UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K/A

 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
 
Date of Report (Date of earliest event reported): April 28, 2005

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

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

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

Item 2.02. Results of Operations and Financial Condition
 
On April 28, 2005, Bristol-Myers Squibb Company filed a Form 8-K furnishing its press release that announced the company’s financial results for the first quarter of 2005. Also furnished as Exhibit 99.2 was supplemental information posted on the Bristol-Myers Squibb Company’s website at www.bms.com. This supplemental information has been revised to reflect a reduction in pre-tax earnings by $110 million, reflecting litigation reserves for previously disclosed matters recorded after the issuance of the press release. The previously disclosed matters are wholesaler inventory and certain other accounting matters. The revised supplemental information is furnished and incorporated by reference as Exhibit 99.2 to this Form 8-K/A.
 
Item 9.01. Financial Statements and Exhibits
 
(c) Exhibits
 
Exhibit 99.2 – Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com .

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	
			
Date: May 9, 2005	 	 	 	 	
			
 	 	By:	 	/s/ Sandra Leung
	
 	 	Name:	 	Sandra Leung	
 	 	Title:	 	Secretary	

EXHIBIT INDEX

Exhibit No.
	 	Description
	
99.2	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website on www.bms.com.	
  
Exhibit 99.2
 
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2005
($ in millions)

Year-to-Date
	  	2005
	 	 	2004
	 	 	Including
Foreign Exchange
	 	 	Excluding
Foreign Exchange
	 	
	  	Amount
	  	% of Total
	 	 	Amount
	  	% of Total
	 	 			 			
Pharmaceuticals	  	$	3,563	  	78.6	%	 	$	3,691	  	79.8	%	 	-3	%	 	-5	%	
US Pharmaceuticals	  	 	1,767	  	39.0	%	 	 	1,926	  	41.6	%	 	-8	%	 	-8	%	
Primary Care	  	 	1,258	  	27.8	%	 	 	1,381	  	29.9	%	 	-9	%	 	-9	%	
Oncology/Virology	  	 	348	  	7.7	%	 	 	432	  	9.3	%	 	-19	%	 	-19	%	
Neuroscience	  	 	161	  	3.5	%	 	 	113	  	2.4	%	 	42	%	 	42	%	
Latin America/Canada	  	 	258	  	5.7	%	 	 	251	  	5.4	%	 	3	%	 	-1	%	
Europe and Middle East Medicines	  	 	1,201	  	26.5	%	 	 	1,189	  	25.7	%	 	1	%	 	-4	%	
Asia/Pacific Medicines	  	 	284	  	6.3	%	 	 	268	  	5.8	%	 	6	%	 	4	%	
Nutritionals	  	 	526	  	11.6	%	 	 	502	  	10.9	%	 	5	%	 	4	%	
Other Healthcare	  	 	443	  	9.8	%	 	 	433	  	9.3	%	 	2	%	 	—  	 	
ConvaTec	  	 	228	  	5.0	%	 	 	217	  	4.7	%	 	5	%	 	1	%	
Medical Imaging	  	 	145	  	3.2	%	 	 	139	  	3.0	%	 	4	%	 	4	%	
Consumer Medicines	  	 	70	  	1.6	%	 	 	77	  	1.6	%	 	-9	%	 	-10	%	
 	  			  			 			  			 	 	 	 	 	 	
Total Company	  	$	4,532	  	100.0	%	 	$	4,626	  	100.0	%	 	-2	%	 	-4	%	

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2005
(DOLLARS IN MILLIONS)
 
YEAR-TO-DATE

 	  	WW Medicines
	 	 	Nutritionals
	 	 	Convatec
	 	 	Medical Imaging
	 	 	Consumer
Medicines
	 	 	Continuing
Operations
	 	
Price Increases(Decreases)	  	 	-1	%	 	 	3	%	 	 	—  	 	 	 	2	%	 	 	-1	%	 	 	—  	 	
Foreign Exchange	  	 	2	%	 	 	1	%	 	 	4	%	 	 	—  	 	 	 	1	%	 	 	2	%	
Volume	  	 	-4	%	 	 	1	%	 	 	1	%	 	 	2	%	 	 	-9	%	 	 	-4	%	
 	  				 				 				 				 				 				
