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 28, 2009
BRISTOL-MYERS SQUIBB COMPANY
(Exact Name of Registrant as Specified in its Charter)

Delaware	 	1-1136	 	22-079-0350	
(State or Other Jurisdiction
of Incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification Number)	
345 Park Avenue
New York, NY, 10154
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (212) 546-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
On April 28, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2009. 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 28, 2009	
		
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 28, 2009	 	By:	 	/s/    Sandra Leung	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President,	
	 		 	General Counsel and Secretary	

EXHIBIT INDEX

Exhibit No.	 	Description	
99.1	 	Press release of Bristol-Myers Squibb Company dated April 28, 2009	
		
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 Excellent First Quarter Financial Results;
Delivers on Two Significant Strategic Initiatives
 
 	•	 	Key Franchises and Products Drive Solid Top-Line Growth	
 
 	•	 	Financial Results Supported by Continued Cost Management Improvements	
 
 	•	 	Company Delivers on Key Strategic Initiatives	
 
 	•	 	Extends Long-Standing Collaboration for ABILIFY	
 
 	•	 	Executes Successful IPO of Mead Johnson Nutrition Company	
 
 	•	 	Confirms 2009 GAAP EPS Guidance Range of $1.58 to $1.73; Non-GAAP EPS Guidance Range of $1.85 to $2.00	
(NEW YORK, April 28, 2009) – Bristol-Myers Squibb Company (NYSE: BMY) today announced first quarter results which included excellent financial performance and successful execution of two key strategic initiatives. The company also reaffirmed guidance for the year.
“Our operating performance was excellent at both the top and bottom lines,” said James M. Cornelius, chairman and chief executive officer. “We made outstanding strategic progress, taking decisive actions that shift our focus toward future growth as a BioPharma leader. The collaboration agreement we signed with Otsuka gives us improved financial stability in the upcoming years, mitigating some of the volatility we would have otherwise experienced leading up to 2014. We also completed two more transactions that advanced our String of Pearls strategy — expanding our pipelines in virology and cardiology — all while maintaining a strong balance sheet and carefully managing costs. Clearly, we are delivering on our commitments to become a stronger, leaner and more effective enterprise.”

 	  	First Quarter	 	
$ amounts in millions, except per share amounts	  	2009	  	2008	  	Change	 	
Net Sales	  	$	5,015	  	$	4,891	  	3	%	
GAAP EPS — Diluted	  	 	0.32	  	 	0.33	  	(3	)%	
GAAP EPS From Continuing Operations — Diluted	  	 	0.32	  	 	0.32	  	—  	 	
Non-GAAP EPS From Continuing Operations — Diluted	  	 	0.48	  	 	0.39	  	23	%	
 
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STRATEGIC UPDATE
On April 6, 2009, the company announced an agreement with Otsuka Pharmaceutical, Ltd. to extend the U.S. portion of the companies’ long-standing agreement for the development and commercialization of ABILIFY® from the currently scheduled end date of November 2012 until the expected loss of exclusivity in April 2015. In addition, the companies will collaborate on two Bristol-Myers Squibb oncology medicines — SPRYCEL® and IXEMPRA®.
The extension of the collaboration is one of the most important actions the company has taken to further build its 2013 and 2014 earnings base and address the expected loss of patent exclusivity on PLAVIX® and AVAPRO®. The collaboration allows Bristol-Myers Squibb to refocus its energies toward longer-term growth goals for 2014 and beyond, improves the company’s overall financial stability while maintaining financial flexibility for the future, and provides an expected bridge to the company’s new neuroscience products.
In February 2009, Mead Johnson Nutrition Company (NYSE: MJN) executed a successful IPO. Bristol-Myers Squibb retains 83% ownership of Mead Johnson, providing the company with financial diversification while enhancing management focus on the BioPharma business.
Since Bristol-Myers Squibb introduced its BioPharma strategy in December 2007, it has delivered on its commitments to transform the company. The company stated it would consider strategic options for its healthcare businesses and has subsequently acted decisively, successfully managing its transition into a next-generation BioPharma company.
FIRST QUARTER FINANCIAL RESULTS
 
•	 	Bristol-Myers Squibb posted first quarter 2009 net sales from continuing operations of $5.0 billion, an increase of 3%, or 8% excluding foreign exchange impact, compared to the same period in 2008. BioPharmaceuticals net sales totaled $4.3 billion and sales from Mead Johnson Nutrition Company totaled $693 million in the first quarter of 2009, representing an increase of 3% and a decrease of 1%, respectively, compared to 2008.	
 
•	 	U.S. BioPharmaceuticals net sales increased 13% to $2.8 billion in the first quarter of 2009 compared to the same period in 2008. International BioPharmaceuticals net sales decreased 11%, or increased 2% excluding foreign exchange impact, to $1.5 billion.	
 
2

•	 	Gross profit improved to 71.8% of net sales in the first quarter 2009 compared to 67.9% in 2008. The improvement was driven by higher manufacturing rationalization charges in 2008, favorable foreign exchange impact, cost improvements, favorable product mix and price increases.	
 
•	 	Marketing, selling and administrative expenses decreased by 6%, or 1% excluding foreign exchange impact, to $1.1 billion in the first quarter of 2009 compared to the same period in 2008.	
 
•	 	Advertising and product promotion spending increased by 2%, or 6% excluding foreign exchange impact, to $324 million in the first quarter of 2009, compared to the same period in 2008.	
 
•	 	Research and development expenses increased by 18%, or 21% excluding foreign exchange impact, to $923 million in the first quarter of 2009 compared to the same period in 2008. The increase is primarily due to upfront payments related to the ZymoGenetics and Nissan Chemical Industries collaborations announced in the first quarter.	
 
•	 	The effective tax rate on earnings from continuing operations before income taxes was 33.5% for the first quarter of 2009 and included additional taxes related to the transfer of various international units of the company to Mead Johnson prior to its IPO.	
 
•	 	The company reported first quarter net earnings from continuing operations attributable to the shareholders of $638 million or $0.32 per diluted share, compared to $647 million or $0.32 per diluted share for the same period in 2008.	
 
•	 	The company reported first quarter non-GAAP net earnings from continuing operations attributable to shareholders of $958 million or $0.48 per diluted share, compared to $788 million or $0.39 per diluted share for the same period in 2008. An overview of specified items is discussed under “Use of Non-GAAP Financial Information.”	
FIRST QUARTER PRODUCT AND PIPELINE UPDATE
 
•	 	Bristol-Myers Squibb’s sales growth in the first quarter was led by key drivers including strong sales increases for ABILIFY® across all indications and steady growth for PLAVIX® in the U.S. First quarter sales of ORENCIA® and SPRYCEL® grew 43% and 33%, respectively, on a global basis compared to the same period in 2008. The company’s virology portfolio, led by REYATAZ® for HIV and BARACLUDE® for hepatitis B also demonstrated consistent growth. ERBITUX® sales were down 12% compared to the first quarter 2008.	
 
3

•	 	The company and AstraZeneca announced that the U.S. Food and Drug Administration’s (FDA) Endocrinologic and Metabolic Drugs Advisory Committee determined by a vote of 10 to 2 that data supporting the new drug application (NDA) for ONGLYZA™ (saxagliptin) for the treatment of adults with type 2 diabetes were sufficient to rule out unacceptable cardiovascular risk relative to comparators in the program. The Committee also unanimously recommended that the companies perform a post-marketing trial to confirm the cardiovascular profile of ONGLYZA™. The companies announced on April 23 that the Prescription Drug User Fee Act (PDUFA) date has been extended from April 30, 2009 to July 30, 2009.	
 
•	 	The company and sanofi-aventis announced findings from the ACTIVE A trial which demonstrated that, for patients with atrial fibrillation who were at increased risk for stroke and could not take an oral anticoagulant medication, taking PLAVIX® in addition to aspirin significantly reduced major vascular events by 11% over aspirin alone. The greatest benefit was in the reduction of stroke, by 28%, which is the primary goal of physicians treating patients with atrial fibrillation. As expected, compared to aspirin alone, taking PLAVIX® in addition to aspirin significantly increased the rate of major bleeding.	
 
•	 	The company and Pfizer initiated the Phase III clinical development program for apixaban for the treatment of acute coronary syndrome.	
 
•	 	Findings published in Diabetes Care from a 12-week, Phase IIb dose-ranging study showed that dapagliflozin, a novel, selective, sodium glucose co-transporter2 (SGLT2) inhibitor, produced clinically meaningful reductions across all key glycemic measures studied in treatment-naïve type 2 diabetes patients, compared to placebo. Bristol-Myers Squibb and AstraZeneca are co-developing dapagliflozin.	
 
•	 	The company withdrew its European marketing authorization application for IXEMPRA®, which was submitted to the European Medicines Agency in September 2007.	
 
•	 	The company and its marketing partner Eli Lilly and Company received a complete response letter from the FDA for the first-line squamous cell carcinoma of the head and neck supplemental Biologics License Application (sBLA) for ERBITUX®. The companies are working with the FDA to confirm pharmacokinetic comparability between the ERBITUX® supply used in the head and neck sBLA and ERBITUX® currently marketed in the U.S.	
 
