UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 2)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): October 26, 2006
BRISTOL-MYERS SQUIBB COMPANY
(Exact Name of Registrant as Specified in its Charter)

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

Item 2.02. Results of Operations and Financial Condition.
On October 26, 2006, Bristol-Myers Squibb Company (the “Company”) filed a Form 8-K furnishing its press release that announced the Company’s financial results for the third quarter of 2006 and incorporating it therein by reference. Also furnished and incorporated by reference as Exhibit 99.2 was certain supplemental information posted on the Company’s website at www.bms.com . On October 30, 2006, the Company filed a Form 8-K/A furnishing revised supplemental information. This supplemental information has been further revised to include net sales, months on hand, and estimated demand information for key products and growth drivers as of September 30, 2006 for the Company’s International Pharmaceutical, Nutritionals and Other Health Care reporting segments. Net sales and months on hand information is also provided as of June 30, 2006, September 30, 2005 and June 30, 2005. The further revised supplemental information is furnished and incorporated by reference as Exhibit 99.2 to this Form 8-K/A.
Item 9.01. Financial Statements and Exhibits.
 
 	(d)	Exhibits.	

99.2.	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com	

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

	 		 	BRISTOL-MYERS SQUIBB COMPANY	
				
Dated: November 30, 2006	 		 	By:	 	/s/ Sandra Leung	
	 		 		 	Name:	 	Sandra Leung	
	 		 		 	Title:	 	Secretary	

EXHIBIT INDEX

Exhibit No.	  	Description	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com	
  
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
QUARTERLY SALES TREND ANALYSIS
($ in millions)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,676	 	 	$	4,871	 	 	$	4,154	 	 				 	$	13,701	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,200	 	 	$	3,303	 	 	$	2,689	 	 				 	$	9,192	 	
						
Specified items*	  	 	46	 	 	 	20	 	 	 	72	 	 				 	 	138	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Gross Profit Excluding Specified Items	  	$	3,246	 	 	$	3,323	 	 	$	2,761	 	 				 	$	9,330	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Gross Margin %	  				 				 				 				 				
Gross Margin %	  	 	68.4	%	 	 	67.8	%	 	 	64.7	%	 				 	 	67.1	%	
						
Specified items*	  	 	1.0	%	 	 	0.4	%	 	 	1.7	%	 				 	 	1.0	%	

Gross Margin Excluding Specified Items	  	 	69.4	%	 	 	68.2	%	 	 	66.5	%	 				 	 	68.1	%	

 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Net Sales	  	$	4,532	 	 	$	4,889	 	 	$	4,767	 	 	$	5,019	 	 	$	19,207	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Profit	  				 				 				 				 				
Gross Profit	  	$	3,165	 	 	$	3,406	 	 	$	3,284	 	 	$	3,424	 	 	$	13,279	 	
Specified items*	  	 	13	 	 	 	21	 	 	 	35	 	 	 	33	 	 	 	102	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin Excluding Specified Items	  	$	3,178	 	 	$	3,427	 	 	$	3,319	 	 	$	3,457	 	 	$	13,381	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin %	  				 				 				 				 				
Gross Margin %	  	 	69.8	%	 	 	69.7	%	 	 	68.9	%	 	 	68.2	%	 	 	69.1	%	
Specified items*	  	 	0.3	%	 	 	0.4	%	 	 	0.7	%	 	 	0.7	%	 	 	0.5	%	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin Excluding Specified Items	  	 	70.1	%	 	 	70.1	%	 	 	69.6	%	 	 	68.9	%	 	 	69.6	%	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

BRISTOL-MYERS SQUIBB COMPANY
RESEARCH AND DEVELOPMENT EXPENSES
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2006	
 	  	Q1	  	Q2	  	Q3	  	 	  	TOTAL YEAR	
Research and Development Expenses	  	$	750	  	$	740	  	$	756	  			  	$	2,246	
						
Specified items*	  	 	18	  	 	1	  	 	17	  			  	 	36	
	  	 	 	  	 	 	  	 	 	  			  	 	 	
Research and Development Expenses Excluding Specified Items	  	$	768	  	$	741	  	$	773	  			  	$	2,282	

 	  	2005	
 	  	Q1	  	Q2	  	Q3	  	Q4	  	TOTAL YEAR	
Research and Development Expenses	  	$	653	  	$	649	  	$	669	  	$	775	  	$	2,746	
						
