	1,901	 	 	$	13,135	 	
 
2

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

 	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Net Sales	  	$	4,063	 	 	$	4,471	 	 	$	8,534	 	 	$	4,601	 	 	$	13,135	 	 	$	5,058	 	 	$	18,193	 	 	$	4,891	 	 	$	5,203	 	 	$	10,094	 	 	$	5,254	 	 	$	15,348	 	 		  		  	14	%	 	17	%	
																	
Cost of products sold	  	 	1,266	 	 	 	1,408	 	 	 	2,674	 	 	 	1,478	 	 	 	4,152	 	 	 	1,717	 	 	 	5,869	 	 	 	1,570	 	 	 	1,670	 	 	 	3,240	 	 	 	1,634	 	 	 	4,874	 	 		  		  	11	%	 	17	%	
Marketing, selling and administrative	  	 	1,052	 	 	 	1,103	 	 	 	2,155	 	 	 	1,105	 	 	 	3,260	 	 	 	1,256	 	 	 	4,516	 	 	 	1,134	 	 	 	1,165	 	 	 	2,299	 	 	 	1,208	 	 	 	3,507	 	 		  		  	9	%	 	8	%	
Advertising and product promotion	  	 	258	 	 	 	354	 	 	 	612	 	 	 	338	 	 	 	950	 	 	 	465	 	 	 	1,415	 	 	 	319	 	 	 	420	 	 	 	739	 	 	 	362	 	 	 	1,101	 	 		  		  	7	%	 	16	%	
Research and development	  	 	781	 	 	 	755	 	 	 	1,536	 	 	 	802	 	 	 	2,338	 	 	 	889	 	 	 	3,227	 	 	 	782	 	 	 	826	 	 	 	1,608	 	 	 	834	 	 	 	2,442	 	 		  		  	4	%	 	4	%	
Acquired in-process research and development	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	230	 	 	 	230	 	 	 	—  	 	 	 	32	 	 	 	32	 	 	 	—  	 	 	 	32	 	 		  		  	—  	 	 	—  	 	
Provision for restructuring, net	  	 	37	 	 	 	7	 	 	 	44	 	 	 	—  	 	 	 	44	 	 	 	139	 	 	 	183	 	 	 	11	 	 	 	30	 	 	 	41	 	 	 	26	 	 	 	67	 	 		  		  	—  	 	 	52	%	
Litigation expense, net	  	 	—  	 	 	 	14	 	 	 	14	 	 	 	—  	 	 	 	14	 	 	 	—  	 	 	 	14	 	 	 	—  	 	 	 	2	 	 	 	2	 	 	 	30	 	 	 	32	 	 		  		  	—  	 	 	129	%	
Gain on sale of product assets	  	 	—  	 	 	 	(26	)	 	 	(26	)	 	 	(247	)	 	 	(273	)	 	 	—  	 	 	 	(273	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		  		  	100	%	 	100	%	
Equity in net income of affiliates	  	 	(126	)	 	 	(128	)	 	 	(254	)	 	 	(139	)	 	 	(393	)	 	 	(131	)	 	 	(524	)	 	 	(164	)	 	 	(150	)	 	 	(314	)	 	 	(164	)	 	 	(478	)	 		  		  	-18	%	 	-22	%	
Other expense/(income), net	  	 	22	 	 	 	(1	)	 	 	21	 	 	 	8	 	 	 	29	 	 	 	322	 	 	 	351	 	 	 	32	 	 	 	(13	)	 	 	19	 	 	 	169	 	 	 	188	 	 		  		  	*	 	 	*	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Total expenses	  	 	3,290	 	 	 	3,486	 	 	 	6,776	 	 	 	3,345	 	 	 	10,121	 	 	 	4,887	 	 	 	15,008	 	 	 	3,684	 	 	 	3,982	 	 	 	7,666	 	 	 	4,099	 	 	 	11,765	 	 		  		  	23	%	 	16	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	$	773	 	 	$	985	 	 	$	1,758	 	 	$	1,256	 	 	$	3,014	 	 	$	171	 	 	$	3,185	 	 	$	1,207	 	 	$	1,221	 	 	$	2,428	 	 	$	1,155	 	 	$	3,583	 	 		  		  	-8	%	 	19	%	
Provision for income taxes	  	 	40	 	 	 	203	 	 	 	243	 	 	 	292	 	 	 	535	 	 	 	146	 	 	 	681	 	 	 	330	 	 	 	258	 	 	 	588	 	 	 	308	 	 	 	896	 	 		  		  	5	%	 	67	%	
Minority interest, net of taxes	  	 	141	 	 	 	194	 	 	 	335	 	 	 	211	 	 	 	546	 	 	 	217	 	 	 	763	 	 	 	230	 	 	 	241	 	 	 	471	 	 	 	259	 	 	 	730	 	 		  		  	23	%	 	34	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss) - Continuing Operations	  	$	592	 	 	$	588	 	 	$	1,180	 	 	$	753	 	 	$	1,933	 	 	$	(192	)	 	$	1,741	 	 	$	647	 	 	$	722	 	 	$	1,369	 	 	$	588	 	 	$	1,957	 	 		  		  	-22	%	 	1	%	
Discontinued Operations	  	 	98	 	 	 	118	 	 	 	216	 	 	 	105	 	 	 	321	 	 	 	103	 	 	 	424	 	 	 	14	 	 	 	42	 	 	 	56	 	 	 	1,990	 	 	 	2,046	 	 		  		  	*	 	 	*	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss)	  	$	690	 	 	$	706	 	 	$	1,396	 	 	$	858	 	 	$	2,254	 	 	$	(89	)	 	$	2,165	 	 	$	661	 	 	$	764	 	 	$	1,425	 	 	$	2,578	 	 	$	4,003	 	 		  		  	*	 	 	78	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss) - Continuing Operations	  	$	592	 	 	$	588	 	 	$	1,180	 	 	$	753	 	 	$	1,933	 	 	$	(192	)	 	$	1,741	 	 	$	647	 	 	$	722	 	 	$	1,369	 	 	$	588	 	 	$	1,957	 	 		  		  			 			
Interest expense on conversion of convertible debt bonds, net of tax	  	 	9	 	 	 	9	 	 	 	18	 	 	 	10	 	 	 	28	 	 	 	—  	(a)	 	 	—  	(b)	 	 	8	 	 	 	4	 	 	 	12	 	 	 	4	 	 	 	16	 	 		  		  			 			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Net Earnings/(Loss) used for diluted earnings per common share calculation - Continuing Operations	  	$	601	 	 	$	597	 	 	$	1,198	 	 	$	763	 	 	$	1,961	 	 	$	(192	) (a)	 	$	1,741	(b)	 	$	655	 	 	$	726	 	 	$	1,381	 	 	$	592	 	 	$	1,973	 	 		  		  			 			
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Diluted Earnings/(Loss) per Common Share** - Continuing Operations	  	$	0.30	 	 	$	0.30	 	 	$	0.60	 	 	$	0.38	 	 	$	0.98	 	 	$ 	(0.10 	) (a) 	 	$ 	0.88 	(b) 	 	$	0.32	 	 	$	0.36	 	 	$	0.69	 	 	$	0.30	 	 	$	0.98	 	 		  		  	-21	%	 	—  	 	
Diluted Earnings per Common Share** - Discontinued Operations	  	 	0.05	 	 	 	0.06	 	 	 	0.11	 	 	 	0.05	 	 	 	0.16	 	 	 	0.05	 	 	 	0.21	 	 	 	0.01	 	 	 	0.02	 	 	 	0.03	 	 	 	0.99	 	 	 	1.02	 	 		  		  	*	 	 	*	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Diluted Earnings/(Loss) per Common Share**	  	$	0.35	 	 	$	0.36	 	 	$	0.71	 	 	$	0.43	 	 	$	1.14	 	 	$	(0.05	) (a)	 	$	1.09	(b)	 	$	0.33	 	 	$	0.38	 	 	$	0.72	 	 	$	1.29	 	 	$	2.00	 	 		  		  	200	%	 	75	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Average Common Shares Outstanding - Diluted	  	 	1,997	 	 	 	2,006	 	 	 	2,002	 	 	 	2,012	 	 	 	2,005	 	 	 	1,975	(a)	 	 	1,980	(b)	 	 	2,008	 	 	 	2,008	 	 	 	2,007	 	 	 	2,004	 	 	 	2,006	 	 		  		  	—  	 	 	—  	 	
Dividends declared per common share	  	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.31	 	 	$	1.15	 	 	$	0.31	 	 	$	0.31	 	 	$	0.62	 	 	$	0.31	 	 	$	0.93	 	 		  		  	11	%	 	11	%	
				
