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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): April 25, 2013

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

 
					
Delaware	 	1-1136	 	22-0790350	
(State or Other Jurisdiction of
Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
345 Park Avenue
New York, NY, 10154
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (212) 546-4000

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

 

Item 2.02. Results of Operations and Financial Condition.
On April 25, 2013, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2013. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com .
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.

99.1	  	Press release of Bristol-Myers Squibb Company dated April 25, 2013.	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 		 	BRISTOL-MYERS SQUIBB COMPANY	
				
Dated: April 25, 2013	 		 	By:	 	/s/ Sandra Leung	
	 		 	Name:	 	Sandra Leung	
	 		 	Title:	 	General Counsel and Corporate Secretary	

EXHIBIT INDEX

Exhibit
No.	  	Description	
		
99.1	  	Press release of Bristol-Myers Squibb Company dated April 25, 2013.	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	

Exhibit 99.1

Bristol-Myers Squibb Reports First Quarter 2013 Financial Results
 
•	 	Posts First Quarter GAAP EPS of $0.37 and non-GAAP EPS of $0.41	
 
•	 	Net Sales were $3.8 Billion in the First Quarter	
 
•	 	Begins Commercial Launch of Eliquis ® Globally, Including in the U.S., Japan, Germany, U.K., and Canada	
 
•	 	Assumes Commercial Responsibilities for Byetta ® and Bydureon ® in Markets Outside the U.S. With AstraZeneca	
 
•	 	Confirms 2013 GAAP EPS Guidance Range of $1.54 to $1.64 and non-GAAP EPS Guidance Range of $1.78 to $1.88	
(NEW YORK, April 25, 2013) – Bristol-Myers Squibb Company (NYSE: BMY) today reported financial results for the first quarter of 2013, and confirmed GAAP EPS and non-GAAP EPS guidance ranges for 2013.
“The first quarter was a good start to an important year in which our focus will be on the growth of existing brands, the execution of new launches and the continued delivery of a diverse and sustainable pipeline,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “So far this year, we have launched Eliquis in several markets around the world, have begun working with AstraZeneca to bring Byetta and Bydureon to patients outside the U.S., and have been preparing for the presentation of key clinical data across our pipeline.”

 	  	First Quarter	 	
$ amounts in millions, except per share amounts	  	2013	 	  	2012	 	  	Change	 	
Net Sales	  	$	  3,831	  	  	$	  5,251	  	  	 	(27)%	  	
GAAP Diluted EPS	  	 	0.37	  	  	 	0.64	  	  	 	(42)%	  	
Non-GAAP Diluted EPS	  	 	0.41	  	  	 	0.64	  	  	 	(36)%	  	
 
1

FIRST QUARTER FINANCIAL RESULTS
 
 	•	 	Bristol-Myers Squibb posted first quarter 2013 net sales of $3.8 billion, a decrease of 27% compared to the same period a year ago, following the U.S. patent expiration of Avapro ® /Avalide ® in March 2012 and Plavix ® in May 2012. Excluding Plavix and Avapro/Avalide , net sales grew by 10% compared to the first quarter of 2012.	
 
 	•	 	U.S. net sales decreased 44% to $2.0 billion in the quarter compared to the same period a year ago. International net sales increased 6% to $1.9 billion.	
 
 	•	 	Gross margin as a percentage of net sales was 72.3% in the quarter compared to 75.2% in the same period a year ago.	
 
 	•	 	Marketing, selling and administrative expenses decreased 1% to $994 million in the quarter.	
 
 	•	 	Advertising and product promotion spending decreased 3% to $189 million in the quarter.	
 
 	•	 	Research and development expenses increased 2% to $930 million in the quarter.	
 
 	•	 	The effective tax rate on earnings before income taxes was 7.6% in the quarter, compared to 26.9% in the first quarter last year.	
 
 	•	 	The company reported net earnings attributable to Bristol-Myers Squibb of $609 million, or $0.37 per share, in the quarter compared to $1.1 billion, or $0.64 per share, a year ago.	
 
 	•	 	The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $679 million, or $0.41 per share, in the first quarter, compared to $1.1 billion, or $0.64 per share, for the same period in 2012. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.	
 
 	•	 	Cash, cash equivalents and marketable securities were $5.8 billion, with a net debt position of $2.1 billion, as of March 31, 2013.	
 
2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb’s global sales in the first quarter included Orencia ® , which grew 26%, Yervoy ® , which grew 49%, Sprycel ® , which grew 24%, Onglyza ® /Kombiglyze ™ , which grew 25%, and Baraclude ® , which grew 13%.
Eliquis
Eliquis received regulatory approval for the reduction of risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation (NVAF) in South Korea in January, in Russia in February, and in Mexico and Colombia in April. The company co-develops and co-commercializes Eliquis with its partner, Pfizer.
Eliquis was launched for the reduction of risk of stroke and systemic embolism in patients with NVAF in the U.S., Europe, Japan and Canada during the quarter. 
Sustiva ®
In February, the U.S. Food and Drug Administration (FDA) granted an additional six-month period of exclusivity to market Sustiva . Exclusivity for Sustiva is now scheduled to expire March 2015 in the U.S.
Baraclude
In February, the U.S. District Court for the District of Delaware invalidated the company’s composition of matter patent for Baraclude in the U.S. (No. 5,206,244). The company believes that the U.S. patent for Baraclude is valid and enforceable until February 2015, has filed a Notice of Appeal, and will continue to vigorously defend its intellectual property rights.
 
3

Forxiga ®
In January, China’s State Food and Drug Administration accepted for review the regulatory submission for Forxiga for the treatment of type 2 diabetes. The company co-develops and co-commercializes Forxiga with its partner, AstraZeneca. 
In March, the Japanese Ministry of Health, Labor and Welfare also accepted for review the regulatory submission for Forxiga for the treatment of type 2 diabetes.
Nivolumab
The FDA has granted Fast Track designation for nivolumab in three tumor types: non-small-cell lung cancer, renal cell carcinoma and advanced melanoma.
HCV
In April, at the European Association for the Study of the Liver in Amsterdam, the company announced new Phase II data demonstrating that 12- and 24-week triple direct-acting antiviral (DAA) treatment regimens of daclatisvir, an NS5A replication complex inhibitor, asunaprevir, an NS3 protease inhibitor and BMS-791325, an NS5B non-nucleoside polymerase inhibitor, showed high rates of sustained virologic response of up to 94% in treatment naïve, genotype 1 chronic hepatitis C patients at time points ranging from 4 to 36 weeks post-treatment. The FDA designated this triple-DAA regimen as a Breakthrough Therapy for the treatment of chronic hepatitis C.
FIRST QUARTER BUSINESS DEVELOPMENT UPDATE
In February, the company announced a three-year collaboration agreement with Reckitt Benckiser Group plc for several over-the-counter products sold primarily in Mexico and Brazil, which is expected to close during the second quarter of 2013.
On April 1, the company and its partner, AstraZeneca, assumed commercial responsibility for Byetta and Bydureon  in markets outside the U.S.
2013 FINANCIAL GUIDANCE
Bristol-Myers Squibb is confirming its 2013 GAAP EPS guidance range of $1.54 to $1.64 and its non-GAAP EPS guidance range of $1.78 to $1.88. Both GAAP and non-GAAP guidance assume current exchange rates. Non-GAAP line item guidance assumptions for 2013 remain unchanged.
The financial guidance for 2013 excludes the impact of any potential strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2013 guidance also excludes other 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.
 
4

Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings from continuing operations and related earnings per share information. These measures are adjusted to exclude certain costs, expenses, significant gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other licensing payments for in-licensing of products that have not achieved regulatory approval which are immediately expensed; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. Non-GAAP financial measures provide the company and its investors with an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s ongoing results. The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its String of Pearls strategy, the expiration of patents or data protection on certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
 
5

Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on April 25, 2013, at 10:30 a.m. EDT during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing: 913-312-0650, confirmation code: 1234744. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Jennifer Fron Mauer, 609-252-6579, jennifer.mauer@bms.com , Corporate Communications; or John Elicker, 609-252-4611, john.elicker@bms.com , or Ranya Dajani, 609-252-5330, ranya.dajani@bms.com , or Ryan Asay, 609-252-5020, ryan.asay@bms.com , Investor Relations.
Abilify ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
Atripla ® is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
Avapro ® , Avalide ® , and Plavix ® are trademarks of Sanofi.
Byetta ® and Bydureon ® are trademarks of Amylin Pharmaceuticals, LLC and AstraZeneca Pharmaceuticals LP.
Erbitux ® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.
All other brand names of products are registered trademarks of the Company or one of its subsidiaries.
 
