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 26, 2006

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 26, 2006, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2006. 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 26, 2006	
		
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 26, 2006	 	By:	 	/s/ Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Secretary	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of Bristol-Myers Squibb Company dated October 26, 2006	
		
99.2	 	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release	
  
Exhibit 99.1

					
Contact:	  	Media:	  	Investors:	
	  	Tony Plohoros	  	John Elicker	
	  	Communications	  	Investor Relations	
	  	212-546-4379	  	212-546-3775	
	  	tony.plohoros@bms.com	  	john.elicker@bms.com	
			
	  	Jeff Macdonald	  	Blaine Davis	
	  	Communications	  	Investor Relations	
	  	212-546-4824	  	212-546-4631	
	  	jeffrey.macdonald@bms.com	  	blaine.davis@bms.com	
BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE THIRD
QUARTER AND FIRST NINE MONTHS OF 2006
 
 	•	 	Posts Third Quarter 2006 GAAP EPS of $0.17 and Non-GAAP EPS of $0.22	
 
 	•	 	PLAVIX ® Generic Launch Negatively Impacts Third Quarter Results	
 
 	•	 	Sales of Pharmaceutical Growth Drivers* Excluding PLAVIX ® Continue to Demonstrate Robust Sales Growth	
 
 	•	 	Raises 2006 EPS Guidance to $0.97 to $1.02 on GAAP Basis and $1.02 to $1.07 on Non-GAAP Basis	
(NEW YORK, October 26, 2006) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the third quarter and nine months ended September 30, 2006 and raised earnings guidance for the full year.
Bristol-Myers Squibb posted third quarter 2006 net sales from continuing operations of $4.2 billion, compared with $4.8 billion for the same period in 2005. The company reported third quarter 2006 net earnings from continuing operations of $338 million, or $0.17 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $964 million, or $0.49 per diluted share for the same period in 2005, which included a significant one-time gain on the sale of the Consumer Medicines business. On a non-GAAP basis excluding specified items, third quarter 2006 net earnings from continuing operations were $438 million, or $0.22 per diluted share, compared to $602 million, or $0.31 per diluted share for the same period in 2005. The decrease in non-GAAP net earnings

in 2006 as compared to 2005 is mainly due to the impact of an at-risk launch of generic clopidogrel bisulfate, the loss of patent exclusivity on PRAVACHOL ® in major markets and increased investments behind the development of new products.
“After assuming the CEO role on an interim basis several weeks ago, I’ve been focused on our company’s strategy, growth prospects and people. I, along with the rest of our Board, believe that Bristol-Myers Squibb has a sound strategy in place to maximize shareholder value. We have one of the best pipelines in the industry and the right team in place to execute our strategy,” said Jim Cornelius, chief executive officer, Bristol-Myers Squibb. “Clearly, our third quarter overall performance was negatively impacted by generic competition to PLAVIX ® and the loss of exclusivity on PRAVACHOL ® earlier this year. However, our other major products continue to demonstrate robust, double-digit sales growth and the launches of our new products, SPRYCEL ™ , ORENCIA ® and BARACLUDE ® are on track.”
For the nine months ended September 30, 2006, net sales from continuing operations decreased 3%, to $13.7 billion compared to the first nine months of 2005. Net earnings from continuing operations in the first nine months of 2006 on a GAAP basis were $1.7 billion, or $0.88 per diluted share, compared to $2.5 billion, or $1.27 per diluted share for the same period last year. On a non-GAAP basis, excluding specified items, Bristol-Myers Squibb reported net earnings from continuing operations of $1.8 billion, or $0.89 per diluted share for the nine months ended September 30, 2006, compared to $2.2 billion, or $1.12 per diluted share for the same period last year.
PLAVIX ® 
The company has previously disclosed certain developments in the pending PLAVIX ® patent litigation with Apotex Corp. and Apotex Inc. (Apotex) and the announcement on August 8, 2006 by Apotex that it had launched a generic clopidogrel bisulfate product that competes with PLAVIX ® . On August 31, 2006, a federal court granted a preliminary injunction enjoining further sales of Apotex’s generic product.
The at-risk launch of generic clopidogrel bisulfate had a significant adverse effect on sales in the third quarter, which the company estimates to be in the range of $525 million to $600 million. In the
 
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first, second and third quarters of 2006, U.S. net sales for PLAVIX ® were $850 million, $988 million and $474 million, respectively. Estimated total U.S. prescription demand for clopidogrel bisulfate (branded and generic) increased by 14% in the third quarter of 2006 compared to 2005, while estimated total U.S. prescription demand for branded PLAVIX ® decreased by 32% in the same period. As a result of the lower demand for branded PLAVIX ® , the number of months of PLAVIX ® inventory in the U.S. wholesaler distribution channel increased to 1.5 months on hand at September 30, 2006.
The company expects that generic clopidogrel bisulfate that was sold into distribution channels will continue to satisfy a significant majority of prescription demand for the remainder of 2006. In addition, sales of generic clopidogrel bisulfate are expected to have a residual impact on PLAVIX ® sales into 2007 - the amount and duration of which will depend on the amount of generic product that Apotex sold into the distribution channels, and the rate at which such product will continue to satisfy overall prescription demand. The company cannot reliably estimate this impact at this point in time.
For information regarding PLAVIX ® litigation and related matters, please see the section titled “PLAVIX ® LITIGATION” below.
NEW PRODUCT AND PIPELINE DEVELOPMENTS
On September 21, the Committee for Medicinal Products for Human Use of the European Medicines Agency (EMEA) recommended a marketing authorization for SPRYCEL ™ (dasatinib) for the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase chronic myeloid leukemia with resistance or intolerance to prior therapy, including GLEEVEC ® (imatinib mesylate) or Philadelphia chromosome-positive acute lymphoblastic leukemia with resistance or intolerance to prior therapy. The company received approval for SPRYCEL ™ from the U.S. Food and Drug Administration (FDA) in June 2006.
In September, Bristol-Myers Squibb and Gilead Sciences, Inc. submitted ATRIPLA ™ (efavirenz 600 mg / emtricitabine 200 mg / tenofovir disoproxil fumarate 300 mg) for regulatory approval in Canada. In addition, Bristol-Myers Squibb, Gilead Sciences, Inc. and Merck & Co., Inc. submitted a Marketing Authorization Application for ATRIPLA ™ to the EMEA in October. ATRIPLA ™ , the first-ever once-daily single tablet three-drug regimen for human immunodeficiency virus (HIV) intended as a stand-alone therapy or in combination with other antiretrovirals, received approval from the FDA in July 2006.
 
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Bristol-Myers Squibb and Otsuka Pharmaceutical Co., Ltd. received approval from the FDA in September and the EMEA in October for ABILIFY ®  Injection, the first ready-to-use single-dose vial of an atypical antipsychotic to control agitation in adults with schizophrenia and bipolar mania.
On October 20, Bristol-Myers Squibb received FDA approval of a new once-daily 300 mg single capsule formulation of REYATAZ ® for the treatment of HIV-1 infection in adults as part of combination therapy, which can replace two REYATAZ ® 150 mg capsules in appropriate patients. Bristol-Myers Squibb now has one-pill, once-daily HIV medicine options available in three drug classes as part of combination therapy.
The company launched BARACLUDE ® for the treatment of chronic hepatitis B virus infection in several new markets during the third quarter, including Germany, France, the United Kingdom and Japan. BARACLUDE ® is currently approved in more than 50 countries worldwide, including the U.S. and China.
In August, Bristol-Myers Squibb and sanofi-aventis received approval from both the FDA and the EMEA for an additional indication for PLAVIX ® (clopidogrel bisulfate) to reduce the rate of death from any cause and the rate of a combined endpoint of re-infarction, stroke or death in patients with acute ST-segment elevation myocardial infarction (STEMI). An estimated 300,000 Americans suffer STEMI events each year, and survivors are at high risk of suffering another atherothrombotic event. PLAVIX ® has now received indications to reduce the risk of atherothrombotic events across the entire spectrum of acute coronary syndrome (ACS), which affects more than 2.8 million people in the U.S. and Europe. The STEMI indication was based on large-scale clinical trials involving more than 40,000 patients, highlighting the importance of intellectual property protection, which is essential to explore the full potential of medicines.
In October, the company moved its investigational anti-thrombosis compound apixaban into Phase III development. Apixaban is an oral direct factor Xa inhibitor. Apixaban has potential prophylactic and therapeutic value in a broad range of thrombotic conditions, including prevention and treatment of venous thromboembolism (including deep vein thrombosis and pulmonary embolism),
 
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prevention of stroke associated with atrial fibrillation (AF), and prevention of the arterial thromboembolic events associated with ACS. AF is the most common heart beat abnormality (arrhythmia) in the U.S., with more than 2 million people diagnosed and living with this disorder – a number which is expected to double in the next 20 years. An estimated one in four people will be diagnosed with AF during their lifetime and AF is responsible for one out of every six strokes.
THIRD QUARTER RESULTS
 
•	 	Third quarter 2006 net sales from continuing operations decreased 13% to $4.2 billion compared to the same period in 2005. The company estimates the third quarter 2006 sales impact from the at-risk launch of generic clopidogrel bisulfate in August 2006 to be in the range of $525 million to $600 million. U.S. net sales decreased 18% to $2.2 billion for the quarter compared to 2005, driven by the impact of generic clopidogrel bisulfate and the loss of exclusivity of PRAVACHOL ® in the U.S. in April 2006, partially offset by strong performance of the remaining pharmaceutical growth drivers and new products. International net sales decreased 7%, including a 2% favorable foreign exchange impact, to $2.0 billion primarily due to an increase in generic competition.	
 
•	 	Cost of products sold, as a percentage of net sales, increased to 35.3% in the third quarter of 2006 compared with 31.1% in 2005 in the same period. This increase was primarily due to the unfavorable impact of pharmaceutical net sales mix, including the loss of sales of PLAVIX ® due to the at-risk launch of generic clopidogrel bisulfate in August 2006 as well as impairment charges for a manufacturing facility and EMSAM ® related assets. In addition, in the third quarter of 2006, the company reported $24 million of expenses (or 0.6% as a percentage of net sales) in cost of products sold, which were reported in 2005 as marketing, selling and administrative expenses.	
 
•	 	Marketing, selling and administrative expenses decreased by 8% to $1.2 billion in the third quarter of 2006 compared to the same period in 2005, mainly due to the reclassification of certain costs from marketing, selling and administrative expenses to cost of products sold; lower sales force expenses resulting from the previously announced restructuring of the U.S. primary care sales organization that became effective in March 2006; and lower international expenses for PRAVACHOL ® .	
 
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•	 	Advertising and product promotion spending decreased by 18% to $286 million in the third quarter of 2006 from $349 million in the same period in 2005, primarily driven by lower spending on mature brands, timing of PLAVIX ® spending and the divestiture of the U.S. and Canadian Consumer Medicines business in 2005, partially offset by increased investments in the other major products and new products including ORENCIA ® and SPRYCEL ™ .	
 
•	 	Research and development expenses increased by 13% to $756 million in the third quarter of 2006 from $669 million in the same period in 2005, principally reflecting continued investments in late-stage compounds.	
 
•	 	In the third quarter of 2006, the company recorded pre-tax charges of $20 million related to the adoption of a new accounting standard for stock option expensing that became effective on January 1, 2006. The charges were recorded in cost of products sold, marketing, selling and administrative expenses, and research and development expenses.	
INCOME TAXES
The effective income tax rate on earnings from continuing operations before minority interest and income taxes was 31.3% for the three months ended September 30, 2006, compared with 31.2% for the three months ended September 30, 2005.
SPECIFIED ITEMS
In the three months ended September 30, 2006 and 2005, the company recorded specified income and expense items that affected the comparability of the results.
The pre-tax specified items in 2006 included:
 
 	•	 	$74 million in charges related to asset impairment, including a $27 million charge on a milestone payment made earlier in 2006 resulting from lower than expected sales of EMSAM ® , accelerated depreciation, and downsizing and streamlining of worldwide operations	
 
 	•	 	$17 million in upfront and milestone payments	
 
 	•	 	$38 million of income, net, from an adjustment to the commercial litigation reserve and an insurance recovery, partially offset by an increase to the product liability reserve	
 
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In addition, a charge of $39 million was recognized to reflect a change in estimate for taxes on a prior year item.
The pre-tax specified items in 2005 included:
 
 	•	 	$569 million gain on sale of the U.S. and Canadian Consumer Medicines business and related assets	
 
 	•	 	$31 million net charges primarily associated with accelerated depreciation and asset impairment	
 
 	•	 	$26 million income from insurance recoveries related to various litigation matters	
For additional information on specified items, see “Use of Non-GAAP Financial Information” and Appendix 1. Details reconciling these non-GAAP amounts with GAAP amounts including specified items are provided in supplemental materials available on the company’s website.
PHARMACEUTICALS
Worldwide pharmaceutical sales decreased 17%, including a 1% favorable foreign exchange impact, to $3.2 billion in the third quarter of 2006 compared to the same period in 2005. Worldwide sales of the products that the company views as growth drivers* decreased by 8% in the third quarter of 2006 as compared to the same period in 2005. Excluding all PLAVIX ® sales, worldwide sales of the other growth drivers* increased by 26% as compared to the same period in 2005.
U.S. pharmaceutical sales decreased 22% to $1.6 billion in the third quarter of 2006 compared to the same period in 2005, primarily due to the at-risk launch of generic clopidogrel bisulfate in August 2006 and loss of exclusivity of PRAVACHOL ® offset by continued growth of ERBITUX ® , ABILIFY ® , the SUSTIVA ® franchise, REYATAZ ® and AVAPRO ® /AVALIDE ® and sales of new products ORENCIA ® , BARACLUDE ® and SPRYCEL ® . In aggregate, estimated U.S. wholesaler inventory levels of the company’s key pharmaceutical products sold by the U.S. Pharmaceutical business at the end of the third quarter increased to approximately three weeks as compared to slightly over two weeks at the end of the second quarter, primarily due to the lower demand for PLAVIX ® resulting from the impact of the at-risk launch of generic clopidogrel bisulfate.
International pharmaceutical sales decreased 9%, including a 2% favorable foreign exchange impact, to $1.5 billion for the third quarter of 2006 compared to the same period in 2005. The decrease
 
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was mainly due to a decline in PRAVACHOL ® and TAXOL ® resulting from increased generic competition in Europe, partially offset by increased sales of newer products including REYATAZ ® , ABILIFY ® and BARACLUDE ® . The company’s reported international sales do not include copromotion sales reported by its alliance partner, sanofi-aventis, for PLAVIX ® and AVAPRO ® /AVALIDE ® , which continued to show growth in the third quarter of 2006.
Product Sales
 
•	 	Sales of PLAVIX ® , a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, decreased 36%, including a 1% favorable foreign exchange impact, to $630 million in the third quarter of 2006 from $980 million in the same period in 2005. Sales of PLAVIX ® decreased 43% in the U.S. in the third quarter of 2006 to $474 million from $833 million in the same period in 2005. For further information on U.S. PLAVIX ® sales, see discussions under “PLAVIX ® ” above and “PLAVIX ® LITIGATION” below.	
 