% of Net Sales	  	2007	 	 	2008	  	Basis Point
Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Gross Margin	  	 	68.8	%	 	 	68.5	%	 	 	68.7	%	 	 	67.9	%	 	 	68.4	%	 	 	66.1	%	 	 	67.7	%	 	 	67.9	%	 	 	67.9	%	 	 	67.9	%	 	 	68.9	%	 	 	68.2	%	 		  		  	100	 	 	(20	)	
																	
Cost of products sold	  	 	31.2	%	 	 	31.5	%	 	 	31.3	%	 	 	32.1	%	 	 	31.6	%	 	 	33.9	%	 	 	32.3	%	 	 	32.1	%	 	 	32.1	%	 	 	32.1	%	 	 	31.1	%	 	 	31.8	%	 		  		  	(100	)	 	20	 	
Marketing, selling and administrative	  	 	25.9	%	 	 	24.7	%	 	 	25.3	%	 	 	24.0	%	 	 	24.8	%	 	 	24.8	%	 	 	24.8	%	 	 	23.2	%	 	 	22.4	%	 	 	22.8	%	 	 	23.0	%	 	 	22.8	%	 		  		  	(100	)	 	(200	)	
Advertising and product promotion	  	 	6.3	%	 	 	7.9	%	 	 	7.2	%	 	 	7.3	%	 	 	7.2	%	 	 	9.2	%	 	 	7.8	%	 	 	6.5	%	 	 	8.1	%	 	 	7.3	%	 	 	6.9	%	 	 	7.2	%	 		  		  	(40	)	 	—  	 	
Research and development	  	 	19.2	%	 	 	16.9	%	 	 	18.0	%	 	 	17.4	%	 	 	17.8	%	 	 	17.6	%	 	 	17.7	%	 	 	16.0	%	 	 	15.9	%	 	 	15.9	%	 	 	15.9	%	 	 	15.9	%	 		  		  	(150	)	 	(190	)	
Acquired in-process research and development	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4.5	%	 	 	1.3	%	 	 	—  	 	 	 	0.6	%	 	 	0.3	%	 	 	—  	 	 	 	0.2	%	 		  		  	—  	 	 	20	 	
Total expenses	  	 	81.0	%	 	 	78.0	%	 	 	79.4	%	 	 	72.7	%	 	 	77.1	%	 	 	96.6	%	 	 	82.5	%	 	 	75.3	%	 	 	76.5	%	 	 	75.9	%	 	 	78.0	%	 	 	76.7	%	 		  		  	530	 	 	(40	)	
																	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	19.0	%	 	 	22.0	%	 	 	20.6	%	 	 	27.3	%	 	 	22.9	%	 	 	3.4	%	 	 	17.5	%	 	 	24.7	%	 	 	23.5	%	 	 	24.1	%	 	 	22.0	%	 	 	23.3	%	 		  		  	(530	)	 	40	 	
																	
Net Earnings/(Loss) - Continuing Operations	  	 	14.6	%	 	 	13.2	%	 	 	13.8	%	 	 	16.4	%	 	 	14.7	%	 	 	-3.8	%	 	 	9.6	%	 	 	13.2	%	 	 	13.9	%	 	 	13.6	%	 	 	11.2	%	 	 	12.8	%	 		  		  	(520	)	 	(190	)	
																	
Other Ratios	  				 				 				 				 				 				 				 				 				 				 				 				 		  		  			 			
Effective Tax Rate	  	 	5.2	%	 	 	20.6	%	 	 	13.8	%	 	 	23.2	%	 	 	17.8	%	 	 	85.4	%	 	 	21.4	%	 	 	27.3	%	 	 	21.1	%	 	 	24.2	%	 	 	26.7	%	 	 	25.0	%	 		  		  	350	 	 	720	 	
				
Other Expense/(Income), net	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Interest expense	  	$	109	 	 	$	107	 	 	$	216	 	 	$	109	 	 	$	325	 	 	$	96	 	 	$	421	 	 	$	73	 	 	$	80	 	 	$	153	 	 	$	84	 	 	$	237	 	 		  		  	-23	%	 	-27	%	
Interest income	  	 	(53	)	 	 	(62	)	 	 	(115	)	 	 	(69	)	 	 	(184	)	 	 	(57	)	 	 	(241	)	 	 	(43	)	 	 	(31	)	 	 	(74	)	 	 	(37	)	 	 	(111	)	 		  		  	46	%	 	40	%	
Impairment charge of marketable securities	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	275	 	 	 	275	 	 	 	25	 	 	 	(2	)	 	 	23	 	 	 	224	 	 	 	247	 	 		  		  	—  	 	 	—  	 	
Foreign exchange transaction (gains)/losses	  	 	8	 	 	 	(5	)	 	 	3	 	 	 	21	 	 	 	24	 	 	 	(9	)	 	 	15	 	 	 	19	 	 	 	(2	)	 	 	17	 	 	 	(51	)	 	 	(34	)	 		  		  	*	 	 	*	 	
Other, net	  	 	(42	)	 	 	(41	)	 	 	(83	)	 	 	(53	)	 	 	(136	)	 	 	17	 	 	 	(119	)	 	 	(42	)	 	 	(58	)	 	 	(100	)	 	 	(51	)	 	 	(151	)	 		  		  	4	%	 	-11	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
	  	$	22	 	 	$	(1	)	 	$	21	 	 	$	8	 	 	$	29	 	 	$	322	 	 	$	351	 	 	$	32	 	 	$	(13	)	 	$	19	 	 	$	169	 	 	$	188	 	 		  		  	*	 	 	*	 	

*	in excess of +/- 200%	
**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
(a)	as a result of the Q4 2007 net loss, Diluted Average Common Shares Outstanding and Loss per Common Share are equal to Basic Average Common Shares Outstanding and Loss per Common Share.	