6

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	 	  	U.S. Net Sales	 	  	 	 	
 	  	2013	 	  	2012	 	  	%
Change	 	  	2013	 	  	2012	 	  	%
Change	 	  	% Change in U.S. Total
Prescriptions vs. 2012	 	
Three Months Ended March 31,	  				  				  				  				  				  				  				
								
Key Products	  				  				  				  				  				  				  				
								
Virology	  				  				  				  				  				  				  				
Baraclude	  	$	366	  	  	$	325	  	  	 	13%	  	  	$	68	  	  	$	56	  	  	 	21%	  	  	 	6%          	  	
Reyataz	  	 	361	  	  	 	358	  	  	 	1%	  	  	 	193	  	  	 	188	  	  	 	3%	  	  	 	(8)%          	  	
Sustiva Franchise	  	 	387	  	  	 	386	  	  	 	—	  	  	 	251	  	  	 	254	  	  	 	(1)%	  	  	 	(4)%          	  	
Oncology	  				  				  				  				  				  				  				
Erbitux	  	 	162	  	  	 	179	  	  	 	(9)%	  	  	 	158	  	  	 	176	  	  	 	(10)%	  	  	 	N/A          	  	
Sprycel	  	 	287	  	  	 	231	  	  	 	24%	  	  	 	115	  	  	 	95	  	  	 	21%	  	  	 	18%          	  	
Yervoy	  	 	229	  	  	 	154	  	  	 	49%	  	  	 	159	  	  	 	117	  	  	 	36%	  	  	 	N/A          	  	
Neuroscience	  				  				  				  				  				  				  				
Abilify	  	 	522	  	  	 	621	  	  	 	(16)%	  	  	 	328	  	  	 	445	  	  	 	(26)%	  	  	 	(2)%          	  	
Metabolics	  				  				  				  				  				  				  				
Bydureon	  	 	52	  	  	 	—	  	  	 	N/A	  	  	 	52	  	  	 	—	  	  	 	N/A	  	  	 	N/A          	  	
Byetta	  	 	85	  	  	 	—	  	  	 	N/A	  	  	 	84	  	  	 	—	  	  	 	N/A	  	  	 	N/A          	  	
Forxiga	  	 	3	  	  	 	—	  	  	 	N/A	  	  	 	—	  	  	 	—	  	  	 	N/A	  	  	 	N/A          	  	
Onglyza/Kombiglyze	  	 	202	  	  	 	161	  	  	 	25%	  	  	 	140	  	  	 	120	  	  	 	17%	  	  	 	8%          	  	
Immunoscience	  				  				  				  				  				  				  				
Nulojix	  	 	5	  	  	 	1	  	  	 	*	  	  	 	4	  	  	 	1	  	  	 	*	  	  	 	N/A          	  	
Orencia	  	 	320	  	  	 	254	  	  	 	26%	  	  	 	214	  	  	 	171	  	  	 	25%	  	  	 	N/A          	  	
Cardiovascular	  				  				  				  				  				  				  				
Avapro/Avalide	  	 	46	  	  	 	207	  	  	 	(78)%	  	  	 	—	  	  	 	108	  	  	 	(100)%	  	  	 	(92)%          	  	
Eliquis	  	 	22	  	  	 	—	  	  	 	N/A	  	  	 	17	  	  	 	—	  	  	 	N/A	  	  	 	N/A          	  	
Plavix	  	 	91	  	  	 	1,693	  	  	 	(95)%	  	  	 	66	  	  	 	1,648	  	  	 	(96)%	  	  	 	(98)%          	  	
								
Mature Products and All Other	  	 	691	  	  	 	681	  	  	 	1%	  	  	 	122	  	  	 	122	  	  	 	—	  	  	 	N/A          	  	
								
Total	  	 	3,831	  	  	 	5,251	  	  	 	(27)%	  	  	 	1,971	  	  	 	3,501	  	  	 	(44)%	  	  	 	N/A          	  	
 
*	In excess of +/- 100%.	
 
7

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended March 31,	 	
 	  	2013	 	 	2012	 	
Net Sales	  	$	  3,831	  	 	$	  5,251	  	
	  	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,063	  	 	 	1,303	  	
Marketing, selling and administrative	  	 	994	  	 	 	1,002	  	
Advertising and product promotion	  	 	189	  	 	 	194	  	
Research and development	  	 	930	  	 	 	909	  	
Other (income)/expense	  	 	(19	) 	 	 	(184	) 	
	  	 	 	 	 	 	 	 	
Total Expenses	  	 	3,157	  	 	 	3,224	  	

Earnings Before Income Taxes	  	 	674	  	 	 	2,027	  	
Provision for income taxes	  	 	51	  	 	 	545	  	

Net Earnings	  	 	623	  	 	 	1,482	  	
	  	 	 	 	 	 	 	 	
Net Earnings Attributable to Noncontrolling Interest	  	 	14	  	 	 	381	  	
	  	 	 	 	 	 	 	 	
Net Earnings Attributable to BMS	  	$	609	  	 	$	1,101	  	

Earnings per Common Share:	  				 				
Basic	  	$	0.37	  	 	$	0.65	  	
Diluted	  	$	0.37	  	 	$	0.64	  	
			
Average Common Shares Outstanding:	  				 				
Basic	  	 	1,638	  	 	 	1,687	  	
Diluted	  	 	1,655	  	 	 	1,706	  	
			
Other (income)/expense	  				 				
			
Interest expense	  	$	50	  	 	$	42	  	
Investment income	  	 	(25	) 	 	 	(36	) 	
Provision for restructuring	  	 	33	  	 	 	22	  	
Litigation charges/(recoveries)	  	 	—	  	 	 	(172	) 	
Equity in net income of affiliates	  	 	(36	) 	 	 	(57	) 	
Out-licensed intangible asset impairment	  	 	—	  	 	 	38	  	
Gain on sale of product lines, businesses and assets	  	 	(1	) 	 	 	—	  	
Other income received from alliance partners, net	  	 	(57	) 	 	 	(46	) 	
Other	  	 	17	  	 	 	25	  	
	  	 	 	 	 	 	 	 	
Other (income)/expense	  	$	(19	) 	 	$	(184	) 	

8

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited, dollars in millions)

 	  	Three Months
Ended March 31,	 	
 	  	    2013    	 	 	    2012    	 	
Amortization of acquired Amylin intangible assets	  	$	138	  	 	$	—	  	
Amortization of Amylin collaboration proceeds	  	 	(67	) 	 	 	—	  	
Amortization of Amylin inventory adjustment	  	 	14	  	 	 	—	  	
	  	 	 	 	 	 	 	 	
Cost of products sold	  	 	85	  	 	 	—	  	
			
Marketing, selling and administrative*	  	 	1	  	 	 	8	  	
			
Research and development**	  	 	—	  	 	 	58	  	
			
Provision for restructuring	  	 	33	  	 	 	22	  	
Acquisition related expenses	  	 	—	  	 	 	12	  	
Litigation charges/(recoveries)	  	 	—	  	 	 	(172	) 	
Out-licensed intangible asset impairment	  	 	—	  	 	 	38	  	
Loss on debt repurchase	  	 	—	  	 	 	19	  	
Upfront, milestone, and other licensing receipts	  	 	(14	) 	 	 	—	  	
	  	 	 	 	 	 	 	 	
Other (income)/expense	  	 	19	  	 	 	(81	) 	
			
Increase/(decrease) to pretax income	  	 	105	  	 	 	(15	) 	
(Income tax)/tax benefit on items above	  	 	(35	) 	 	 	8	  	
	  	 	 	 	 	 	 	 	
Increase/(decrease) to net earnings	  	$	70	  	 	$	(7	) 	

*	Specified items in marketing, selling and administrative are process standardization implementation costs.	
**	Specified items in research and development in 2012 are IPRD impairment charges.	
 
9

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited, dollars in millions)

Three months ended March 31, 2013	  	GAAP	 	  	Specified
Items*	 	  	Non
GAAP	 	
				
Gross Profit	  	$	2,768	  	  	 	85	  	  	$	2,853	  	
				
Marketing, Selling and Administrative	  	 	994	  	  	 	(1)	  	  	 	993	  	
				
Research and Development	  	 	930	  	  	 	—	  	  	 	930	  	
				
Other (income)/expense	  	 	(19)	  	  	 	(19)	  	  	 	(38)	  	
				
Effective Tax Rate	  	 	7.6%	  	  	 	3.4%	  	  	 	11.0%	  	
				
Three months ended March 31, 2012	  	GAAP	 	  	Specified
Items*	 	  	Non
GAAP	 	
				
Gross Profit	  	$	3,948	  	  	 	—	  	  	$	3,948	  	
				
Marketing, Selling and Administrative	  	 	1,002	  	  	 	(8)	  	  	 	994	  	
				
Research and Development	  	 	909	  	  	 	(58)	  	  	 	851	  	
				
Other (income)/expense	  	 	(184)	  	  	 	81	  	  	 	(103)	  	
				
Effective Tax Rate	  	 	26.9%	  	  	 	(0.2)%	  	  	 	26.7%	  	
 
*	Refer to the Specified Items schedules for further details.	
 
10

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended March 31,	 	
 	  	    2013    	 	  	    2012    	 	
Net Earnings Attributable to BMS – GAAP	  	$	609	  	  	$	1,101	  	
Earnings attributable to unvested restricted shares	  	 	—	  	  	 	(1	) 	
	  	 	 	 	  	 	 	 	
Net Earnings used for Diluted EPS Calculation – GAAP	  	$	609	  	  	$	1,100	  	

Net Earnings Attributable to BMS – GAAP	  	$	609	  	  	$	1,101	  	
Less Specified Items*	  	 	70	  	  	 	(7	) 	
	  	 	 	 	  	 	 	 	
Net Earnings Attributable to BMS - Non-GAAP	  	 	679	  	  	 	1,094	  	
Earnings attributable to unvested restricted shares	  	 	—	  	  	 	(1	) 	
	  	 	 	 	  	 	 	 	
Net Earnings used for Diluted EPS Calculation - Non-GAAP	  	$	679	  	  	$	1,093	  	

Average Common Shares Outstanding - Diluted	  	 	1,655	  	  	 	1,706	 	
			
Diluted EPS - GAAP	  	$	0.37	  	  	$	0.64	  	
Diluted EPS Attributable to Specified Items	  	 	0.04	  	  	 	—	  	
	  	 	 	 	  	 	 	 	
Diluted EPS - Non-GAAP	  	$	0.41	  	  	$	0.64	  	

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

BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF MARCH 31, 2013 AND DECEMBER 31, 2012
(Unaudited, dollars in millions)

 	  	March 31,
        2013         	 	 	December 31,
        2012         	 	
Cash and cash equivalents	  	$	1,355	  	 	$	1,656	  	
Marketable securities–current	  	 	1,178	  	 	 	1,173	  	
Marketable securities–long-term	  	 	3,242	  	 	 	3,523	  	
	  	 	 	 	 	 	 	 	
Cash, cash equivalents and marketable securities	  	 	5,775	  	 	 	6,352	  	
Short-term borrowings and current portion of long-term debt	  	 	(1,372	) 	 	 	(826	) 	
Long-term debt	  	 	(6,522	) 	 	 	(6,568	) 	
	  	 	 	 	 	 	 	 	