Total Change	  	 	-3	%	 	 	5	%	 	 	5	%	 	 	4	%	 	 	-9	%	 	 	-2	%	
 	  				 				 				 				 				 				
Total 2005 Period to Date Sales	  	$	3,563	 	 	$	526	 	 	$	228	 	 	$	145	 	 	$	70	 	 	$	4,532	 	
Total 2004 Period to Date Sales	  	$	3,691	 	 	$	502	 	 	$	217	 	 	$	139	 	 	$	77	 	 	$	4,626	 	

BRISTOL-MYERS SQUIBB COMPANY
2005 FIRST QUARTER REVIEW
CONTINUING OPERATIONS
($ in Millions)
 
Corporate Overview

 	  	2005
	 	 	% of Total
	 	 	2004
	 	 	% of Total
	 	 	%Var.
	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pharmaceuticals	  	$	3,563	 	 	78.6	%	 	$	3,691	 	 	79.8	%	 	-3	%	
Nutritionals	  	 	526	 	 	11.6	%	 	 	502	 	 	10.9	%	 	5	%	
Other Healthcare	  	 	443	 	 	9.8	%	 	 	433	 	 	9.3	%	 	2	%	
ConvaTec	  	 	228	 	 	5.0	%	 	 	217	 	 	4.7	%	 	5	%	
Medical Imaging	  	 	145	 	 	3.2	%	 	 	139	 	 	3.0	%	 	4	%	
Consumer Medicines	  	 	70	 	 	1.6	%	 	 	77	 	 	1.6	%	 	-9	%	
 	  				 			 				 			 	 	 	
 	  	 	4,532	 	 	100.0	%	 	 	4,626	 	 	100.0	%	 	-2	%	

 	  	 	 	 	% of Sales
	 	 	 	 	 	% of Sales
	 	 	%Var.
	 	
Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
COGS	  	 	1,367	 	 	30.2	%	 	 	1,357	 	 	29.3	%	 	1	%	
MS&A	  	 	1,183	 	 	26.1	%	 	 	1,226	 	 	26.5	%	 	-4	%	
Adv. & Promo.	  	 	318	 	 	7.0	%	 	 	316	 	 	6.8	%	 	1	%	
R&D	  	 	653	 	 	14.4	%	 	 	583	 	 	12.6	%	 	12	%	
Litigation charges	  	 	124	 	 	2.7	%	 	 	—  	 	 	—  	 	 	—  	 	
Gain on sale of businesses	  	 	—  	 	 	—  	 	 	 	(295	)	 	-6.4	%	 	-100	%	
Provision for restructuring and other items	  	 	3	 	 	0.1	%	 	 	12	 	 	0.3	%	 	-75	%	
Equity in net income of affiliates	  	 	(69	)	 	-1.5	%	 	 	(75	)	 	-1.6	%	 	-8	%	
Other (Inc)/Exp, net	  	 	25	 	 	0.5	%	 	 	38	 	 	0.7	%	 	-34	%	
 	  				 	 	 	 				 	 	 	 	 	 	
 	  	 	3,604	 	 	79.5	%	 	 	3,162	 	 	68.4	%	 	14	%	
 	  				 	 	 	 				 	 	 	 	 	 	
Earnings Before Minority Interest and Income Taxes	  	 	928	 	 	20.5	%	 	 	1,464	 	 	31.6	%	 	-37	%	
Provision for income taxes	  	 	268	 	 	 	 	 	 	396	 	 	 	 	 	 	 	
Minority interest, net of taxes	  	 	122	 	 	 	 	 	 	107	 	 	 	 	 	 	 	
 	  				 	 	 	 				 	 	 	 	 	 	
Earnings from Continuing Operations	  	 	538	 	 	11.9	%	 	 	961	 	 	20.8	%	 	-44	%	
						
Net Earnings from Discontinued Operations	  	 	(5	)	 	 	 	 	 	3	 	 	 	 	 	*	 	
 	  				 	 	 	 				 	 	 	 	 	 	
Net Earnings	  	$	533	 	 	 	 	 	$	964	 	 	 	 	 	-45	%	
 	  				 	 	 	 				 	 	 	 	 	 	
Earnings Per Common Share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing Operations	  	$	0.27	 	 	 	 	 	$	0.50	 	 	 	 	 	-46	%	
Discontinued Operations	  	 	—  	 	 	 	 	 	 	—  	 	 	 	 	 	—  	 	
 	  				 	 	 	 				 	 	 	 	 	 	