(b)	assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is anti-dilutive.	
 
3

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

Gross Profit	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	  	$	2,418	 	 	$	2,678	 	 	$	5,096	 	 	$	2,715	 	 	$	7,811	 	 	$	2,956	 	 	$	10,767	 	 	$	2,886	 	 	$	3,108	 	 	$	5,994	 	 	$	3,189	 	 	$	9,183	 	 		  		  	17	%	 	18	%	
Pharmaceuticals Excluding Specified Items	  	 	2,434	 	 	 	2,691	 	 	 	5,125	 	 	 	2,732	 	 	 	7,857	 	 	 	3,089	 	 	 	10,946	 	 	 	2,982	 	 	 	3,166	 	 	 	6,148	 	 	 	3,242	 	 	 	9,390	 	 		  		  	19	%	 	20	%	
Nutritionals	  	 	391	 	 	 	392	 	 	 	783	 	 	 	427	 	 	 	1,210	 	 	 	415	 	 	 	1,625	 	 	 	452	 	 	 	460	 	 	 	912	 	 	 	458	 	 	 	1,370	 	 		  		  	7	%	 	13	%	
				
Gross Margin %	  	2007	 	 	2008	  	Basis Point
Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	  	 	69.9	%	 	 	69.5	%	 	 	69.7	%	 	 	69.2	%	 	 	69.5	%	 	 	67.4	%	 	 	68.9	%	 	 	68.9	%	 	 	69.5	%	 	 	69.2	%	 	 	70.7	%	 	 	69.7	%	 		  		  	150	 	 	20	 	
Pharmaceuticals Excluding Specified Items	  	 	70.4	%	 	 	69.9	%	 	 	70.1	%	 	 	69.6	%	 	 	69.9	%	 	 	70.4	%	 	 	70.1	%	 	 	71.2	%	 	 	70.7	%	 	 	71.0	%	 	 	71.9	%	 	 	71.3	%	 		  		  	230	 	 	140	 	
Nutritionals	  	 	64.5	%	 	 	63.2	%	 	 	63.9	%	 	 	63.3	%	 	 	63.7	%	 	 	61.9	%	 	 	63.2	%	 	 	64.3	%	 	 	63.2	%	 	 	63.7	%	 	 	61.6	%	 	 	63.0	%	 		  		  	(170	)	 	(70	)	
				
Earnings Before Minority Interest and Income Taxes	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	  	$	825	 	 	$	1,005	 	 	$	1,830	 	 	$	977	 	 	$	2,807	 	 	$	664	 	 	$	3,471	 	 	$	1,227	 	 	$	1,219	 	 	$	2,446	 	 	$	1,403	 	 	$	3,849	 	 		  		  	44	%	 	37	%	
Pharmaceuticals Excluding Specified Items	  	 	921	 	 	 	1,035	 	 	 	1,956	 	 	 	1,054	 	 	 	3,010	 	 	 	1,040	 	 	 	4,050	 	 	 	1,345	 	 	 	1,341	 	 	 	2,686	 	 	 	1,496	 	 	 	4,182	 	 		  		  	42	%	 	39	%	
Nutritionals	  	 	173	 	 	 	167	 	 	 	340	 	 	 	196	 	 	 	536	 	 	 	172	 	 	 	708	 	 	 	231	 	 	 	214	 	 	 	445	 	 	 	200	 	 	 	645	 	 		  		  	2	%	 	20	%	
Nutritionals Excluding Specified Items **	  	 	173	 	 	 	167	 	 	 	340	 	 	 	196	 	 	 	536	 	 	 	172	 	 	 	708	 	 	 	231	 	 	 	214	 	 	 	445	 	 	 	204	 	 	 	649	 	 		  		  	4	%	 	21	%	
				
Net Margin %	  	2007	 	 	2008	  	Basis Point
Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Pharmaceuticals	  	 	23.9	%	 	 	26.1	%	 	 	25.0	%	 	 	24.9	%	 	 	25.0	%	 	 	15.1	%	 	 	22.2	%	 	 	29.3	%	 	 	27.2	%	 	 	28.2	%	 	 	31.1	%	 	 	29.2	%	 		  		  	620	 	 	420	 	
Pharmaceuticals Excluding Specified Items	  	 	26.6	%	 	 	26.9	%	 	 	26.8	%	 	 	26.8	%	 	 	26.8	%	 	 	23.7	%	 	 	25.9	%	 	 	32.1	%	 	 	30.0	%	 	 	31.0	%	 	 	33.2	%	 	 	31.7	%	 		  		  	640	 	 	490	 	
Nutritionals	  	 	28.5	%	 	 	26.9	%	 	 	27.7	%	 	 	29.0	%	 	 	28.2	%	 	 	25.7	%	 	 	27.5	%	 	 	32.9	%	 	 	29.4	%	 	 	31.1	%	 	 	26.9	%	 	 	29.7	%	 		  		  	(210	)	 	150	 	
Nutritionals Excluding Specified Items **	  	 	28.5	%	 	 	26.9	%	 	 	27.7	%	 	 	29.0	%	 	 	28.2	%	 	 	25.7	%	 	 	27.5	%	 	 	32.9	%	 	 	29.4	%	 	 	31.1	%	 	 	27.4	%	 	 	29.8	%	 		  		  	(160	)	 	160	 	
				
Pharmaceuticals	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Gross Profit	  	$	2,418	 	 	$	2,678	 	 	$	5,096	 	 	$	2,715	 	 	$	7,811	 	 	$	2,956	 	 	$	10,767	 	 	$	2,886	 	 	$	3,108	 	 	$	5,994	 	 	$	3,189	 	 	$	9,183	 	 		  		  	17	%	 	18	%	
Specified Items:	  				 				 				 				 				 				 				 				 				 				 				 				 		  		  			 			
Productivity Transformation Initiative	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	102	 	 	 	102	 	 	 	96	 	 	 	58	 	 	 	154	 	 	 	53	 	 	 	207	 	 		  		  	—  	 	 	—  	 	
Downsizing and streamlining of worldwide operations	  	 	16	 	 	 	13	 	 	 	29	 	 	 	17	 	 	 	46	 	 	 	31	 	 	 	77	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		  		  	-100	%	 	-100	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Subtotal	  	 	16	 	 	 	13	 	 	 	29	 	 	 	17	 	 	 	46	 	 	 	133	 	 	 	179	 	 	 	96	 	 	 	58	 	 	 	154	 	 	 	53	 	 	 	207	 	 		  		  	*	 	 	*	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Gross Profit Excluding Specified Items	  	$	2,434	 	 	$	2,691	 	 	$	5,125	 	 	$	2,732	 	 	$	7,857	 	 	$	3,089	 	 	$	10,946	 	 	$	2,982	 	 	$	3,166	 	 	$	6,148	 	 	$	3,242	 	 	$	9,390	 	 		  		  	19	%	 	20	%	