•	 	Sales of AVAPRO ® /AVALIDE ® , an angiotensin II receptor blocker for the treatment of hypertension that is also part of the sanofi-aventis alliance, increased 10%, including a 2% favorable foreign exchange impact, to $277 million in the third quarter of 2006 from $251 million in the same period in 2005. U.S. sales increased 8% to $159 million in the third quarter of 2006 from $147 million in the same period in 2005, primarily due to higher average net selling prices and higher demand. Estimated total U.S. prescription demand increased approximately 3% compared to 2005. International sales increased 13%, including a 4% favorable foreign exchange impact, to $118 million compared to $104 million in the same period in 2005.	
 
•	 	Total revenue for ABILIFY ® , an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 20%, including a 1% favorable foreign exchange impact, to $313 million in the third quarter of 2006 from $260 million in the same period in 2005. U.S. sales increased 21% to $260 million in the third quarter 2006 from $214 million in the same period in 2005, primarily due to higher demand. Estimated total U.S. prescription demand increased approximately 18% compared to the same period last year. Total revenue for ABILIFY ® primarily consists of alliance revenue representing the company’s 65% share of net sales in countries where it copromotes with Otsuka Pharmaceutical Co., Ltd.	
 
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•	 	Sales of REYATAZ ® , a protease inhibitor for the treatment of HIV, increased 32%, including a 2% favorable foreign exchange impact, to $233 million in the third quarter of 2006 from $176 million in the same period in 2005, primarily due to increased demand in the U.S., Europe and Latin America. Estimated total U.S. prescription demand increased approximately 15% compared to 2005. International sales increased 46%, including a 4% favorable foreign exchange impact, to $104 million in the third quarter of 2006 from $71 million in the same period in 2005.	
 
•	 	Sales of ERBITUX ® , which is sold by the company almost exclusively in the U.S., increased 64% to $175 million in the third quarter of 2006 from $107 million in the same period in 2005, driven by increased demand for usage in the treatment of both head and neck cancer and colorectal cancer. ERBITUX ® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.	
 
•	 	Sales for ORENCIA ® , BARACLUDE ® and SPRYCEL ™ were $34 million, $22 million and $11 million, respectively, in the third quarter of 2006. These recently launched products continued to perform on plan and have been gaining market share. As noted above, the company recorded an impairment charge on a milestone payment made earlier in 2006 resulting from the lower than expected sales of EMSAM ® , which were $3 million for the third quarter of 2006.	
 
•	 	Total revenue for the SUSTIVA ® franchise, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 18%, including a 2% favorable foreign exchange impact, to $201 million in the third quarter of 2006 from $170 million in the same period in 2005. Estimated total U.S. prescription demand for the SUSTIVA ® franchise increased approximately 12% compared to 2005. Total revenue for the SUSTIVA ® franchise include sales of SUSTIVA ® as well as revenue from bulk efavirenz included in the combination therapy, ATRIPLA TM , which is sold through a joint venture with Gilead Sciences, Inc.	
 
•	 	Sales of PRAVACHOL ® , an HMG Co-A reductase inhibitor, decreased 64%, including a 1% favorable foreign exchange impact, to $192 million in the third quarter of 2006 from $527 million in the same period in 2005, due to market exclusivity expiration in the U.S. in April 2006 resulting in generic competition for most strengths and generic competition in key European markets, including France, in July 2006.	
 
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•	 	Sales of TAXOL ® , an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 22%, including a 1% unfavorable foreign exchange impact, to $137 million in the third quarter of 2006 from $175 million in the same period in 2005, primarily due to increased generic competition in Europe and generic entry in Japan during the third quarter.	
HEALTH CARE GROUP
The combined third quarter 2006 revenues from the Health Care Group increased 1% to $1.0 billion compared to the same period in 2005. Excluding a 5% unfavorable impact from the divestiture of the U.S. and Canadian Consumer Medicines business in the third quarter of 2005, Health Care Group sales increased 6% in the third quarter of 2006.
Nutritionals
Worldwide Nutritional sales increased 6%, including a 1% favorable foreign exchange impact, to $582 million in the third quarter of 2006 from $547 million in the same period in 2005. U.S. Nutritional sales were relatively flat at $267 million in the third quarter of 2006 in part due to temporary supply constraints, which were remedied during the quarter. International Nutritional sales increased 12% to $315 million in the third quarter of 2006, including a 3% favorable foreign exchange impact, primarily due to increased sales of ENFAMIL ® and ENFAGROW ® .
Other Health Care
 
•	 	Worldwide ConvaTec sales increased 6%, including a 2% favorable foreign exchange impact, to $265 million in the third quarter of 2006 from $250 million in the same period in 2005. Sales of wound therapeutic products increased 9%, including a 3% favorable foreign exchange impact, to $113 million in the third quarter of 2006 from $104 million in the same period in 2005, primarily due to continued growth of the AQUACEL ® franchise.	
 
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•	Worldwide Medical Imaging sales increased 2% to $153 million in the third quarter of 2006 from $150 million in the same period in 2005. This increase was primarily due to an increase in TechneLite ® technetium Tc99m Generator sales, resulting from the residual impact following a competitor’s withdrawal from the market and an increase in DEFINITY ® sales during a competitor’s continued withdrawal from the market, partially offset by a decline in CARDIOLITE ® sales.	
2006 GUIDANCE
Bristol-Myers Squibb raises its 2006 full-year earnings guidance for fully diluted earnings per share from continuing operations on a GAAP basis to between $0.97 and $1.02, from no less than $0.95 as previously provided following the at-risk launch of generic clopidogrel bisulfate.
The company also raises its 2006 fully-diluted earnings per share guidance to between $1.02 and $1.07 from no less than $0.95 on a non-GAAP basis, which excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.
The GAAP guidance provided above does not include other specified items that may occur and impact fourth quarter results. These specified items include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and payments for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities.
The company and its subsidiaries are the subject of a number of significant pending lawsuits, claims, proceedings and investigations in addition to the pending PLAVIX ® litigation described below. It is not possible at this time reasonably to assess the final outcome of these investigations or litigations. Management continues to believe, also as previously disclosed, that the aggregate impact, beyond current reserves, of the pending PLAVIX ® patent litigation, these other litigations and investigations and other legal matters affecting the company is reasonably likely to be material to the company’s results of operations and cash flows, and may be material to its financial condition and liquidity. The company’s GAAP and non-GAAP guidance for 2006 described above does not
 
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reflect the potential impact of either the pending PLAVIX ® patent litigation as described below or any other litigation or investigation or other legal matters on the company’s results of operations for the fourth quarter of 2006.
PLAVIX ® LITIGATION
On August 31, 2006, the U.S. District Court for the Southern District of New York (the Court) granted the motion by the company and its product partner, sanofi-aventis, for a preliminary injunction to halt further sales of Apotex’s generic clopidogrel bisulfate product. The Court did not order Apotex to recall products sold or shipped. Apotex has appealed the Court’s preliminary injunction order. A hearing on that appeal is scheduled for October 31, 2006. As previously disclosed, the composition of matter patent for PLAVIX ® , which expires in 2011, is subject to litigation in the U.S. with Apotex. The trial in the underlying patent litigation has been set for January 22, 2007. If Apotex were to prevail in its appeal of the preliminary injunction order or at the trial in the underlying patent litigation, the company would expect to face renewed generic competition for PLAVIX ® promptly thereafter. There are other pending PLAVIX ® patent litigations in the United States and in other less significant markets for the product. The company continues to believe that the PLAVIX ® patents are valid and infringed, and with sanofi-aventis, is vigorously pursuing these cases.
It is not possible at this time reasonably to assess the ultimate outcome of Apotex’s appeal of the preliminary injunction, the underlying patent litigation with Apotex or of the other PLAVIX ® patent litigations, or the timing of any renewed generic competition for PLAVIX ® from Apotex or additional generic competition for PLAVIX ® from other generic pharmaceutical companies. Loss of market exclusivity of PLAVIX ® and/or the development of sustained generic competition would be material to the company’s sales of PLAVIX ® , results of operations and cash flows, and could be material to the company’s financial condition and liquidity. PLAVIX ® is the company’s largest product by net sales, and U.S. net sales for PLAVIX ® in 2005 were $3.2 billion.
 
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As previously disclosed, the Antitrust Division of the United States Department of Justice is conducting a criminal investigation regarding the proposed settlement of the pending PLAVIX ® patent litigation with Apotex. The company is cooperating fully with the investigation. It is not possible at this time reasonably to assess the outcome of the investigation or its impact on the company. It is also not possible at this time reasonably to assess the impact of the investigation, if any, on the company’s compliance with the Deferred Prosecution Agreement (DPA) with the United States Attorney’s Office for the District of New Jersey (USAO). Also as previously disclosed, the USAO initiated an investigation that is being conducted by the Monitor and the USAO into corporate governance issues relating to the company’s negotiations of the proposed settlement with Apotex. This investigation has been expanded to include a review of whether there was any violation of Federal securities laws in connection with the proposed settlement with Apotex under the terms of the previously disclosed Consent Order the company entered into with the U.S. Securities and Exchange Commission in August 2004 (SEC Consent). It is not possible at this time reasonably to assess the outcome of the investigation or its impact on the company.
For additional discussion of legal matters, including the PLAVIX ® patent litigation, the Antitrust Division investigation related to the proposed settlement with Apotex and the terms of the DPA and SEC Consent, see “Item 1. Financial Statements Note 17. Legal Proceedings and Contingencies,” and “Management’s Discussion and Analysis – SEC Consent Order and Deferred Prosecution Agreement” in the company’s Form 10-Q Quarterly Report for the period ending June 30, 2006.
Use of Non-GAAP Financial Information
This press release contains non-GAAP earnings and earnings per share information adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP earnings but excluded for purposes of determining adjusted earnings are: gains or losses from sale of businesses and product lines; from sale or write-down of equity investments and from discontinuations of operations; restructuring items that meet the requirements of SFAS 112 for severance and SFAS 146 for other exit costs; accelerated depreciation charges under SFAS 144 related to restructuring items described above; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; copromotion or alliance charges and payments for in-process research and development which under GAAP are immediately expensed rather than amortized over the life of the agreement; income from upfront and milestone payments that is immediately recognized for out-licensing of products, including deferred income recognized upon termination; costs of early debt retirement; and significant tax events, including the repatriation of special dividends pursuant to the American Jobs Creation Act of 2004. 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,
 
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non-GAAP earnings per share information is an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s operational results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), 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, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing and sales, patent positions and the unpredictability of the ultimate outcome of any litigation matter, including whether the appellate court in the PLAVIX ® litigation with Apotex will, on appeal, rule in the company’s favor and maintain interim relief pending trial, and whether the company will prevail at trial in the underlying patent litigation, as well as any risks associated with the criminal investigation conducted by the Department of Justice in connection with the proposed settlement with Apotex, and the launch of a generic clopidogrel bisulfate product by Apotex, including the amount of generic product distributed and the rate at which it will be utilized by prescription demand, and the time-period in which it will impact the company’s results. These factors also include the ability to realize projected cost savings and the expiration of patents on certain other products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including current reports on Form 8-K, quarterly reports on Form 10-Q and the annual report on Form 10-K, furnished to and filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
 
14

Company and Conference Call Information
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
There will be a conference call on October 26, 2006 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 webcast of the call at www.bms.com/ir or by dialing 913-981-4901. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Tony Plohoros, 212-546-4379, or Jeff Macdonald, 212-546-4824, Communications, or John Elicker, 212-546-3775, or Blaine Davis, 212-546-4631, Investor Relations.
# # #
ABILIFY ® is a trademark of Otsuka Pharmaceutical Company, Ltd.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone Systems Incorporated
EMSAM ® is a trademark of Somerset Pharmaceuticals, Inc.
GLEEVEC ® is a trademark of Novartis, Inc.
TRUVADA ® is a trademark of Gilead Sciences, Inc.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

*	Growth drivers include PLAVIX ® , AVAPRO ® /AVALIDE ® , ABILIFY ® , REYATAZ ® and ERBITUX ® 	
 
15

BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(Unaudited, dollars in millions)