Net debt position	  	$	(2,119	) 	 	$	(1,042	) 	

12

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

Net Sales	 	2012	 	 	2013	 	% Change	 	FX Impact	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 	Qtr vs. Qtr	 	YTD vs. YTD	
																			
Total	 	$	5,251	  	 	$	4,443	  	 	$	9,694	  	 	$	3,736	  	 	$	13,430	  	 	$	4,191	  	 	$	17,621	  	 	$	3,831	  	 		 		 		 		 		 		 	(27)%	 	(27)%	 	—	 	—	
US and Puerto Rico	 	 	3,501	  	 	 	2,629	  	 	 	6,130	  	 	 	2,016	  	 	 	8,146	  	 	 	2,238	  	 	 	10,384	  	 	 	1,971	  	 		 		 		 		 		 		 	(44)%	 	(44)%	 	—	 	—	
Europe	 	 	922	  	 	 	926	  	 	 	1,848	  	 	 	858	  	 	 	2,706	  	 	 	1,000	  	 	 	3,706	  	 	 	946	  	 		 		 		 		 		 		 	3%	 	3%	 	1%	 	1%	
Rest of the World	 	 	748	  	 	 	811	  	 	 	1,559	  	 	 	787	  	 	 	2,346	  	 	 	858	  	 	 	3,204	  	 	 	765	  	 		 		 		 		 		 		 	2%	 	2%	 	(4)%	 	(4)%	
Other	 	 	80	  	 	 	77	  	 	 	157	  	 	 	75	  	 	 	232	  	 	 	95	  	 	 	327	  	 	 	149	  	 		 		 		 		 		 		 	86%	 	86%	 	—	 	—	
				
% of Total Sales	 	2012	 	 	2013	 	Basis Point Change	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	
																	
Total	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 	 	100.0%	  	 		 		 		 		 		 		 	—	 	—	
US and Puerto Rico	 	 	66.7%	  	 	 	59.2%	  	 	 	63.2%	  	 	 	54.0%	  	 	 	60.7%	  	 	 	53.4%	  	 	 	58.9%	  	 	 	51.4%	  	 		 		 		 		 		 		 	(1530)	 	(1530)	
Europe	 	 	17.6%	  	 	 	20.8%	  	 	 	19.1%	  	 	 	23.0%	  	 	 	20.1%	  	 	 	23.9%	  	 	 	21.0%	  	 	 	24.7%	  	 		 		 		 		 		 		 	710	 	710	
Rest of the World	 	 	14.2%	  	 	 	18.3%	  	 	 	16.1%	  	 	 	21.0%	  	 	 	17.5%	  	 	 	20.5%	  	 	 	18.2%	  	 	 	20.0%	  	 		 		 		 		 		 		 	580	 	580	
Other	 	 	1.5%	  	 	 	1.7%	  	 	 	1.6%	  	 	 	2.0%	  	 	 	1.7%	  	 	 	2.2%	  	 	 	1.9%	  	 	 	3.9%	  	 		 		 		 		 		 		 	240	 	240	
 
1

BRISTOL-MYERS SQUIBB COMPANY
SALES AND COMPOSITION OF CHANGE IN SALES
FOR THE PERIOD ENDED MARCH 31, 2013
($ in millions)

QUARTER-TO-DATE	  	Net Sales	 	    	Analysis of % Change	 	
 	  	2013	 	  	2012	 	    	Total Change	 	  	Volume	 	  	Price	 	  	Foreign Exchange	 	
US and Puerto Rico	  	$	1,971	  	  	$	3,501	  	    	 	(44)%	  	  	 	(43)%	  	  	 	(1)%	  	  	 	—  	  	
Europe	  	 	946	  	  	 	922	  	    	 	3%	  	  	 	4%	  	  	 	(2)%	  	  	 	1%	  	
Rest of the World	  	 	765	  	  	 	748	  	    	 	2%	  	  	 	7%	  	  	 	(1)%	  	  	 	(4)%	  	
Other	  	 	149	  	  	 	80	  	    	 	86%	  	  	 	N/A	  	  	 	N/A	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	    				  				  				  				
Total	  	$	3,831	  	  	$	5,251	  	    	 	(27)%	  	  	 	(26)%	  	  	 	(1)%	  	  	 	—  	  	

2

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

 	 	2012	 	 	2013	 	% Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr
vs. Qtr	 	 	YTD
vs. YTD	 	
																	
Net Sales	 	$	5,251	  	 	$	4,443	  	 	$	9,694	  	 	$	3,736	  	 	$	13,430	  	 	$	4,191	  	 	$	17,621	  	 	$	3,831	  	 		 		 		 		 		 		 	 	(27)%	  	 	 	(27)%	  	
																	
Cost of products sold	 	 	1,303	  	 	 	1,245	  	 	 	2,548	  	 	 	987	  	 	 	3,535	  	 	 	1,075	  	 	 	4,610	  	 	 	1,063	  	 		 		 		 		 		 		 	 	(18)%	  	 	 	(18)%	  	
Marketing, selling and administrative	 	 	1,002	  	 	 	1,004	  	 	 	2,006	  	 	 	1,071	  	 	 	3,077	  	 	 	1,143	  	 	 	4,220	  	 	 	994	  	 		 		 		 		 		 		 	 	(1)%	  	 	 	(1)%	  	
Advertising and product promotion	 	 	194	  	 	 	224	  	 	 	418	  	 	 	167	  	 	 	585	  	 	 	212	  	 	 	797	  	 	 	189	  	 		 		 		 		 		 		 	 	(3)%	  	 	 	(3)%	  	
Research and development	 	 	909	  	 	 	962	  	 	 	1,871	  	 	 	951	  	 	 	2,822	  	 	 	1,082	  	 	 	3,904	  	 	 	930	  	 		 		 		 		 		 		 	 	2%	  	 	 	2%	  	
Impairment charge for BMS-986094 intangible asset	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,830	  	 	 	1,830	  	 	 	—  	  	 	 	1,830	  	 	 	—  	  	 		 		 		 		 		 		 	 	—	  	 	 	—	  	
Other (income)/expense	 	 	(184	) 	 	 	(51	) 	 	 	(235	) 	 	 	(11	) 	 	 	(246	) 	 	 	166	  	 	 	(80	) 	 	 	(19	) 	 		 		 		 		 		 		 	 	(90)%	  	 	 	(90)%	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Expenses	 	 	3,224	  	 	 	3,384	  	 	 	6,608	  	 	 	4,995	  	 	 	11,603	  	 	 	3,678	  	 	 	15,281	  	 	 	3,157	  	 		 		 		 		 		 		 	 	(2)%	  	 	 	(2)%	  	
																	
Earnings/(Loss) Before Income Taxes	 	$	2,027	  	 	$	1,059	  	 	$	3,086	  	 	$	(1,259	) 	 	$	1,827	  	 	$	513	  	 	$	2,340	  	 	$	674	  	 		 		 		 		 		 		 	 	(67)%	  	 	 	(67)%	  	
Provision for/(Benefit from) income taxes	 	 	545	  	 	 	251	  	 	 	796	  	 	 	(546	) 	 	 	250	  	 	 	(411	) 	 	 	(161	) 	 	 	51	  	 		 		 		 		 		 		 	 	(91)%	  	 	 	(91)%	  	

Net Earnings/(Loss)	 	$	1,482	  	 	$	808	  	 	$	2,290	  	 	$	(713	) 	 	$	1,577	  	 	$	924	  	 	$	2,501	  	 	$	623	  	 		 		 		 		 		 		 	 	(58)%	  	 	 	(58)%	  	
Net Earnings/(Loss) Attributable to Noncontrolling Interest	 	 	381	  	 	 	163	  	 	 	544	  	 	 	(2	) 	 	 	542	  	 	 	(1	) 	 	 	541	  	 	 	14	  	 		 		 		 		 		 		 	 	(96)%	  	 	 	(96)%	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings/(Loss) Attributable to BMS	 	$	1,101	  	 	$	645	  	 	$	1,746	  	 	$	(711	) 	 	$	1,035	  	 	$	925	  	 	$	1,960	  	 	$	609	  	 		 		 		 		 		 		 	 	(45)%	  	 	 	(45)%	  	

Earnings attributable to unvested restricted shares	 	 	(1	) 	 	 	—  	  	 	 	(2	) 	 	 	—  	  	 	 	(1	) 	 	 	(1	) 	 	 	(1	) 	 	 	—  	  	 		 		 		 		 		 		 	 	(100)%	  	 	 	(100)%	  	

Net Earnings/(Loss) used for Diluted EPS Calculation	 	$	1,100	  	 	$	645	  	 	$	1,744	  	 	$	(711	) 	 	$	1,034	  	 	$	924	  	 	$	1,959	  	 	$	609	  	 		 		 		 		 		 		 	 	(45)%	  	 	 	(45)%	  	

Diluted Earnings/(Loss) per Common Share**	 	$	0.64	  	 	$	0.38	  	 	$	1.02	  	 	$	(0.43	) 	 	$	0.61	  	 	$	0.56	  	 	$	1.16	  	 	$	0.37	  	 		 		 		 		 		 		 	 	(42)%	  	 	 	(42)%	  	
																	
Average Common Shares Outstanding - Diluted	 	 	1,706	  	 	 	1,701	  	 	 	1,704	  	 	 	1,666	  	 	 	1,697	  	 	 	1,662	  	 	 	1,688	  	 	 	1,655	  	 		 		 		 		 		 		 	 	(3)%	  	 	 	(3)%	  	
Dividends declared per common share	 	$	0.34	  	 	$	0.34	  	 	$	0.68	  	 	$	0.34	  	 	$	1.02	  	 	$	0.35	  	 	$	1.37	  	 	$	0.35	  	 		 		 		 		 		 		 	 	3%	  	 	 	3%	  	