Specified items*	  	 	36	  	 	1	  	 	—  	  	 	35	  	 	72	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Research and Development Expenses Excluding Specified Items	  	$	689	  	$	650	  	$	669	  	$	810	  	$	2,818	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

BRISTOL-MYERS SQUIBB COMPANY
EFFECTIVE TAX RATE
EXCLUDING SPECIFIED ITEMS
($ in millions)

 	  	2006	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	 	 	 	TOTAL YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision for Income Taxes	  	$	328	 	 	$	256	 	 	$	193	 	 				 	$	777	 	
						
Specified items*	  	 	(49	)	 	 	(3	)	 	 	(34	)	 				 	 	(86	)	

Provision for Income Taxes Excluding Specified Items	  	$	279	 	 	$	253	 	 	$	159	 	 				 	$	691	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 				 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	1,193	 	 	$	1,110	 	 	$	617	 	 				 	$	2,920	 	
						
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,081	 	 	$	1,120	 	 	$	670	 	 				 	$	2,871	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate from Continuing Operations	  	 	27.5	%	 	 	23.1	%	 	 	31.3	%	 				 	 	26.6	%	
Effective Tax Rate from Continuing Operations Excluding Specified Items	  	 	25.8	%	 	 	22.6	%	 	 	23.7	%	 				 	 	24.1	%	
		
 	  	2005	 	
 	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	TOTAL YEAR	 	
Provision for Income Taxes	  				 				 				 				 				
Provision for Income Taxes	  	$	268	 	 	$	(21	)	 	$	507	 	 	$	178	 	 	$	932	 	
						
Specified items*	  	 	42	 	 	 	117	 	 	 	(202	)	 	 	52	 	 	 	9	 	

Provision for Income Taxes Excluding Specified Items	  	$	310	 	 	$	96	 	 	$	305	 	 	$	230	 	 	$	941	 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	  	$	928	 	 	$	1,130	 	 	$	1,626	 	 	$	832	 	 	$	4,516	 	
						
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	  	$	1,102	 	 	$	1,189	 	 	$	1,062	 	 	$	986	 	 	$	4,339	 	
						
Effective Tax Rate	  				 				 				 				 				
Effective Tax Rate from Continuing Operations	  	 	28.9	%	 	 	-1.9	%	 	 	31.2	%	 	 	21.4	%	 	 	20.6	%	
						
Effective Tax Rate from Continuing Operations Excluding Specified Items	  	 	28.1	%	 	 	8.1	%	 	 	28.7	%	 	 	23.3	%	 	 	21.7	%	

*	Please refer to the Specified Item - QTD tab for detail of specified items.	

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BRISTOL-MYERS SQUIBB COMPANY
2006 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS

 	  	Full Year 2006	
Projected Diluted Earnings per Common Share from Continuing Operations	  	$0.97 to $1.02	
Projected Specified Items:	  		
Downsizing and streamlining of worldwide operations	  	0.08	
Licensing and milestone payments	  	0.02	
Gain on sale of product asset	  	(0.06)	
Litigation matters	  	—  	
Insurance recoveries	  	(0.01)	
Change in estimate for taxes on prior year items	  	0.02	
	  	 	
Total	  	0.05	
	  	 	
Projected Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	  	$1.02 to $1.07	
	  	 	
Gross Margin/Tax Rate Projections Excluding Specified Items
Gross margin on a GAAP basis in 2005 was 69.1%, and was 69.6% on a non-GAAP basis. See Gross Margin non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis the Company projects gross margin for the full year 2006 to be 1.5% to 2.0% lower than 2005 non-GAAP level. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. For the first nine months of 2006, gross margin on a GAAP basis was 67.1%, which included specified items of $138 million and had a 1.0% adverse impact on gross margin in aggregate. See Gross Margin non comparable tab.
The effective tax rate on a GAAP basis in 2005 was 20.6%, and was 21.7% on a non-GAAP basis. See Tax Rate non comparable tab. Based on historical trends in the first three quarters of 2006 on a non-GAAP basis, the Company projects effective tax rate for the full year 2006 to be in the range of 22% to 24%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. For the first nine months of 2006, effective tax rate on a GAAP basis was 26.6%, which included specified items of $86 million, and had a 2.5% adverse impact on the effective tax rate in aggregate. See Tax Rate non comparable tab.
The GAAP results for the full year 2006 would include specified items that may occur and impact fourth quarter results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter And First Nine Months Of 2006, October 26, 2006, including “2006 Guidance” and “Use of Non-GAAP Financial Information” therein.