Pharmaceuticals	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Earnings Before Minority Interest and Income Taxes	  	$	825	 	 	$	1,005	 	 	$	1,830	 	 	$	977	 	 	$	2,807	 	 	$	664	 	 	$	3,471	 	 	$	1,227	 	 	$	1,219	 	 	$	2,446	 	 	$	1,403	 	 	$	3,849	 	 		  		  	44	%	 	37	%	
Specified Items:	  				 				 				 				 				 				 				 				 				 				 				 				 		  		  			 			
Productivity Transformation Initiative	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	110	 	 	 	110	 	 	 	98	 	 	 	59	 	 	 	157	 	 	 	56	 	 	 	213	 	 		  		  	—  	 	 	—  	 	
Upfront and milestone payments and acquired in-process research and development	  	 	80	 	 	 	17	 	 	 	97	 	 	 	60	 	 	 	157	 	 	 	235	 	 	 	392	 	 	 	20	 	 	 	63	 	 	 	83	 	 	 	37	 	 	 	120	 	 		  		  	-38	%	 	-24	%	
Downsizing and streamlining of worldwide operations	  	 	16	 	 	 	13	 	 	 	29	 	 	 	17	 	 	 	46	 	 	 	31	 	 	 	77	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		  		  	-100	%	 	-100	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Subtotal	  	 	96	 	 	 	30	 	 	 	126	 	 	 	77	 	 	 	203	 	 	 	376	 	 	 	579	 	 	 	118	 	 	 	122	 	 	 	240	 	 	 	93	 	 	 	333	 	 		  		  	21	%	 	64	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	  	$	921	 	 	$	1,035	 	 	$	1,956	 	 	$	1,054	 	 	$	3,010	 	 	$	1,040	 	 	$	4,050	 	 	$	1,345	 	 	$	1,341	 	 	$	2,686	 	 	$	1,496	 	 	$	4,182	 	 		  		  	42	%	 	39	%	

Nutritionals	  	2007	 	 	2008	  	% Change	 	
 	  	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	 	 	Year	 	 	1st
Qtr	 	 	2nd
Qtr	 	 	6
Months	 	 	3rd
Qtr	 	 	9
Months	 	 	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Earnings Before Minority Interest and Income Taxes	  	$	173	 	 	$	167	 	 	$	340	 	 	$	196	 	 	$	536	 	 	$	172	 	 	$	708	 	 	$	231	 	 	$	214	 	 	$	445	 	 	$	200	 	 	$	645	 	 		  		  	2	%	 	20	%	
Specified Items:	  				 				 				 				 				 				 				 				 				 				 				 				 		  		  			 			
Mead Johnson Nutritionals charges	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4	 	 	 	4	 	 		  		  	—  	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	  	$	173	 	 	$	167	 	 	$	340	 	 	$	196	 	 	$	536	 	 	$	172	 	 	$	708	 	 	$	231	 	 	$	214	 	 	$	445	 	 	$	204	 	 	$	649	 	 		  		  	4	%	 	21	%	

*	In Excess of +/- 200%	
**	There were no specified items relating to Nutrionals in 2007 and the first quarter of 2008. In the second quarter of 2008, specified items for the Nutritionals segment were not material and did not have an impact on Gross Margin or Earnings Before Minority Interest and Income Taxes.	
 
4

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

 	  	2007	  	2008	  	% Change	 	
 	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	  	9
Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	  	9
Months	  	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Continuing Operations	  	$	4,063	  	$	4,471	  	$	8,534	  	$	4,601	  	$	13,135	  	$	5,058	  	$	18,193	  	$	4,891	  	$	5,203	  	$	10,094	  	$	5,254	  	$	15,348	  		  		  	14	%	 	17	%	
																	
PHARMACEUTICALS	  	 	3,457	  	 	3,851	  	 	7,308	  	 	3,926	  	 	11,234	  	 	4,388	  	 	15,622	  	 	4,188	  	 	4,475	  	 	8,663	  	 	4,510	  	 	13,173	  		  		  	15	%	 	17	%	
																	
Cardiovascular	  	 	1,475	  	 	1,763	  	 	3,238	  	 	1,793	  	 	5,031	  	 	1,938	  	 	6,969	  	 	1,824	  	 	1,927	  	 	3,751	  	 	1,943	  	 	5,694	  		  		  	8	%	 	13	%	
Plavix	  	 	938	  	 	1,189	  	 	2,127	  	 	1,254	  	 	3,381	  	 	1,374	  	 	4,755	  	 	1,308	  	 	1,387	  	 	2,695	  	 	1,439	  	 	4,134	  		  		  	15	%	 	22	%	
Avapro/ Avalide	  	 	270	  	 	297	  	 	567	  	 	309	  	 	876	  	 	328	  	 	1,204	  	 	305	  	 	335	  	 	640	  	 	334	  	 	974	  		  		  	8	%	 	11	%	
Pravachol	  	 	135	  	 	132	  	 	267	  	 	86	  	 	353	  	 	90	  	 	443	  	 	73	  	 	69	  	 	142	  	 	34	  	 	176	  		  		  	-60	%	 	-50	%	
																	
Virology	  	 	590	  	 	608	  	 	1,198	  	 	647	  	 	1,845	  	 	752	  	 	2,597	  	 	734	  	 	791	  	 	1,525	  	 	824	  	 	2,349	  		  		  	27	%	 	27	%	
Reyataz	  	 	263	  	 	254	  	 	517	  	 	273	  	 	790	  	 	334	  	 	1,124	  	 	297	  	 	324	  	 	621	  	 	342	  	 	963	  		  		  	25	%	 	22	%	
Sustiva Franchise (a)	  	 	226	  	 	233	  	 	459	  	 	237	  	 	696	  	 	260	  	 	956	  	 	273	  	 	282	  	 	555	  	 	294	  	 	849	  		  		  	24	%	 	22	%	
Baraclude	  	 	45	  	 	59	  	 	104	  	 	72	  	 	176	  	 	99	  	 	275	  	 	108	  	 	136	  	 	244	  	 	144	  	 	388	  		  		  	100	%	 	120	%	
																	
Oncology	  	 	355	  	 	360	  	 	715	  	 	402	  	 	1,117	  	 	445	  	 	1,562	  	 	436	  	 	474	  	 	910	  	 	447	  	 	1,357	  		  		  	11	%	 	21	%	
Erbitux	  	 	160	  	 	162	  	 	322	  	 	185	  	 	507	  	 	185	  	 	692	  	 	187	  	 	196	  	 	383	  	 	184	  	 	567	  		  		  	-1	%	 	12	%	
Taxol	  	 	111	  	 	95	  	 	206	  	 	102	  	 	308	  	 	114	  	 	422	  	 	94	  	 	101	  	 	195	  	 	91	  	 	286	  		  		  	-11	%	 	-7	%	
Sprycel	  	 	21	  	 	35	  	 	56	  	 	46	  	 	102	  	 	56	  	 	158	  	 	66	  	 	76	  	 	142	  	 	82	  	 	224	  		  		  	78	%	 	120	%	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	15	  	 	15	  	 	25	  	 	26	  	 	51	  	 	25	  	 	76	  		  		  	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	  	 	408	  	 	458	  	 	866	  	 	467	  	 	1,333	  	 	511	  	 	1,844	  	 	498	  	 	575	  	 	1,073	  	 	607	  	 	1,680	  		  		  	30	%	 	26	%	
Abilify (b)	  	 	366	  	 	412	  	 	778	  	 	420	  	 	1,198	  	 	462	  	 	1,660	  	 	454	  	 	529	  	 	983	  	 	564	  	 	1,547	  		  		  	34	%	 	29	%	
																	