% of Net Sales	 	2012	 	 	2013	 	Basis Point
Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs.
Qtr	 	 	YTD vs.
YTD	 	
																	
Gross Margin	 	 	75.2%	  	 	 	72.0%	  	 	 	73.7%	  	 	 	73.6%	  	 	 	73.7%	  	 	 	74.3%	  	 	 	73.8%	  	 	 	72.3%	  	 		 		 		 		 		 		 	 	(290	) 	 	 	(290	) 	
																	
Cost of products sold	 	 	24.8%	  	 	 	28.0%	  	 	 	26.3%	  	 	 	26.4%	  	 	 	26.3%	  	 	 	25.7%	  	 	 	26.2%	  	 	 	27.7%	  	 		 		 		 		 		 		 	 	290	  	 	 	290	  	
Marketing, selling and administrative	 	 	19.1%	  	 	 	22.6%	  	 	 	20.7%	  	 	 	28.7%	  	 	 	22.9%	  	 	 	27.3%	  	 	 	23.9%	  	 	 	25.9%	  	 		 		 		 		 		 		 	 	680	  	 	 	680	  	
Advertising and product promotion	 	 	3.7%	  	 	 	5.0%	  	 	 	4.3%	  	 	 	4.5%	  	 	 	4.4%	  	 	 	5.1%	  	 	 	4.5%	  	 	 	4.9%	  	 		 		 		 		 		 		 	 	120	  	 	 	120	  	
Research and development	 	 	17.3%	  	 	 	21.7%	  	 	 	19.3%	  	 	 	25.5%	  	 	 	21.0%	  	 	 	25.8%	  	 	 	22.2%	  	 	 	24.3%	  	 		 		 		 		 		 		 	 	700	  	 	 	700	  	
Total expenses	 	 	61.4%	  	 	 	76.2%	  	 	 	68.2%	  	 	 	    *	  	 	 	86.4%	  	 	 	87.8%	  	 	 	86.7%	  	 	 	82.4%	  	 		 		 		 		 		 		 	 	2,100	  	 	 	2,100	  	
																	
Earnings/ (Loss) Before Income Taxes	 	 	38.6%	  	 	 	23.8%	  	 	 	31.8%	  	 	 	(33.7)%	  	 	 	13.6%	  	 	 	12.2%	  	 	 	13.3%	  	 	 	17.6%	  	 		 		 		 		 		 		 	 	(2,100	) 	 	 	(2,100	) 	
Net Earnings/ (Loss) Attributable to BMS	 	 	21.0%	  	 	 	14.5%	  	 	 	18.0%	  	 	 	(19.0)%	  	 	 	7.7%	  	 	 	22.1%	  	 	 	11.1%	  	 	 	15.9%	  	 		 		 		 		 		 		 	 	(510	) 	 	 	(510	) 	
																	
Other Ratios	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 				 				
Effective Tax Rate	 	 	26.9%	  	 	 	23.7%	  	 	 	25.8%	  	 	 	43.4%	  	 	 	13.7%	  	 	 	(80.1)%	  	 	 	(6.9)%	  	 	 	7.6%	  	 		 		 		 		 		 		 	 	(1,930	) 	 	 	(1,930	) 	

Other (Income)/Expense	 	2012	 	 	2012	 	% Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs.
Qtr	 	 	YTD vs.
YTD	 	
																	
Interest expense	 	$	42	  	 	$	41	  	 	$	83	  	 	$	48	  	 	$	131	  	 	$	51	  	 	$	182	  	 	$	50	  	 		 		 		 		 		 		 	 	19%	  	 	 	19%	  	
Investment income	 	 	(36	) 	 	 	(22	) 	 	 	(58	) 	 	 	(27	) 	 	 	(85	) 	 	 	(21	) 	 	 	(106	) 	 	 	(25	) 	 		 		 		 		 		 		 	 	(31)%	  	 	 	(31)%	  	
Provision for restructuring	 	 	22	  	 	 	20	  	 	 	42	  	 	 	29	  	 	 	71	  	 	 	103	  	 	 	174	  	 	 	33	  	 		 		 		 		 		 		 	 	50%	  	 	 	50%	  	
Litigation charges/(recoveries)	 	 	(172	) 	 	 	22	  	 	 	(150	) 	 	 	50	  	 	 	(100	) 	 	 	55	  	 	 	(45	) 	 	 	—	  	 		 		 		 		 		 		 	 	(100)%	  	 	 	(100)%	  	
Equity in net income of affiliates	 	 	(57	) 	 	 	(53	) 	 	 	(110	) 	 	 	(40	) 	 	 	(150	) 	 	 	(33	) 	 	 	(183	) 	 	 	(36	) 	 		 		 		 		 		 		 	 	(37)%	  	 	 	(37)%	  	
Out-licensed intangible asset impairment	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 		 		 		 		 		 		 	 	(100)%	  	 	 	(100)%	  	
Gain on sale of product lines, businesses and assets	 	 	—	  	 	 	(3	) 	 	 	(3	) 	 	 	—	  	 	 	(3	) 	 	 	(50	) 	 	 	(53	) 	 	 	(1	) 	 		 		 		 		 		 		 	 	—	  	 	 	—	  	
Other income received from alliance partners, net	 	 	(46	) 	 	 	(83	) 	 	 	(129	) 	 	 	(96	) 	 	 	(225	) 	 	 	(87	) 	 	 	(312	) 	 	 	(57	) 	 		 		 		 		 		 		 	 	24%	  	 	 	24%	  	
Pension curtailments and settlements	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 	 	3	  	 	 	155	  	 	 	158	  	 	 	—	  	 		 		 		 		 		 		 	 	—	  	 	 	—	  	
Other	 	 	25	  	 	 	27	  	 	 	52	  	 	 	22	  	 	 	74	  	 	 	(7	) 	 	 	67	  	 	 	17	  	 		 		 		 		 		 		 	 	(32)%	  	 	 	(32)%	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	$	(184	) 	 	$	(51	) 	 	$	(235	) 	 	$	(11	) 	 	$	(246	) 	 	$	166	  	 	$	(80	) 	 	$	(19	) 	 		 		 		 		 		 		 	 	(90)%	  	 	 	(90)%	  	

*	In excess of +/- 100%	
**	Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
 
3

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2013
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE

 	 	2013	 	 	2012	 	 	Growth $	 	 	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact $ *	 	 	2013
Excluding FX	 	 	Favorable /
(Unfavorable)
FX Impact % *	 	 	Growth %
Excluding FX	 	
									
Net sales	 	$	3,831	  	 	$	5,251	  	 	 	(1,420	) 	 	 	(27)%	  	 	$	(21	) 	 	$	3,852	  	 	 	—	  	 	 	(27)%	  	
Gross profit	 	 	2,768	  	 	 	3,948	  	 	 	(1,180	) 	 	 	(30)%	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	
Gross profit excluding specified items (a) 	 	 	2,853	  	 	 	3,948	  	 	 	(1,095	) 	 	 	(28)%	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	 	 	N/A	  	
Gross profit excluding specified items as a % of sales	 	 	74.5%	  	 	 	75.2%	  	 				 				 				 				 				 				
									
Marketing, selling and administrative	 	 	994	  	 	 	1,002	  	 	 	(8	) 	 	 	(1)%	  	 	 	    11	  	 	 	1,005	  	 	 	1%	  	 	 	—	  	
Marketing, selling and administrative excluding specified items (a) 	 	 	993	  	 	 	994	  	 	 	(1	) 	 	 	—	  	 	 	    11	  	 	 	1,004	  	 	 	1%	  	 	 	1%	  	
									
Advertising and product promotion	 	 	189	  	 	 	194	  	 	 	(5	) 	 	 	(3)%	  	 	 	      1	  	 	 	190	  	 	 	1%	  	 	 	(2)%	  	
									
SG&A excluding specified items as a % of sales	 	 	30.9%	  	 	 	22.6%	  	 				 				 				 				 				 				
									
Research and development	 	 	930	  	 	 	909	  	 	 	21	  	 	 	2%	  	 	 	      5	  	 	 	935	  	 	 	1%	  	 	 	3%	  	
Research and development excluding specified items (a) 	 	 	930	  	 	 	851	  	 	 	79	  	 	 	9%	  	 	 	      5	  	 	 	935	  	 	 	1%	  	 	 	10%	  	
									
Research and development excluding specified items as a % of sales	 	 	24.3%	  	 	 	16.2%	  	 				 				 				 				 				 				
 
(a)	Refer to the Specified Items tab for detail of specified items.	
 
*	Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.	
 