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

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

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

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

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

U.S. Pharmaceuticals
Estimated End-User Demand
The following tables set forth for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and other products that the Company views as current and future growth drivers sold by the U.S. Pharmaceuticals business, for the three months ended September 30, 2006 compared to the same periods in the prior year: (a) changes in reported U.S. net sales for the period; (b) estimated total U.S. prescription growth for the retail and mail order channels and the estimated U.S. therapeutic category share of the applicable product, calculated by the Company based on NPA data provided by IMS; and (c) estimated total U.S. prescription change for the retail and mail order channels and the estimated U.S. therapeutic category share of the applicable product, calculated by the Company based on Next-Generation Prescription Services (NGPS) data provided by IMS.

 	  	Three Months Ended September 30, 2006	 	 	Month Ended September 30, 2006	
 	  	% Change
in U.S.
Net Sales (a)	 	 	% Change
in U.S. Total Prescriptions	 	 	Estimated TRx
Therapeutic Category Share% (d)	
 	  			 	NPA Data (b)	 	 	NGPS Data (c)	 	 	NPA Data (b)	  	NGPS Data (c)	
ABILIFY* (total revenue)	  	21	 	 	18	 	 	18	 	 	12	  	12	
AVAPRO*/AVALIDE*	  	8	 	 	3	 	 	1	 	 	14	  	14	
BARACLUDE (e)	  	*	*	 	*	*	 	*	*	 	23	  	20	
CEFZIL	  	(96	)	 	(96	)	 	(96	)	 	—  	  	—  	
COUMADIN	  	(8	)	 	(19	)	 	(18	)	 	16	  	16	
ERBITUX* (f)	  	63	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
GLUCOPHAGE* Franchise	  	(47	)	 	(51	)	 	(51	)	 	1	  	1	
KENALOG (g)	  	—  	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
ORENCIA (h)	  	—  	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
PARAPLATIN (f)	  	(44	)	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
PLAVIX*	  	(43	)	 	(32	)	 	(35	)	 	23	  	21	
PRAVACHOL	  	(75	)	 	(82	)	 	(82	)	 	1	  	1	
REYATAZ	  	23	 	 	15	 	 	17	 	 	33	  	33	
SPRYCEL	  	—  	 	 	—  	 	 	—  	 	 	3	  	3	
SUSTIVA Franchise (j)  (total revenue)	  	27	 	 	12	 	 	13	 	 	32	  	32	
TEQUIN	  	(90	)	 	(91	)	 	(91	)	 	—  	  	—  	
VIDEX/VIDEX EC	  	(57	)	 	(55	)	 	(56	)	 	1	  	1	
ZERIT	  	(21	)	 	(30	)	 	(29	)	 	5	  	5	
			
 	  	Three Months Ended September 30, 2005	 	 	Month Ended September 30, 2005	
 	  	% Change
in U.S.
Net Sales (a)	 	 	% Change
in U.S. Total Prescriptions	 	 	Estimated TRx
Therapeutic Category Share% (d)	
 	  			 	NPA Data (b)	 	 	NGPS Data (c)	 	 	NPA Data (b)	  	NGPS Data (c)	
ABILIFY* (total revenue)	  	41	 	 	38	 	 	36	 	 	11	  	11	
AVAPRO*/AVALIDE*	  	(1	)	 	11	 	 	11	 	 	15	  	15	
BARACLUDE (e)	  	—  	 	 	—  	 	 	—  	 	 	8	  	7	
CEFZIL	  	(10	)	 	(15	)	 	(17	)	 	2	  	2	
COUMADIN	  	(16	)	 	(22	)	 	(25	)	 	21	  	20	
ERBITUX* (f)	  	28	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
GLUCOPHAGE* Franchise	  	(3	)	 	(46	)	 	(45	)	 	2	  	2	
KENALOG (g)	  	111	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
ORENCIA (h)	  	—  	 	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
PARAPLATIN (f)	  	(94	)	 	N/A	 	 	N/A	 	 	N/A	  	N/A	
PLAVIX*	  	7	 	 	12	 	 	11	 	 	86	  	86	
PRAVACHOL	  	(7	)	 	(18	)	 	(17	)	 	7	  	7	
REYATAZ (i)	  	40	 	 	35	 	 	30	 	 	31	  	31	
SPRYCEL (k)	  	—  	 	 	—  	 	 	—  	 	 	—  	  	—  	
SUSTIVA (i)	  	6	 	 	6	 	 	7	 	 	30	  	30	
TEQUIN	  	(32	)	 	(36	)	 	(35	)	 	1	  	1	
VIDEX/VIDEX EC	  	(74	)	 	(72	)	 	(72	)	 	3	  	3	
ZERIT	  	(29	)	 	(31	)	 	(31	)	 	7	  	7	