4

•	 	The company submitted a supplemental NDA for ABILIFY® to the FDA for treatment of irritability associated with autistic disorder in pediatric patients aged 6 to 17 and the FDA has accepted the filing.	
BUSINESS DEVELOPMENT UPDATE
 
•	 	In March, Bristol-Myers Squibb entered into a global collaboration with Nissan Chemical Industries, Ltd. and Teijin Pharma Limited for the development and commercialization of NTC-801, a selective inhibitor of the acetylcholine-activated potassium ion channel, currently in Phase I development in Japan, for the maintenance of normal sinus rhythm in patients with atrial fibrillation.	
 
•	 	In January, the company announced a global collaboration with ZymoGenetics, Inc. on its PEG-Interferon lambda, a novel type 3 interferon currently in Phase Ib development for the treatment of Hepatitis C.	
2009 GUIDANCE
Bristol-Myers Squibb has reaffirmed the 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 24%.
The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations attributable to the company to grow at a minimum 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified.
The non-GAAP 2009 guidance and the three-year compound annual growth rate exclude other specified items such as gains or losses from sale of businesses and product lines; from sale of equity investments and from discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; payments for in-process research and development; debt retirement costs; impairments to investments; and significant tax events.
 
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The financial guidance for 2009 and the three-year compound annual growth rate exclude the impact of any potential strategic acquisitions and divestitures and further assume that the company and its partner, sanofi-aventis, maintain U.S. exclusivity for the PLAVIX ® patent through at least 2010.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative and the initial public offering of Mead Johnson Nutrition Company; gains or losses from the sale of businesses and product lines; discontinued operations; restructuring and other exit costs; accelerated depreciation charges; 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; payments for in-process research and development; impairments to investments; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations
 
6

and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors (including whether uncertainties in or further deterioration of the credit and capital markets will lead to future impairments to the company’s investment portfolio), competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appealing of the Circuit court’s decision in the PLAVIX® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its Productivity Transformation Initiative, the expiration of patents or data protection on certain products (including the expiration of data protection for PLAVIX® in the European Union), and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life.
There will be a conference call on April 28, 2009 at 11 a.m. (ET) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing 913-312-1270, confirmation code 6583248. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Brian Henry, 609-252-3337, Communications, Tracy Furey, 609-252-3208, Communications, John Elicker, 609-252-4611, Investor Relations, or Suketu Desai, 609-252-5796, Investor Relations.
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone Systems Incorporated
 
7

BRISTOL-MYERS SQUIBB COMPANY
NET SALES BY OPERATING SEGMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Unaudited, dollars in millions)

 	  	Three Months
Ended March 31	
 	  	2009	  	2008	
BioPharmaceuticals	  	$	4,322	  	$	4,188	
			
Mead Johnson	  	 	693	  	 	703	

Net Sales	  	$	5,015	  	$	4,891	

8

BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three months ended March 31, 2009 compared to the three months ended March 31, 2008. 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	 	 	% Change in
U.S. Total	 	
 	  	2009	  	2008	  	%
Change	 	 	2009	  	2008	  	%
Change	 	 	Prescriptions
vs. 2008	 	
Three Months Ended March 31,	  	 	  	 	  	 	 	 	 	  	 	  	 	 	 	 	 	
								
BioPharmaceuticals	  			  			  			 			  			  			 			
Cardiovascular	  			  			  			 			  			  			 			
Plavix	  	$	1,435	  	$	1,308	  	10	%	 	$	1,296	  	$	1,139	  	14	%	 	4	%	
Avapro/Avalide	  	 	302	  	 	305	  	(1	)%	 	 	173	  	 	174	  	(1	)%	 	(9	)%	
Virology	  			  			  			 			  			  			 			
Reyataz	  	 	322	  	 	297	  	8	%	 	 	176	  	 	160	  	10	%	 	7	%	
Sustiva Franchise (total revenue)	  	 	292	  	 	273	  	7	%	 	 	190	  	 	175	  	9	%	 	9	%	
Baraclude	  	 	152	  	 	108	  	41	%	 	 	36	  	 	29	  	24	%	 	19	%	
Oncology	  			  			  			 			  			  			 			
Erbitux	  	 	164	  	 	187	  	(12	)%	 	 	162	  	 	185	  	(12	)%	 	N/A	 	
Sprycel	  	 	88	  	 	66	  	33	%	 	 	30	  	 	20	  	50	%	 	20	%	
Ixempra	  	 	24	  	 	25	  	(4	)%	 	 	22	  	 	25	  	(12	)%	 	N/A	 	
Affective (Psychiatric) Disorders	  			  			  			 			  			  			 			
Abilify	  	 	589	  	 	454	  	30	%	 	 	481	  	 	348	  	38	%	 	31	%	
Immunoscience	  			  			  			 			  			  			 			
Orencia	  	 	124	  	 	87	  	43	%	 	 	99	  	 	73	  	36	%	 	N/A	 	
 
9

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	Three Months
Ended March 31,	 	
EARNINGS	  	2009	 	 	2008	 	
			
Net Sales	  	$	5,015	 	 	$	4,891	 	
	  	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,413	 	 	 	1,570	 	
Marketing, selling and administrative	  	 	1,064	 	 	 	1,134	 	
Advertising and product promotion	  	 	324	 	 	 	319	 	
Research and development	  	 	923	 	 	 	782	 	
Provision for restructuring, net	  	 	27	 	 	 	11	 	
Litigation expense, net	  	 	104	 	 	 	—  	 	
Equity in net income of affiliates	  	 	(146	)	 	 	(164	)	
Other (income)/expense, net	  	 	(78	)	 	 	32	 	
	  	 	 	 	 	 	 	 	
Total Expenses, net	  	 	3,631	 	 	 	3,684	 	

Earnings from Continuing Operations Before Income Taxes	  	 	1,384	 	 	 	1,207	 	
Provision for income taxes	  	 	463	 	 	 	330	 	
	  	 	 	 	 	 	 	 	
Net Earnings from Continuing Operations	  	 	921	 	 	 	877	 	

Discontinued Operations:	  				 				
Earnings, net of taxes	  	 	—  	 	 	 	57	 	
Loss on Disposal, net of taxes	  	 	—  	 	 	 	(43	)	
	  	 	 	 	 	 	 	 	
Net Earnings from Discontinued Operations	  	 	—  	 	 	 	14	 	
	  	 	 	 	 	 	 	 	
Net Earnings	  	 	921	 	 	 	891	 	
Net Earnings Attributable to Noncontrolling Interest	  	 	283	 	 	 	230	 	
	  	 	 	 	 	 	 	 	
Net Earnings Attributable to Shareholders	  	$	638	 	 	$	661	 	

Earnings from Continuing Operations Attributable to Shareholders per Common Share:	  				 				
Basic	  	$	0.32	 	 	$	0.32	 	
Diluted	  	$	0.32	 	 	$	0.32	 	
			
Earnings Attributable to Shareholders per Common Share:	  				 				
Basic	  	$	0.32	 	 	$	0.33	 	
Diluted	  	$	0.32	 	 	$	0.33	 	
			
Average Common Shares Outstanding:	  				 				
Basic	  	 	1,978	 	 	 	1,975	 	
Diluted	  	 	1,983	 	 	 	2,008	 	
			
Interest expense	  	$	52	 	 	$	73	 	
Interest income	  	 	(13	)	 	 	(43	)	
ARS impairment charge	  	 	—  	 	 	 	25	 	
Foreign exchange transaction (gains)/losses	  	 	(13	)	 	 	19	 	
Gain on sale of product lines, businesses and assets	  	 	(44	)	 	 	(9	)	
Other, net	  	 	(60	)	 	 	(33	)	
	  	 	 	 	 	 	 	 	
Other (income)/ expense, net	  	$	(78	)	 	$	32	 	

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BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Unaudited, dollars in millions)
Three months ended March 31, 2009

Dollars in Millions	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
								
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	23	  	$	—  	  	$	—  	 	 	$	23	 	
								
Accelerated depreciation, asset impairment and other shutdown costs	  	 	26	  	 	—  	  	 	—  	  	 	3	  	 	—  	  	 	—  	 	 	 	29	 	
								
Process standardization implementation costs	  	 	—  	  	 	20	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	20	 	
								
Termination of leased contracts	  	 	—  	  	 	—  	  	 	—  	  	 	1	  	 	—  	  	 	—  	 	 	 	1	 	
								
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(44	)	 	 	(44	)	

Total PTI	  	 	26	  	 	20	  	 	—  	  	 	27	  	 	—  	  	 	(44	)	 	 	29	 	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	104	  	 	(10	)	 	 	94	 	
Mead Johnson separation costs	  	 	—  	  	 	17	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	17	 	
Upfront payments	  	 	—  	  	 	—  	  	 	145	  	 	—  	  	 	—  	  	 	—  	 	 	 	145	 	
Product liability	  	 	8	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(5	)	 	 	3	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	34	  	$	37	  	$	145	  	$	27	  	$	104	  	$	(59	)	 	 	288	 	

Income taxes on items above	  			  			  			  			  			  				 	 	(98	)	
								
Income tax attributable to Mead Johnson separation	  			  			  			  			  			  				 	 	130	 	