4

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2013
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE

 	  	2013	 	  	2012	 	  	Growth $	 	 	Growth %	 	  	Favorable /
(Unfavorable)
FX Impact $ **	 	 	2013
Excluding FX	 	  	Favorable /
(Unfavorable)
FX Impact % **	 	  	Growth %
Excluding FX	 	
									
Virology	  				  				  				 				  				 				  				  				
Baraclude	  	 	366	  	  	 	325	  	  	 	41	  	 	 	13%	  	  	 	(6	) 	 	 	372	  	  	 	(1)%	  	  	 	14%	  	
Reyataz	  	 	361	  	  	 	358	  	  	 	3	  	 	 	1%	  	  	 	(1	) 	 	 	362	  	  	 	—	  	  	 	1%	  	
Sustiva Franchise	  	 	387	  	  	 	386	  	  	 	1	  	 	 	—	  	  	 	1	  	 	 	386	  	  	 	—	  	  	 	—	  	
									
Oncology	  				  				  				 				  				 				  				  				
Erbitux	  	 	162	  	  	 	179	  	  	 	(17	) 	 	 	(9)%	  	  	 	—	  	 	 	162	  	  	 	—	  	  	 	(9)%	  	
Sprycel	  	 	287	  	  	 	231	  	  	 	56	  	 	 	24%	  	  	 	(6	) 	 	 	293	  	  	 	(3)%	  	  	 	27%	  	
Yervoy	  	 	229	  	  	 	154	  	  	 	75	  	 	 	49%	  	  	 	—	  	 	 	229	  	  	 	—	  	  	 	49%	  	
									
Neuroscience	  				  				  				 				  				 				  				  				
Abilify	  	 	522	  	  	 	621	  	  	 	(99	) 	 	 	(16)%	  	  	 	—	  	 	 	522	  	  	 	—	  	  	 	(16)%	  	
									
Metabolics	  				  				  				 				  				 				  				  				
Bydureon	  	 	52	  	  	 	—	  	  	 	52	  	 	 	N/A	  	  	 	—	  	 	 	52	  	  	 	N/A	  	  	 	N/A	  	
Byetta	  	 	85	  	  	 	—	  	  	 	85	  	 	 	N/A	  	  	 	—	  	 	 	85	  	  	 	N/A	  	  	 	N/A	  	
Forxiga	  	 	3	  	  	 	—	  	  	 	3	  	 	 	N/A	  	  	 	—	  	 	 	3	  	  	 	N/A	  	  	 	N/A	  	
Onglyza/Kombiglyze	  	 	202	  	  	 	161	  	  	 	41	  	 	 	25%	  	  	 	(1	) 	 	 	203	  	  	 	(1)%	  	  	 	26%	  	
									
Immunoscience	  				  				  				 				  				 				  				  				
Nulojix	  	 	5	  	  	 	1	  	  	 	4	  	 	 	    *	  	  	 	—	  	 	 	5	  	  	 	N/A	  	  	 	    *	  	
Orencia	  	 	320	  	  	 	254	  	  	 	66	  	 	 	26%	  	  	 	(5	) 	 	 	325	  	  	 	(2)%	  	  	 	28%	  	
									
Cardiovascular	  				  				  				 				  				 				  				  				
Avapro/Avalide	  	 	46	  	  	 	207	  	  	 	(161	) 	 	 	(78)%	  	  	 	2	  	 	 	44	  	  	 	1%	  	  	 	(79)%	  	
Eliquis	  	 	22	  	  	 	—	  	  	 	22	  	 	 	N/A	  	  	 	—	  	 	 	22	  	  	 	N/A	  	  	 	N/A	  	
Plavix	  	 	91	  	  	 	1,693	  	  	 	(1,602	) 	 	 	(95)%	  	  	 	2	  	 	 	89	  	  	 	—	  	  	 	(95)%	  	
									
Mature Products and All Other	  	 	691	  	  	 	681	  	  	 	10	  	 	 	1%	  	  	 	(7	) 	 	 	698	  	  	 	(1)%	  	  	 	2%	  	
									
Total	  	 	3,831	  	  	 	5,251	  	  	 	(1,420	) 	 	 	(27)%	  	  	 	(21	) 	 	 	3,852	  	  	 	—	  	  	 	(27)%	  	
									
Total excluding Plavix and Avapro/Avalide	  	 	3,694	  	  	 	3,351	  	  	 	343	  	 	 	10%	  	  	 	(25	) 	 	 	3,719	  	  	 	(1)%	  	  	 	11%	  	
 
*	In excess of +/- 100%	
 
**	Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.	
 
5

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

 	 	2012	 	 	2013	 	% Change	 	FX Impact	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rdQtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 	Qtr vs. Qtr	 	YTD vs. YTD	
																			
TOTAL	 	 	5,251	  	 	 	4,443	  	 	 	9,694	  	 	 	3,736	  	 	 	13,430	  	 	 	4,191	  	 	 	17,621	  	 	 	3,831	  	 		 		 		 		 		 		 	(27)%	 	(27)%	 	—	 	—	
																			
Virology	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Baraclude	 	 	325	  	 	 	357	  	 	 	682	  	 	 	346	  	 	 	1,028	  	 	 	360	  	 	 	1,388	  	 	 	366	  	 		 		 		 		 		 		 	13%	 	13%	 	(1)%	 	(1)%	
Reyataz	 	 	358	  	 	 	406	  	 	 	764	  	 	 	363	  	 	 	1,127	  	 	 	394	  	 	 	1,521	  	 	 	361	  	 		 		 		 		 		 		 	1%	 	1%	 	—	 	—	
Sustiva Franchise (a)	 	 	386	  	 	 	388	  	 	 	774	  	 	 	370	  	 	 	1,144	  	 	 	383	  	 	 	1,527	  	 	 	387	  	 		 		 		 		 		 		 	—	 	—	 	—	 	—	
Oncology	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Erbitux	 	 	179	  	 	 	179	  	 	 	358	  	 	 	173	  	 	 	531	  	 	 	171	  	 	 	702	  	 	 	162	  	 		 		 		 		 		 		 	(9)%	 	(9)%	 	—	 	—	
Sprycel	 	 	231	  	 	 	244	  	 	 	475	  	 	 	263	  	 	 	738	  	 	 	281	  	 	 	1,019	  	 	 	287	  	 		 		 		 		 		 		 	24%	 	24%	 	(3)%	 	(3)%	
Yervoy	 	 	154	  	 	 	162	  	 	 	316	  	 	 	179	  	 	 	495	  	 	 	211	  	 	 	706	  	 	 	229	  	 		 		 		 		 		 		 	49%	 	49%	 	—	 	—	
Neuroscience	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Abilify (b)	 	 	621	  	 	 	711	  	 	 	1,332	  	 	 	676	  	 	 	2,008	  	 	 	819	  	 	 	2,827	  	 	 	522	  	 		 		 		 		 		 		 	(16)%	 	(16)%	 	—	 	—	
Metabolics	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Bydureon	 	 	—	  	 	 	—	  	 	 	—	  	 	 	20	  	 	 	20	  	 	 	58	  	 	 	78	  	 	 	52	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Byetta	 	 	—	  	 	 	—	  	 	 	—	  	 	 	55	  	 	 	55	  	 	 	94	  	 	 	149	  	 	 	85	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Forxiga	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	3	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Onglyza/Kombiglyze (c)	 	 	161	  	 	 	172	  	 	 	333	  	 	 	178	  	 	 	511	  	 	 	198	  	 	 	709	  	 	 	202	  	 		 		 		 		 		 		 	25%	 	25%	 	(1)%	 	(1)%	
Immunoscience	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Nulojix	 	 	1	  	 	 	3	  	 	 	4	  	 	 	3	  	 	 	7	  	 	 	4	  	 	 	11	  	 	 	5	  	 		 		 		 		 		 		 	 *	 	 *	 	N/A	 	N/A	
Orencia (d)	 	 	254	  	 	 	290	  	 	 	544	  	 	 	307	  	 	 	851	  	 	 	325	  	 	 	1,176	  	 	 	320	  	 		 		 		 		 		 		 	26%	 	26%	 	(2)%	 	(2)%	
Cardiovascular	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Avapro/Avalide	 	 	207	  	 	 	117	  	 	 	324	  	 	 	95	  	 	 	419	  	 	 	84	  	 	 	503	  	 	 	46	  	 		 		 		 		 		 		 	(78)%	 	(78)%	 	1%	 	1%	
Eliquis	 	 	—	  	 	 	1	  	 	 	1	  	 	 	—	  	 	 	1	  	 	 	1	  	 	 	2	  	 	 	22	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Plavix	 	 	1,693	  	 	 	741	  	 	 	2,434	  	 	 	64	  	 	 	2,498	  	 	 	49	  	 	 	2,547	  	 	 	91	  	 		 		 		 		 		 		 	(95)%	 	(95)%	 	—	 	—	
																			
Mature Products and All Other (e)	 	 	681	  	 	 	672	  	 	 	1,353	  	 	 	644	  	 	 	1,997	  	 	 	759	  	 	 	2,756	  	 	 	691	  	 		 		 		 		 		 		 	1%	 	1%	 	(1)%	 	(1)%	
					
 	 	2012	 	 	2013	 	% Change	 	FX Impact	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd
Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 	Qtr vs. Qtr	 	YTD vs. YTD	
Net Sales by Therapeutic Area:	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Virology	 	 	1,077	  	 	 	1,165	  	 	 	2,242	  	 	 	1,089	  	 	 	3,331	  	 	 	1,145	  	 	 	4,476	  	 	 	1,121	  	 		 		 		 		 		 		 	4%	 	4%	 	(1)%	 	(1)%	
Oncology	 	 	679	  	 	 	707	  	 	 	1,386	  	 	 	728	  	 	 	2,114	  	 	 	777	  	 	 	2,891	  	 	 	772	  	 		 		 		 		 		 		 	14%	 	14%	 	(1)%	 	(1)%	
Neuroscience	 	 	627	  	 	 	716	  	 	 	1,343	  	 	 	680	  	 	 	2,023	  	 	 	823	  	 	 	2,846	  	 	 	526	  	 		 		 		 		 		 		 	(16)%	 	(16)%	 	—	 	—	
Metabolics	 	 	194	  	 	 	206	  	 	 	400	  	 	 	299	  	 	 	699	  	 	 	409	  	 	 	1,108	  	 	 	400	  	 		 		 		 		 		 		 	 *	 	 *	 	(2)%	 	(2)%	
Immunocience	 	 	255	  	 	 	292	  	 	 	547	  	 	 	311	  	 	 	858	  	 	 	329	  	 	 	1,187	  	 	 	325	  	 		 		 		 		 		 		 	27%	 	27%	 	(2)%	 	(2)%	
Cardiovascular	 	 	1,991	  	 	 	958	  	 	 	2,949	  	 	 	243	  	 	 	3,192	  	 	 	223	  	 	 	3,415	  	 	 	243	  	 		 		 		 		 		 		 	(88)%	 	(88)%	 	—	 	—	
Other Therapeutic Areas	 	 	428	  	 	 	399	  	 	 	827	  	 	 	386	  	 	 	1,213	  	 	 	485	  	 	 	1,698	  	 	 	444	  	 		 		 		 		 		 		 	4%	 	4%	 	—	 	—	
 
*	In excess of +/- 100%	
(a)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(c)	Includes Kombiglyze sales of $56M and $36M for the three months ended March 31, 2013 and March 31, 2012, respectively.	
(d)	Includes Orencia SubQ sales of $84M and $31M for the three months ended March 31, 2013 and March 31, 2012, respectively.	
(e)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.   Includes Symlin sales of $16M for the three months ended March 31, 2013.	
 