(a)	Reflects percentage change in net sales in dollar terms, including change in average selling prices and wholesaler buying patterns.	
 
1

(b)	Based on a simple average of the estimated number of prescriptions in the retail and mail order channels as provided by IMS.	
 
(c)	Based on a weighted-average of the estimated number of prescription units (tablets or milliliters) in each of the retail and mail order channels based on data provided by IMS.	
 
(d)	The therapeutic categories are determined by the Company as those products considered to be in direct competition with the Company’s own products. The products listed above compete in the following therapeutic categories: ABILIFY* (antipsychotics), AVAPRO*/AVALIDE* (angiotensin receptor blockers), BARACLUDE (oral antiviral agent), CEFZIL (branded oral solid and liquid antibiotics), COUMADIN (warfarin), ERBITUX* (oncology), GLUCOPHAGE* Franchise (oral antidiabetics), KENALOG (intra-articular/intramuscular steroid), ORENCIA (fusion protein), PARAPLATIN (carboplatin), PLAVIX* (antiplatelet agents), PRAVACHOL (HMG CoA reductase inhibitors), REYATAZ (protease inhibitors), SPRYCEL (TKIs for leukemia), SUSTIVA franchise (antiretrovirals—third agents), TEQUIN (branded oral solid antibiotics), VIDEX/VIDEX EC (nucleoside reverse transcriptase inhibitors) and ZERIT (nucleoside reverse transcriptase inhibitors).	
 
(e)	BARACLUDE was launched in the U.S. in April 2005.	
 
(f)	ERBITUX* and PARAPLATIN specifically, and parenterally administered oncology products in general, do not have prescription-level data because physicians do not write prescriptions for these products. The Company believes therapeutic category share information provided by third parties for these products may not be reliable and accordingly, none is presented here.	
 
(g)	The Company does not have prescription level data because the product is not dispensed through a retail pharmacy. The Company believes therapeutic category share information provided by third parties for this product may not be reliable and accordingly, none is presented here.	
 
(h)	ORENCIA was launched in the U.S. in February 2006. The Company does not have prescription level data because the product is not dispensed through a retail pharmacy.	
 
(i)	Prior year Estimated TRx Therapeutic Category Share Percentage has been recalculated to conform with current year presentation for the following: CEFZIL has been recalculated as a percentage share based on the combined Oral and Liquid/Suspension markets; REYATAZ has been recalculated as a percentage share of the Protease Inhibitors excluding NORVIR*; SUSTIVA franchise has been recalculated as a percentage share of Third Agents excluding NORVIR* and TRIZIVIR*.	
 
(j)	Beginning in the third quarter of 2006, SUSTIVA Franchise (total revenue) includes sales of SUSTIVA, as well as revenue of bulk efavirenz included in the combination therapy, ATRIPLA*. The therapeutic category share information and change in U.S. total prescriptions growth for SUSTIVA franchise (antiretrovirals – third agents) includes both branded SUSTIVA and ATRIPLA* prescription units.	
 
(k)	SPRYCEL was launched in the U.S. in July 2006.	
 