Immunoscience	  	 	41	  	 	55	  	 	96	  	 	60	  	 	156	  	 	75	  	 	231	  	 	87	  	 	106	  	 	193	  	 	119	  	 	312	  		  		  	98	%	 	100	%	
Orencia	  	 	41	  	 	55	  	 	96	  	 	60	  	 	156	  	 	75	  	 	231	  	 	87	  	 	106	  	 	193	  	 	119	  	 	312	  		  		  	98	%	 	100	%	
																	
NUTRITIONALS	  	 	606	  	 	620	  	 	1,226	  	 	675	  	 	1,901	  	 	670	  	 	2,571	  	 	703	  	 	728	  	 	1,431	  	 	744	  	 	2,175	  		  		  	10	%	 	14	%	
Enfamil	  	 	254	  	 	267	  	 	521	  	 	281	  	 	802	  	 	280	  	 	1,082	  	 	290	  	 	287	  	 	577	  	 	295	  	 	872	  		  		  	5	%	 	9	%	

*	In excess of +/- 200%	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	

(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
5

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

 	  	2007	  	2008	  	% Change	 	 	% Change in
U.S. Total
Prescription***	 	
 	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	  	9
Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	 	 	9
Months	  	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Continuing Operations	  	$	2,282	  	$	2,583	  	$	4,865	  	$	2,683	  	$	7,548	  	$	2,874	  	$	10,422	  	$	2,823	  	$	2,966	  	$	5,789	  	$	3,064	 	 	$	8,853	  		  		  	14	%	 	17	%	 			 			
																			
PHARMACEUTICALS	  	 	1,944	  	 	2,243	  	 	4,187	  	 	2,302	  	 	6,489	  	 	2,503	  	 	8,992	  	 	2,459	  	 	2,625	  	 	5,084	  	 	2,708	 	 	 	7,792	  		  		  	18	%	 	20	%	 			 			
																			
Cardiovascular	  	 	1,045	  	 	1,279	  	 	2,324	  	 	1,316	  	 	3,640	  	 	1,426	  	 	5,066	  	 	1,367	  	 	1,437	  	 	2,804	  	 	1,474	 	 	 	4,278	  		  		  	12	%	 	18	%	 			 			
Plavix	  	 	787	  	 	1,015	  	 	1,802	  	 	1,080	  	 	2,882	  	 	1,178	  	 	4,060	  	 	1,139	  	 	1,207	  	 	2,346	  	 	1,263	 	 	 	3,609	  		  		  	17	%	 	25	%	 	7	%	 	26	%	
Avapro/ Avalide	  	 	163	  	 	170	  	 	333	  	 	176	  	 	509	  	 	183	  	 	692	  	 	174	  	 	184	  	 	358	  	 	189	 	 	 	547	  		  		  	7	%	 	7	%	 	-7	%	 	-7	%	
Pravachol	  	 	57	  	 	47	  	 	104	  	 	17	  	 	121	  	 	18	  	 	139	  	 	15	  	 	10	  	 	25	  	 	(18	)	 	 	7	  		  		  	*	 	 	-94	%	 	-52	%	 	-78	%	
																			
Virology	  	 	319	  	 	323	  	 	642	  	 	328	  	 	970	  	 	371	  	 	1,341	  	 	378	  	 	376	  	 	754	  	 	405	 	 	 	1,159	  		  		  	23	%	 	19	%	 			 			
Reyataz	  	 	143	  	 	138	  	 	281	  	 	141	  	 	422	  	 	165	  	 	587	  	 	160	  	 	159	  	 	319	  	 	176	 	 	 	495	  		  		  	25	%	 	17	%	 	18	%	 	15	%	
Sustiva Franchise (a)	  	 	144	  	 	147	  	 	291	  	 	151	  	 	442	  	 	162	  	 	604	  	 	175	  	 	171	  	 	346	  	 	185	 	 	 	531	  		  		  	23	%	 	20	%	 	15	%	 	14	%	
Baraclude	  	 	17	  	 	20	  	 	37	  	 	22	  	 	59	  	 	29	  	 	88	  	 	29	  	 	35	  	 	64	  	 	36	 	 	 	100	  		  		  	64	%	 	69	%	 	59	%	 	60	%	
																			
Oncology	  	 	182	  	 	187	  	 	369	  	 	208	  	 	577	  	 	230	  	 	807	  	 	237	  	 	254	  	 	491	  	 	234	 	 	 	725	  		  		  	13	%	 	26	%	 			 			
Erbitux	  	 	158	  	 	160	  	 	318	  	 	183	  	 	501	  	 	182	  	 	683	  	 	185	  	 	193	  	 	378	  	 	182	 	 	 	560	  		  		  	-1	%	 	12	%	 	N/A	 	 	N/A	 	
Taxol	  	 	4	  	 	4	  	 	8	  	 	1	  	 	9	  	 	5	  	 	14	  	 	—  	  	 	3	  	 	3	  	 	(1	)	 	 	2	  		  		  	-200	%	 	-78	%	 	N/A	 	 	N/A	 	
Sprycel	  	 	10	  	 	14	  	 	24	  	 	17	  	 	41	  	 	17	  	 	58	  	 	20	  	 	21	  	 	41	  	 	21	 	 	 	62	  		  		  	24	%	 	51	%	 	29	%	 	42	%	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	15	  	 	15	  	 	25	  	 	26	  	 	51	  	 	24	 	 	 	75	  		  		  	—  	 	 	—  	 	 	N/A	 	 	N/A	 	
																			
Affective (Psychiatric) Disorders	  	 	305	  	 	333	  	 	638	  	 	346	  	 	984	  	 	373	  	 	1,357	  	 	359	  	 	413	  	 	772	  	 	449	 	 	 	1,221	  		  		  	30	%	 	24	%	 			 			
Abilify (b)	  	 	293	  	 	322	  	 	615	  	 	329	  	 	944	  	 	361	  	 	1,305	  	 	348	  	 	403	  	 	751	  	 	435	 	 	 	1,186	  		  		  	32	%	 	26	%	 	26	%	 	20	%	
																			
Immunoscience	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  	 	66	  	 	216	  	 	73	  	 	87	  	 	160	  	 	97	 	 	 	257	  		  		  	70	%	 	71	%	 			 			
Orencia	  	 	40	  	 	53	  	 	93	  	 	57	  	 	150	  	 	66	  	 	216	  	 	73	  	 	87	  	 	160	  	 	97	 	 	 	257	  		  		  	70	%	 	71	%	 	N/A	 	 	N/A	 	
																			