 	  	Three Months
Ended September 30,	  	Nine Months
Ended September 30,	
 	  	2006	  	2005	  	2006	  	2005	
Pharmaceuticals	  	$	3,154	  	$	3,778	  	$	10,713	  	$	11,242	
					
Nutritionals	  	 	582	  	 	547	  	 	1,729	  	 	1,621	
Other Health Care	  	 	418	  	 	442	  	 	1,259	  	 	1,325	
	  	 	 	  	 	 	  	 	 	  	 	 	
Health Care Group	  	 	1,000	  	 	989	  	 	2,988	  	 	2,946	
	  	 	 	  	 	 	  	 	 	  	 	 	
Net Sales	  	$	4,154	  	$	4,767	  	$	13,701	  	$	14,188	

16

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(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, 2006 compared to the three and nine months ended September 30, 2005. In addition, the table includes, where applicable, the estimated total (both retail and mail-order customers) prescription growth, for the comparative periods presented, for certain of the company’s U.S. primary care pharmaceutical prescription products. The estimated prescription growth amounts are based on third-party data. A significant portion of the company’s domestic pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2006	  	2005	  	%
Change	 	 	2006	  	2005	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2005	 	
Three Months Ended September 30,	  			  			  			 			  			  			 			
								
Pharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	630	  	$	980	  	(36	)%	 	$	474	  	$	833	  	(43	)%	 	(32	)%	
Pravachol	  	 	192	  	 	527	  	(64	)%	 	 	73	  	 	297	  	(75	)%	 	(82	)%	
Avapro/Avalide	  	 	277	  	 	251	  	10	%	 	 	159	  	 	147	  	8	%	 	3	%	
Coumadin	  	 	53	  	 	57	  	(7	)%	 	 	45	  	 	49	  	(8	)%	 	(19	)%	
Monopril	  	 	34	  	 	49	  	(31	)%	 	 	—  	  	 	1	  	(100	)%	 	(54	)%	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	233	  	 	176	  	32	%	 	 	129	  	 	105	  	23	%	 	15	%	
Sustiva franchise (total revenue)	  	 	201	  	 	170	  	18	%	 	 	128	  	 	101	  	27	%	 	12	%	
Zerit	  	 	38	  	 	51	  	(25	)%	 	 	19	  	 	24	  	(21	)%	 	(30	)%	
Baraclude	  	 	22	  	 	2	  	*	*	 	 	14	  	 	2	  	*	*	 	*	*	
Other Infectious Diseases	  			  			  			 			  			  			 			
Cefzil	  	 	18	  	 	48	  	(63	)%	 	 	1	  	 	27	  	(96	)%	 	(96	)%	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	175	  	 	107	  	64	%	 	 	173	  	 	106	  	63	%	 	N/A	 	
Taxol	  	 	137	  	 	175	  	(22	)%	 	 	2	  	 	4	  	(50	)%	 	N/A	 	
Sprycel	  	 	11	  	 	—  	  	—  	 	 	 	11	  	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 			  			  			 			
Abilify (total revenue)	  	 	313	  	 	260	  	20	%	 	 	260	  	 	214	  	21	%	 	18	%	
EMSAM	  	 	3	  	 	—  	  	—  	 	 	 	3	  	 	—  	  	—  	 	 	N/A	 	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	34	  	 	—  	  	—  	 	 	 	34	  	 	—  	  	—  	 	 	N/A	 	
Other Pharmaceuticals	  			  			  			 			  			  			 			
Efferalgan	  	 	62	  	 	66	  	(6	)%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 			  			  			 			
Enfamil	  	 	246	  	 	230	  	7	%	 	 	169	  	 	168	  	1	%	 	N/A	 	
Enfagrow	  	 	69	  	 	54	  	28	%	 	 	—  	  	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 			  			  			 			
Ostomy	  	 	139	  	 	139	  	—  	 	 	 	39	  	 	43	  	(9	)%	 	N/A	 	
Wound Therapeutics	  	 	113	  	 	104	  	9	%	 	 	36	  	 	34	  	6	%	 	N/A	 	
Cardiolite	  	 	97	  	 	106	  	(8	)%	 	 	86	  	 	95	  	(9	)%	 	N/A	 	
 
17

																							
 	  	Worldwide Net Sales	 	 	U.S. Net Sales	 	 	 	 	
 	  	2006	  	2005	  	%
Change	 	 	2006	 	 	2005	  	%
Change	 	 	% Change in U.S. Total
Prescriptions vs. 2005	 	
Nine Months Ended September 30,	  			  			  			 				 			  			 			
								
Pharmaceuticals	  			  			  			 				 			  			 			
Cardiovascular	  			  			  			 				 			  			 			
Plavix	  	$	2,761	  	$	2,762	  	—  	 	 	$	2,312	 	 	$	2,329	  	(1	)%	 	(2	)%	
Pravachol	  	 	1,051	  	 	1,672	  	(37	)%	 	 	503	 	 	 	908	  	(45	)%	 	(51	)%	
Avapro/Avalide	  	 	790	  	 	705	  	12	%	 	 	465	 	 	 	406	  	15	%	 	4	%	
Coumadin	  	 	163	  	 	156	  	4	%	 	 	138	 	 	 	133	  	4	%	 	(22	)%	
Monopril	  	 	131	  	 	162	  	(19	)%	 	 	3	 	 	 	6	  	(50	)%	 	(54	)%	
Virology	  			  			  			 				 			  			 			
Reyataz	  	 	676	  	 	508	  	33	%	 	 	370	 	 	 	295	  	25	%	 	17	%	
Sustiva franchise (total revenue)	  	 	569	  	 	510	  	12	%	 	 	351	 	 	 	301	  	17	%	 	8	%	
Zerit	  	 	119	  	 	169	  	(30	)%	 	 	56	 	 	 	76	  	(26	)%	 	(31	)%	
Baraclude	  	 	47	  	 	7	  	*	*	 	 	32	 	 	 	7	  	*	*	 	*	*	
Other Infectious Diseases	  			  			  			 				 			  			 			
Cefzil	  	 	64	  	 	184	  	(65	)%	 	 	(5	)	 	 	107	  	(105	)%	 	(90	)%	
Oncology	  			  			  			 				 			  			 			
Erbitux	  	 	485	  	 	292	  	66	%	 	 	481	 	 	 	290	  	66	%	 	N/A	 	
Taxol	  	 	433	  	 	566	  	(23	)%	 	 	10	 	 	 	12	  	(17	)%	 	N/A	 	
Sprycel	  	 	11	  	 	—  	  	—  	 	 	 	11	 	 	 	—  	  	—  	 	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 				 			  			 			
Abilify (total revenue)	  	 	920	  	 	688	  	34	%	 	 	758	 	 	 	575	  	32	%	 	22	%	
EMSAM	  	 	15	  	 	—  	  	—  	 	 	 	15	 	 	 	—  	  	—  	 	 	N/A	 	
Immunoscience	  			  			  			 				 			  			 			
Orencia	  	 	57	  	 	—  	  	—  	 	 	 	57	 	 	 	—  	  	—  	 	 	N/A	 	
Other Pharmaceuticals	  			  			  			 				 			  			 			
Efferalgan	  	 	192	  	 	209	  	(8	)%	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Nutritionals	  			  			  			 				 			  			 			
Enfamil	  	 	736	  	 	715	  	3	%	 	 	498	 	 	 	501	  	(1	)%	 	N/A	 	
Enfagrow	  	 	195	  	 	153	  	27	%	 	 	—  	 	 	 	—  	  	—  	 	 	N/A	 	
Other Health Care	  			  			  			 				 			  			 			
Ostomy	  	 	403	  	 	405	  	—  	 	 	 	114	 	 	 	115	  	(1	)%	 	N/A	 	
Wound Therapeutics	  	 	318	  	 	304	  	5	%	 	 	100	 	 	 	93	  	8	%	 	N/A	 	
Cardiolite	  	 	305	  	 	316	  	(3	)%	 	 	268	 	 	 	282	  	(5	)%	 	N/A	 	

**	Change is in excess of 200%	
 
18

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NIINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(Unaudited, amounts in millions except per share data)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2006	 	 	2005	 	 	2006	 	 	2005	 	
Net Sales	  	$	4,154	 	 	$	4,767	 	 	$	13,701	 	 	$	14,188	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,465	 	 	 	1,483	 	 	 	4,509	 	 	 	4,333	 	
Marketing, selling and administrative	  	 	1,189	 	 	 	1,286	 	 	 	3,608	 	 	 	3,737	 	
Advertising and product promotion	  	 	286	 	 	 	349	 	 	 	933	 	 	 	1,032	 	
Research and development	  	 	756	 	 	 	669	 	 	 	2,246	 	 	 	1,971	 	
Provision for restructuring, net	  	 	2	 	 	 	(5	)	 	 	6	 	 	 	—  	 	
Litigation (income)/charges, net	  	 	(9	)	 	 	(26	)	 	 	(44	)	 	 	72	 	
Gain on sale of businesses	  	 	—  	 	 	 	(569	)	 	 	(200	)	 	 	(569	)	
Equity in net income of affiliates	  	 	(118	)	 	 	(84	)	 	 	(336	)	 	 	(240	)	
Other (income)/expense, net (a)	  	 	(34	)	 	 	38	 	 	 	59	 	 	 	168	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	3,537	 	 	 	3,141	 	 	 	10,781	 	 	 	10,504	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Income Taxes	  	 	617	 	 	 	1,626	 	 	 	2,920	 	 	 	3,684	 	
Provision for income taxes	  	 	193	 	 	 	507	 	 	 	777	 	 	 	754	 	
Minority interest, net of taxes	  	 	86	 	 	 	155	 	 	 	424	 	 	 	437	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	  	 	338	 	 	 	964	 	 	 	1,719	 	 	 	2,493	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(5	)	
Gain on Disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	$	338	 	 	$	964	 	 	$	1,719	 	 	$	2,501	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per Common Share:	  				 				 				 				
					
Basic:	  				 				 				 				
Earnings from Continuing Operations	  	$	0.17	 	 	$	0.49	 	 	$	0.88	 	 	$	1.28	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Gain on Disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings per Common Share	  	$	0.17	 	 	$	0.49	 	 	$	0.88	 	 	$	1.28	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted:	  				 				 				 				
Earnings from Continuing Operations	  	$	0.17	 	 	$	0.49	 	 	$	0.88	 	 	$	1.27	 	
Discontinued Operations	  				 				 				 				
Loss, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Gain on Disposal, net of taxes	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings per Common Share	  	$	0.17	 	 	$	0.49	 	 	$	0.88	 	 	$	1.27	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,961	 	 	 	1,953	 	 	 	1,959	 	 	 	1,951	 	
Diluted	  	 	1,992	 	 	 	1,984	 	 	 	1,991	 	 	 	1,983	 	
___________	  				 				 				 				
 
(a)    Other (income)/expense, net	  				 				 				 				
Interest expense	  	$	130	 	 	$	79	 	 	$	370	 	 	$	249	 	
Interest income	  	 	(74	)	 	 	(28	)	 	 	(201	)	 	 	(96	)	
Foreign exchange transaction (gains)/losses	  	 	(11	)	 	 	—  	 	 	 	—  	 	 	 	47	 	
Other income, net	  	 	(79	)	 	 	(13	)	 	 	(110	)	 	 	(32	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	(34	)	 	$	38	 	 	$	59	 	 	$	168	 	

19

APPENDIX 1
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(Unaudited, dollars in millions)
Three months ended September 30, 2006

 	  	Cost of
products
sold	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
income	 	 	Other
(income)/
expense,
net	 	 	Total	 	
Litigation Matters:	  			  			  			  				 				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	(9	)	 	$	—  	 	 	$	(9	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  				 	 	11	 	 	 	11	 	
Commercial litigation	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	(40	)	 	 	(40	)	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  			  			  			  	 	(9	)	 	 	(29	)	 	 	(38	)	
Other:	  			  			  			  				 				 				
Accelerated depreciation and asset impairment	  	 	72	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	72	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	2	  				 	 	—  	 	 	 	2	 	
Upfront and milestone payments	  	 	—  	  	 	17	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	17	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
	  	$	72	  	$	17	  	$	2	  	$	(9	)	 	$	(29	)	 	 	53	 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  			  			  				 				 	 	(5	)	
Minority interest, net of taxes	  			  			  			  				 				 	 	13	 	
Change in estimate for taxes on prior year items	  			  			  			  				 				 	 	39	 	
	  			  			  			  				 				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  				 				 	$	100	 	
	  			  			  			  				 				 	 	 	 	
Three months ended September 30, 2005

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

20

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER, 2006 AND 2005
(Unaudited, dollars in millions)
Nine months ended September 30, 2006

 	  	Cost of
products
sold	  	Research
and
development	  	Marketing,
selling and
admin.	  	Provision for
restructuring,
net	  	Litigation
income	 	 	Other
(income)/
expense,
net	  	Gain
on sale
of
product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 			  				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	—  	  	$	(30	)	 	$	—  	  	$	—  	 	 	$	(30	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	  	 	—  	 	 	 	11	 	
Commercial litigations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	—  	  	 	—  	 	 	 	(14	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(44	)	 	 	11	  	 	—  	 	 	 	(33	)	
Other:	  			  			  			  			  				 			  				 				
Accelerated depreciation, asset impairment and contract termination	  	 	138	  	 	1	  	 	4	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	143	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	6	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	6	 	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	35	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	138	  	$	36	  	$	4	  	$	6	  	$	(44	)	 	$	11	  	$	(200	)	 	 	(49	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 			  				 	 	47	 	
Change in estimate for taxes on prior year items	  			  			  			  			  				 			  				 	 	39	 	
	  			  			  			  			  				 			  				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  			  				 			  				 	$	37	 	
	  			  			  			  			  				 			  				 	 	 	 	