6

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

 	 	2012	 	 	2013	 	% Change	 	% Change in U.S.
Total Prescription**	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 	Qtr vs. Qtr	 	YTD vs. YTD	
																			
TOTAL (a)	 	 	3,501	  	 	 	2,629	  	 	 	6,130	  	 	 	2,016	  	 	 	8,146	  	 	 	2,238	  	 	 	10,384	  	 	 	1,971	  	 		 		 		 		 		 		 	(44)%	 	(44)%	 		 		
																			
Virology	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Baraclude	 	 	56	  	 	 	59	  	 	 	115	  	 	 	61	  	 	 	176	  	 	 	65	  	 	 	241	  	 	 	68	  	 		 		 		 		 		 		 	21%	 	21%	 	6%	 	6%	
Reyataz	 	 	188	  	 	 	199	  	 	 	387	  	 	 	197	  	 	 	584	  	 	 	199	  	 	 	783	  	 	 	193	  	 		 		 		 		 		 		 	3%	 	3%	 	(8)%	 	(8)%	
Sustiva Franchise (b)	 	 	254	  	 	 	259	  	 	 	513	  	 	 	250	  	 	 	763	  	 	 	253	  	 	 	1,016	  	 	 	251	  	 		 		 		 		 		 		 	(1)%	 	(1)%	 	(4)%	 	(4)%	
Oncology	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Erbitux	 	 	176	  	 	 	176	  	 	 	352	  	 	 	169	  	 	 	521	  	 	 	167	  	 	 	688	  	 	 	158	  	 		 		 		 		 		 		 	(10)%	 	(10)%	 	N/A	 	N/A	
Sprycel	 	 	95	  	 	 	91	  	 	 	186	  	 	 	109	  	 	 	295	  	 	 	109	  	 	 	404	  	 	 	115	  	 		 		 		 		 		 		 	21%	 	21%	 	18%	 	18%	
Yervoy (c)	 	 	117	  	 	 	122	  	 	 	239	  	 	 	123	  	 	 	362	  	 	 	141	  	 	 	503	  	 	 	159	  	 		 		 		 		 		 		 	36%	 	36%	 	N/A	 	N/A	
Neuroscience	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Abilify (d)	 	 	445	  	 	 	533	  	 	 	978	  	 	 	507	  	 	 	1,485	  	 	 	617	  	 	 	2,102	  	 	 	328	  	 		 		 		 		 		 		 	(26)%	 	(26)%	 	(2)%	 	(2)%	
Metabolics	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Bydureon	 	 	—	  	 	 	—	  	 	 	—	  	 	 	20	  	 	 	20	  	 	 	55	  	 	 	75	  	 	 	52	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Byetta	 	 	—	  	 	 	—	  	 	 	—	  	 	 	55	  	 	 	55	  	 	 	92	  	 	 	147	  	 	 	84	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Onglyza/Kombiglyze  (e)	 	 	120	  	 	 	126	  	 	 	246	  	 	 	130	  	 	 	376	  	 	 	140	  	 	 	516	  	 	 	140	  	 		 		 		 		 		 		 	17%	 	17%	 	8%	 	8%	
Immunoscience	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Nulojix	 	 	1	  	 	 	2	  	 	 	3	  	 	 	3	  	 	 	6	  	 	 	3	  	 	 	9	  	 	 	4	  	 		 		 		 		 		 		 	    *	 	    *	 	N/A	 	N/A	
Orencia (f)	 	 	171	  	 	 	199	  	 	 	370	  	 	 	211	  	 	 	581	  	 	 	216	  	 	 	797	  	 	 	214	  	 		 		 		 		 		 		 	25%	 	25%	 	N/A	 	N/A	
Cardiovascular	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		 		
Avapro/Avalide	 	 	108	  	 	 	22	  	 	 	130	  	 	 	9	  	 	 	139	  	 	 	16	  	 	 	155	  	 	 	—	  	 		 		 		 		 		 		 	(100)%	 	(100)%	 	(92)%	 	(92)%	
Eliquis	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	17	  	 		 		 		 		 		 		 	N/A	 	N/A	 	N/A	 	N/A	
Plavix	 	 	1,648	  	 	 	713	  	 	 	2,361	  	 	 	43	  	 	 	2,404	  	 	 	20	  	 	 	2,424	  	 	 	66	  	 		 		 		 		 		 		 	(96)%	 	(96)%	 	(98)%	 	(98)%	
																			
Mature Products and All Other  (g)	 	 	122	  	 	 	128	  	 	 	250	  	 	 	129	  	 	 	379	  	 	 	145	  	 	 	524	  	 	 	122	  	 		 		 		 		 		 		 	—	 	—	 		 		
																			
Total excluding Plavix and
Avapro/Avalide	 	 	1,745	  	 	 	1,894	  	 	 	3,639	  	 	 	1,964	  	 	 	5,603	  	 	 	2,202	  	 	 	7,805	  	 	 	1,905	  	 		 		 		 		 		 		 	9%	 	9%	 		 		
					
 	 	2012	 	 	2013	 	% Change	 	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr vs. Qtr	 	YTD vs. YTD	 		
Net Sales by Therapeutic Area:	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 		 		 		
Virology	 	 	498	  	 	 	519	  	 	 	1,017	  	 	 	509	  	 	 	1,526	  	 	 	518	  	 	 	2,044	  	 	 	513	  	 		 		 		 		 		 		 	3%	 	3%	 		
Oncology	 	 	412	  	 	 	414	  	 	 	826	  	 	 	423	  	 	 	1,249	  	 	 	438	  	 	 	1,687	  	 	 	451	  	 		 		 		 		 		 		 	9%	 	9%	 		
Neuroscience	 	 	445	  	 	 	534	  	 	 	979	  	 	 	506	  	 	 	1,485	  	 	 	617	  	 	 	2,102	  	 	 	328	  	 		 		 		 		 		 		 	(26)%	 	(26)%	 		
Metabolics	 	 	127	  	 	 	132	  	 	 	259	  	 	 	224	  	 	 	483	  	 	 	316	  	 	 	799	  	 	 	298	  	 		 		 		 		 		 		 	    *	 	    *	 		
Immunoscience	 	 	172	  	 	 	201	  	 	 	373	  	 	 	214	  	 	 	587	  	 	 	219	  	 	 	806	  	 	 	217	  	 		 		 		 		 		 		 	26%	 	26%	 		
Cardiovascular	 	 	1,784	  	 	 	766	  	 	 	2,550	  	 	 	79	  	 	 	2,629	  	 	 	61	  	 	 	2,690	  	 	 	108	  	 		 		 		 		 		 		 	(94)%	 	(94)%	 		
Other Therapeutic Areas	 	 	63	  	 	 	63	  	 	 	126	  	 	 	61	  	 	 	187	  	 	 	69	  	 	 	256	  	 	 	56	  	 		 		 		 		 		 		 	(11)%	 	(11)%	 		

*	In excess of +/- 100%	
**	The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, Federal facilities including Veterans Administration hospitals, and long-term care, among others. Erbitux, Yervoy and Nulojix, and the intravenous formulation of Orencia are parenterally administered products and do not have prescription-level data as these products are not dispensed through retail and mail order channels. The data is provided by Wolters Kluwer Health, except for Sprycel and Orencia SC, and is based on the Source Prescription Audit. Sprycel and Orencia SC demand is based on information from the Next-Generation Prescription Service version 2.0 of the National Prescription Audit provided by IMS Health. The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error.	
(a)	Domestic net sales include United States and Puerto Rico.	
(b)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	
(c)	Includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.	

 	  	2013
1st Qtr	 	  	2012
1st Qtr	 	  	% Change
Qtr vs. Qtr	 	
				
Yervoy Net Sales As Reported	  	 	159	  	  	 	117	  	  	 	36%	  	
Reversal of deferred revenues, net	  	 	(25	) 	  	 	—	  	  	 	N/A	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Yervoy Net Sales - Adjusted	  	 	134	  	  	 	117	  	  	 	15%	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
(d)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement.	

 	  	2013
1st Qtr	 	  	2012
1st Qtr	 	  	% Change
Qtr vs. Qtr	 	
				
Abilify Net Sales As Reported	  	 	328	  	  	 	445	  	  	 	(26)%	  	
Contractual share change from 51.5% to 35%	  	 	155	  	  	 	—	  	  	 	N/A	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Abilify Net Sales - Adjusted	  	 	483	  	  	 	445	  	  	 	9%	  	

(e)	Includes Kombiglyze sales of $47M and $36M for the three months ended March 31, 2013 and March 31, 2012, respectively.	
(f)	Includes Orencia SubQ sales of $70M and $31M for the three months ended March 31, 2013 and March 31, 2012, respectively.	
(g)	Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin sales of $16M for the three months ended March 31, 2013.	
 