Decrease to Net Earnings	  			  			  			  			  			  				 	$	320	 	

11

Three months ended March 31, 2008

Dollars in Millions	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
Productivity Transformation Initiative:	  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	11	  	$	—  	 	 	$	11	 	
Accelerated depreciation and other shutdown costs	  	 	96	  	 	—  	  	 	—  	  	 	—  	  	 	—  	 	 	 	96	 	
Process standardization implementation costs	  	 	—  	  	 	15	  	 	—  	  	 	—  	  	 	—  	 	 	 	15	 	
Gain on sale and leaseback of properties	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(9	)	 	 	(9	)	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	96	  	 	15	  	 	—  	  	 	11	  	 	(9	)	 	 	113	 	
Other:	  			  			  			  			  				 				
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	16	 	 	 	16	 	
Milestone payments	  	 	—  	  	 	—  	  	 	20	  	 	—  	  	 	—  	 	 	 	20	 	
ARS Impairment charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	25	 	 	 	25	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	96	  	$	15	  	$	20	  	$	11	  	$	32	 	 	 	174	 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  				 	 	(33	)	
	  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  				 	$	141	 	

12

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	Q1 2009
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	Q1 2008
Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,015	 	 			 	$	5,015	 	 	$	4,891	 	 			 	$	4,891	 	
Cost of Products Sold	  	 	1,413	 	 	(34	)	 	 	1,379	 	 	 	1,570	 	 	(96	)	 	 	1,474	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,602	 	 	34	 	 	 	3,636	 	 	 	3,321	 	 	96	 	 	 	3,417	 	
Gross Margin as a % of Sales	  	 	71.8	%	 	0.7	%	 	 	72.5	%	 	 	67.9	%	 	2.0	%	 	 	69.9	%	
							
Marketing Selling and Admin	  	 	1,064	 	 	(37	)	 	 	1,027	 	 	 	1,134	 	 	(15	)	 	 	1,119	 	
Advertising and Product Promotion	  	 	324	 	 	—  	 	 	 	324	 	 	 	319	 	 	—  	 	 	 	319	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,388	 	 	(37	)	 	 	1,351	 	 	 	1,453	 	 	(15	)	 	 	1,438	 	
SG&A as a % of Sales	  	 	27.7	%	 	(0.8	)%	 	 	26.9	%	 	 	29.7	%	 	(0.3	)%	 	 	29.4	%	
							
R&D	  	 	923	 	 	(145	)	 	 	778	 	 	 	782	 	 	(20	)	 	 	762	 	
R&D as a % of Sales	  	 	18.4	%	 	(2.9	)%	 	 	15.5	%	 	 	16.0	%	 	(0.4	)%	 	 	15.6	%	
							
Provision for restructuring, net	  	 	27	 	 	(27	)	 	 	—  	 	 	 	11	 	 	(11	)	 	 	—  	 	
Litigation expense, net	  	 	104	 	 	(104	)	 	 	—  	 	 	 	—  	 	 	—  	 	 	 	—  	 	
Equity in net income of affiliates	  	 	(146	)	 	—  	 	 	 	(146	)	 	 	(164	)	 	—  	 	 	 	(164	)	
Other (income)/expense, net	  	 	(78	)	 	59	 	 	 	(19	)	 	 	32	 	 	(32	)	 	 	—  	 	

Earnings from Continuing Operations Before Income Taxes	  	$	1,384	 	 	288	 	 	$	1,672	 	 	$	1,207	 	 	174	 	 	$	1,381	 	
							
Provision for income taxes	  	 	463	 	 	(32	)	 	 	431	 	 	 	330	 	 	33	 	 	 	363	 	

Net Earnings - Continuing Operations	  	 	921	 	 	320	 	 	 	1,241	 	 	 	877	 	 	141	 	 	 	1,018	 	
							
Net Earnings – Discontinued Ops	  	 	—  	 	 	—  	 	 	 	—  	 	 	 	14	 	 	—  	 	 	 	14	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings	  	 	921	 	 	320	 	 	 	1,241	 	 	 	891	 	 	141	 	 	 	1,032	 	
Net Earnings Attributable to Noncontrolling Interest	  	 	283	 	 			 	 	283	 	 	 	230	 	 			 	 	230	 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Shareholders	  	$	638	 	 	320	 	 	$	958	 	 	$	661	 	 	141	 	 	$	802	 	

Net Earnings from Continuing Operations Attributable to Shareholders	  	 	638	 	 	320	 	 	 	958	 	 	 	647	 	 	141	 	 	 	788	 	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(2	)	 			 	 	(2	)	 	 	6	 	 			 	 	6	 	

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Shareholders	  	$	636	 	 	320	 	 	$	956	 	 	$	653	 	 	141	 	 	$	794	 	
							
Avg Shares (Diluted)	  	 	1,983	 	 			 	 	1,983	 	 	 	2,008	 	 			 	 	2,008	 	
							
Diluted EPS - Continuing Operations Attributable to Shareholders	  	$	0.32	 	 	0.16	 	 	$	0.48	 	 	$	0.32	 	 	0.07	 	 	$	0.39	 	
							
Net Earnings from Continuing Operations Attributable to Shareholders as a % of sales	  	 	12.7	%	 	6.4	%	 	 	19.1	%	 	 	13.2	%	 	2.9	%	 	 	16.1	%	
Net Earnings Attributable to Shareholders as a % of sales	  	 	12.7	%	 	6.4	%	 	 	19.1	%	 	 	13.5	%	 	2.9	%	 	 	16.4	%	
							
Effective Tax Rate	  	 	33.5	%	 	(7.7	)%	 	 	25.8	%	 	 	27.3	%	 	(1.0	)%	 	 	26.3	%	
 
*	Please refer to the Specified Items schedules for further details.	
 
13

BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF MARCH 31, 2009 AND DECEMBER 31, 2008
(Unaudited, dollars in millions)

 	  	March 31,
2009	 	 	December 31,
2008	 	
Cash and cash equivalents	  	$	7,832	 	 	$	7,976	 	
Marketable securities-current	  	 	1,088	 	 	 	289	 	
Short-term borrowings	  	 	(156	)	 	 	(154	)	
Long-term debt	  	 	(6,492	)	 	 	(6,585	)	
	  	 	 	 	 	 	 	 	
Net cash	  	$	2,272	 	 	$	1,526	 	

14

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

Net Sales	 	2008	 	2009	 	% 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	 	
Bio Pharmaceuticals	 	$	4,188	 	$	4,475	 	$	8,663	 	$	4,510	 	$	13,173	 	$	4,542	 	$	17,715	 	$	4,322	 		 		 		 		 		 		 	3	%	 	3	%	 	-5	%	 	-5	%	
US Pharmaceuticals	 	 	2,451	 	 	2,610	 	 	5,061	 	 	2,695	 	 	7,756	 	 	2,809	 	 	10,565	 	 	2,766	 		 		 		 		 		 		 	13	%	 	13	%	 	N/A	 	 	N/A	 	
CV/Metabolics	 	 	1,407	 	 	1,483	 	 	2,890	 	 	1,517	 	 	4,407	 	 	1,552	 	 	5,959	 	 	1,554	 		 		 		 		 		 		 	10	%	 	10	%	 	N/A	 	 	N/A	 	
Oncology/Virology	 	 	619	 	 	633	 	 	1,252	 	 	641	 	 	1,893	 	 	655	 	 	2,548	 	 	627	 		 		 		 		 		 		 	1	%	 	1	%	 	N/A	 	 	N/A	 	
Neuroscience	 	 	352	 	 	407	 	 	759	 	 	440	 	 	1,199	 	 	497	 	 	1,696	 	 	486	 		 		 		 		 		 		 	38	%	 	38	%	 	N/A	 	 	N/A	 	
Immunoscience	 	 	73	 	 	87	 	 	160	 	 	97	 	 	257	 	 	105	 	 	362	 	 	99	 		 		 		 		 		 		 	36	%	 	36	%	 	N/A	 	 	N/A	 	
Europe and Middle East Medicines	 	 	1,077	 	 	1,135	 	 	2,212	 	 	1,091	 	 	3,303	 	 	1,034	 	 	4,337	 	 	931	 		 		 		 		 		 		 	-14	%	 	-14	%	 	-14	%	 	-14	%	
Latin America/Canada	 	 	316	 	 	333	 	 	649	 	 	342	 	 	991	 	 	311	 	 	1,302	 	 	274	 		 		 		 		 		 		 	-13	%	 	-13	%	 	-18	%	 	-18	%	
Asia/Pacific Medicines	 	 	323	 	 	365	 	 	688	 	 	352	 	 	1,040	 	 	364	 	 	1,404	 	 	310	 		 		 		 		 		 		 	-4	%	 	-4	%	 	-4	%	 	-4	%	
Mead Johnson	 	 	703	 	 	728	 	 	1,431	 	 	744	 	 	2,175	 	 	707	 	 	2,882	 	 	693	 		 		 		 		 		 		 	-1	%	 	-1	%	 	-7	%	 	-7	%	
Continuing Operations	 	 	4,891	 	 	5,203	 	 	10,094	 	 	5,254	 	 	15,348	 	 	5,249	 	 	20,597	 	 	5,015	 		 		 		 		 		 		 	3	%	 	3	%	 	-5	%	 	-5	%	
Discontinued Operations	 	 	308	 	 	330	 	 	638	 	 	127	 	 	765	 	 	5	 	 	770	 	 	—  	 		 		 		 		 		 		 	-100	%	 	-100	%	 	0	%	 	0	%	
Total Company	 	$	5,199	 	$	5,533	 	$	10,732	 	$	5,381	 	$	16,113	 	$	5,254	 	$	21,367	 	$	5,015	 		 		 		 		 		 		 	-4	%	 	-4	%	 	-5	%	 	-5	%	