Nine months ended September 30, 2005

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

21
  
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
QUARTERLY SALES TREND ANALYSIS
($ in millions)

   	 	2005	 	 	2006	 	% 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	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
																	
Pharmaceuticals	 	$	3,578	 	 	$	3,886	 	 	$	7,464	 	 	$	3,778	 	 	$	11,242	 	 	$	4,012	 	 	$	15,254	 	 	$	3,700	 	 	$	3,859	 	 	$	7,559	 	 	$	3,154	 	 	$	10,713	 	 		 		 	-17	%	 	-5	%	
																	
US Pharmaceuticals	 	 	1,767	 	 	 	2,084	 	 	 	3,851	 	 	 	2,069	 	 	 	5,920	 	 	 	2,220	 	 	 	8,140	 	 	 	2,064	 	 	 	2,197	 	 	 	4,261	 	 	 	1,609	 	 	 	5,870	 	 		 		 	-22	%	 	-1	%	
Primary Care	 	 	1,258	 	 	 	1,539	 	 	 	2,797	 	 	 	1,486	 	 	 	4,283	 	 	 	1,653	 	 	 	5,936	 	 	 	1,409	 	 	 	1,441	 	 	 	2,850	 	 	 	819	 	 	 	3,669	 	 		 		 	-45	%	 	-14	%	
Oncology/Virology	 	 	348	 	 	 	345	 	 	 	693	 	 	 	370	 	 	 	1,063	 	 	 	391	 	 	 	1,454	 	 	 	419	 	 	 	458	 	 	 	877	 	 	 	494	 	 	 	1,371	 	 		 		 	34	%	 	29	%	
Neuroscience	 	 	161	 	 	 	200	 	 	 	361	 	 	 	213	 	 	 	574	 	 	 	176	 	 	 	750	 	 	 	231	 	 	 	280	 	 	 	511	 	 	 	262	 	 	 	773	 	 		 		 	23	%	 	35	%	
Immunoscience	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	5	 	 	 	18	 	 	 	23	 	 	 	34	 	 	 	57	 	 		 		 	—  	 	 	—  	 	
																	
Latin America/Canada	 	 	258	 	 	 	306	 	 	 	564	 	 	 	285	 	 	 	849	 	 	 	325	 	 	 	1,174	 	 	 	288	 	 	 	303	 	 	 	591	 	 	 	300	 	 	 	891	 	 		 		 	5	%	 	5	%	
																	
Europe and Middle East Medicines	 	 	1,201	 	 	 	1,112	 	 	 	2,313	 	 	 	1,030	 	 	 	3,343	 	 	 	1,053	 	 	 	4,396	 	 	 	1,024	 	 	 	1,000	 	 	 	2,024	 	 	 	886	 	 	 	2,910	 	 		 		 	-14	%	 	-13	%	
																	
Asia/Pacific Medicines	 	 	299	 	 	 	329	 	 	 	628	 	 	 	342	 	 	 	970	 	 	 	354	 	 	 	1,324	 	 	 	279	 	 	 	320	 	 	 	599	 	 	 	318	 	 	 	917	 	 		 		 	-7	%	 	-5	%	
																	
Nutritionals	 	 	526	 	 	 	548	 	 	 	1,074	 	 	 	547	 	 	 	1,621	 	 	 	584	 	 	 	2,205	 	 	 	565	 	 	 	582	 	 	 	1,147	 	 	 	582	 	 	 	1,729	 	 		 		 	6	%	 	7	%	
																	
Other Health Care	 	 	428	 	 	 	455	 	 	 	883	 	 	 	442	 	 	 	1,325	 	 	 	423	 	 	 	1,748	 	 	 	411	 	 	 	430	 	 	 	841	 	 	 	418	 	 	 	1,259	 	 		 		 	-5	%	 	-5	%	
																	
ConvaTec	 	 	228	 	 	 	247	 	 	 	475	 	 	 	250	 	 	 	725	 	 	 	267	 	 	 	992	 	 	 	230	 	 	 	262	 	 	 	492	 	 	 	265	 	 	 	757	 	 		 		 	6	%	 	4	%	
																	
Medical Imaging	 	 	145	 	 	 	151	 	 	 	296	 	 	 	150	 	 	 	446	 	 	 	156	 	 	 	602	 	 	 	181	 	 	 	168	 	 	 	349	 	 	 	153	 	 	 	502	 	 		 		 	2	%	 	13	%	
																	
Consumer Medicines	 	 	55	 	 	 	57	 	 	 	112	 	 	 	42	 	 	 	154	 	 	 	—  	 	 	 	154	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 		 	-100	%	 	-100	%	
																	
Total Company	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	$	5,019	 	 	$	19,207	 	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 		 		 	-13	%	 	-3	%	
				
 	 	2005	 	 	2006	 	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	 	
% of Total Sales	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
																	
Pharmaceuticals	 	 	79.0	%	 	 	79.5	%	 	 	79.2	%	 	 	79.3	%	 	 	79.2	%	 	 	79.9	%	 	 	79.4	%	 	 	79.1	%	 	 	79.2	%	 	 	79.2	%	 	 	75.9	%	 	 	78.2	%	 		 		 	(340	)	 	(100	)	
																	
US Pharmaceuticals	 	 	39.0	%	 	 	42.6	%	 	 	40.9	%	 	 	43.4	%	 	 	41.7	%	 	 	44.2	%	 	 	42.4	%	 	 	44.1	%	 	 	45.1	%	 	 	44.6	%	 	 	38.7	%	 	 	42.8	%	 		 		 	(470	)	 	110	 	
Primary Care	 	 	27.8	%	 	 	31.4	%	 	 	29.7	%	 	 	31.2	%	 	 	30.2	%	 	 	32.9	%	 	 	30.9	%	 	 	30.1	%	 	 	29.6	%	 	 	29.9	%	 	 	19.7	%	 	 	26.8	%	 		 		 	(1150	)	 	(340	)	
Oncology/Virology	 	 	7.7	%	 	 	7.1	%	 	 	7.4	%	 	 	7.8	%	 	 	7.5	%	 	 	7.8	%	 	 	7.6	%	 	 	9.0	%	 	 	9.4	%	 	 	9.2	%	 	 	11.9	%	 	 	10.0	%	 		 		 	410	 	 	250	 	
Neuroscience	 	 	3.5	%	 	 	4.1	%	 	 	3.8	%	 	 	4.4	%	 	 	4.0	%	 	 	3.5	%	 	 	3.9	%	 	 	4.9	%	 	 	5.7	%	 	 	5.3	%	 	 	6.3	%	 	 	5.6	%	 		 		 	190	 	 	160	 	
Immunoscience	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.1	%	 	 	0.4	%	 	 	0.2	%	 	 	0.8	%	 	 	0.4	%	 		 		 	80	 	 	40	 	
																	
Latin America/Canada	 	 	5.7	%	 	 	6.3	%	 	 	6.0	%	 	 	6.0	%	 	 	6.0	%	 	 	6.5	%	 	 	6.1	%	 	 	6.2	%	 	 	6.2	%	 	 	6.2	%	 	 	7.2	%	 	 	6.5	%	 		 		 	120	 	 	50	 	
																	
Europe and Middle East Medicines	 	 	26.5	%	 	 	22.7	%	 	 	24.6	%	 	 	21.6	%	 	 	23.6	%	 	 	21.0	%	 	 	22.9	%	 	 	21.9	%	 	 	20.5	%	 	 	21.2	%	 	 	21.3	%	 	 	21.2	%	 		 		 	(30	)	 	(240	)	
																	
Asia/Pacific Medicines	 	 	6.6	%	 	 	6.7	%	 	 	6.7	%	 	 	7.2	%	 	 	6.8	%	 	 	7.1	%	 	 	6.9	%	 	 	6.0	%	 	 	6.6	%	 	 	6.3	%	 	 	7.7	%	 	 	6.7	%	 		 		 	50	 	 	(10	)	
																	
Nutritionals	 	 	11.6	%	 	 	11.2	%	 	 	11.4	%	 	 	11.5	%	 	 	11.4	%	 	 	11.7	%	 	 	11.5	%	 	 	12.1	%	 	 	12.0	%	 	 	12.0	%	 	 	14.0	%	 	 	12.6	%	 		 		 	250	 	 	120	 	
																	
Other Health Care	 	 	9.4	%	 	 	9.3	%	 	 	9.4	%	 	 	9.2	%	 	 	9.4	%	 	 	8.4	%	 	 	9.1	%	 	 	8.8	%	 	 	8.8	%	 	 	8.8	%	 	 	10.1	%	 	 	9.2	%	 		 		 	90	 	 	(20	)	
																	
ConvaTec	 	 	5.0	%	 	 	5.0	%	 	 	5.1	%	 	 	5.2	%	 	 	5.1	%	 	 	5.3	%	 	 	5.2	%	 	 	4.9	%	 	 	5.4	%	 	 	5.2	%	 	 	6.4	%	 	 	5.5	%	 		 		 	120	 	 	40	 	
																	
Medical Imaging	 	 	3.2	%	 	 	3.1	%	 	 	3.1	%	 	 	3.1	%	 	 	3.2	%	 	 	3.1	%	 	 	3.1	%	 	 	3.9	%	 	 	3.4	%	 	 	3.6	%	 	 	3.7	%	 	 	3.7	%	 		 		 	60	 	 	50	 	
																	
Consumer Medicines	 	 	1.2	%	 	 	1.2	%	 	 	1.2	%	 	 	0.9	%	 	 	1.1	%	 	 	—  	 	 	 	0.8	%	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 		 		 	(90	)	 	(110	)	
																	
Total Company	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 	 	100.0	%	 		 		 			 			

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2006
($ in millions)

QUARTER-TO-DATE	  				 				 				 				 				 				
							
 	  	Pharmaceuticals
Group	 	 	Nutritionals	 	 	Convatec	 	 	Medical
Imaging	 	 	Consumer
Medicines	 	 	Continuing
Operations	 	
Price Increases/(Decreases)	  	 	1	%	 	 	4	%	 	 	1	%	 	 	-10	%	 	 	—  	 	 	 	1	%	
Foreign Exchange	  	 	1	%	 	 	1	%	 	 	2	%	 	 	—  	 	 	 	—  	 	 	 	1	%	
Volume	  	 	-19	%	 	 	1	%	 	 	3	%	 	 	12	%	 	 	-100	%	 	 	-15	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	-17	%	 	 	6	%	 	 	6	%	 	 	2	%	 	 	-100	%	 	 	-13	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2006 Period to Date Sales	  	$	3,154	 	 	$	582	 	 	$	265	 	 	$	153	 	 	$	—  	 	 	$	4,154	 	
Total 2005 Period to Date Sales	  	$	3,778	 	 	$	547	 	 	$	250	 	 	$	150	 	 	$	42	 	 	$	4,767	 	
							
YEAR-TO-DATE	  				 				 				 				 				 				
							
 	  	Pharmaceuticals
Group	 	 	Nutritionals	 	 	Convatec	 	 	Medical
Imaging	 	 	Consumer
Medicines	 	 	Continuing
Operations	 	
Price Increases/(Decreases)	  	 	3	%	 	 	4	%	 	 	—  	 	 	 	-2	%	 	 	—  	 	 	 	3	%	
Foreign Exchange	  	 	-1	%	 	 	1	%	 	 	-1	%	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Volume	  	 	-7	%	 	 	2	%	 	 	5	%	 	 	15	%	 	 	-100	%	 	 	-6	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	-5	%	 	 	7	%	 	 	4	%	 	 	13	%	 	 	-100	%	 	 	-3	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2006 Period to Date Sales	  	$	10,713	 	 	$	1,729	 	 	$	757	 	 	$	502	 	 	$	—  	 	 	$	13,701	 	
Total 2005 Period to Date Sales	  	$	11,242	 	 	$	1,621	 	 	$	725	 	 	$	446	 	 	$	154	 	 	$	14,188	 	