NUTRITIONALS	  	 	274	  	 	275	  	 	549	  	 	304	  	 	853	  	 	275	  	 	1,128	  	 	288	  	 	273	  	 	561	  	 	275	 	 	 	836	  		  		  	-10	%	 	-2	%	 			 			
Enfamil	  	 	171	  	 	177	  	 	348	  	 	195	  	 	543	  	 	179	  	 	722	  	 	183	  	 	175	  	 	358	  	 	178	 	 	 	536	  		  		  	-9	%	 	-1	%	 	N/A	 	 	N/A	 	

**	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales.	
***	The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	

(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
6

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

 	  	2007	  	2008	  	% Change	 	
 	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	  	9
Months	  	4th
Qtr	  	Year	  	1st
Qtr	  	2nd
Qtr	  	6
Months	  	3rd
Qtr	  	9
Months	  	4th
Qtr	  	Year	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Continuing Operations	  	$	1,781	  	$	1,888	  	$	3,669	  	$	1,918	  	$	5,587	  	$	2,184	  	$	7,771	  	$	2,068	  	$	2,237	  	$	4,305	  	$	2,190	  	$	6,495	  		  		  	14	%	 	16	%	
																	
PHARMACEUTICALS	  	 	1,513	  	 	1,608	  	 	3,121	  	 	1,624	  	 	4,745	  	 	1,885	  	 	6,630	  	 	1,729	  	 	1,850	  	 	3,579	  	 	1,802	  	 	5,381	  		  		  	11	%	 	13	%	
																	
Cardiovascular	  	 	430	  	 	484	  	 	914	  	 	477	  	 	1,391	  	 	512	  	 	1,903	  	 	457	  	 	490	  	 	947	  	 	469	  	 	1,416	  		  		  	-2	%	 	2	%	
Plavix	  	 	151	  	 	174	  	 	325	  	 	174	  	 	499	  	 	196	  	 	695	  	 	169	  	 	180	  	 	349	  	 	176	  	 	525	  		  		  	1	%	 	5	%	
Avapro/ Avalide	  	 	107	  	 	127	  	 	234	  	 	133	  	 	367	  	 	145	  	 	512	  	 	131	  	 	151	  	 	282	  	 	145	  	 	427	  		  		  	9	%	 	16	%	
Pravachol	  	 	78	  	 	85	  	 	163	  	 	69	  	 	232	  	 	72	  	 	304	  	 	58	  	 	59	  	 	117	  	 	52	  	 	169	  		  		  	-25	%	 	-27	%	
																	
Virology	  	 	271	  	 	285	  	 	556	  	 	319	  	 	875	  	 	381	  	 	1,256	  	 	356	  	 	415	  	 	771	  	 	419	  	 	1,190	  		  		  	31	%	 	36	%	
Reyataz	  	 	120	  	 	116	  	 	236	  	 	132	  	 	368	  	 	169	  	 	537	  	 	137	  	 	165	  	 	302	  	 	166	  	 	468	  		  		  	26	%	 	27	%	
Sustiva Franchise (a)	  	 	82	  	 	86	  	 	168	  	 	86	  	 	254	  	 	98	  	 	352	  	 	98	  	 	111	  	 	209	  	 	109	  	 	318	  		  		  	27	%	 	25	%	
Baraclude	  	 	28	  	 	39	  	 	67	  	 	50	  	 	117	  	 	70	  	 	187	  	 	79	  	 	101	  	 	180	  	 	108	  	 	288	  		  		  	116	%	 	146	%	
																	
Oncology	  	 	173	  	 	173	  	 	346	  	 	194	  	 	540	  	 	215	  	 	755	  	 	199	  	 	220	  	 	419	  	 	213	  	 	632	  		  		  	10	%	 	17	%	
Erbitux	  	 	2	  	 	2	  	 	4	  	 	2	  	 	6	  	 	3	  	 	9	  	 	2	  	 	3	  	 	5	  	 	2	  	 	7	  		  		  	—  	 	 	17	%	
Taxol	  	 	107	  	 	91	  	 	198	  	 	101	  	 	299	  	 	109	  	 	408	  	 	94	  	 	98	  	 	192	  	 	92	  	 	284	  		  		  	-9	%	 	-5	%	
Sprycel	  	 	11	  	 	21	  	 	32	  	 	29	  	 	61	  	 	39	  	 	100	  	 	46	  	 	55	  	 	101	  	 	61	  	 	162	  		  		  	110	%	 	166	%	
Ixempra	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	1	  		  		  	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	  	 	103	  	 	125	  	 	228	  	 	121	  	 	349	  	 	138	  	 	487	  	 	139	  	 	162	  	 	301	  	 	158	  	 	459	  		  		  	31	%	 	32	%	
Abilify (b)	  	 	73	  	 	90	  	 	163	  	 	91	  	 	254	  	 	101	  	 	355	  	 	106	  	 	126	  	 	232	  	 	129	  	 	361	  		  		  	42	%	 	42	%	
																	
Immunoscience	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  	 	9	  	 	15	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  		  		  	*	 	 	*	 	
Orencia	  	 	1	  	 	2	  	 	3	  	 	3	  	 	6	  	 	9	  	 	15	  	 	14	  	 	19	  	 	33	  	 	22	  	 	55	  		  		  	*	 	 	*	 	
																	
NUTRITIONALS	  	 	332	  	 	345	  	 	677	  	 	371	  	 	1,048	  	 	395	  	 	1,443	  	 	415	  	 	455	  	 	870	  	 	469	  	 	1,339	  		  		  	26	%	 	28	%	
Enfamil	  	 	83	  	 	90	  	 	173	  	 	86	  	 	259	  	 	101	  	 	360	  	 	107	  	 	112	  	 	219	  	 	117	  	 	336	  		  		  	36	%	 	30	%	

*	In excess of +/- 200%	
**	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.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	

(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
7

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008
(Unaudited, amounts in millions except per share data)

 	  	Q3 2008	 	
 	  	 	 	 	Specified	 	 	Non	 	
 	  	GAAP	 	 	Items*	 	 	GAAP	 	
Net Sales	  	$	5,254	 	 	—  	 	 	$	5,254	 	
Cost of products sold	  	 	1,634	 	 	(53	)	 	 	1,581	 	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,620	 	 	53	 	 	 	3,673	 	
				
Gross margin as a % of sales	  	 	68.9	%	 	1.0	%	 	 	69.9	%	
				
Marketing, selling and administrative	  	 	1,208	 	 	(37	)	 	 	1,171	 	
Advertising and product promotion	  	 	362	 	 	—  	 	 	 	362	 	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,570	 	 	(37	)	 	 	1,533	 	
				