				
% of Total Sales	 	2008	 	 	2009	 	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	 	
Bio Pharmaceuticals	 	80.6	%	 	80.9	%	 	80.7	%	 	83.8	%	 	81.8	%	 	86.4	%	 	82.9	%	 	86.2	%	 		 		 		 		 		 		 	560	 	 	560	 	
US Pharmaceuticals	 	47.2	%	 	47.2	%	 	47.2	%	 	50.1	%	 	48.1	%	 	53.5	%	 	49.4	%	 	55.2	%	 		 		 		 		 		 		 	800	 	 	800	 	
CV/Metabolics	 	27.1	%	 	26.8	%	 	26.9	%	 	28.2	%	 	27.4	%	 	29.5	%	 	27.9	%	 	31.0	%	 		 		 		 		 		 		 	390	 	 	390	 	
Oncology/Virology	 	11.9	%	 	11.4	%	 	11.7	%	 	11.9	%	 	11.7	%	 	12.5	%	 	11.9	%	 	12.5	%	 		 		 		 		 		 		 	60	 	 	60	 	
Neuroscience	 	6.8	%	 	7.4	%	 	7.1	%	 	8.2	%	 	7.4	%	 	9.5	%	 	7.9	%	 	9.7	%	 		 		 		 		 		 		 	290	 	 	290	 	
Immunoscience	 	1.4	%	 	1.6	%	 	1.5	%	 	1.8	%	 	1.6	%	 	2.0	%	 	1.7	%	 	2.0	%	 		 		 		 		 		 		 	60	 	 	60	 	
Europe and Middle East Medicines	 	20.7	%	 	20.5	%	 	20.6	%	 	20.3	%	 	20.5	%	 	19.7	%	 	20.3	%	 	18.6	%	 		 		 		 		 		 		 	(210	)	 	(210	)	
Latin America/Canada	 	6.1	%	 	6.0	%	 	6.0	%	 	6.4	%	 	6.2	%	 	5.9	%	 	6.1	%	 	5.5	%	 		 		 		 		 		 		 	(60	)	 	(60	)	
Asia/Pacific Medicines	 	6.2	%	 	6.6	%	 	6.4	%	 	6.5	%	 	6.5	%	 	6.9	%	 	6.6	%	 	6.2	%	 		 		 		 		 		 		 	—  	 	 	—  	 	
Mead Johnson	 	13.5	%	 	13.1	%	 	13.3	%	 	13.8	%	 	13.5	%	 	13.5	%	 	13.5	%	 	13.8	%	 		 		 		 		 		 		 	30	 	 	30	 	
Continuing Operations	 	94.1	%	 	94.0	%	 	94.0	%	 	97.6	%	 	95.3	%	 	99.9	%	 	96.4	%	 	100.0	%	 		 		 		 		 		 		 	590	 	 	590	 	
Discontinued Operations	 	5.9	%	 	6.0	%	 	6.0	%	 	2.4	%	 	4.7	%	 	0.1	%	 	3.6	%	 	—  	 	 		 		 		 		 		 		 	(590	)	 	(590	)	
Total Company	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 	100.0	%	 		 		 		 		 		 		 			 			
 
1

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2009
($ in millions)

QUARTER-TO-DATE	  				 				 				
				
CONTINUING OPERATIONS	  				 				 				
				
 	  	US*	 	 	Non-US*	 	 	Total	 	
Price Increases/(Decreases)	  	 	5	%	 	 	2	%	 	 	4	%	
Foreign Exchange	  	 	—  	 	 	 	-12	%	 	 	-5	%	
Volume	  	 	5	%	 	 	3	%	 	 	4	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	10	%	 	 	-7	%	 	 	3	%	

Total 2009 Period to Date Sales	  	$	3,031	 	 	$	1,984	 	 	$	5,015	 	
				
Total 2008 Period to Date Sales	  	$	2,747	 	 	$	2,144	 	 	$	4,891	 	
				
BIO PHARMACEUTICALS	  				 				 				
				
 	  	US	 	 	Non-US	 	 	Total	 	
Price Increases/(Decreases)	  	 	6	%	 	 	-1	%	 	 	3	%	
Foreign Exchange	  	 	—  	 	 	 	-13	%	 	 	-5	%	
Volume	  	 	7	%	 	 	3	%	 	 	5	%	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	13	%	 	 	-11	%	 	 	3	%	

Total 2009 Period to Date Sales	  	$	2,784	 	 	$	1,538	 	 	$	4,322	 	
Total 2008 Period to Date Sales	  	$	2,459	 	 	$	1,729	 	 	$	4,188	 	
				
MEAD JOHNSON	  				 				 				
				
 	  	 	 	 	 	 	 	Total	 	
Price Increases/(Decreases)	  				 				 	 	9	%	
Foreign Exchange	  				 				 	 	-7	%	
Volume	  				 				 	 	-3	%	
	  				 				 	 	 	 	
Total Change	  				 				 	 	-1	%	

Total 2009 Period to Date Sales	  				 				 	$	693	 	
Total 2008 Period to Date Sales	  				 				 	$	703	 	

*	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
 
2

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

 	 	2008	 	 	2009	 	% 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	 	$	4,891	 	 	$	5,203	 	 	$	10,094	 	 	$	5,254	 	 	$	15,348	 	 	$	5,249	 	 	$	20,597	 	 	$	5,015	 	 		 		 		 		 		 		 	3	%	 	3	%	
																	
Cost of products sold	 	 	1,570	 	 	 	1,670	 	 	 	3,240	 	 	 	1,634	 	 	 	4,874	 	 	 	1,522	 	 	 	6,396	 	 	 	1,413	 	 		 		 		 		 		 		 	-10	%	 	-10	%	
Marketing, selling and administrative	 	 	1,134	 	 	 	1,165	 	 	 	2,299	 	 	 	1,208	 	 	 	3,507	 	 	 	1,285	 	 	 	4,792	 	 	 	1,064	 	 		 		 		 		 		 		 	-6	%	 	-6	%	
Advertising and product promotion	 	 	319	 	 	 	420	 	 	 	739	 	 	 	362	 	 	 	1,101	 	 	 	449	 	 	 	1,550	 	 	 	324	 	 		 		 		 		 		 		 	2	%	 	2	%	
Research and development	 	 	782	 	 	 	826	 	 	 	1,608	 	 	 	834	 	 	 	2,442	 	 	 	1,143	 	 	 	3,585	 	 	 	923	 	 		 		 		 		 		 		 	18	%	 	18	%	
Acquired in-process research and development	 	 	—  	 	 	 	32	 	 	 	32	 	 	 	—  	 	 	 	32	 	 	 	—  	 	 	 	32	 	 	 	—  	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Provision for restructuring, net	 	 	11	 	 	 	30	 	 	 	41	 	 	 	26	 	 	 	67	 	 	 	151	 	 	 	218	 	 	 	27	 	 		 		 		 		 		 		 	145	%	 	145	%	
Litigation expense, net	 	 	—  	 	 	 	2	 	 	 	2	 	 	 	30	 	 	 	32	 	 	 	1	 	 	 	33	 	 	 	104	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Equity in net income of affiliates	 	 	(164	)	 	 	(150	)	 	 	(314	)	 	 	(164	)	 	 	(478	)	 	 	(139	)	 	 	(617	)	 	 	(146	)	 		 		 		 		 		 		 	11	%	 	11	%	
Gain on sale of Imclone shares	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(895	)	 	 	(895	)	 	 	—  	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Other (income)/expense, net	 	 	32	 	 	 	(13	)	 	 	19	 	 	 	169	 	 	 	188	 	 	 	(156	)	 	 	32	 	 	 	(78	)	 		 		 		 		 		 		 	*	 	 	*	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
Total expenses	 	 	3,684	 	 	 	3,982	 	 	 	7,666	 	 	 	4,099	 	 	 	11,765	 	 	 	3,361	 	 	 	15,126	 	 	 	3,631	 	 		 		 		 		 		 		 	-1	%	 	-1	%	
																	
Earnings from Continuing Operations Before Income Taxes	 	$	1,207	 	 	$	1,221	 	 	$	2,428	 	 	$	1,155	 	 	$	3,583	 	 	$	1,888	 	 	$	5,471	 	 	$	1,384	 	 		 		 		 		 		 		 	15	%	 	15	%	
Provision for income taxes	 	 	330	 	 	 	258	 	 	 	588	 	 	 	308	 	 	 	896	 	 	 	424	 	 	 	1,320	 	 	 	463	 	 		 		 		 		 		 		 	40	%	 	40	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
Net Earnings from Continuing Operations	 	$	877	 	 	$	963	 	 	$	1,840	 	 	$	847	 	 	$	2,687	 	 	$	1,464	 	 	$	4,151	 	 	$	921	 	 		 		 		 		 		 		 	5	%	 	5	%	
																	