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

 	 	2005	 	 	2006	 	% 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	 	$	4,532	 	 	$	4,889	 	 	$	9,421	 	 	$	4,767	 	 	$	14,188	 	 	$	5,019	 	 	$	19,207	 	 	$	4,676	 	 	$	4,871	 	 	$	9,547	 	 	$	4,154	 	 	$	13,701	 	 		 		 	-13	%	 	-3	%	
Cost of products sold	 	 	1,367	 	 	 	1,483	 	 	 	2,850	 	 	 	1,483	 	 	 	4,333	 	 	 	1,595	 	 	 	5,928	 	 	 	1,476	 	 	 	1,568	 	 	 	3,044	 	 	 	1,465	 	 	 	4,509	 	 		 		 	-1	%	 	4	%	
Marketing, selling and administrative	 	 	1,183	 	 	 	1,268	 	 	 	2,451	 	 	 	1,286	 	 	 	3,737	 	 	 	1,369	 	 	 	5,106	 	 	 	1,238	 	 	 	1,181	 	 	 	2,419	 	 	 	1,189	 	 	 	3,608	 	 		 		 	-8	%	 	-3	%	
Advertising and product promotion	 	 	318	 	 	 	365	 	 	 	683	 	 	 	349	 	 	 	1,032	 	 	 	444	 	 	 	1,476	 	 	 	295	 	 	 	352	 	 	 	647	 	 	 	286	 	 	 	933	 	 		 		 	-18	%	 	-10	%	
Research and development	 	 	653	 	 	 	649	 	 	 	1,302	 	 	 	669	 	 	 	1,971	 	 	 	775	 	 	 	2,746	 	 	 	750	 	 	 	740	 	 	 	1,490	 	 	 	756	 	 	 	2,246	 	 		 		 	13	%	 	14	%	
Provision for restructuring and other items, net	 	 	3	 	 	 	2	 	 	 	5	 	 	 	(5	)	 	 	—  	 	 	 	32	 	 	 	32	 	 	 	1	 	 	 	3	 	 	 	4	 	 	 	2	 	 	 	6	 	 		 		 	140	%	 	—  	 	
Litigation (income)/charges, net	 	 	124	 	 	 	(26	)	 	 	98	 	 	 	(26	)	 	 	72	 	 	 	197	 	 	 	269	 	 	 	(21	)	 	 	(14	)	 	 	(35	)	 	 	(9	)	 	 	(44	)	 		 		 	65	%	 	-161	%	
Gain on sale of business and product asset	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	(569	)	 	 	—  	 	 	 	(569	)	 	 	(200	)	 	 	—  	 	 	 	(200	)	 	 	—  	 	 	 	(200	)	 		 		 	100	%	 	65	%	
Equity in net income of affiliates	 	 	(69	)	 	 	(87	)	 	 	(156	)	 	 	(84	)	 	 	(240	)	 	 	(94	)	 	 	(334	)	 	 	(93	)	 	 	(125	)	 	 	(218	)	 	 	(118	)	 	 	(336	)	 		 		 	-40	%	 	-40	%	
Other (income)/expense, net	 	 	25	 	 	 	105	 	 	 	130	 	 	 	38	 	 	 	168	 	 	 	(131	)	 	 	37	 	 	 	37	 	 	 	56	 	 	 	93	 	 	 	(34	)	 	 	59	 	 		 		 	-189	%	 	-65	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	 	 	3,604	 	 	 	3,759	 	 	 	7,363	 	 	 	3,141	 	 	 	10,504	 	 	 	4,187	 	 	 	14,691	 	 	 	3,483	 	 	 	3,761	 	 	 	7,244	 	 	 	3,537	 	 	 	10,781	 	 		 		 	13	%	 	3	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
Before Minority Interest and Income Taxes	 	 	928	 	 	 	1,130	 	 	 	2,058	 	 	 	1,626	 	 	 	3,684	 	 	 	832	 	 	 	4,516	 	 	 	1,193	 	 	 	1,110	 	 	 	2,303	 	 	 	617	 	 	 	2,920	 	 		 		 	-62	%	 	-21	%	
Provision for income taxes	 	 	268	 	 	 	(21	)	 	 	247	 	 	 	507	 	 	 	754	 	 	 	178	 	 	 	932	 	 	 	328	 	 	 	256	 	 	 	584	 	 	 	193	 	 	 	777	 	 		 		 	-62	%	 	3	%	
Minority interest, net of taxes	 	 	122	 	 	 	160	 	 	 	282	 	 	 	155	 	 	 	437	 	 	 	155	 	 	 	592	 	 	 	151	 	 	 	187	 	 	 	338	 	 	 	86	 	 	 	424	 	 		 		 	-45	%	 	-3	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations	 	$	538	 	 	$	991	 	 	$	1,529	 	 	$	964	 	 	$	2,493	 	 	$	499	 	 	$	2,992	 	 	$	714	 	 	$	667	 	 	$	1,381	 	 	$	338	 	 	$	1,719	 	 		 		 	-65	%	 	-31	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense on conversion of convertible debt bonds, net of tax	 	 	4	 	 	 	5	 	 	 	9	 	 	 	6	 	 	 	15	 	 	 	7	 	 	 	22	 	 	 	8	 	 	 	8	 	 	 	16	 	 	 	9	 	 	 	25	 	 		 		 			 			
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations used for diluted earnings per common share calculation	 	$	542	 	 	$	996	 	 	$	1,538	 	 	$	970	 	 	$	2,508	 	 	$	506	 	 	$	3,014	 	 	$	722	 	 	$	675	 	 	$	1,397	 	 	$	347	 	 	$	1,744	 	 		 		 			 			
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share Continuing Operations**	 	$	0.27	 	 	$	0.50	 	 	$	0.78	 	 	$	0.49	 	 	$	1.27	 	 	$	0.26	 	 	$	1.52	 	 	$	0.36	 	 	$	0.34	 	 	$	0.70	 	 	$	0.17	 	 	$	0.88	 	 		 		 	-65	%	 	-31	%	
Average Common Shares Outstanding—Diluted	 	 	1,981	 	 	 	1,984	 	 	 	1,982	 	 	 	1,984	 	 	 	1,983	 	 	 	1,983	 	 	 	1,983	 	 	 	1,988	 	 	 	1,994	 	 	 	1,992	 	 	 	1,992	 	 	 	1,991	 	 		 		 	0	%	 	0	%	
Dividends declared per common share	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 	$	0.28	 	 	$	1.12	 	 	$	0.28	 	 	$	0.28	 	 	$	0.56	 	 	$	0.28	 	 	$	0.84	 	 		 		 	—  	 	 	—  	 	
				
 	 	2005	 	 	2006	 	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	 	
% of Net Sales	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
Gross Margin	 	 	69.8	%	 	 	69.7	%	 	 	69.7	%	 	 	68.9	%	 	 	69.5	%	 	 	68.2	%	 	 	69.1	%	 	 	68.4	%	 	 	67.8	%	 	 	68.1	%	 	 	64.7	%	 	 	67.1	%	 		 		 	(420	)	 	(240	)	
Cost of products sold	 	 	30.2	%	 	 	30.3	%	 	 	30.3	%	 	 	31.1	%	 	 	30.5	%	 	 	31.8	%	 	 	30.9	%	 	 	31.6	%	 	 	32.2	%	 	 	31.9	%	 	 	35.3	%	 	 	32.9	%	 		 		 	420	 	 	240	 	
Marketing, selling and administrative	 	 	26.1	%	 	 	25.9	%	 	 	26.0	%	 	 	27.0	%	 	 	26.3	%	 	 	27.3	%	 	 	26.6	%	 	 	26.5	%	 	 	24.2	%	 	 	25.3	%	 	 	28.6	%	 	 	26.3	%	 		 		 	160	 	 	0	 	
Advertising and product promotion	 	 	7.0	%	 	 	7.5	%	 	 	7.2	%	 	 	7.3	%	 	 	7.3	%	 	 	8.8	%	 	 	7.7	%	 	 	6.3	%	 	 	7.2	%	 	 	6.8	%	 	 	6.9	%	 	 	6.8	%	 		 		 	(40	)	 	(50	)	
Research and development	 	 	14.4	%	 	 	13.3	%	 	 	13.8	%	 	 	14.0	%	 	 	13.9	%	 	 	15.4	%	 	 	14.3	%	 	 	16.0	%	 	 	15.2	%	 	 	15.6	%	 	 	18.2	%	 	 	16.4	%	 		 		 	420	 	 	250	 	
Total expenses	 	 	79.5	%	 	 	76.9	%	 	 	78.2	%	 	 	65.9	%	 	 	74.0	%	 	 	83.4	%	 	 	76.5	%	 	 	74.5	%	 	 	77.2	%	 	 	75.9	%	 	 	85.1	%	 	 	78.7	%	 		 		 	1,920	 	 	470	 	
Earnings from Continuing Operations	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
Before Minority Interest and Provision for Income Taxes	 	 	20.5	%	 	 	23.1	%	 	 	21.8	%	 	 	34.1	%	 	 	26.0	%	 	 	16.6	%	 	 	23.5	%	 	 	25.5	%	 	 	22.8	%	 	 	24.1	%	 	 	14.9	%	 	 	21.3	%	 		 		 	(1,920	)	 	(470	)	
Earnings from Continuing Operations	 	 	11.9	%	 	 	20.3	%	 	 	16.2	%	 	 	20.2	%	 	 	17.6	%	 	 	9.9	%	 	 	15.6	%	 	 	15.3	%	 	 	13.7	%	 	 	14.5	%	 	 	8.1	%	 	 	12.5	%	 		 		 	(1,210	)	 	(510	)	
Other Ratios	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
Effective Tax Rate	 	 	28.9	%	 	 	-1.9	%	 	 	12.0	%	 	 	31.2	%	 	 	20.5	%	 	 	21.4	%	 	 	20.6	%	 	 	27.5	%	 	 	23.1	%	 	 	25.4	%	 	 	31.3	%	 	 	26.6	%	 		 		 			 			
				
 	 	2005	 	 	2006	 	% 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	 	
Other (Income)/Expense, net	 				 				 				 				 				 				 				 				 				 				 				 				 		 		 			 			
Interest expense	 	$	97	 	 	$	73	 	 	$	170	 	 	$	79	 	 	$	249	 	 	$	100	 	 	$	349	 	 	$	116	 	 	$	124	 	 	$	240	 	 	$	130	 	 	$	370	 	 		 		 	65	%	 	49	%	
Interest income	 	 	(45	)	 	 	(23	)	 	 	(68	)	 	 	(28	)	 	 	(96	)	 	 	(52	)	 	 	(148	)	 	 	(62	)	 	 	(65	)	 	 	(127	)	 	 	(74	)	 	 	(201	)	 		 		 	-164	%	 	-109	%	
Foreign exchange transaction (gains)/losses	 	 	12	 	 	 	35	 	 	 	47	 	 	 	—  	 	 	 	47	 	 	 	11	 	 	 	58	 	 	 	(12	)	 	 	23	 	 	 	11	 	 	 	(11	)	 	 	—  	 	 		 		 	—  	 	 	-100	%	
Other, net	 	 	(39	)	 	 	20	 	 	 	(19	)	 	 	(13	)	 	 	(32	)	 	 	(190	)	 	 	(222	)	 	 	(5	)	 	 	(26	)	 	 	(31	)	 	 	(79	)	 	 	(110	)	 		 		 	*	 	 	*	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	25	 	 	$	105	 	 	$	130	 	 	$	38	 	 	$	168	 	 	$	(131	)	 	$	37	 	 	$	37	 	 	$	56	 	 	$	93	 	 	$	(34	)	 	$	59	 	 		 		 	-189	%	 	-65	%	

*	in excess of +/- 200%	
**	amounts may not calculate due to rounding differences between continuing and discontinued operations.	

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

 	 	2005	 	2006	 	% Change	 	
 	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	 	$	4,532	 	$	4,889	 	$	9,421	 	$	4,767	 	$	14,188	 	$	5,019	 	$	19,207	 	$	4,676	 	$	4,871	 	$	9,547	 	$	4,154	 	$	13,701	 		 		 	-13	%	 	-3	%	
																	
PHARMACEUTICALS	 	 	3,578	 	 	3,886	 	 	7,464	 	 	3,778	 	 	11,242	 	 	4,012	 	 	15,254	 	 	3,700	 	 	3,859	 	 	7,559	 	 	3,154	 	 	10,713	 		 		 	-17	%	 	-5	%	
																	
Cardiovascular	 	 	1,712	 	 	2,031	 	 	3,743	 	 	1,935	 	 	5,678	 	 	2,090	 	 	7,768	 	 	1,917	 	 	1,907	 	 	3,824	 	 	1,239	 	 	5,063	 		 		 	-36	%	 	-11	%	
Plavix	 	 	814	 	 	968	 	 	1,782	 	 	980	 	 	2,762	 	 	1,061	 	 	3,823	 	 	986	 	 	1,145	 	 	2,131	 	 	630	 	 	2,761	 		 		 	-36	%	 	—  	 	
Pravachol	 	 	520	 	 	625	 	 	1,145	 	 	527	 	 	1,672	 	 	584	 	 	2,256	 	 	536	 	 	323	 	 	859	 	 	192	 	 	1,051	 		 		 	-64	%	 	-37	%	
Avapro/ Avalide	 	 	196	 	 	258	 	 	454	 	 	251	 	 	705	 	 	277	 	 	982	 	 	233	 	 	280	 	 	513	 	 	277	 	 	790	 		 		 	10	%	 	12	%	
Coumadin	 	 	49	 	 	50	 	 	99	 	 	57	 	 	156	 	 	56	 	 	212	 	 	55	 	 	55	 	 	110	 	 	53	 	 	163	 		 		 	-7	%	 	4	%	
Monopril	 	 	59	 	 	54	 	 	113	 	 	49	 	 	162	 	 	46	 	 	208	 	 	48	 	 	49	 	 	97	 	 	34	 	 	131	 		 		 	-31	%	 	-19	%	
																	
Virology	 	 	430	 	 	457	 	 	887	 	 	440	 	 	1,327	 	 	450	 	 	1,777	 	 	468	 	 	524	 	 	992	 	 	532	 	 	1,524	 		 		 	21	%	 	15	%	
Reyataz	 	 	149	 	 	183	 	 	332	 	 	176	 	 	508	 	 	188	 	 	696	 	 	207	 	 	236	 	 	443	 	 	233	 	 	676	 		 		 	32	%	 	33	%	
Sustiva Franchise*****	 	 	173	 	 	167	 	 	340	 	 	170	 	 	510	 	 	170	 	 	680	 	 	175	 	 	193	 	 	368	 	 	201	 	 	569	 		 		 	18	%	 	12	%	
Zerit	 	 	59	 	 	59	 	 	118	 	 	51	 	 	169	 	 	47	 	 	216	 	 	40	 	 	41	 	 	81	 	 	38	 	 	119	 		 		 	-25	%	 	-30	%	
Baraclude	 	 	—  	 	 	5	 	 	5	 	 	2	 	 	7	 	 	5	 	 	12	 	 	11	 	 	14	 	 	25	 	 	22	 	 	47	 		 		 	*	**	 	*	**	
																	