SG&A as a % of sales	  	 	29.9	%	 	(0.7	)%	 	 	29.2	%	
				
Research and development	  	 	834	 	 	(37	)	 	 	797	 	
				
R&D as a % of sales	  	 	15.9	%	 	(0.7	)%	 	 	15.2	%	
				
Provision for restructuring, net	  	 	26	 	 	(26	)	 	 	—  	 	
Litigation expense, net	  	 	30	 	 	(30	)	 	 	—  	 	
Equity in net income of affiliates	  	 	(164	)	 	—  	 	 	 	(164	)	
Other expense / (income), net	  	 	169	 	 	(226	)	 	 	(57	)	

Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	1,155	 	 	409	 	 	$	1,564	 	
				
Provision for income taxes	  	 	308	 	 	87	 	 	 	395	 	
Minority Interest, net of taxes	  	 	259	 	 	—  	 	 	 	259	 	

Net Earnings - Continuing Operations	  	$	588	 	 	322	 	 	$	910	 	
				
Net Earnings - Discontinued Operations	  	 	1,990	 	 			 	 	1,990	 	

Net Earnings	  	$	2,578	 	 	322	 	 	$	2,900	 	

Net Earnings - Continuing Operations	  	$	588	 	 	322	 	 	$	910	 	
Interest expense on conversion of convertible debt bonds, net of tax	  	 	4	 	 			 	 	4	 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	  	$	592	 	 	322	 	 	$	914	 	
				
Average Common Shares Outstanding - Diluted	  	 	2,004	 	 			 	 	2,004	 	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.30	 	 	0.16	 	 	$	0.46	 	
				
Net Earnings - Continuing Operations as a % of sales	  	 	11.2	%	 	6.1	%	 	 	17.3	%	
				
Effective Tax Rate	  	 	26.7	%	 	(1.4	)%	 	 	25.3	%	

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

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008
(Unaudited, amounts in millions except per share data)

 	  	SEPTEMBER YTD 2008	 	
 	  	 	 	 	Specified	 	 	Non	 	
 	  	GAAP	 	 	Items*	 	 	GAAP	 	
Net Sales	  	$	15,348	 	 	—  	 	 	$	15,348	 	
Cost of products sold	  	 	4,874	 	 	(207	)	 	 	4,667	 	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	10,474	 	 	207	 	 	 	10,681	 	
				
Gross margin as a % of sales	  	 	68.2	%	 	1.4	%	 	 	69.6	%	
				
Marketing, selling and administrative	  	 	3,507	 	 	(74	)	 	 	3,433	 	
Advertising and product promotion	  	 	1,101	 	 	—  	 	 	 	1,101	 	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	4,608	 	 	(74	)	 	 	4,534	 	
				
SG&A as a % of sales	  	 	30.0	%	 	(0.5	)%	 	 	29.5	%	
				
Research and development	  	 	2,442	 	 	(88	)	 	 	2,354	 	
				
R&D as a % of sales	  	 	15.9	%	 	(0.6	)%	 	 	15.3	%	
				
Acquired in-process research and development	  	 	32	 	 	(32	)	 	 	—  	 	
Provision for restructuring, net	  	 	67	 	 	(67	)	 	 	—  	 	
Litigation expense, net	  	 	32	 	 	(32	)	 	 	—  	 	
Equity in net income of affiliates	  	 	(478	)	 	—  	 	 	 	(478	)	
Other expense / (income), net	  	 	188	 	 	(256	)	 	 	(68	)	

Earnings from Continuing Operations Before Minority Interest & Taxes	  	$	3,583	 	 	756	 	 	$	4,339	 	
				
Provision for income taxes	  	 	896	 	 	154	 	 	 	1,050	 	
Minority Interest, net of taxes	  	 	730	 	 	—  	 	 	 	730	 	

Net Earnings - Continuing Operations	  	$	1,957	 	 	602	 	 	$	2,559	 	
				
Net Earnings - Discontinued Operations	  	 	2,046	 	 			 	 	2,046	 	

Net Earnings	  	$	4,003	 	 	602	 	 	$	4,605	 	

Net Earnings - Continuing Operations	  	$	1,957	 	 	602	 	 	$	2,559	 	
Interest expense on conversion of convertible debt bonds, net of tax	  	 	16	 	 			 	 	16	 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	  	$	1,973	 	 	602	 	 	$	2,575	 	
				
Average Common Shares Outstanding - Diluted	  	 	2,006	 	 			 	 	2,006	 	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.98	 	 	0.30	 	 	$	1.28	 	
				
Net Earnings - Continuing Operations as a % of sales	  	 	12.8	%	 	3.9	%	 	 	16.7	%	
				
Effective Tax Rate	  	 	25.0	%	 	(0.8	)%	 	 	24.2	%	

*	Please refer to the Specified Items YTD tab for detail of specified items.	
 
9

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
($ in millions)

Three months ended September 30, 2008	  		  		  		  		  		  		  		

 	  	Cost of
products
sold	  	Marketing
selling and
administrative	  	Research and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	  	Other (income)/
expense, net	  	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  			  				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	26	  	$	—  	  	$	—  	  	$	26	 	
Accelerated depreciation and other shutdown costs	  	 	53	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	53	 	
Process standardization implementation costs	  	 	—  	  	 	28	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	28	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	
	  	 	53	  	 	28	  	 	—  	  	 	26	  	 	—  	  	 	—  	  	 	107	 	
								
Litigation Matters:	  			  			  			  			  			  			  				
Litigation settlement	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	30	  	 	—  	  	 	30	 	
								
Other:	  			  			  			  			  			  			  				
Mead Johnson Nutritionals charges	  	 	—  	  	 	9	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	9	 	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	2	  	 	2	 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	37	  	 	—  	  	 	—  	  	 	—  	  	 	37	 	
Auction rate securities impairment	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	224	  	 	224	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	
	  	$	53	  	$	37	  	$	37	  	$	26	  	$	30	  	$	226	  	 	409	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  				
Income taxes on items above	  			  			  			  			  			  			  	 	(87	)	
	  			  			  			  			  			  			  	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	  			  			  			  			  			  			  	$	322	 	

					
Three months ended September 30, 2007	  			  				 				 				
						
 	  	Cost of
products
sold	  	Research and
development	  	Gain on sale of
product assets	 	 	Other (income)/
expense, net	 	 	Total	 	
Litigation Matters:	  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	 	 	$	(11	)	 	$	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	 	 	 	5	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	 	 	 	(6	)	 	 	(6	)	
						
Other:	  			  			  				 				 				
Upfront and milestone payments	  	 	—  	  	 	60	  	 	—  	 	 	 	—  	 	 	 	60	 	
Accelerated depreciation and asset impairment	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	(247	)	 	 	—  	 	 	 	(247	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	17	  	$	60	  	$	(247	)	 	$	(6	)	 	 	(176	)	
	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  				 				 	 	82	 	
	  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	  			  			  				 				 	$	(94	)	

10

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
($ in millions)

Nine months ended September 30, 2008	  			  			  			  				 				 				
								
 	  	Cost of products
sold	  	Marketing
selling and
administrative	  	Research and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	 	 	Other (income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  				 				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	67	  	$	—  	 	 	$	—  	 	 	$	67	 	
Accelerated depreciation and other shutdown costs	  	 	207	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	207	 	
Process standardization implementation costs	  	 	—  	  	 	64	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	64	 	
Gain on sales and leaseback of properties	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(9	)	 	 	(9	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	207	  	 	64	  	 	—  	  	 	67	  	 	—  	 	 	 	(9	)	 	 	329	 	
								