Net Earnings from Discontinued Operations	 	 	14	 	 	 	42	 	 	 	56	 	 	 	1,990	 	 	 	2,046	 	 	 	46	 	 	 	2,092	 	 	 	—  	 	 		 		 		 		 		 		 	-100	%	 	-100	%	
																	
Net Earnings	 	$	891	 	 	$	1,005	 	 	$	1,896	 	 	$	2,837	 	 	$	4,733	 	 	$	1,510	 	 	$	6,243	 	 	$	921	 	 		 		 		 		 		 		 	3	%	 	3	%	
Net Earnings Attributable to Noncontrolling Interest	 	 	230	 	 	 	241	 	 	 	471	 	 	 	259	 	 	 	730	 	 	 	266	 	 	 	996	 	 	 	283	 	 		 		 		 		 		 		 	23	%	 	23	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
Net Earnings Attributable to Shareholders	 	$	661	 	 	$	764	 	 	$	1,425	 	 	$	2,578	 	 	$	4,003	 	 	$	1,244	 	 	$	5,247	 	 	$	638	 	 		 		 		 		 		 		 	-3	%	 	-3	%	

Net Earnings from Continuing Operations Attributable to Shareholders	 	$	647	 	 	$	722	 	 	$	1,369	 	 	$	588	 	 	$	1,957	 	 	$	1,198	 	 	$	3,155	 	 	$	638	 	 		 		 		 		 		 		 	-1	%	 	-1	%	
Contingently convertible debt interest expense and dividends attributable to unvested shares	 	 	6	 	 	 	2	 	 	 	8	 	 	 	2	 	 	 	10	 	 	 	(2	)	 	 	8	 	 	 	(2	)	 		 		 		 		 		 		 	-133	%	 	-133	%	

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Shareholders	 	$	653	 	 	$	724	 	 	$	1,377	 	 	$	590	 	 	$	1,967	 	 	$	1,196	 	 	$	3,163	 	 	$	636	 	 		 		 		 		 		 		 	-3	%	 	-3	%	

Diluted Earnings Attributable to Shareholders per Common Share** - Continuing Operations	 	$	0.32	 	 	$	0.36	 	 	$	0.69	 	 	$	0.30	 	 	$	0.98	 	 	$	0.61	 	 	$	1.59	 	 	$	0.32	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Diluted Earnings Attributable to Shareholders per Common Share** - Discontinued Operations	 	 	0.01	 	 	 	0.02	 	 	 	0.03	 	 	 	0.99	 	 	 	1.02	 	 	 	0.02	 	 	 	1.04	 	 	 	—  	 	 		 		 		 		 		 		 	-100	%	 	-100	%	

Diluted Earnings Attributable to Shareholders per Common Share**	 	$	0.33	 	 	$	0.38	 	 	$	0.72	 	 	$	1.29	 	 	$	2.00	 	 	$	0.63	 	 	$	2.63	 	 	$	0.32	 	 		 		 		 		 		 		 	-3	%	 	-3	%	

Average Common Shares Outstanding - Diluted	 	 	2,008	 	 	 	2,008	 	 	 	2,007	 	 	 	2,004	 	 	 	2,006	 	 	 	1,982	 	 	 	2,001	 	 	 	1,983	 	 		 		 		 		 		 		 	-1	%	 	-1	%	
Dividends declared per common share	 	$	0.31	 	 	$	0.31	 	 	$	0.62	 	 	$	0.31	 	 	$	0.93	 	 	$	0.31	 	 	$	1.24	 	 	$	0.31	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
				
% of Net Sales	 	2008	 	 	2009	 	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	 	 	67.9	%	 	 	67.9	%	 	 	67.9	%	 	 	68.9	%	 	 	68.2	%	 	 	71.0	%	 	 	68.9	%	 	 	71.8	%	 		 		 		 		 		 		 	390	 	 	390	 	
																	
Cost of products sold	 	 	32.1	%	 	 	32.1	%	 	 	32.1	%	 	 	31.1	%	 	 	31.8	%	 	 	29.0	%	 	 	31.1	%	 	 	28.2	%	 		 		 		 		 		 		 	(390	)	 	(390	)	
Marketing, selling and administrative	 	 	23.2	%	 	 	22.4	%	 	 	22.8	%	 	 	23.0	%	 	 	22.8	%	 	 	24.5	%	 	 	23.3	%	 	 	21.2	%	 		 		 		 		 		 		 	(200	)	 	(200	)	
Advertising and product promotion	 	 	6.5	%	 	 	8.1	%	 	 	7.3	%	 	 	6.9	%	 	 	7.2	%	 	 	8.6	%	 	 	7.5	%	 	 	6.5	%	 		 		 		 		 		 		 	0	 	 	0	 	
Research and development	 	 	16.0	%	 	 	15.9	%	 	 	15.9	%	 	 	15.9	%	 	 	15.9	%	 	 	21.8	%	 	 	17.4	%	 	 	18.4	%	 		 		 		 		 		 		 	240	 	 	240	 	
Acquired in-process research and development	 	 	—  	 	 	 	—  	 	 	 	0.3	%	 	 	—  	 	 	 	0.2	%	 	 	—  	 	 	 	0.2	%	 	 	—  	 	 		 		 		 		 		 		 	0	 	 	0	 	
Total expenses	 	 	75.3	%	 	 	76.5	%	 	 	75.9	%	 	 	78.0	%	 	 	76.7	%	 	 	64.0	%	 	 	73.4	%	 	 	72.4	%	 		 		 		 		 		 		 	(290	)	 	(290	)	
																	
Earnings from Continuing Operations Before Income Taxes	 	 	24.7	%	 	 	23.5	%	 	 	24.1	%	 	 	22.0	%	 	 	23.3	%	 	 	36.0	%	 	 	26.6	%	 	 	27.6	%	 		 		 		 		 		 		 	290	 	 	290	 	
Net Earnings from Continuing Operations Attributable to Shareholders	 	 	13.2	%	 	 	13.9	%	 	 	13.6	%	 	 	11.2	%	 	 	12.8	%	 	 	22.8	%	 	 	15.3	%	 	 	12.7	%	 		 		 		 		 		 		 	(50	)	 	(50	)	
																	
Other Ratios	 				 				 				 				 				 				 				 				 		 		 		 		 		 		 			 			
Effective Tax Rate	 	 	27.3	%	 	 	21.1	%	 	 	24.2	%	 	 	26.7	%	 	 	25.0	%	 	 	22.5	%	 	 	24.1	%	 	 	33.5	%	 		 		 		 		 		 		 	620	 	 	620	 	
				
Other (Income) /Expense, net	 	2008	 	 	2009	 	% 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	 	$	73	 	 	$	80	 	 	$	153	 	 	$	84	 	 	$	237	 	 	$	73	 	 	$	310	 	 	$	52	 	 		 		 		 		 		 		 	-29	%	 	-29	%	
Interest income	 	 	(43	)	 	 	(31	)	 	 	(74	)	 	 	(37	)	 	 	(111	)	 	 	(19	)	 	 	(130	)	 	 	(13	)	 		 		 		 		 		 		 	70	%	 	70	%	
ARS impairment charge	 	 	25	 	 	 	(2	)	 	 	23	 	 	 	224	 	 	 	247	 	 	 	58	 	 	 	305	 	 	 	—  	 	 		 		 		 		 		 		 	-100	%	 	-100	%	
(Gain)/loss on debt buyback and termination of interest rate swap agreements	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(57	)	 	 	(57	)	 	 	—  	 	 		 		 		 		 		 		 	—  	 	 	—  	 	
Foreign exchange transaction (gains)/losses	 	 	19	 	 	 	(2	)	 	 	17	 	 	 	(51	)	 	 	(34	)	 	 	(42	)	 	 	(76	)	 	 	(13	)	 		 		 		 		 		 		 	-168	%	 	-168	%	
Gain on sale of product lines, businesses and assets	 	 	(9	)	 	 	—  	 	 	 	(9	)	 	 	—  	 	 	 	(9	)	 	 	(159	)	 	 	(168	)	 	 	(44	)	 		 		 		 		 		 		 	*	 	 	*	 	
Other , net	 	 	(33	)	 	 	(58	)	 	 	(91	)	 	 	(51	)	 	 	(142	)	 	 	(10	)	 	 	(152	)	 	 	(60	)	 		 		 		 		 		 		 	-82	%	 	-82	%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 		 		 		 		 	 	 	 	 	 	
	 	$	32	 	 	($	13	)	 	$	19	 	 	$	169	 	 	$	188	 	 	($	156	)	 	$	32	 	 	($	78	)	 		 		 		 		 		 		 	*	 	 	*	 	

*	in excess of +/- 200%	
**	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, 2009
(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE	  		  			  			 			 		  			 			 			
 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding
FX	 	
Net sales	  	5,015	  	$	4,891	  	124	 	 	(265	)	 	5,280	  	3	%	 	-5	%	 	8	%	
Marketing, selling and administrative  (a) 	  	1,064	  	 	1,134	  	(70	)	 	61	 	 	1,125	  	-6	%	 	5	%	 	-1	%	
Marketing, selling and administrative excluding specified items  (b) 	  	1,027	  	 	1,119	  	(92	)	 	61	 	 	1,088	  	-8	%	 	5	%	 	-3	%	
Advertising and product promotion	  	324	  	 	319	  	5	 	 	15	 	 	339	  	2	%	 	4	%	 	6	%	
Advertising and product promotion excluding specified items  (b) 	  	324	  	 	319	  	5	 	 	15	 	 	339	  	2	%	 	4	%	 	6	%	
Research and development	  	923	  	 	782	  	141	 	 	26	 	 	949	  	18	%	 	3	%	 	21	%	
Research and development excluding specified items  (b) 	  	778	  	 	762	  	16	 	 	26	 	 	804	  	2	%	 	3	%	 	5	%	
									
(a) General and administrative	  	416	  	 	440	  	(24	)	 	17	 	 	433	  	-5	%	 	4	%	 	-1	%	
General and administrative excluding specified items  (c) 	  	379	  	 	425	  	(46	)	 	17	 	 	396	  	-11	%	 	4	%	 	-7	%	
	
(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.	  	
	