7

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

 	  	2012	 	  	2013	  	% Change	  	FX Impact	
 	  	1st Qr	 	  	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
v
s. YTD	  	Qtr
vs. Qtr	  	YTD
vs. YTD	
																			
TOTAL	  	 	1,750	  	  	 	1,814	  	  	 	3,564	  	  	 	1,720	  	  	 	5,284	  	  	 	1,953	  	  	 	7,237	  	  	 	1,860	  	  		  		  		  		  		  		  	6%	  	6%	  	(1)%	  	(1)%	
																			
Virology	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Baraclude	  	 	269	  	  	 	298	  	  	 	567	  	  	 	285	  	  	 	852	  	  	 	295	  	  	 	1,147	  	  	 	298	  	  		  		  		  		  		  		  	11%	  	11%	  	(2)%	  	(2)%	
Reyataz	  	 	170	  	  	 	207	  	  	 	377	  	  	 	166	  	  	 	543	  	  	 	195	  	  	 	738	  	  	 	168	  	  		  		  		  		  		  		  	(1)%	  	(1)%	  	—	  	—	
Sustiva Franchise (a)	  	 	132	  	  	 	129	  	  	 	261	  	  	 	120	  	  	 	381	  	  	 	130	  	  	 	511	  	  	 	136	  	  		  		  		  		  		  		  	3%	  	3%	  	1%	  	1%	
Oncology	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Erbitux	  	 	3	  	  	 	3	  	  	 	6	  	  	 	4	  	  	 	10	  	  	 	4	  	  	 	14	  	  	 	4	  	  		  		  		  		  		  		  	33%	  	33%	  	—	  	—	
Sprycel	  	 	136	  	  	 	153	  	  	 	289	  	  	 	154	  	  	 	443	  	  	 	172	  	  	 	615	  	  	 	172	  	  		  		  		  		  		  		  	26%	  	26%	  	(5)%	  	(5)%	
Yervoy	  	 	37	  	  	 	40	  	  	 	77	  	  	 	56	  	  	 	133	  	  	 	70	  	  	 	203	  	  	 	70	  	  		  		  		  		  		  		  	89%	  	89%	  	—	  	—	
Neuroscience	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Abilify (b)	  	 	176	  	  	 	178	  	  	 	354	  	  	 	169	  	  	 	523	  	  	 	202	  	  	 	725	  	  	 	194	  	  		  		  		  		  		  		  	10%	  	10%	  	—	  	—	
Metabolics	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Bydureon	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	3	  	  	 	3	  	  	 	—	  	  		  		  		  		  		  		  	N/A	  	N/A	  	N/A	  	N/A	
Byetta	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	2	  	  	 	2	  	  	 	1	  	  		  		  		  		  		  		  	N/A	  	N/A	  	N/A	  	N/A	
Forxiga	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	3	  	  		  		  		  		  		  		  	N/A	  	N/A	  	N/A	  	N/A	
Onglyza/Kombiglyze	  	 	41	  	  	 	46	  	  	 	87	  	  	 	48	  	  	 	135	  	  	 	58	  	  	 	193	  	  	 	62	  	  		  		  		  		  		  		  	51%	  	51%	  	(3)%	  	(3)%	
Immunoscience	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Nulojix	  	 	—	  	  	 	1	  	  	 	1	  	  	 	—	  	  	 	1	  	  	 	1	  	  	 	2	  	  	 	1	  	  		  		  		  		  		  		  	—	  	—	  	N/A	  	N/A	
Orencia	  	 	83	  	  	 	91	  	  	 	174	  	  	 	96	  	  	 	270	  	  	 	109	  	  	 	379	  	  	 	106	  	  		  		  		  		  		  		  	28%	  	28%	  	(6)%	  	(6)%	
Cardiovascular	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Avapro/Avalide	  	 	99	  	  	 	95	  	  	 	194	  	  	 	86	  	  	 	280	  	  	 	68	  	  	 	348	  	  	 	46	  	  		  		  		  		  		  		  	(54)%	  	(54)%	  	1%	  	1%	
Eliquis	  	 	—	  	  	 	1	  	  	 	1	  	  	 	—	  	  	 	1	  	  	 	1	  	  	 	2	  	  	 	5	  	  		  		  		  		  		  		  	N/A	  	N/A	  	N/A	  	N/A	
Plavix	  	 	45	  	  	 	28	  	  	 	73	  	  	 	21	  	  	 	94	  	  	 	29	  	  	 	123	  	  	 	25	  	  		  		  		  		  		  		  	(44)%	  	(44)%	  	3%	  	3%	
																			
Mature Products and All Other (c)	  	 	559	  	  	 	544	  	  	 	1,103	  	  	 	515	  	  	 	1,618	  	  	 	614	  	  	 	2,232	  	  	 	569	  	  		  		  		  		  		  		  	2%	  	2%	  	(1)%	  	(1)%	
					
 	  	2012	 	  	2013	  	% Change	  	FX Impact	
 	  	1st Qtr	 	  	2nd Qtr	 	  	6 Months	 	  	3rd Qtr	 	  	9 Months	 	  	4th Qtr	 	  	Year	 	  	1st Qtr	 	  	2nd Qtr	  	6 Months	  	3rd
Qtr	  	9 Months	  	4th Qtr	  	Year	  	Qtr
vs. Qtr	  	YTD
vs.YTD	  	Qtr
vs. Qtr	  	YTD
vs. YTD	
Net Sales by Therapeutic Area:	  				  				  				  				  				  				  				  				  		  		  		  		  		  		  		  		  		  		
Virology	  	 	579	  	  	 	646	  	  	 	1,225	  	  	 	580	  	  	 	1,805	  	  	 	627	  	  	 	2,432	  	  	 	608	  	  		  		  		  		  		  		  	5%	  	5%	  	(1)%	  	(1)%	
Oncology	  	 	267	  	  	 	293	  	  	 	560	  	  	 	305	  	  	 	865	  	  	 	339	  	  	 	1,204	  	  	 	321	  	  		  		  		  		  		  		  	20%	  	20%	  	(5)%	  	(5)%	
Neuroscience	  	 	182	  	  	 	182	  	  	 	364	  	  	 	174	  	  	 	538	  	  	 	206	  	  	 	744	  	  	 	198	  	  		  		  		  		  		  		  	9%	  	9%	  	—	  	—	
Metabolics	  	 	67	  	  	 	74	  	  	 	141	  	  	 	75	  	  	 	216	  	  	 	93	  	  	 	309	  	  	 	102	  	  		  		  		  		  		  		  	52%	  	52%	  	(2)%	  	(2)%	
Immunoscience	  	 	83	  	  	 	91	  	  	 	174	  	  	 	97	  	  	 	271	  	  	 	110	  	  	 	381	  	  	 	108	  	  		  		  		  		  		  		  	30%	  	30%	  	(6)%	  	(6)%	
Cardiovascular	  	 	207	  	  	 	192	  	  	 	399	  	  	 	164	  	  	 	563	  	  	 	162	  	  	 	725	  	  	 	135	  	  		  		  		  		  		  		  	(35)%	  	(35)%	  	1%	  	1%	
Other Therapeutic Areas	  	 	365	  	  	 	336	  	  	 	701	  	  	 	325	  	  	 	1,026	  	  	 	416	  	  	 	1,442	  	  	 	388	  	  		  		  		  		  		  		  	6%	  	6%	  	1%	  	1%	
 
*	In excess of +/- 100%	
(a)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
(c)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.	

8

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

 	 	2012	 	 	2013	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	
															
Gross Profit	 	$	3,948	  	 	$	3,198	  	 	$	7,146	  	 	$	2,749	  	 	$	9,895	  	 	$	3,116	  	 	$	13,011	  	 	$	2,768	  	 		 		 		 		 		 		
Specified items (a)	 	 	—	  	 	 	147	  	 	 	147	  	 	 	54	  	 	 	201	  	 	 	84	  	 	 	285	  	 	 	85	  	 		 		 		 		 		 		
Gross profit excluding specified items	 	 	3,948	  	 	 	3,345	  	 	 	7,293	  	 	 	2,803	  	 	 	10,096	  	 	 	3,200	  	 	 	13,296	  	 	 	2,853	  	 		 		 		 		 		 		
															
Marketing, selling and administrative	 	 	1,002	  	 	 	1,004	  	 	 	2,006	  	 	 	1,071	  	 	 	3,077	  	 	 	1,143	  	 	 	4,220	  	 	 	994	  	 		 		 		 		 		 		
Specified items (a)	 	 	(8)	  	 	 	(5)	  	 	 	(13)	  	 	 	(70)	  	 	 	(83)	  	 	 	(2)	  	 	 	(85)	  	 	 	(1)	  	 		 		 		 		 		 		
Marketing, selling and administrative excluding specified items	 	 	994	  	 	 	999	  	 	 	1,993	  	 	 	1,001	  	 	 	2,994	  	 	 	1,141	  	 	 	4,135	  	 	 	993	  	 		 		 		 		 		 		
															
Research and development	 	 	909	  	 	 	962	  	 	 	1,871	  	 	 	951	  	 	 	2,822	  	 	 	1,082	  	 	 	3,904	  	 	 	930	  	 		 		 		 		 		 		
Specified items (a)	 	 	(58)	  	 	 	(45)	  	 	 	(103)	  	 	 	(48)	  	 	 	(151)	  	 	 	(65)	  	 	 	(216)	  	 	 	—	  	 		 		 		 		 		 		
Research and development excluding specified items	 	 	851	  	 	 	917	  	 	 	1,768	  	 	 	903	  	 	 	2,671	  	 	 	1,017	  	 	 	3,688	  	 	 	930	  	 		 		 		 		 		 		
															
Other (income)/expense	 	 	(184)	  	 	 	(51)	  	 	 	(235)	  	 	 	(11)	  	 	 	(246)	  	 	 	166	  	 	 	(80)	  	 	 	(19)	  	 		 		 		 		 		 		
Specified items (a)	 	 	81	  	 	 	(43)	  	 	 	38	  	 	 	(116)	  	 	 	(78)	  	 	 	(249)	  	 	 	(327)	  	 	 	(19)	  	 		 		 		 		 		 		
Other (income)/expense excluding specified items	 	 	(103)	  	 	 	(94)	  	 	 	(197)	  	 	 	(127)	  	 	 	(324)	  	 	 	(83)	  	 	 	(407)	  	 	 	(38)	  	 		 		 		 		 		 		
															
Effective Tax Rate	 	 	26.9%	  	 	 	23.7%	  	 	 	25.8%	  	 	 	43.4%	  	 	 	13.7%	  	 	 	(80.1)%	  	 	 	(6.9)%	  	 	 	7.6%	  	 		 		 		 		 		 		
Specified items (a)	 	 	(0.2)%	  	 	 	1.6%	  	 	 	0.3%	  	 	 	(22.9)%	  	 	 	11.3%	  	 	 	95.1%	  	 	 	30.1%	  	 	 	3.4%	  	 		 		 		 		 		 		
Effective Tax Rate excluding specified items	 	 	26.7%	  	 	 	25.3%	  	 	 	26.1%	  	 	 	20.5%	  	 	 	25.0%	  	 	 	15.0%	  	 	 	23.2%	  	 	 	11.0%	  	 		 		 		 		 		 		
 
(a)	Refer to the Specified Items tab for detail of specified items.	
 