Infectious Diseases	 	 	293	 	 	261	 	 	554	 	 	239	 	 	793	 	 	286	 	 	1,079	 	 	199	 	 	172	 	 	371	 	 	169	 	 	540	 		 		 	-29	%	 	-32	%	
Cefzil	 	 	82	 	 	54	 	 	136	 	 	48	 	 	184	 	 	75	 	 	259	 	 	23	 	 	23	 	 	46	 	 	18	 	 	64	 		 		 	-63	%	 	-65	%	
																	
Oncology	 	 	387	 	 	371	 	 	758	 	 	380	 	 	1,138	 	 	395	 	 	1,533	 	 	361	 	 	401	 	 	762	 	 	399	 	 	1,161	 		 		 	5	%	 	2	%	
Erbitux	 	 	87	 	 	98	 	 	185	 	 	107	 	 	292	 	 	121	 	 	413	 	 	138	 	 	172	 	 	310	 	 	175	 	 	485	 		 		 	64	%	 	66	%	
Taxol	 	 	205	 	 	186	 	 	391	 	 	175	 	 	566	 	 	181	 	 	747	 	 	147	 	 	149	 	 	296	 	 	137	 	 	433	 		 		 	-22	%	 	-23	%	
Sprycel	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	11	 	 	11	 		 		 	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders	 	 	232	 	 	284	 	 	516	 	 	306	 	 	822	 	 	267	 	 	1,089	 	 	323	 	 	376	 	 	699	 	 	354	 	 	1,053	 		 		 	16	%	 	28	%	
Abilify**	 	 	188	 	 	240	 	 	428	 	 	260	 	 	688	 	 	224	 	 	912	 	 	283	 	 	324	 	 	607	 	 	313	 	 	920	 		 		 	20	%	 	34	%	
EMSAM	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	12	 	 	12	 	 	3	 	 	15	 		 		 	—  	 	 	—  	 	
																	
Immunoscience	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 		 		 	—  	 	 	—  	 	
Orencia	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	5	 	 	18	 	 	23	 	 	34	 	 	57	 		 		 	—  	 	 	—  	 	
																	
Other Pharmaceuticals	 			 			 			 			 			 			 			 			 			 			 			 			 		 		 			 			
Efferalgan	 	 	88	 	 	55	 	 	143	 	 	66	 	 	209	 	 	74	 	 	283	 	 	68	 	 	62	 	 	130	 	 	62	 	 	192	 		 		 	-6	%	 	-8	%	
																	
NUTRITIONALS	 	 	526	 	 	548	 	 	1,074	 	 	547	 	 	1,621	 	 	584	 	 	2,205	 	 	565	 	 	582	 	 	1,147	 	 	582	 	 	1,729	 		 		 	6	%	 	7	%	
Enfamil	 	 	235	 	 	250	 	 	485	 	 	230	 	 	715	 	 	277	 	 	992	 	 	237	 	 	253	 	 	490	 	 	246	 	 	736	 		 		 	7	%	 	3	%	
Enfagrow	 	 	50	 	 	49	 	 	99	 	 	54	 	 	153	 	 	53	 	 	206	 	 	67	 	 	59	 	 	126	 	 	69	 	 	195	 		 		 	28	%	 	27	%	
																	
OTHER HEALTH CARE	 	 	428	 	 	455	 	 	883	 	 	442	 	 	1,325	 	 	423	 	 	1,748	 	 	411	 	 	430	 	 	841	 	 	418	 	 	1,259	 		 		 	-5	%	 	-5	%	
																	
CONVATEC	 	 	228	 	 	247	 	 	475	 	 	250	 	 	725	 	 	267	 	 	992	 	 	230	 	 	262	 	 	492	 	 	265	 	 	757	 		 		 	6	%	 	4	%	
Ostomy	 	 	127	 	 	139	 	 	266	 	 	139	 	 	405	 	 	145	 	 	550	 	 	123	 	 	141	 	 	264	 	 	139	 	 	403	 		 		 	—  	 	 	—  	 	
Wound Therapeutics	 	 	97	 	 	103	 	 	200	 	 	104	 	 	304	 	 	112	 	 	416	 	 	98	 	 	107	 	 	205	 	 	113	 	 	318	 		 		 	9	%	 	5	%	
																	
MEDICAL IMAGING	 	 	145	 	 	151	 	 	296	 	 	150	 	 	446	 	 	156	 	 	602	 	 	181	 	 	168	 	 	349	 	 	153	 	 	502	 		 		 	2	%	 	13	%	
Cardiolite	 	 	102	 	 	108	 	 	210	 	 	106	 	 	316	 	 	100	 	 	416	 	 	103	 	 	105	 	 	208	 	 	97	 	 	305	 		 		 	-8	%	 	-3	%	
																	
CONSUMER MEDICINES	 	 	55	 	 	57	 	 	112	 	 	42	 	 	154	 	 	—  	 	 	154	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	-100	%	 	-100	%	

**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
*****	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.	

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

 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	  	 	  	 	 	 	 	 	 	% Change in U.S. Total
Prescription****	 	
 	  	2005	  	2006	  	% Change	 	 	NPA	 	 	NGPS	 	
 	  	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	 	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company	  	$	2,310	  	$	2,668	  	$	4,978	  	$	2,638	  	$	7,616	  	$	2,845	  	$	10,461	  	$	2,638	 	 	$	2,806	 	 	$	5,444	 	 	$	2,170	  	$	7,614	 	 		  		  	-18	%	 	—  	 	 			 			 			 			
																					
PHARMACEUTICALS	  	 	1,777	  	 	2,097	  	 	3,874	  	 	2,082	  	 	5,956	  	 	2,234	  	 	8,190	  	 	2,076	 	 	 	2,205	 	 	 	4,281	 	 	 	1,619	  	 	5,900	 	 		  		  	-22	%	 	-1	%	 			 			 			 			
																					
Cardiovascular	  	 	1,080	  	 	1,377	  	 	2,457	  	 	1,328	  	 	3,785	  	 	1,496	  	 	5,281	  	 	1,341	 	 	 	1,330	 	 	 	2,671	 	 	 	752	  	 	3,423	 	 		  		  	-43	%	 	-10	%	 			 			 			 			
Plavix	  	 	673	  	 	823	  	 	1,496	  	 	833	  	 	2,329	  	 	906	  	 	3,235	  	 	850	 	 	 	988	 	 	 	1,838	 	 	 	474	  	 	2,312	 	 		  		  	-43	%	 	-1	%	 	-32	%	 	-2	%	 	-35	%	 	-4	%	
Pravachol	  	 	258	  	 	353	  	 	611	  	 	297	  	 	908	  	 	366	  	 	1,274	  	 	302	 	 	 	128	 	 	 	430	 	 	 	73	  	 	503	 	 		  		  	-75	%	 	-45	%	 	-82	%	 	-51	%	 	-82	%	 	-52	%	
Avapro/ Avalide	  	 	102	  	 	157	  	 	259	  	 	147	  	 	406	  	 	168	  	 	574	  	 	139	 	 	 	167	 	 	 	306	 	 	 	159	  	 	465	 	 		  		  	8	%	 	15	%	 	3	%	 	4	%	 	1	%	 	2	%	
Coumadin	  	 	42	  	 	42	  	 	84	  	 	49	  	 	133	  	 	50	  	 	183	  	 	47	 	 	 	46	 	 	 	93	 	 	 	45	  	 	138	 	 		  		  	-8	%	 	4	%	 	-19	%	 	-22	%	 	-18	%	 	-23	%	
Monopril	  	 	3	  	 	2	  	 	5	  	 	1	  	 	6	  	 	3	  	 	9	  	 	2	 	 	 	1	 	 	 	3	 	 	 	—  	  	 	3	 	 		  		  	-100	%	 	-50	%	 	-54	%	 	-54	%	 	-53	%	 	-55	%	
																					
Virology	  	 	231	  	 	231	  	 	462	  	 	239	  	 	701	  	 	244	  	 	945	  	 	259	 	 	 	270	 	 	 	529	 	 	 	271	  	 	800	 	 		  		  	13	%	 	14	%	 			 			 			 			
Reyataz	  	 	92	  	 	98	  	 	190	  	 	105	  	 	295	  	 	110	  	 	405	  	 	119	 	 	 	122	 	 	 	241	 	 	 	129	  	 	370	 	 		  		  	23	%	 	25	%	 	15	%	 	17	%	 	17	%	 	17	%	
Sustiva Franchise*****	  	 	103	  	 	97	  	 	200	  	 	101	  	 	301	  	 	102	  	 	403	  	 	108	 	 	 	115	 	 	 	223	 	 	 	128	  	 	351	 	 		  		  	27	%	 	17	%	 	12	%	 	8	%	 	13	%	 	7	%	
Zerit	  	 	26	  	 	26	  	 	52	  	 	24	  	 	76	  	 	21	  	 	97	  	 	19	 	 	 	18	 	 	 	37	 	 	 	19	  	 	56	 	 		  		  	-21	%	 	-26	%	 	-30	%	 	-31	%	 	-29	%	 	-31	%	
Baraclude	  	 	—  	  	 	5	  	 	5	  	 	2	  	 	7	  	 	4	  	 	11	  	 	9	 	 	 	9	 	 	 	18	 	 	 	14	  	 	32	 	 		  		  	*	**	 	*	**	 	*	**	 	*	**	 	*	**	 	*	**	
																					
Infectious Diseases	  	 	91	  	 	57	  	 	148	  	 	53	  	 	201	  	 	75	  	 	276	  	 	12	 	 	 	(3	)	 	 	9	 	 	 	25	  	 	34	 	 		  		  	-53	%	 	-83	%	 			 			 			 			
Cefzil	  	 	50	  	 	30	  	 	80	  	 	27	  	 	107	  	 	46	  	 	153	  	 	(5	)	 	 	(1	)	 	 	(6	)	 	 	1	  	 	(5	)	 		  		  	-96	%	 	-105	%	 	-96	%	 	-90	%	 	-96	%	 	-90	%	
																					
Oncology	  	 	115	  	 	112	  	 	227	  	 	131	  	 	358	  	 	144	  	 	502	  	 	159	 	 	 	187	 	 	 	346	 	 	 	201	  	 	547	 	 		  		  	53	%	 	53	%	 			 			 			 			
Erbitux	  	 	87	  	 	97	  	 	184	  	 	106	  	 	290	  	 	121	  	 	411	  	 	136	 	 	 	172	 	 	 	308	 	 	 	173	  	 	481	 	 		  		  	63	%	 	66	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Taxol	  	 	4	  	 	4	  	 	8	  	 	4	  	 	12	  	 	5	  	 	17	  	 	4	 	 	 	4	 	 	 	8	 	 	 	2	  	 	10	 	 		  		  	-50	%	 	-17	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Sprycel	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	11	  	 	11	 	 		  		  	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	
																					
Affective (Psychiatric) Disorders	  	 	167	  	 	206	  	 	373	  	 	221	  	 	594	  	 	183	  	 	777	  	 	237	 	 	 	286	 	 	 	523	 	 	 	266	  	 	789	 	 		  		  	20	%	 	33	%	 			 			 			 			
Abilify**	  	 	161	  	 	200	  	 	361	  	 	214	  	 	575	  	 	175	  	 	750	  	 	231	 	 	 	267	 	 	 	498	 	 	 	260	  	 	758	 	 		  		  	21	%	 	32	%	 	18	%	 	22	%	 	18	%	 	23	%	
EMSAM	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	12	 	 	 	12	 	 	 	3	  	 	15	 	 		  		  	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
Immunoscience	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	5	 	 	 	18	 	 	 	23	 	 	 	34	  	 	57	 	 		  		  	—  	 	 	—  	 	 			 			 			 			
Orencia	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	5	 	 	 	18	 	 	 	23	 	 	 	34	  	 	57	 	 		  		  	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
Other Pharmaceuticals	  			  			  			  			  			  			  			  				 				 				 			  				 		  		  			 			 			 			 			 			
Efferalgan	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	 	 		  		  	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
NUTRITIONALS	  	 	255	  	 	267	  	 	522	  	 	266	  	 	788	  	 	282	  	 	1,070	  	 	247	 	 	 	282	 	 	 	529	 	 	 	267	  	 	796	 	 		  		  	—  	 	 	1	%	 			 			 			 			
Enfamil	  	 	162	  	 	171	  	 	333	  	 	168	  	 	501	  	 	184	  	 	685	  	 	155	 	 	 	174	 	 	 	329	 	 	 	169	  	 	498	 	 		  		  	1	%	 	-1	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Enfagrow	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	 	 		  		  	—  	 	 	—  	 	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
OTHER HEALTH CARE	  	 	242	  	 	253	  	 	495	  	 	252	  	 	747	  	 	225	  	 	972	  	 	231	 	 	 	226	 	 	 	457	 	 	 	215	  	 	672	 	 		  		  	-15	%	 	-10	%	 			 			 			 			
																					
CONVATEC	  	 	66	  	 	71	  	 	137	  	 	82	  	 	219	  	 	93	  	 	312	  	 	73	 	 	 	85	 	 	 	158	 	 	 	84	  	 	242	 	 		  		  	2	%	 	11	%	 			 			 			 			
Ostomy	  	 	34	  	 	38	  	 	72	  	 	43	  	 	115	  	 	46	  	 	161	  	 	34	 	 	 	41	 	 	 	75	 	 	 	39	  	 	114	 	 		  		  	-9	%	 	-1	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
Wound Therapeutics	  	 	30	  	 	29	  	 	59	  	 	34	  	 	93	  	 	40	  	 	133	  	 	30	 	 	 	34	 	 	 	64	 	 	 	36	  	 	100	 	 		  		  	6	%	 	8	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
MEDICAL IMAGING	  	 	124	  	 	127	  	 	251	  	 	129	  	 	380	  	 	132	  	 	512	  	 	158	 	 	 	141	 	 	 	299	 	 	 	131	  	 	430	 	 		  		  	2	%	 	13	%	 			 			 			 			
Cardiolite	  	 	91	  	 	96	  	 	187	  	 	95	  	 	282	  	 	88	  	 	370	  	 	91	 	 	 	91	 	 	 	182	 	 	 	86	  	 	268	 	 		  		  	-9	%	 	-5	%	 	N/A	 	 	N/A	 	 	N/A	 	 	N/A	 	
																					