(c) The following table provides a reconciliation of General and administrative GAAP to Non-GAAP figures:	 	
 	  	2009	  	2008	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	
General and administrative	  	416	  	 	440	  			 			 		  			 			 			
Specified Items:	  		  			  			 			 		  			 			 			
Process standardization implementation costs	  	20	  	 	15	  			 			 		  			 			 			
Mead Johnson separation costs	  	17	  	 	—  	  			 			 		  			 			 			
	  	 	  	 	 	  			 			 		  			 			 			
General and administrative excluding specified items	  	379	  	 	425	  			 			 		  			 			 			

4

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

Gross Profit	 	2008	 	 	2009	 	% 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	 	
Bio Pharmaceuticals	 	2,982	 	 	3,166	 	 	6,148	 	 	3,242	 	 	9,390	 	 	3,334	 	 	12,724	 	 	3,191	 	 		 		 		 		 		 		 	7	%	 	7	%	
Mead Johnson	 	452	 	 	460	 	 	912	 	 	458	 	 	1,370	 	 	438	 	 	1,808	 	 	445	 	 		 		 		 		 		 		 	-2	%	 	-2	%	
				
Gross Margin %	 	2008	 	 	2009	 	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	 	
Bio Pharmaceuticals	 	71.2	%	 	70.7	%	 	71.0	%	 	71.9	%	 	71.3	%	 	73.4	%	 	71.8	%	 	73.8	%	 		 		 		 		 		 		 	260	 	 	260	 	
Mead Johnson	 	64.3	%	 	63.2	%	 	63.7	%	 	61.6	%	 	63.0	%	 	62.0	%	 	62.7	%	 	64.2	%	 		 		 		 		 		 		 	-10	 	 	-10	 	
				
Earnings Before Income Taxes	 	2008	 	 	2009	 	% 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	 	
Bio Pharmaceuticals	 	832	 	 	848	 	 	1,680	 	 	1,022	 	 	2,702	 	 	879	 	 	3,581	 	 	1,098	 	 		 		 		 		 		 		 	32	%	 	32	%	
Mead Johnson	 	208	 	 	188	 	 	396	 	 	159	 	 	555	 	 	137	 	 	692	 	 	159	 	 		 		 		 		 		 		 	-24	%	 	-24	%	
				
Net Margin %	 	2008	 	 	2009	 	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	 	
Bio Pharmaceuticals	 	19.9	%	 	18.9	%	 	19.4	%	 	22.7	%	 	20.5	%	 	19.4	%	 	20.2	%	 	25.4	%	 		 		 		 		 		 		 	550	 	 	550	 	
Mead Johnson	 	29.6	%	 	25.8	%	 	27.7	%	 	21.4	%	 	25.5	%	 	19.4	%	 	24.0	%	 	22.9	%	 		 		 		 		 		 		 	-670	 	 	-670	 	

*	In Excess of +/- 200%	
 
5

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

 	 	2008	 	2009	 	%
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	 	
Continuing Operations	 	$	4,891	 	$	5,203	 	$	10,094	 	$	5,254	 	$	15,348	 	$	5,249	 	$	20,597	 	$	5,015	 		 		 		 		 		 		 	3	%	 	3	%	 	-5	%	 	-5	%	
																			
BIO PHARMACEUTICALS	 	 	4,188	 	 	4,475	 	 	8,663	 	 	4,510	 	 	13,173	 	 	4,542	 	 	17,715	 	 	4,322	 		 		 		 		 		 		 	3	%	 	3	%	 	-5	%	 	-5	%	
																			
Cardiovascular	 	 	1,824	 	 	1,927	 	 	3,751	 	 	1,943	 	 	5,694	 	 	1,937	 	 	7,631	 	 	1,888	 		 		 		 		 		 		 	4	%	 	4	%	 	-3	%	 	-3	%	
Plavix	 	 	1,308	 	 	1,387	 	 	2,695	 	 	1,439	 	 	4,134	 	 	1,469	 	 	5,603	 	 	1,435	 		 		 		 		 		 		 	10	%	 	10	%	 	-2	%	 	-2	%	
Avapro/Avalide	 	 	305	 	 	335	 	 	640	 	 	334	 	 	974	 	 	316	 	 	1,290	 	 	302	 		 		 		 		 		 		 	-1	%	 	-1	%	 	-7	%	 	-7	%	
																			
Virology	 	 	734	 	 	791	 	 	1,525	 	 	824	 	 	2,349	 	 	812	 	 	3,161	 	 	794	 		 		 		 		 		 		 	8	%	 	8	%	 	-8	%	 	-8	%	
Reyataz	 	 	297	 	 	324	 	 	621	 	 	342	 	 	963	 	 	329	 	 	1,292	 	 	322	 		 		 		 		 		 		 	8	%	 	8	%	 	-7	%	 	-7	%	
Sustiva Franchise (a)	 	 	273	 	 	282	 	 	555	 	 	294	 	 	849	 	 	300	 	 	1,149	 	 	292	 		 		 		 		 		 		 	7	%	 	7	%	 	-7	%	 	-7	%	
Baraclude	 	 	108	 	 	136	 	 	244	 	 	144	 	 	388	 	 	153	 	 	541	 	 	152	 		 		 		 		 		 		 	41	%	 	41	%	 	-10	%	 	-10	%	
																			
Oncology	 	 	436	 	 	474	 	 	910	 	 	447	 	 	1,357	 	 	462	 	 	1,819	 	 	407	 		 		 		 		 		 		 	-7	%	 	-7	%	 	-3	%	 	-3	%	
Erbitux	 	 	187	 	 	196	 	 	383	 	 	184	 	 	567	 	 	182	 	 	749	 	 	164	 		 		 		 		 		 		 	-12	%	 	-12	%	 	—  	 	 	—  	 	
Sprycel	 	 	66	 	 	76	 	 	142	 	 	82	 	 	224	 	 	86	 	 	310	 	 	88	 		 		 		 		 		 		 	33	%	 	33	%	 	-15	%	 	-15	%	
Ixempra	 	 	25	 	 	26	 	 	51	 	 	25	 	 	76	 	 	25	 	 	101	 	 	24	 		 		 		 		 		 		 	-4	%	 	-4	%	 	—  	 	 	—  	 	
																			
Affective (Psychiatric) Disorders	 	 	498	 	 	575	 	 	1,073	 	 	607	 	 	1,680	 	 	641	 	 	2,321	 	 	621	 		 		 		 		 		 		 	25	%	 	25	%	 	-5	%	 	-5	%	
Abilify (b)	 	 	454	 	 	529	 	 	983	 	 	564	 	 	1,547	 	 	606	 	 	2,153	 	 	589	 		 		 		 		 		 		 	30	%	 	30	%	 	-4	%	 	-4	%	
																			
Immunoscience	 	 	87	 	 	106	 	 	193	 	 	119	 	 	312	 	 	129	 	 	441	 	 	124	 		 		 		 		 		 		 	43	%	 	43	%	 	-5	%	 	-5	%	
Orencia	 	 	87	 	 	106	 	 	193	 	 	119	 	 	312	 	 	129	 	 	441	 	 	124	 		 		 		 		 		 		 	43	%	 	43	%	 	-5	%	 	-5	%	

*	In excess of +/- 200%	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
6

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

 	 	2008	 	2009	 	%
Change	 	 	% Change in
U.S. Total
Prescription***	 	
 	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	1st
Qtr	 	2nd
Qtr	 	6
Months	 	3rd
Qtr	 	9
Months	 	4th
Qtr	 	Year	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Continuing Operations	 	$	2,747	 	$	2,898	 	$	5,645	 	$	2,983	 	$	8,628	 	$	3,091	 	$	11,719	 	$	3,031	 		 		 		 		 		 		 	10	%	 	10	%	 			 			
																			
BIO PHARMACEUTICALS	 	 	2,459	 	 	2,625	 	 	5,084	 	 	2,708	 	 	7,792	 	 	2,819	 	 	10,611	 	 	2,784	 		 		 		 		 		 		 	13	%	 	13	%	 			 			
																			