Earnings Per Share	  	$	0.27	 	 	 	 	 	$	0.50	 	 	 	 	 	-46	%	
 	  				 	 	 	 				 	 	 	 	 	 	
Diluted	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing Operations	  	$	0.27	 	 	 	 	 	$	0.49	 	 	 	 	 	-45	%	
Discontinued Operations	  	 	—  	 	 	 	 	 	 	—  	 	 	 	 	 	—  	 	
 	  				 	 	 	 				 	 	 	 	 	 	
Earnings Per Share	  	$	0.27	 	 	 	 	 	$	0.49	 	 	 	 	 	-45	%	
 	  				 	 	 	 				 	 	 	 	 	 	
Average Shares - Basic	  	 	1,949	 	 	 	 	 	 	1,939	 	 	 	 	 	 	 	
Average Shares - Diluted	  	 	1,981	 	 	 	 	 	 	1,976	 	 	 	 	 	 	 	

Selected Products
	  	Worldwide
Sales
	  	%Var.
	 	 	Change in U.S. Rx
Demand
YTD 05 vs. YTD 04
	 	
Plavix	  	$	814	  	17	%	 	15	%	
Pravachol	  	 	520	  	-23	%	 	-17	%	
Enfamil	  	 	235	  	13	%	 	N/A	 	
Taxol	  	 	205	  	-16	%	 	N/A	 	
Avapro/Avalide	  	 	196	  	-1	%	 	14	%	
Abilify (total revenue)	  	 	188	  	63	%	 	53	%	
Sustiva	  	 	173	  	24	%	 	4	%	
Reyataz	  	 	149	  	99	%	 	57	%	
Ostomy	  	 	127	  	—  	 	 	N/A	 	
Cardiolite	  	 	102	  	11	%	 	N/A	 	
Wound Therapeutics	  	 	97	  	11	%	 	N/A	 	
Erbitux	  	 	87	  	 	*	 	N/A	 	
Cefzil	  	 	82	  	14	%	 	-6	%	
Monopril	  	 	59	  	-9	%	 	-65	%	
Zerit	  	 	59	  	2	%	 	-31	%	
Videx/Videx EC	  	 	49	  	-31	%	 	-49	%	
Coumadin	  	 	49	  	32	%	 	-13	%	
Paraplatin	  	 	44	  	-81	%	 	N/A	 	
Glucovance	  	 	14	  	-86	%	 	-88	%	
 
Other (Income)/Expense

 	  	2005
	 	 	2004
	 	
Interest Expense	  	$	97	 	 	$	69	 	
Interest Income	  	 	(45	)	 	 	(17	)	
Foreign Exchange	  	 	12	 	 	 	17	 	
Other - net	  	 	(39	)	 	 	(31	)	
 	  				 				
 	  	$	25	 	 	$	38	 	

*	in excess of +/- 200%	

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE SALES BY PRODUCT
FOR THE THREE MONTHS ENDED MARCH 31, 2005
($ in millions)

 	  	WORLDWIDE
	 	 	INTERNATIONAL *
	 	 	DOMESTIC *
	 	
 	  	2005
	  	2004
	  	%growth
	 	 	2005
	  	2004
	  	%growth
	 	 	2005
	  	2004
	 	 	%growth
	 	
Total Company - Continuing Operations	  	$	4,532	  	$	4,626	  	-2	%	 	$	2,222	  	$	2,118	  	5	%	 	$	2,310	  	$	2,508	 	 	-8	%	
										
PHARMACEUTICALS	  	 	3,563	  	 	3,691	  	-3	%	 	 	1,786	  	 	1,725	  	4	%	 	 	1,777	  	 	1,966	 	 	-10	%	
Cardiovascular	  	 	1,712	  	 	1,748	  	-2	%	 	 	632	  	 	674	  	-6	%	 	 	1,080	  	 	1,074	 	 	1	%	
Plavix	  	 	814	  	 	697	  	17	%	 	 	141	  	 	112	  	26	%	 	 	673	  	 	585	 	 	15	%	
Pravachol	  	 	520	  	 	671	  	-23	%	 	 	262	  	 	328	  	-20	%	 	 	258	  	 	343	 	 	-25	%	
Avapro/ Avalide	  	 	196	  	 	197	  	-1	%	 	 	94	  	 	81	  	16	%	 	 	102	  	 	116	 	 	-12	%	
Monopril	  	 	59	  	 	65	  	-9	%	 	 	56	  	 	66	  	-15	%	 	 	3	  	 	(1	)	 	*	**	
Coumadin	  	 	49	  	 	37	  	32	%	 	 	7	  	 	6	  	17	%	 	 	42	  	 	31	 	 	35	%	
Capoten/Captopril	  	 	42	  	 	46	  	-9	%	 	 	42	  	 	46	  	-9	%	 	 	—  	  	 	—  	 	 	—  	 	
										