9

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

 	 	2012	 	 	2013	
Dollars in Millions	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	
Accelerated depreciation, asset impairment and other shutdown costs	 	$	—	  	 	$	147	  	 	$	147	  	 	$	—	  	 	$	147	  	 	$	—	  	 	$	147	  	 	$	—	  	 		 		 		 		 		 		
Amortization of acquired Amylin intangible assets	 	 	—	  	 	 	—	  	 	 	—	  	 	 	91	  	 	 	91	  	 	 	138	  	 	 	229	  	 	 	138	  	 		 		 		 		 		 		
Amortization of Amylin collaboration proceeds	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(46	) 	 	 	(46	) 	 	 	(68	) 	 	 	(114	) 	 	 	(67	) 	 		 		 		 		 		 		
Amortization of Amylin inventory adjustment	 	 	—	  	 	 	—	  	 	 	—	  	 	 	9	  	 	 	9	  	 	 	14	  	 	 	23	  	 	 	14	  	 		 		 		 		 		 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	 	 	—	  	 	 	147	  	 	 	147	  	 	 	54	  	 	 	201	  	 	 	84	  	 	 	285	  	 	 	85	  	 		 		 		 		 		 		
															
Stock compensation from accelerated vesting of Amylin awards	 	 	—	  	 	 	—	  	 	 	—	  	 	 	67	  	 	 	67	  	 	 	—	  	 	 	67	  	 	 	—	  	 		 		 		 		 		 		
Process standardization implementation costs	 	 	8	  	 	 	5	  	 	 	13	  	 	 	3	  	 	 	16	  	 	 	2	  	 	 	18	  	 	 	1	  	 		 		 		 		 		 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing, selling and administrative	 	 	8	  	 	 	5	  	 	 	13	  	 	 	70	  	 	 	83	  	 	 	2	  	 	 	85	  	 	 	1	  	 		 		 		 		 		 		
															
Stock compensation from accelerated vesting of Amylin awards	 	 	—	  	 	 	—	  	 	 	—	  	 	 	27	  	 	 	27	  	 	 	—	  	 	 	27	  	 	 	—	  	 		 		 		 		 		 		
Upfront, milestone and other licensing payments	 	 	—	  	 	 	—	  	 	 	—	  	 	 	21	  	 	 	21	  	 	 	26	  	 	 	47	  	 	 	—	  	 		 		 		 		 		 		
IPRD impairment	 	 	58	  	 	 	45	  	 	 	103	  	 	 	—	  	 	 	103	  	 	 	39	  	 	 	142	  	 	 	—	  	 		 		 		 		 		 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Research and development	 	 	58	  	 	 	45	  	 	 	103	  	 	 	48	  	 	 	151	  	 	 	65	  	 	 	216	  	 	 	—	  	 		 		 		 		 		 		
															
Impairment charge for BMS-986094 intangible asset	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,830	  	 	 	1,830	  	 	 	—	  	 	 	1,830	  	 	 	—	  	 		 		 		 		 		 		
															
Provision for restructuring	 	 	22	  	 	 	20	  	 	 	42	  	 	 	29	  	 	 	71	  	 	 	103	  	 	 	174	  	 	 	33	  	 		 		 		 		 		 		
Gain on sale of product lines, businesses and assets	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(51	) 	 	 	(51	) 	 	 	—	  	 		 		 		 		 		 		
Pension curtailments and settlements	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	151	  	 	 	151	  	 	 	—	  	 		 		 		 		 		 		
Acquisition related expenses	 	 	12	  	 	 	1	  	 	 	13	  	 	 	29	  	 	 	42	  	 	 	1	  	 	 	43	  	 	 	—	  	 		 		 		 		 		 		
Litigation charges/(recoveries)	 	 	(172	) 	 	 	22	  	 	 	(150	) 	 	 	50	  	 	 	(100	) 	 	 	55	  	 	 	(45	) 	 	 	—	  	 		 		 		 		 		 		
Out-licensed intangible asset impairment	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 	 	38	  	 	 	—	  	 		 		 		 		 		 		
Loss on debt repurchase	 	 	19	  	 	 	—	  	 	 	19	  	 	 	8	  	 	 	27	  	 	 	—	  	 	 	27	  	 	 	—	  	 		 		 		 		 		 		
Upfront, milestone and other licensing receipts	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(10	) 	 	 	(10	) 	 	 	(14	) 	 		 		 		 		 		 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense	 	 	(81	) 	 	 	43	  	 	 	(38	) 	 	 	116	  	 	 	78	  	 	 	249	  	 	 	327	  	 	 	19	  	 		 		 		 		 		 		
															
Increase/(decrease) to pretax income	 	 	(15	) 	 	 	240	  	 	 	225	  	 	 	2,118	  	 	 	2,343	  	 	 	400	  	 	 	2,743	  	 	 	105	  	 		 		 		 		 		 		
															
(Income tax)/tax benefit on items above	 	 	8	  	 	 	(77	) 	 	 	(69	) 	 	 	(722	) 	 	 	(791	) 	 	 	(156	) 	 	 	(947	) 	 	 	(35	) 	 		 		 		 		 		 		
Specified tax benefit*	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(392	) 	 	 	(392	) 	 	 	—	  	 		 		 		 		 		 		
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Income tax)/tax benefit	 	 	8	  	 	 	(77	) 	 	 	(69	) 	 	 	(722	) 	 	 	(791	) 	 	 	(548	) 	 	 	(1,339	) 	 	 	(35	) 	 		 		 		 		 		 		

Increase/(decrease) to net earnings	 	$	(7	) 	 	$	163	  	 	$	156	  	 	$	1,396	  	 	$	1,552	  	 	 	$  (148)	  	 	$	1,404	  	 	$	70	  	 		 		 		 		 		 		

*	The 2012 specified tax benefit relates to a capital loss deduction.	
 
10

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

 	  	March 31,	 	  	June 30,	 	  	September 30,	 	 	December 31,	 	 	  March 31,  	 	 	June 30,	  	September 30,	  	December 31,	
 	  	2012	 	  	2012	 	  	2012	 	 	2012	 	 	2013	 	 	2013	  	2013	  	2013	
									
Cash and cash equivalents	  	$	2,307	  	  	$	2,801	  	  	$	1,503	  	 	$	1,656	  	 	$	1,355	  	 		  		  		
Marketable securities - current	  	 	2,722	  	  	 	2,236	  	  	 	1,427	  	 	 	1,173	  	 	 	1,178	  	 		  		  		
Marketable securities - long term	  	 	3,585	  	  	 	3,732	  	  	 	3,698	  	 	 	3,523	  	 	 	3,242	  	 		  		  		
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	
Cash, cash equivalents and marketable securities	  	 	8,614	  	  	 	8,769	  	  	 	6,628	  	 	 	6,352	  	 	 	5,775	  	 		  		  		
Short-term borrowings and current portion of long-term debt	  	 	145	  	  	 	236	  	  	 	751	  	 	 	826	  	 	 	1,372	  	 		  		  		
Long-term debt	  	 	5,270	  	  	 	5,209	  	  	 	6,608	  	 	 	6,568	  	 	 	6,522	  	 		  		  		
	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	
Net cash/(debt) position	  	$	3,199	  	  	$	3,324	  	  	$	(731	) 	 	$	(1,042	) 	 	$	(2,119	) 	 		  		  		

11

BRISTOL-MYERS SQUIBB COMPANY
2013 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2013	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share – GAAP	  	$	1.54 to $1.64	  	
Projected Specified Items:	  				
Downsizing and streamlining of worldwide operations	  	 	0.12	  	
Upfront, milestone and other	  	 	0.01	  	
Amortization of Amylin intangible assets and collaboration proceeds	  	 	0.11	  	
	  	 	 	 	
Total	  	 	0.24	  	
	  	 	 	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share – Non-GAAP	  	$	1.78 to $1.88	  	
	  	 	 	 	
Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended March 31, 2013 was 72.3% and 74.5%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2013 between 72% and 73%. There is no reliable comparable GAAP measure for this forward-looking information on gross margin. See “– Reconciliation of GAAP and NON-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact”.
Research and development expenses on a GAAP and non-GAAP basis for the three months ended March 31, 2013 were $930 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2013 to grow in the low single digit range compared to 2012. It is estimated that 30% to 40% of the research and development expenses in 2013 will be incurred on late-stage development programs. There is no reliable comparable GAAP measure for this forward-looking information on research and development. See “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.
Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2013 were $994 million, which included specified items of $1 million. On a non-GAAP basis, for the three months ended March 31, 2013 marketing, selling and administrative expenses were $993 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2013 to remain flat compared to 2012. There is no reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.
The effective tax rate on a GAAP basis for the three months ended March 31, 2013 was 7.6%. On a non-GAAP basis, for the three months ended March 31, 2013 the effective tax rate was 11.0%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 16%. There is no reliable comparable GAAP measure for this forward-looking information on the tax rate. See “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.
The GAAP financial results for the full year 2013 will include specified items, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments, and net amortization of acquired intangible assets and deferred income related to Amylin. The GAAP financial results for the full year 2013 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities, pension settlement charges and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports First Quarter 2013 Financial Results, April 25, 2013 including “2013 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.
 
12