Cardiovascular	 	 	1,367	 	 	1,437	 	 	2,804	 	 	1,474	 	 	4,278	 	 	1,522	 	 	5,800	 	 	1,514	 		 		 		 		 		 		 	11	%	 	11	%	 			 			
Plavix	 	 	1,139	 	 	1,207	 	 	2,346	 	 	1,263	 	 	3,609	 	 	1,311	 	 	4,920	 	 	1,296	 		 		 		 		 		 		 	14	%	 	14	%	 	4	%	 	4	%	
Avapro/Avalide	 	 	174	 	 	184	 	 	358	 	 	189	 	 	547	 	 	188	 	 	735	 	 	173	 		 		 		 		 		 		 	-1	%	 	-1	%	 	-9	%	 	-9	%	
																			
Virology	 	 	378	 	 	376	 	 	754	 	 	405	 	 	1,159	 	 	407	 	 	1,566	 	 	406	 		 		 		 		 		 		 	7	%	 	7	%	 			 			
Reyataz	 	 	160	 	 	159	 	 	319	 	 	176	 	 	495	 	 	172	 	 	667	 	 	176	 		 		 		 		 		 		 	10	%	 	10	%	 	7	%	 	7	%	
Sustiva Franchise (a)	 	 	175	 	 	171	 	 	346	 	 	185	 	 	531	 	 	193	 	 	724	 	 	190	 		 		 		 		 		 		 	9	%	 	9	%	 	9	%	 	9	%	
Baraclude	 	 	29	 	 	35	 	 	64	 	 	36	 	 	100	 	 	40	 	 	140	 	 	36	 		 		 		 		 		 		 	24	%	 	24	%	 	19	%	 	19	%	
																			
Oncology	 	 	237	 	 	254	 	 	491	 	 	234	 	 	725	 	 	246	 	 	971	 	 	218	 		 		 		 		 		 		 	-8	%	 	-8	%	 			 			
Erbitux	 	 	185	 	 	193	 	 	378	 	 	182	 	 	560	 	 	179	 	 	739	 	 	162	 		 		 		 		 		 		 	-12	%	 	-12	%	 	N/A	 	 	N/A	 	
Sprycel	 	 	20	 	 	21	 	 	41	 	 	21	 	 	62	 	 	30	 	 	92	 	 	30	 		 		 		 		 		 		 	50	%	 	50	%	 	20	%	 	20	%	
Ixempra	 	 	25	 	 	26	 	 	51	 	 	24	 	 	75	 	 	23	 	 	98	 	 	22	 		 		 		 		 		 		 	-12	%	 	-12	%	 	N/A	 	 	N/A	 	
																			
Affective (Psychiatric) Disorders	 	 	359	 	 	413	 	 	772	 	 	449	 	 	1,221	 	 	502	 	 	1,723	 	 	491	 		 		 		 		 		 		 	37	%	 	37	%	 			 			
Abilify (b)	 	 	348	 	 	403	 	 	751	 	 	435	 	 	1,186	 	 	490	 	 	1,676	 	 	481	 		 		 		 		 		 		 	38	%	 	38	%	 	31	%	 	31	%	
																			
Immunoscience	 	 	73	 	 	87	 	 	160	 	 	97	 	 	257	 	 	106	 	 	363	 	 	99	 		 		 		 		 		 		 	36	%	 	36	%	 			 			
Orencia	 	 	73	 	 	87	 	 	160	 	 	97	 	 	257	 	 	106	 	 	363	 	 	99	 		 		 		 		 		 		 	36	%	 	36	%	 	N/A	 	 	N/A	 	

*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
***	In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Klumer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying WK mail order prescription data by a factor that approximates three and adding to this the WK retail prescriptions.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
7

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

 	 	2008	 	2009	 	%
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	 	
Continuing Operations	 	$	2,144	 	$	2,305	 	$	4,449	 	$	2,271	 	$	6,720	 	$	2,158	 	$	8,878	 	$	1,984	 		 		 		 		 		 		 	-7	%	 	-7	%	 	-12	%	 	-12	%	
																			
BIO PHARMACEUTICALS	 	 	1,729	 	 	1,850	 	 	3,579	 	 	1,802	 	 	5,381	 	 	1,723	 	 	7,104	 	 	1,538	 		 		 		 		 		 		 	-11	%	 	-11	%	 	-13	%	 	-13	%	
																			
Cardiovascular	 	 	457	 	 	490	 	 	947	 	 	469	 	 	1,416	 	 	415	 	 	1,831	 	 	374	 		 		 		 		 		 		 	-18	%	 	-18	%	 	-13	%	 	-13	%	
Plavix	 	 	169	 	 	180	 	 	349	 	 	176	 	 	525	 	 	158	 	 	683	 	 	139	 		 		 		 		 		 		 	-18	%	 	-18	%	 	-14	%	 	-14	%	
Avapro/Avalide	 	 	131	 	 	151	 	 	282	 	 	145	 	 	427	 	 	128	 	 	555	 	 	129	 		 		 		 		 		 		 	-2	%	 	-2	%	 	-16	%	 	-16	%	
																			
Virology	 	 	356	 	 	415	 	 	771	 	 	419	 	 	1,190	 	 	405	 	 	1,595	 	 	388	 		 		 		 		 		 		 	9	%	 	9	%	 	-15	%	 	-15	%	
Reyataz	 	 	137	 	 	165	 	 	302	 	 	166	 	 	468	 	 	157	 	 	625	 	 	146	 		 		 		 		 		 		 	7	%	 	7	%	 	-16	%	 	-16	%	
Sustiva Franchise (a)	 	 	98	 	 	111	 	 	209	 	 	109	 	 	318	 	 	107	 	 	425	 	 	102	 		 		 		 		 		 		 	4	%	 	4	%	 	-20	%	 	-20	%	
Baraclude	 	 	79	 	 	101	 	 	180	 	 	108	 	 	288	 	 	113	 	 	401	 	 	116	 		 		 		 		 		 		 	47	%	 	47	%	 	-13	%	 	-13	%	
																			
Oncology	 	 	199	 	 	220	 	 	419	 	 	213	 	 	632	 	 	216	 	 	848	 	 	189	 		 		 		 		 		 		 	-5	%	 	-5	%	 	-6	%	 	-6	%	
Erbitux	 	 	2	 	 	3	 	 	5	 	 	2	 	 	7	 	 	3	 	 	10	 	 	2	 		 		 		 		 		 		 	—  	 	 	—  	 	 	-7	%	 	-7	%	
Sprycel	 	 	46	 	 	55	 	 	101	 	 	61	 	 	162	 	 	56	 	 	218	 	 	58	 		 		 		 		 		 		 	26	%	 	26	%	 	-21	%	 	-21	%	
Ixempra	 	 	—  	 	 	—  	 	 	—  	 	 	1	 	 	1	 	 	2	 	 	3	 	 	2	 		 		 		 		 		 		 	—  	 	 	—  	 	 	—  	 	 	—  	 	
																			
Affective (Psychiatric) Disorders	 	 	139	 	 	162	 	 	301	 	 	158	 	 	459	 	 	139	 	 	598	 	 	130	 		 		 		 		 		 		 	-6	%	 	-6	%	 	-17	%	 	-17	%	
Abilify (b)	 	 	106	 	 	126	 	 	232	 	 	129	 	 	361	 	 	116	 	 	477	 	 	108	 		 		 		 		 		 		 	2	%	 	2	%	 	-18	%	 	-18	%	
																			
Immunoscience	 	 	14	 	 	19	 	 	33	 	 	22	 	 	55	 	 	23	 	 	78	 	 	25	 		 		 		 		 		 		 	79	%	 	79	%	 	-31	%	 	-31	%	
Orencia	 	 	14	 	 	19	 	 	33	 	 	22	 	 	55	 	 	23	 	 	78	 	 	25	 		 		 		 		 		 		 	79	%	 	79	%	 	-31	%	 	-31	%	

*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
8

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2009
(Unaudited, amounts in millions except per share data)

 	  	Q1 2009	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
Net Sales	  	$	5,015	 	 	 	—  	 	 	$	5,015	 	
Cost of products sold	  	 	1,413	 	 	 	(34	)	 	 	1,379	 	
	  	 	 	 	 				 	 	 	 	
Gross Profit	  	 	3,602	 	 	 	34	 	 	 	3,636	 	
				
Gross margin as a % of sales	  	 	71.8	%	 	 	0.7	%	 	 	72.5	%	
				
Marketing, selling and administrative	  	 	1,064	 	 	 	(37	)	 	 	1,027	 	
Advertising and product promotion	  	 	324	 	 	 	—  	 	 	 	324	 	
	  	 	 	 	 				 	 	 	 	
Total SGA	  	 	1,388	 	 	 	(37	)	 	 	1,351	 	
				
SG&A as a % of sales	  	 	27.7	%	 	 	(0.8	)%	 	 	26.9	%	
				
Research and development	  	 	923	 	 	 	(145	)	 	 	778	 	
				
R&D as a % of sales	  	 	18.4	%	 	 	(2.9	)%	 	 	15.5	%	
				
Provision for restructuring, net	  	 	27	 	 	 	(27	)	 	 	—  	 	
Litigation expense, net	  	 	104	 	 	 	(104	)	 	 	—  	 	
Equity in net income of affiliates	  	 	(146	)	 	 	—  	 	 	 	(146	)	
Other income, net	  	 	(78	)	 	 	59	 	 	 	(19	)	