Oncology	  	 	387	  	 	543	  	-29	%	 	 	272	  	 	303	  	-10	%	 	 	115	  	 	240	 	 	-52	%	
Taxol	  	 	205	  	 	243	  	-16	%	 	 	201	  	 	229	  	-12	%	 	 	4	  	 	14	 	 	-71	%	
Paraplatin	  	 	44	  	 	228	  	-81	%	 	 	29	  	 	30	  	-3	%	 	 	15	  	 	198	 	 	-92	%	
Erbitux	  	 	87	  	 	17	  	*	**	 	 	—  	  	 	—  	  	—  	 	 	 	87	  	 	17	 	 	*	**	
										
Virology	  	 	430	  	 	343	  	25	%	 	 	199	  	 	156	  	28	%	 	 	231	  	 	187	 	 	24	%	
Sustiva	  	 	173	  	 	139	  	24	%	 	 	70	  	 	63	  	11	%	 	 	103	  	 	76	 	 	36	%	
Reyataz	  	 	149	  	 	75	  	99	%	 	 	57	  	 	9	  	*	**	 	 	92	  	 	66	 	 	39	%	
Videx/ Videx EC	  	 	49	  	 	71	  	-31	%	 	 	39	  	 	42	  	-7	%	 	 	10	  	 	29	 	 	-66	%	
Zerit	  	 	59	  	 	58	  	2	%	 	 	33	  	 	42	  	-21	%	 	 	26	  	 	16	 	 	63	%	
										
Infectious Diseases	  	 	306	  	 	306	  	—  	 	 	 	214	  	 	228	  	-6	%	 	 	92	  	 	78	 	 	18	%	
Cefzil	  	 	82	  	 	72	  	14	%	 	 	32	  	 	30	  	7	%	 	 	50	  	 	42	 	 	19	%	
Maxipime	  	 	46	  	 	44	  	5	%	 	 	46	  	 	44	  	5	%	 	 	—  	  	 	—  	 	 	—  	 	
Tequin	  	 	48	  	 	39	  	23	%	 	 	10	  	 	11	  	-9	%	 	 	38	  	 	28	 	 	36	%	
										
Affective (Psychiatric) Disorders	  	 	232	  	 	158	  	47	%	 	 	65	  	 	41	  	59	%	 	 	167	  	 	117	 	 	43	%	
Abilify**	  	 	188	  	 	115	  	63	%	 	 	27	  	 	2	  	*	**	 	 	161	  	 	113	 	 	42	%	
Sinemet	  	 	25	  	 	23	  	9	%	 	 	20	  	 	21	  	-5	%	 	 	5	  	 	2	 	 	150	%	
										
Metabolics	  	 	43	  	 	161	  	-73	%	 	 	4	  	 	6	  	-33	%	 	 	39	  	 	155	 	 	-75	%	
Glucovance	  	 	14	  	 	102	  	-86	%	 	 	—  	  	 	2	  	-100	%	 	 	14	  	 	100	 	 	-86	%	
Glucophage IR	  	 	11	  	 	31	  	-65	%	 	 	4	  	 	4	  	—  	 	 	 	7	  	 	27	 	 	-74	%	
Glucophage XR	  	 	13	  	 	19	  	-32	%	 	 	—  	  	 	—  	  	—  	 	 	 	13	  	 	19	 	 	-32	%	
Metaglip	  	 	5	  	 	9	  	-44	%	 	 	—  	  	 	—  	  	—  	 	 	 	5	  	 	9	 	 	-44	%	
										
NUTRITIONALS	  	 	526	  	 	502	  	5	%	 	 	271	  	 	252	  	8	%	 	 	255	  	 	250	 	 	2	%	
										
Infant Formulas	  	 	376	  	 	339	  	11	%	 	 	130	  	 	121	  	7	%	 	 	246	  	 	218	 	 	13	%	
Enfamil	  	 	235	  	 	208	  	13	%	 	 	73	  	 	66	  	11	%	 	 	162	  	 	142	 	 	14	%	
										