CONSUMER MEDICINES	  	 	52	  	 	55	  	 	107	  	 	41	  	 	148	  	 	—  	  	 	148	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	  	 	—  	 	 		  		  	-100	%	 	-100	%	 			 			 			 			

*	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales.	
**	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
***	In excess of +/- 200%	
****	The estimated total U.S. prescription growth for the retail and mail order channels are calculated based on National Prescription Audit (NPA) and Next-Generation Prescription Services (NGPS) data provided by IMS Health, a supplier of market research for the pharmaceutical industry. The NPA data is based on a simple average of the estimated number of prescriptions in the retail and mail order channels, and the NGPS data is based on a weighted average of the estimated number of prescription units (pills) in each of the retail and mail order channels as provided by IMS.	
*****	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	

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

 	 	2005	 	2006	 	% Change	 	
 	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Total Company 	 	$	2,222	 	$	2,221	 	$	4,443	 	$	2,129	 	$	6,572	 	$	2,174	 	$	8,746	 	$	2,038	 	$	2,065	 	$	4,103	 	$	1,984	 	$	6,087	 		 		 	-7	%	 	-7	%	
																	
PHARMACEUTICALS 	 	 	1,801	 	 	1,789	 	 	3,590	 	 	1,696	 	 	5,286	 	 	1,778	 	 	7,064	 	 	1,624	 	 	1,654	 	 	3,278	 	 	1,535	 	 	4,813	 		 		 	-9	%	 	-9	%	
																	
Cardiovascular 	 	 	632	 	 	654	 	 	1,286	 	 	607	 	 	1,893	 	 	594	 	 	2,487	 	 	576	 	 	577	 	 	1,153	 	 	487	 	 	1,640	 		 		 	-20	%	 	-13	%	
Plavix	 	 	141	 	 	145	 	 	286	 	 	147	 	 	433	 	 	155	 	 	588	 	 	136	 	 	157	 	 	293	 	 	156	 	 	449	 		 		 	6	%	 	4	%	
Pravachol	 	 	262	 	 	272	 	 	534	 	 	230	 	 	764	 	 	218	 	 	982	 	 	234	 	 	195	 	 	429	 	 	119	 	 	548	 		 		 	-48	%	 	-28	%	
Avapro/ Avalide	 	 	94	 	 	101	 	 	195	 	 	104	 	 	299	 	 	109	 	 	408	 	 	94	 	 	113	 	 	207	 	 	118	 	 	325	 		 		 	13	%	 	9	%	
Coumadin	 	 	7	 	 	8	 	 	15	 	 	8	 	 	23	 	 	6	 	 	29	 	 	8	 	 	9	 	 	17	 	 	8	 	 	25	 		 		 	-	 	 	9	%	
Monopril	 	 	56	 	 	52	 	 	108	 	 	48	 	 	156	 	 	43	 	 	199	 	 	46	 	 	48	 	 	94	 	 	34	 	 	128	 		 		 	-29	%	 	-18	%	
																	
Virology 	 	 	199	 	 	226	 	 	425	 	 	201	 	 	626	 	 	206	 	 	832	 	 	209	 	 	254	 	 	463	 	 	261	 	 	724	 		 		 	30	%	 	16	%	
Reyataz	 	 	57	 	 	85	 	 	142	 	 	71	 	 	213	 	 	78	 	 	291	 	 	88	 	 	114	 	 	202	 	 	104	 	 	306	 		 		 	46	%	 	44	%	
Sustiva Franchise*****	 	 	70	 	 	70	 	 	140	 	 	69	 	 	209	 	 	68	 	 	277	 	 	67	 	 	78	 	 	145	 	 	73	 	 	218	 		 		 	6	%	 	4	%	
Zerit	 	 	33	 	 	33	 	 	66	 	 	27	 	 	93	 	 	26	 	 	119	 	 	21	 	 	23	 	 	44	 	 	19	 	 	63	 		 		 	-30	%	 	-32	%	
Baraclude	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	1	 	 	1	 	 	2	 	 	5	 	 	7	 	 	8	 	 	15	 		 		 	—  	 	 	—  	 	
																	
Infectious Diseases 	 	 	202	 	 	204	 	 	406	 	 	186	 	 	592	 	 	211	 	 	803	 	 	187	 	 	175	 	 	362	 	 	144	 	 	506	 		 		 	-23	%	 	-15	%	
Cefzil	 	 	32	 	 	24	 	 	56	 	 	21	 	 	77	 	 	29	 	 	106	 	 	28	 	 	24	 	 	52	 	 	17	 	 	69	 		 		 	-19	%	 	-10	%	
																	
Oncology 	 	 	272	 	 	259	 	 	531	 	 	249	 	 	780	 	 	251	 	 	1,031	 	 	202	 	 	214	 	 	416	 	 	198	 	 	614	 		 		 	-20	%	 	-21	%	
Erbitux	 	 	—  	 	 	1	 	 	1	 	 	1	 	 	2	 	 	-	 	 	2	 	 	2	 	 	-	 	 	2	 	 	2	 	 	4	 		 		 	100	%	 	100	%	
Taxol	 	 	201	 	 	182	 	 	383	 	 	171	 	 	554	 	 	176	 	 	730	 	 	143	 	 	145	 	 	288	 	 	135	 	 	423	 		 		 	-21	%	 	-24	%	
Sprycel	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	—  	 	 	—  	 	
																	
Affective (Psychiatric) Disorders 	 	 	65	 	 	78	 	 	143	 	 	85	 	 	228	 	 	84	 	 	312	 	 	86	 	 	90	 	 	176	 	 	88	 	 	264	 		 		 	4	%	 	16	%	
Abilify**	 	 	27	 	 	40	 	 	67	 	 	46	 	 	113	 	 	49	 	 	162	 	 	52	 	 	57	 	 	109	 	 	53	 	 	162	 		 		 	15	%	 	43	%	
EMSAM	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	—  	 	 	—  	 	
																	
Immunoscience 	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	—  	 	 	—  	 	
Orencia	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	—  	 	 	—  	 	
																	
Other Pharmaceuticals	 			 			 			 			 			 			 			 			 			 			 			 			 		 		 			 			
Efferalgan	 	 	88	 	 	55	 	 	143	 	 	66	 	 	209	 	 	74	 	 	283	 	 	68	 	 	62	 	 	130	 	 	62	 	 	192	 		 		 	-6	%	 	-8	%	
																	
NUTRITIONALS 	 	 	271	 	 	281	 	 	552	 	 	281	 	 	833	 	 	302	 	 	1,135	 	 	318	 	 	300	 	 	618	 	 	315	 	 	933	 		 		 	12	%	 	12	%	
Enfamil	 	 	73	 	 	79	 	 	152	 	 	62	 	 	214	 	 	93	 	 	307	 	 	82	 	 	79	 	 	161	 	 	77	 	 	238	 		 		 	24	%	 	11	%	
Enfagrow	 	 	50	 	 	49	 	 	99	 	 	54	 	 	153	 	 	53	 	 	206	 	 	67	 	 	59	 	 	126	 	 	69	 	 	195	 		 		 	28	%	 	27	%	
																	
OTHER HEALTH CARE 	 	 	186	 	 	202	 	 	388	 	 	190	 	 	578	 	 	198	 	 	776	 	 	180	 	 	204	 	 	384	 	 	203	 	 	587	 		 		 	7	%	 	2	%	
																	
CONVATEC 	 	 	162	 	 	176	 	 	338	 	 	168	 	 	506	 	 	174	 	 	680	 	 	157	 	 	177	 	 	334	 	 	181	 	 	515	 		 		 	8	%	 	2	%	
Ostomy	 	 	93	 	 	101	 	 	194	 	 	96	 	 	290	 	 	99	 	 	389	 	 	89	 	 	100	 	 	189	 	 	100	 	 	289	 		 		 	4	%	 	—  	 	
Wound Therapeutics	 	 	67	 	 	74	 	 	141	 	 	70	 	 	211	 	 	72	 	 	283	 	 	68	 	 	73	 	 	141	 	 	77	 	 	218	 		 		 	10	%	 	3	%	
																	
MEDICAL IMAGING 	 	 	21	 	 	24	 	 	45	 	 	21	 	 	66	 	 	24	 	 	90	 	 	23	 	 	27	 	 	50	 	 	22	 	 	72	 		 		 	5	%	 	9	%	
Cardiolite	 	 	11	 	 	12	 	 	23	 	 	11	 	 	34	 	 	12	 	 	46	 	 	12	 	 	14	 	 	26	 	 	11	 	 	37	 		 		 	—  	 	 	9	%	
																	
CONSUMER MEDICINES 	 	 	3	 	 	2	 	 	5	 	 	1	 	 	6	 	 	—  	 	 	6	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 		 		 	-100	%	 	-100	%	

* 	This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales does not tie to Total Company sales. 	
** 	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. 	
*** 	In excess of +/- 200% 	
***** 	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.	

BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES FROM CONTINUING OPERATIONS AND DOMESTIC PHARMACEUTICAL NET SALES
EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE
($ in millions)

 	  	2006	  	2005	  	% Change	
 	  	Q3	  	Q3	  	Qtr vs. Qtr	
Worldwide Net Sales from Continuing Operations	  			  			  		
Worldwide Net Sales from Continuing Operations as Reported	  	$	4,154	  	$	4,767	  	-13%	
Estimated impact of launch of generic clopidogrel bisulfate	  	 	525 to 600	  	 	—  	  	—  	
	  	 	 	  	 	 	  	 	
Worldwide Net Sales from Continuing Operations Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	$	4,679 to $4,754	  	$	4,767	  	-2% to 0%	
	  	 	 	  	 	 	  	 	
Domestic Pharmaceutical Net Sales	  			  			  		
Domestic Pharmaceutical Net Sales as Reported	  	$	1,619	  	$	2,082	  	-22%	
Estimated impact of launch of generic clopidogrel bisulfate	  	 	525 to 600	  	 	—  	  	—  	
	  	 	 	  	 	 	  	 	
Domestic Pharmaceutical Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	  	$	2,144 to $2,219	  	$	2,082	  	3% to 7%	

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

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	1,193	 	 	$	1,110	 	 	$	617	 	 				 	$	2,920	 	
						
Specified items:	  				 				 				 				 				
Gain on sale of product asset	  	 	(200	)	 	 	—  	 	 	 	—  	 	 				 	 	(200	)	
Litigation matters	  	 	40	 	 	 	(14	)	 	 	(29	)	 				 	 	(3	)	
Insurance recoveries	  	 	(21	)	 	 	—  	 	 	 	(9	)	 				 	 	(30	)	
Downsizing and streamlining of worldwide operations / other	  	 	69	 	 	 	24	 	 	 	91	 	 				 	 	184	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 				 	$	2,871	 	

 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	928	 	 	$	1,130	 	 	$	1,626	 	 	$	832	 	 	$	4,516	 	
Specified items:	  				 				 				 				 				
Gain on sale of equity investment	  	 	(18	)	 	 	(9	)	 	 	—  	 	 	 	—  	 	 	 	(27	)	
Litigation matters	  	 	124	 	 	 	269	 	 	 	—  	 	 	 	197	 	 	 	590	 	
Insurance recoveries	  	 	—  	 	 	 	(295	)	 	 	(26	)	 	 	—  	 	 	 	(321	)	
Provision for restructuring / other	  	 	68	 	 	 	94	 	 	 	31	 	 	 	95	 	 	 	288	 	
Termination of muraglitizar agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(138	)	 	 	(138	)	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(569	)	 	 	—  	 	 	 	(569	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,102	 	 	$	1,189	 	 	$	1,062	 	 	$	986	 	 	$	4,339	 	

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

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR *	 	
Diluted Earnings per Common Share from Continuing Operations	  	$	0.36	 	 	$	0.34	 	 	$	0.17	 	 				 	$	0.88	 	
						
Specified items:	  				 				 				 				 				
Gain on sale of product asset	  	 	(0.06	)	 	 	—  	 	 	 	—  	 	 				 	 	(0.06	)	
Litigation matters	  	 	0.01	 	 	 	—  	 	 	 	(0.01	)	 				 	 	—  	 	
Insurance recoveries	  	 	(0.01	)	 	 	—  	 	 	 	—  	 	 				 	 	(0.01	)	
Downsizing and streamlining of worldwide operations / other	  	 	0.02	 	 	 	0.01	 	 	 	0.04	 	 				 	 	0.06	 	
Tax item	  	 	—  	 	 	 	—  	 	 	 	0.02	 	 				 	 	0.02	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	0.32	 	 	$	0.35	 	 	$	0.22	 	 				 	$	0.89	 	

 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR *	 	
Diluted Earnings per Common Share from Continuing Operations	  	$	0.27	 	 	$	0.50	 	 	$	0.49	 	 	$	0.26	 	 	$	1.52	 	
						