Earnings from Continuing Operations Before Income Taxes	  	$	1,384	 	 	 	288	 	 	$	1,672	 	
				
Provision for income taxes	  	 	463	 	 	 	(32	)	 	 	431	 	
				
Net Earnings - Continuing Operations	  	$	921	 	 	 	320	 	 	$	1,241	 	
				
Net Earnings - Discontinued Operations	  	 	—  	 	 				 	 	—  	 	
Net Earnings Attributable to Noncontrolling Interest	  	 	283	 	 				 	 	283	 	
	  	 	 	 	 				 	 	 	 	
Net Earnings Attributable to Shareholders	  	$	638	 	 	 	320	 	 	$	958	 	

Net Earnings from Continuing Operations Attributable to Shareholders	  	$	638	 	 	 	320	 	 	$	958	 	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(2	)	 				 	 	(2	)	
	  	 	 	 	 				 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations -Attributable to Shareholders	  	$	636	 	 	$	320	 	 	$	956	 	
				
Average Common Shares Outstanding - Diluted	  	 	1,983	 	 				 	 	1,983	 	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.32	 	 	 	0.16	 	 	$	0.48	 	
				
Net Earnings from Continuing Operations Attributable to Shareholders as a % of sales	  	 	12.7	%	 	 	6.4	%	 	 	19.1	%	
Net Earnings Attributable to Shareholders as a % of sales	  	 	12.7	%	 	 	6.4	%	 	 	19.1	%	
				
Effective Tax Rate	  	 	33.5	%	 	 	(7.7	)%	 	 	25.8	%	

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

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
($ in millions)
Three months ended March 31, 2009

 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research and
development	  	Provision for
restructuring, net	 	Litigation
expense, net	 	Other
(income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			  			 			 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	  	$	23	 	$	—  	 	$	—  	 	 	$	23	 	
Accelerated depreciation, asset impairment, and other shutdown costs	 	 	26	 	 	—  	 	 	—  	  	 	3	 	 	—  	 	 	—  	 	 	 	29	 	
Process standardization implementation costs	 	 	—  	 	 	20	 	 	—  	  	 	—  	 	 	—  	 	 	—  	 	 	 	20	 	
Termination of leased contracts	 	 	—  	 	 	—  	 	 	—  	  	 	1	 	 	—  	 	 	—  	 	 	 	1	 	
Gain on sale of product lines, businesses and assets	 	 	—  	 	 	—  	 	 	—  	  	 	—  	 	 	—  	 	 	(44	)	 	 	(44	)	
	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total PTI	 	 	26	 	 	20	 	 	—  	  	 	27	 	 	—  	 	 	(44	)	 	 	29	 	
								
Other:	 			 			 			  			 			 				 				
Litigation charges	 	 	—  	 	 	—  	 	 	—  	  	 	—  	 	 	104	 	 	(10	)	 	 	94	 	
Mead Johnson separation costs	 	 	—  	 	 	17	 	 	—  	  	 	—  	 	 	—  	 	 	—  	 	 	 	17	 	
Upfront payments	 	 	—  	 	 	—  	 	 	145	  	 	—  	 	 	—  	 	 	—  	 	 	 	145	 	
Product liability	 	 	8	 	 	—  	 	 	—  	  	 	—  	 	 	—  	 	 	(5	)	 	 	3	 	
	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	34	 	$	37	 	$	145	  	$	27	 	$	104	 	$	(59	)	 	 	288	 	
	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			  			 			 				 	 	(98	)	
Income Tax Attributable to Mead Johnson separation	 			 			 			  			 			 				 	 	130	 	
	 			 			 			  			 			 				 	 	 	 	
Decrease to Net Earnings	 			 			 			  			 			 				 	$	320	 	

Three months ended March 31, 2008

 	 	Cost of
products
sold	 	Marketing
selling and
administrative	 	Research and
development	 	Provision for
restructuring, net	 	Other
(income)/
expense, net	 	 	Total	 	
Productivity Transformation Initiative:	 			 			 			 			 				 				
Downsizing and streamlining of worldwide operations	 	$	—  	 	$	—  	 	$	—  	 	$	11	 	$	—  	 	 	$	11	 	
Accelerated depreciation and other shutdown costs	 	 	96	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	 	96	 	
Process standardization implementation costs	 	 	—  	 	 	15	 	 	—  	 	 	—  	 	 	—  	 	 	 	15	 	
Gain on sale and leaseback of properties	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	(9	)	 	 	(9	)	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total PTI	 	 	96	 	 	15	 	 	—  	 	 	11	 	 	(9	)	 	 	113	 	
							
Other:	 			 			 			 			 				 				
Product liability	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	16	 	 	 	16	 	
Milestone payments	 	 	—  	 	 	—  	 	 	20	 	 	—  	 	 	—  	 	 	 	20	 	
ARS impairment charges	 	 	—  	 	 	—  	 	 	—  	 	 	—  	 	 	25	 	 	 	25	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	96	 	$	15	 	$	20	 	$	11	 	$	32	 	 	 	174	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 				
Income taxes on items above	 			 			 			 			 				 	 	(33	)	
	 			 			 			 			 				 	 	 	 	
Decrease to Net Earnings	 			 			 			 			 				 	$	141	 	

10

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

 	  	March 31,
2008	 	 	June 30,
2008	 	 	September 30,
2008	  	December 31,
2008	  	March 31,
2009	  	June 30,
2009	  	September 30,
2009	  	December 31,
2009	
Cash and cash equivalents	  	$	2,443	 	 	$	4,047	 	 	$	7,173	  	$	7,976	  	$	7,832	  			  			  			
Marketable securities - current	  	 	194	 	 	 	355	 	 	 	258	  	 	289	  	 	1,088	  			  			  			
Short-term borrowings	  	 	1,781	 	 	 	1,799	 	 	 	135	  	 	154	  	 	156	  			  			  			
Long-term debt	  	 	4,660	 	 	 	6,021	 	 	 	6,120	  	 	6,585	  	 	6,492	  			  			  			
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Net (debt) / cash	  	$	(3,804	)	 	$	(3,418	)	 	$	1,176	  	$	1,526	  	$	2,272	  	$	—  	  	$	—  	  	$	—  	

Receivables, net of allowances	  	$	4,082	 	 	$	3,838	 	 	$	3,555	  	$	3,644	  	$	3,600	  			  			  			
									
Total equity	  	 	10,567	 	 	 	10,766	 	 	 	12,934	  	 	12,208	  	 	13,129	  			  			  			
									
Capital expenditures and capitalized software (for the quarter ended)	  	 	250	 	 	 	210	 	 	 	196	  	 	285	  	 	201	  			  			  			
 
11

BRISTOL-MYERS SQUIBB COMPANY
2009 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2009	 	
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	  	$	1.58 to $1.73 	*	
		
Projected Specified Items:	  				
		
Productivity Transformation Initiative	  	 	0.17	 	
		
Upfront and milestone payments	  	 	0.08	 	
		
Mead Johnson charges	  	 	0.01	 	
		
Gain on Sale of Assets	  	 	(0.01	)	
		
Litigation Charges	  	 	0.03	 	
		
Change in Estimate for Taxes	  	 	0.07	 	

Total	  	 	0.35	 	

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	  	$	1.85 to $2.00 	*	

*	The projected specified items increased in the first quarter of 2009 but the Company is confirming its 2009 GAAP and Non-GAAP guidance.	
Revenue growth is projected in the low single digit range, which based on historical trends in 2008 and the first quarter of 2009 would be in the mid to high single digit range, excluding foreign exchange.
Gross margin on a GAAP basis for the three months ended March 31, 2009 was 71.8%, which included specified items of $34 million and had a 0.7% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2009 gross margin was 72.5%. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 the Company projects gross margin for the full year 2009 to improve slightly compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - March QTD tab.
Research and development expenses on a GAAP basis for the three months ended March 31, 2009 were $923 million, which included specified items of $145 million. On a non-GAAP basis, for the three months ended March 31, 2009 research and development expenses were $778 million. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 the Company projects research and development expenses for the full year 2009 to increase in the mid single digit range compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - March QTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2009 were $1,064 million, which included specified items of $37 million. On a non-GAAP basis, for the three months ended March 31, 2009 marketing, selling and administrative expenses were $1,027 million. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 the Company projects marketing, selling and administrative expenses, for the full year 2009 to be down in low to mid single digit range compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - March QTD tab.
The effective tax rate on a GAAP basis for the three months ended March 31, 2009 was 33.5%, which included specified items of $32 million in the tax provision, and had a 7.7% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the three months ended March 31, 2009 effective tax rate was 25.8%. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 the Company projects effective tax rate for the full year 2009 to be approximately 24%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - March QTD tab.
The GAAP results for the full year 2009 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative, announced in December 2007 (Wave One) is expected to generate approximately $1.5 billion in cost reductions and avoidance on a pre-tax basis versus the Company’s previous strategic plan for 2010. Productivity Transformation Initiative Wave Two announced in July 2008, is expected to generate an additional $1.0 billion in cost savings by 2011. Costs associated with the Productivity Transformation Initiatives are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2009 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, other restructuring activities, impairments to marketable securities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The First Quarter of 2009, April 28, 2009, including “2009 Guidance” and “Use of Non-GAAP Financial Information” therein.
On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
 
12