Other Nutritional Products	  	 	 	  	 	 	  	 	 	 	 	 	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	 	
Toddler/Children’s Nutritionals	  	 	126	  	 	114	  	11	%	 	 	126	  	 	114	  	11	%	 	 	—  	  	 	—  	 	 	—  	 	
										
OTHER HEALTHCARE	  	 	443	  	 	433	  	2	%	 	 	201	  	 	188	  	7	%	 	 	242	  	 	245	 	 	-1	%	
										
CONVATEC PRODUCTS	  	 	228	  	 	217	  	5	%	 	 	162	  	 	146	  	11	%	 	 	66	  	 	71	 	 	-7	%	
Ostomy	  	 	127	  	 	127	  	—  	 	 	 	93	  	 	87	  	7	%	 	 	34	  	 	40	 	 	-15	%	
Wound Therapeutics	  	 	97	  	 	87	  	11	%	 	 	67	  	 	57	  	18	%	 	 	30	  	 	30	 	 	—  	 	
										
MEDICAL IMAGING	  	 	145	  	 	139	  	4	%	 	 	21	  	 	19	  	11	%	 	 	124	  	 	120	 	 	3	%	
Cardiolite	  	 	102	  	 	92	  	11	%	 	 	11	  	 	9	  	22	%	 	 	91	  	 	83	 	 	10	%	
										
CONSUMER MEDICINES	  	 	70	  	 	77	  	-9	%	 	 	18	  	 	23	  	-22	%	 	 	52	  	 	54	 	 	-4	%	

*	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 for International and for Domestic do not tie to the Total Company International and Domestic sales shown above.	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In Excess of +/- 200%	

BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES
EXCLUDING SPECIFIED ITEMS

 	  	 	 	 	 	 	 	 	 	 	2005
	 	
 	  	 	 	 	 	 	 	 	 	 	Q1
	 	 	TOTAL YEAR
	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	 	 	 	 	 	 	 	 	 	 	 	$	928	 	 	$	928	 	
						
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	 	 	 	 	 	 	 	 	 	 	 	 	 	(18	)	 	 	(18	)	
Litigation reserves	  	 	 	 	 	 	 	 	 	 	 	 	 	 	124	 	 	 	124	 	
Provision for restructuring / other	  	 	 	 	 	 	 	 	 	 	 	 	 	 	68	 	 	 	68	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 				 				
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	  	 	 	 	 	 	 	 	 	 	 	 	 	$	1,102	 	 	$	1,102	 	

 	  	2004
	 	
 	  	Q1
	 	 	Q2
	 	 	Q3
	 	 	Q4
	 	 	TOTAL YEAR
	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	$	1,464	 	 	$	771	 	 	$	1,144	 	 	$	1,039	 	 	$	4,418	 	
Specified items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of businesses	  	 	(295	)	 	 	(18	)	 	 	(3	)	 	 	(4	)	 	 	(320	)	
In-process research and development	  	 	—  	 	 	 	62	 	 	 	1	 	 	 	—  	 	 	 	63	 	
Provision for restructuring / other	  	 	34	 	 	 	42	 	 	 	115	 	 	 	76	 	 	 	267	 	
Litigation reserves	  	 	—  	 	 	 	455	 	 	 	36	 	 	 	16	 	 	 	507	 	
 	  				 				 				 				 				
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	  	$	1,203	 	 	$	1,312	 	 	$	1,293	 	 	$	1,127	 	 	$	4,935	 	

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

 	  	 	 	 	 	 	 	 	  	2005
	 	
 	  	 	 	 	 	 	 	 	  	Q1
	 	 	TOTAL YEAR
	 	
Diluted Earnings per Common Share from Continuing Operations	  	 	 	 	 	 	 	 	 	 	 	  	$	0.27	 	 	$	0.27	 	
Specified items:	  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	 	 	 	 	 	 	 	 	 	 	  	 	(0.01	)	 	 	(0.01	)	
Litigation reserves	  	 	 	 	 	 	 	 	 	 	 	  	 	0.05	 	 	 	0.05	 	
Provision for restructuring / other	  	 	 	 	 	 	 	 	 	 	 	  	 	0.03	 	 	 	0.03	 	
 	  	 	 	 	 	 	 	 	 	 	 	  				 				
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	 	 	 	 	 	 	 	 	 	 	  	$	0.34	 	 	$	0.34	 	