Litigation Matters:	  			  			  			  			  				 				 				
Litigation settlement	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	32	 	 	 	—  	 	 	 	32	 	
								
Other:	  			  			  			  			  				 				 				
Mead Johnson Nutritionals charges	  	 	—  	  	 	10	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	10	 	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	18	 	 	 	18	 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	88	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	88	 	
Acquired in-process research and development	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	32	 	
Auction rate securities impairment	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	247	 	 	 	247	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	207	  	$	74	  	$	120	  	$	67	  	$	32	 	 	$	256	 	 	 	756	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 				 	 	(154	)	
	  			  			  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	  			  			  			  			  				 				 	$	602	 	

Nine months ended September 30, 2007	  			  			  			  				 				 				
								
 	  	Cost of products
sold	  	Research and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	  	Other (income)/
expense, net	 	 	Gain on sale of
product assets	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 				 				
Litigation settlement	  	$	—  	  	$	—  	  	$	—  	  	$	14	  	$	—  	 	 	$	—  	 	 	$	14	 	
Insurance recovery	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(11	)	 	 	—  	 	 	 	(11	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	5	 	 	 	—  	 	 	 	5	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	14	  	 	(6	)	 	 	—  	 	 	 	8	 	
								
Other:	  			  			  			  			  				 				 				
Upfront and milestone payments	  	 	—  	  	 	157	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	157	 	
Accelerated depreciation and asset impairment	  	 	46	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	46	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	44	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	44	 	
Gain on sale of product assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(273	)	 	 	(273	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	46	  	$	157	  	$	44	  	$	14	  	$	(6	)	 	$	(273	)	 	 	(18	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 				 	 	37	 	
Change in estimate for taxes on a prior year specified item	  			  			  			  			  				 				 	 	(39	)	
	  			  			  			  			  				 				 	 	 	 	
(Increase)/Decrease to Net Earnings from Continuing Operations	  			  			  			  			  				 				 	$	(20	)	

11

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

 	  	March 31,
2007	 	 	June 30,
2007	 	 	September 30,
2007	 	 	December 31,
2007	 	 	March 31,
2008	 	 	June 30,
2008	 	 	September 30,
2008	  	December 31,
2008	
Cash, cash equivalents and marketable debt securities	  	$	4,012	 	 	$	4,646	 	 	$	3,582	 	 	$	2,225	 	 	$	2,637	 	 	$	4,402	 	 	$	7,431	  		
Short-term borrowings	  	 	241	 	 	 	256	 	 	 	1,879	 	 	 	1,891	 	 	 	1,781	 	 	 	1,799	 	 	 	135	  		
Long-term debt	  	 	7,132	 	 	 	6,978	 	 	 	4,248	 	 	 	4,381	 	 	 	4,660	 	 	 	6,021	 	 	 	6,120	  		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  		
Net (debt) / cash	  	$	(3,361	)	 	$	(2,588	)	 	$	(2,545	)	 	$	(4,047	)	 	$	(3,804	)	 	$	(3,418	)	 	$	1,176	  		
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  		
Receivables, net of allowances	  	$	3,381	 	 	$	3,632	 	 	$	3,704	 	 	$	4,240	 	 	$	4,541	 	 	$	4,469	 	 	$	4,224	  		
									
Stockholders’ equity	  	 	10,261	 	 	 	10,762	 	 	 	11,153	 	 	 	10,562	 	 	 	10,561	 	 	 	10,779	 	 	 	12,938	  		
									
Capital expenditures and capitalized software (for the quarter ended)	  	 	202	 	 	 	206	 	 	 	185	 	 	 	248	 	 	 	250	 	 	 	210	 	 	 	196	  		
 
12

BRISTOL-MYERS SQUIBB COMPANY
2008 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2008	 	
Projected Diluted Earnings per Common Share - GAAP	  	$	1.61 to $1.66	*	
Projected Specified Items:	  				
Productivity Transformation Initiative	  	 	0.21	 	
Auction rate securities impairment	  	 	0.10	 	
Upfront and milestone payments	  	 	0.03	 	
Acquired in-process research and development	  	 	0.02	 	
Mead Johnson Nutritionals charges	  	 	0.01	 	
Littigation Settlement	  	 	0.01	 	
Product Liability	  	 	0.01	 	
Gain on Sale of Imclone Shares	  	 	(0.29	)*	
Gain on Sale of Assets	  	 	(0.06	)	
	  	 	 	 	
Total	  	 	0.04	 	
		
Projected Diluted Earnings per Common Share - Non-GAAP	  	$	1.65 to $1.70	 	

*	If the Company does not receive cash from tendering its Imclone shares, Projected Diluted Earnings per Common Share - GAAP is expected to be $1.32 to $1.37 per share.	
Gross Margin/Research and Development/Marketing, Selling and Administrative/Tax Rate Projections Excluding Specified Items
Gross margin on a GAAP basis for the nine months ended September 30, 2008 was 68.2%, which included specified items of $207 million and had a 1.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 gross margin was 69.6%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects gross margin for the full year 2008 to increase approximately 100 basis points compared to 2007, and continued improvement in its pharmaceutical margins for 2008 to 2010 driven by rationalization of its manufacturing network. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Research and development expenses on a GAAP basis for the nine months ended September 30, 2008 were $2,474 million, which included specified items of $120 million. On a non-GAAP basis, for the nine months ended September 30, 2008 research and development expenses were $2,354 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects research and development expenses for the full year 2008 to increase in the mid single digit range compared to 2007. The Company projects 2008 to 2010 growth to also be in the mid single digit range. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2008 were $3,507 million, which included specified items of $74 million. On a non-GAAP basis, for the nine months ended September 30, 2008 marketing, selling and administrative expenses were $3,433 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects marketing, selling and administrative expenses, for the full year 2008 to be flat compared to 2007, and remain flat from 2008 to 2010. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The effective tax rate on a GAAP basis for the nine months ended September 30, 2008 was 25.0%, which included specified items of $154 million in the tax provision, and had a .8% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 effective tax rate was 24.2%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects effective tax rate for the full year 2008 to increase to approximately 24%. The Company projects the effective tax rate for 2009 and 2010 to increase from 2008 levels. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The GAAP results for the full year 2008 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative, announced in December 2007 is expected to generate approximately $1.5 billion in cost reductions and avoidance on a pre-tax basis versus the Company’s previous strategic plan for 2010. Costs associated with this Productivity Transformation Initiative are estimated to be between $0.9 billion to $1.1 billion on a pre-tax basis, with approximately $500 million expected to be incurred in 2008. Costs associated with the expansion of the Productivity Transformation Initiative announced in July 2008, which is expected to generate an additional $1.0 billion in cost savings, are not estimable at this point. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2008 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, other restructuring activities, impairments to marketable securities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter of 2008, October 23, 2008, including “2008 Guidance” and “Use of Non-GAAP Financial Information” therein.
On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
 
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