Specified items:	  				 				 				 				 				
Gain on sale of equity investment	  	 	(0.01	)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(0.01	)	
Litigation matters	  	 	0.05	 	 	 	0.10	 	 	 	—  	 	 	 	0.06	 	 	 	0.22	 	
Insurance recoveries	  	 	—  	 	 	 	(0.09	)	 	 	(0.01	)	 	 	—  	 	 	 	(0.10	)	
Provision for restructuring / other	  	 	0.03	 	 	 	0.03	 	 	 	0.02	 	 	 	0.03	 	 	 	0.10	 	
Termination of muraglitizar agreement	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(0.04	)	 	 	(0.04	)	
Gain on sale of businesses	  	 	—  	 	 	 	—  	 	 	 	(0.19	)	 	 	—  	 	 	 	(0.19	)	
Tax items	  	 	—  	 	 	 	(0.07	)	 	 	—  	 	 	 	—  	 	 	 	(0.07	)	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$	0.34	 	 	$	0.47	 	 	$	0.31	 	 	$	0.31	 	 	$	1.43	 	

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
($ in millions)

Three months ended September 30, 2006	  			  				 				 				 				 				
 	  	Cost of
products sold	  	Research and
development	 	 	Provision for
restructuring, net	 	 	Litigation
income	 	 	Other (income)/
expense, net	 	 	Total	 	
Litigation Matters:	  			  				 				 				 				 				
Insurance recovery	  	$	—  	  	$	—  	 	 	$	—  	 	 	$	(9	)	 	$	—  	 	 	$	(9	)	
Product liability	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	11	 	 	 	11	 	
Commercial litigation	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(40	)	 	 	(40	)	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	(9	)	 	 	(29	)	 	 	(38	)	
Other:	  			  				 				 				 				 				
Accelerated depreciation and asset impairment	  	 	72	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	72	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	 	 	 	2	 	 	 	—  	 	 	 	—  	 	 	 	2	 	
Upfront and milestone payments	  	 	—  	  	 	17	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	17	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	$	72	  	$	17	 	 	$	2	 	 	$	(9	)	 	$	(29	)	 	 	53	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	  			  				 				 				 				 	 	(5	)	
Minority interest, net of taxes	  			  				 				 				 				 	 	13	 	
Change in estimate for taxes on prior year items	  			  				 				 				 				 	 	39	 	
	  			  				 				 				 				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  				 				 				 				 	$	100	 	

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
($ in millions)

Nine months ended September 30, 2006	 	
 	  	Cost of
products
sold	  	Research
and
development	  	Marketing selling and
administrative	  	Provision for
restructuring, net	  	Litigation
income	 	 	Other
(income)/
expense, net	  	Gain on sale
of product
asset	 	 	Total	 	
Litigation Matters:	  			  			  			  			  				 			  				 				
Insurance recovery	  	$	—  	  	$	—  	  	$	—  	  	$	—  	  	$	(30	)	 	$	—  	  	$	—  	 	 	$	(30	)	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	11	  	 	—  	 	 	 	11	 	
Commercial litigations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(14	)	 	 	—  	  	 	—  	 	 	 	(14	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(44	)	 	 	11	  	 	—  	 	 	 	(33	)	
Other:	  			  			  			  			  				 			  				 				
Accelerated depreciation, asset impairment and contract termination	  	 	138	  	 	1	  	 	4	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	143	 	
Downsizing and streamlining of worldwide operations	  	 	—  	  	 	—  	  	 	—  	  	 	6	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	6	 	
Upfront and milestone payments	  	 	—  	  	 	35	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	—  	 	 	 	35	 	
Gain on sale of product asset	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	—  	  	 	(200	)	 	 	(200	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
	  	$	138	  	$	36	  	$	4	  	$	6	  	$	(44	)	 	$	11	  	$	(200	)	 	 	(49	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 			  				 	 	47	 	
Change in estimate for taxes on prior year items	  			  			  			  			  				 			  				 	 	39	 	
	  			  			  			  			  				 			  				 	 	 	 	
Reduction to Net Earnings from Continuing Operations	  			  			  			  			  				 			  				 	$	37	 	

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

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

 	  	March 31,
2005	  	June 30,
2005	  	September 30,
2005	  	December 31,
2005	  	March 31,
2006	  	June 30,
2006	  	September 30,
2006	  	December 31,
2006	
Cash, cash equivalents and marketable debt securities	  	$	5,982	  	$	3,040	  	$	3,781	  	$	5,799	  	$	5,281	  	$	5,357	  	$	5,505	  	$	—  	
Receivables, net of allowances	  	 	3,647	  	 	3,315	  	 	3,305	  	 	3,378	  	 	3,236	  	 	3,326	  	 	2,945	  	 	—  	
									
Short-term borrowings	  	 	244	  	 	292	  	 	277	  	 	231	  	 	234	  	 	189	  	 	630	  	 	—  	
Long-term debt	  	 	8,326	  	 	6,008	  	 	5,895	  	 	8,364	  	 	8,278	  	 	8,239	  	 	7,837	  	 	—  	
									
Stockholders’ equity	  	 	10,381	  	 	10,801	  	 	11,268	  	 	11,208	  	 	11,556	  	 	11,712	  	 	11,589	  	 	—  	
Capital expenditures and capitalized software (for the quarter ended)	  	 	181	  	 	171	  	 	185	  	 	201	  	 	202	  	 	160	  	 	199	  	 	—  	

BRISTOL-MYERS SQUIBB COMPANY
2006 DILUTED EPS FROM CONTINUING OPERATIONS
IMPACT OF PROJECTED SPECIFIED ITEMS

 	  	Diluted EPS
Impact	 	
Downsizing and streamlining of worldwide operations	  	$	0.08	 	
Licensing and milestone payments	  	 	0.02	 	
Gain on sale of product asset	  	 	(0.06	)	
Litigation matters	  	 	—  	 	
Insurance recoveries	  	 	(0.01	)	
Change in estimate for taxes on prior year items	  	 	0.02	 	
	  	 	 	 	
Total	  	$	0.05	 	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
The following table sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and other products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended September 30, 2006 and 2005 and June 30, 2006 and 2005.

 	  	September 30, 2006	  	June 30, 2006	  	September 30, 2005	  	June 30, 2005	
 	  	Net
Sales	  	Months
on
Hand	  	Net Sales	 	 	Months
on
Hand	  	Net Sales	  	Months
on
Hand	  	Net Sales	 	 	Months
on
Hand	
 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	 	 	 	  	(Dollars in Millions)	  	 	  	(Dollars in Millions)	 	 	 	
Abilify (total revenue)	  	$	260	  	0.5	  	$	267	 	 	0.5	  	$	214	  	0.9	  	$	200	 	 	0.7	
Avapro/Avalide	  	 	159	  	0.4	  	 	167	 	 	0.5	  	 	147	  	0.5	  	 	157	 	 	0.6	
Baraclude	  	 	14	  	0.6	  	 	9	 	 	0.7	  	 	2	  	1.2	  	 	5	 	 	4.7	
Cefzil	  	 	1	  	29.2	  	 	(1	)	 	25.7	  	 	27	  	0.7	  	 	30	 	 	0.8	
Coumadin	  	 	45	  	0.7	  	 	46	 	 	0.8	  	 	49	  	0.6	  	 	42	 	 	0.7	
Erbitux*	  	 	173	  	0.5	  	 	172	 	 	—  	  	 	106	  	—  	  	 	97	 	 	—  	
Glucophage Franchise	  	 	20	  	0.7	  	 	22	 	 	0.6	  	 	38	  	0.7	  	 	44	 	 	0.8	
Kenalog	  	 	19	  	0.8	  	 	22	 	 	0.8	  	 	19	  	0.7	  	 	15	 	 	0.5	
Orencia	  	 	34	  	0.8	  	 	18	 	 	0.3	  	 	—  	  	—  	  	 	—  	 	 	—  	
Paraplatin	  	 	5	  	1.5	  	 	2	 	 	1.7	  	 	9	  	1.1	  	 	(1	)	 	0.8	
Plavix	  	 	474	  	1.5	  	 	988	 	 	0.5	  	 	833	  	0.4	  	 	823	 	 	0.6	
Pravachol	  	 	73	  	1.0	  	 	128	 	 	1.0	  	 	297	  	0.5	  	 	353	 	 	0.7	
Reyataz	  	 	129	  	0.5	  	 	122	 	 	0.6	  	 	105	  	0.6	  	 	98	 	 	0.8	
Sprycel	  	 	11	  	1.2	  	 	—  	 	 	—  	  	 	—  	  	—  	  	 	—  	 	 	—  	
Sustiva Franchise (a) (total revenue)	  	 	128	  	0.5	  	 	115	 	 	0.5	  	 	101	  	0.6	  	 	97	 	 	0.8	
Tequin	  	 	2	  	2.3	  	 	(6	)	 	2.7	  	 	21	  	0.9	  	 	22	 	 	0.8	
Videx/Videx EC	  	 	3	  	0.9	  	 	5	 	 	0.9	  	 	7	  	1.1	  	 	5	 	 	1.0	
Zerit	  	 	19	  	0.7	  	 	18	 	 	0.7	  	 	24	  	0.8	  	 	26	 	 	0.8	
For all products other than Erbitux, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third party data, which represent their own record-keeping processes and as such, may also reflect estimates.
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 31 days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

*	To help maintain the product quality of the Company’s biologic oncology product, ERBITUX*, the product was previously shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX*. Such wholesaler held ERBITUX* inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler and thereafter did not have ERBITUX* consignment inventory. Following the divestiture, the Company sold ERBITUX* to intermediaries (such as specialty oncology distributors) and shipped ERBITUX* directly to the end-users of the product who are the customers of those intermediaries. Beginning in the third quarter 2006, the Company expanded its distribution model to one of the Company’s wholesalers who then held ERBITUX* inventory at September 30, 2006. The Company recognizes revenue upon such shipment consistent with its revenue recognition policy. The above estimate of months on hand for the three months ended September 30, 2006 was calculated by dividing the inventories of ERBITUX* held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process.	
(a)	Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.	
#	Less than 0.1 months on hand.	

BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICAL
AND WORLDWIDE NON-PHARMACEUTICAL PRODUCTS
The following table, which was posted on the Company’s website and furnished on Form 8-K on August 31, 2006, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended June 30, 2006 and 2005 and March 31, 2006 and 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

 	 	June 30, 2006	 	March 31, 2006	 	June 30, 2005	 	March 31, 2005	
 	 	Net Sales	 	Months on
Hand	 	Net Sales	 	Months on
Hand	 	Net Sales	 	Months on
Hand	 	Net Sales	 	Months on
Hand	
 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	 	(Dollars in Millions)	 	 	
International Pharmaceuticals	 			 		 			 		 			 		 			 		
Abilify (total revenue)	 	$	57	 	0.6	 	$	52	 	0.6	 	$	40	 	0.6	 	$	27	 	0.6	
Avapro/Avalide	 	 	113	 	0.5	 	 	94	 	0.5	 	 	101	 	0.4	 	 	94	 	0.4	
Baraclude	 	 	5	 	1.0	 	 	2	 	1.1	 	 	—  	 	—  	 	 	—  	 	—  	
Bufferin	 	 	31	 	0.5	 	 	22	 	0.6	 	 	32	 	1.0	 	 	26	 	0.5	
Capoten	 	 	31	 	0.9	 	 	35	 	0.8	 	 	42	 	0.8	 	 	42	 	0.8	
Dafalgan	 	 	37	 	1.1	 	 	37	 	1.4	 	 	33	 	0.8	 	 	40	 	1.3	
Efferalgan	 	 	62	 	0.9	 	 	68	 	1.2	 	 	55	 	0.5	 	 	88	 	0.9	
Maxipime	 	 	43	 	0.8	 	 	40	 	0.8	 	 	52	 	0.8	 	 	46	 	0.7	
Monopril	 	 	48	 	1.1	 	 	46	 	1.1	 	 	52	 	0.7	 	 	56	 	0.6	
Paraplatin	 	 	29	 	0.6	 	 	26	 	0.6	 	 	34	 	0.6	 	 	29	 	0.6	
Perfalgan	 	 	51	 	0.6	 	 	46	 	0.6	 	 	42	 	0.6	 	 	42	 	0.5	
Plavix	 	 	157	 	0.5	 	 	136	 	0.5	 	 	145	 	0.5	 	 	141	 	0.7	
Pravachol	 	 	195	 	1.4	 	 	234	 	1.5	 	 	272	 	0.7	 	 	262	 	0.7	
Reyataz	 	 	114	 	0.7	 	 	88	 	0.6	 	 	85	 	0.8	 	 	57	 	0.6	
Sustiva	 	 	78	 	0.5	 	 	67	 	0.5	 	 	70	 	0.6	 	 	70	 	0.5	
Taxol	 	 	145	 	0.5	 	 	143	 	0.6	 	 	182	 	0.5	 	 	201	 	0.5	
Videx/Videx EC	 	 	35	 	1.2	 	 	31	 	0.8	 	 	38	 	0.9	 	 	39	 	0.8	
Nutritionals	 			 		 			 		 			 		 			 		
Enfamil/Enfagrow	 	 	312	 	0.9	 	 	304	 	0.9	 	 	299	 	0.9	 	 	285	 	0.9	
Nutramigen	 	 	54	 	1.0	 	 	48	 	1.0	 	 	47	 	1.0	 	 	44	 	1.0	
Other Health Care	 			 		 			 		 			 		 			 		
ConvaTec	 			 		 			 		 			 		 			 		
Ostomy	 	 	141	 	1.0	 	 	123	 	0.9	 	 	139	 	0.9	 	 	127	 	0.9	
Wound Therapeutics	 	 	107	 	0.9	 	 	98	 	0.9	 	 	103	 	0.8	 	 	97	 	0.8	
Medical Imaging	 			 		 			 		 			 		 			 		
Cardiolite	 	 	105	 	0.8	 	 	103	 	0.8	 	 	108	 	0.7	 	 	102	 	0.7	
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 31 day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.