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
 
Three Months ended March 31, 2005

 	  	Cost of
products
sold
	  	Research
and
development
	  	Provision for
restructuring and
other items, net
	 	 	Litigation charges
	  	Other expense,
net
	 	 	Total
	 	
Other:	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Gain on sale of equity investment	  	$	—  	  	$	—  	  	$	—  	 	 	$	—  	  	$	(18	)	 	$	(18	)	
Private litigation and governmental investigations	  	 	—  	  	 	—  	  	 	—  	 	 	 	124	  	 	—  	 	 	 	124	 	
Loss on sale of fixed assets	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	16	 	 	 	16	 	
Accelerated depreciation	  	 	13	  	 	1	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	14	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	3	 	 	 	—  	  	 	—  	 	 	 	3	 	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	35	 	
 	  			  			  				 			  				 				
 	  	$	13	  	$	36	  	$	3	 	 	$	124	  	$	(2	)	 	 	174	 	
 	  			  			  				 			  				 	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	(42	)	
 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Reduction to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	$	132	 	

Three Months ended March 31, 2004	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
							
 	  	Cost of
products
sold
	  	Research
and
development
	  	Gain on sale of
business
	 	 	Provision for
restructuring and
other items, net
	  	Other expense,
net
	 	 	Total
	 	
Other:	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Gain on sale of Adult Nutritional business	  	$	—  	  	$	—  	  	$	(295	)	 	$	—  	  	$	—  	 	 	$	(295	)	
Milestone payment	  	 	—  	  	 	5	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	5	 	
Accelerated depreciation and asset impairment charges	  	 	12	  	 	—  	  	 	—  	 	 	 	—  	  	 	4	 	 	 	16	 	
Downsizing and streamlining of worldwide operations	  	 	1	  	 	—  	  	 	—  	 	 	 	12	  	 	—  	 	 	 	13	 	
 	  			  			  				 			  				 				
 	  	$	13	  	$	5	  	$	(295	)	 	$	12	  	$	4	 	 	 	(261	)	
 	  			  			  				 			  				 	 	 	 	
Income taxes on items above	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	104	 	
 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Reduction to Net Earnings from Continuing Operations	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	$	(157	)	

BRISTOL-MYERS SQUIBB COMPANY
SELECT ADDITIONAL FINANCIAL INFORMATION

 	  	($ in Millions)
	
 	  	March 31,
2005
	 	 	December 31,
2004
	
Balance Sheet Items	  	 	 	 	 	 	 	
			
Cash, cash equivalents and marketable debt securities	  	$	5,982	 	 	$	7,474	
Receivables, net of allowances	  	 	3,647	 	 	 	4,373	
			
Short-term borrowings	  	 	244	 	 	 	1,883	
Long-term debt	  	 	8,326	 	 	 	8,463	
			
Stockholders’ equity	  	 	10,381	 	 	 	10,202	
			
Other Items	  	 	 	 	 	 	 	
			
For the three months ended March 31, 2005:	  	 	 	 	 	 	 	
			
Quarterly Dividend	  	$	0.28	 	 	 	 	
			
Gross Margin	  	 	69.8	%	 	 	 	
			
Capital Expenditures and Capitalized Software	  	$	181 million	 	 	 	 	

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

 	  	Diluted EPS
Impact
	 	
Anticipated restructuring	  	$	(0.03	)	
Licensing milestones	  	 	(0.01	)	
Debt retirement costs	  	 	(0.02	)	
Litigation Reserves	  	 	(0.05	)	
Insurance recoveries	  	 	0.07	 	
Gain on sales of equity investment	  	 	0.01	 	
 	  				
Total	  	$	(0.03	)	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF KEY U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

 	  	As of
March 31,
2005
	
Plavix	  	0.7	
Pravachol	  	0.8	
Abilify	  	0.6	
Sustiva	  	0.6	
Avapro/Avalide	  	0.7	
Reyataz	  	0.6	
Cefzil	  	0.6	
Coumadin	  	0.9	
Glucophage Franchise	  	1.0	
Paraplatin	  	0.8	

*	The Company determines the above months on hand estimates by dividing the estimated amount of the product in the wholesaler distribution channel by the estimated amount of out-movement of the product over a period of thirty-one days calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers.	
 
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals. The Company determines the amount of out-movement of a product over a period of thirty-one days by using the most recent out-movement of a product as provided by these third parties.