**	In excess of 200%.	
The Company has historically reported estimated total U.S. prescription change and estimated therapeutic category share based on NPA data, which IMS makes available to the public on a subscription basis, and a simple average of the estimated number of prescriptions in the retail and mail order channels. In the third quarter of 2005, the Company began disclosing estimated total U.S. prescription change and estimated therapeutic category share based on both NPA and NGPS data. NGPS data is collected by IMS under a new, revised methodology and has been released by IMS on a limited basis through a pilot program. IMS has announced it expects to make NGPS data available to the public on a subscription basis in 2007. The Company believes that the NGPS data provided by IMS provides a superior estimate of prescription data for the Company’s products in the retail and mail order channels. The Company has calculated the estimated total U.S. prescription change and estimated therapeutic category share based on NGPS data on a weighted-average basis to reflect the fact that mail order prescriptions include a greater volume of product supplied compared with retail prescriptions. The Company believes that calculation of the estimated total U.S. prescription change and estimated therapeutic category share based on the NGPS data and the weighted-average approach with respect to the retail and mail order channels provides a superior estimate of total prescription demand. The Company now uses this methodology for its internal demand forecasts.
The estimated prescription change data and estimated therapeutic category share provided above only include information from the retail and mail order channels and do not reflect information from other channels, such as hospitals, institutions and long-term care, among others. The data provided by IMS are a product of IMS’ own record-keeping processes and are themselves estimates based on sampling procedures, subject to the inherent limitations of estimates based on sampling. In addition, the NGPS data are part of a pilot program that is still being refined by IMS.
The Company continuously seeks to improve the quality of its estimates of prescription change amounts, therapeutic category share percentages and ultimate patient/consumer demand through review of its methodologies and processes for calculation of these estimates and review and analysis of its own and third parties’ data used in such calculations. The Company expects that it will continue to review and refine its methodologies and processes for calculation of these estimates and will continue to review and analyze its own and third parties’ data used in such calculations.
Estimated Inventory Months on Hand in the Distribution Channel
The following tables set forth for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and other products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for the quarters ended September 30, 2006 and 2005 and June 30, 2006 and 2005.
 
2

												
   	  	September 30, 2006	  	June 30, 2006	
(Dollars in Millions)	  	Net Sales	  	Months on Hand	  	Net Sales	 	 	Months on Hand	
ABILIFY* (total revenue)	  	$	260	  	0.5	  	$	267	 	 	0.5	
AVAPRO*/AVALIDE*	  	 	159	  	0.4	  	 	167	 	 	0.5	
BARACLUDE	  	 	14	  	0.6	  	 	9	 	 	0.7	
CEFZIL	  	 	1	  	29.2	  	 	(1	)	 	25.7	
COUMADIN	  	 	45	  	0.7	  	 	46	 	 	0.8	
ERBITUX*	  	 	173	  	0.5	  	 	172	 	 	—  	
GLUCOPHAGE* Franchise	  	 	20	  	0.7	  	 	22	 	 	0.6	
KENALOG	  	 	19	  	0.8	  	 	22	 	 	0.8	
ORENCIA	  	 	34	  	0.8	  	 	18	 	 	0.3	
PARAPLATIN	  	 	5	  	1.5	  	 	2	 	 	1.7	
PLAVIX*	  	 	474	  	1.5	  	 	988	 	 	0.5	
PRAVACHOL	  	 	73	  	1.0	  	 	128	 	 	1.0	
REYATAZ	  	 	129	  	0.5	  	 	122	 	 	0.6	
SPRYCEL	  	 	11	  	1.2	  	 	—  	 	 	—  	
SUSTIVA Franchise (a)  (total revenue)	  	 	128	  	0.5	  	 	115	 	 	0.5	
TEQUIN	  	 	2	  	2.3	  	 	(6	)	 	2.7	
VIDEX/VIDEX EC	  	 	3	  	0.9	  	 	5	 	 	0.9	
ZERIT	  	 	19	  	0.7	  	 	18	 	 	0.7	
 
3

												
 	  	September 30, 2005	  	June 30, 2005	
(Dollars in Millions)	  	Net Sales	  	Months on Hand	  	Net Sales	 	 	Months on Hand	
ABILIFY* (total revenue)	  	$	214	  	0.9	  	$	200	 	 	0.7	
AVAPRO*/AVALIDE*	  	 	147	  	0.5	  	 	157	 	 	0.6	
BARACLUDE	  	 	2	  	1.2	  	 	5	 	 	4.7	
CEFZIL	  	 	27	  	0.7	  	 	30	 	 	0.8	
COUMADIN	  	 	49	  	0.6	  	 	42	 	 	0.7	
ERBITUX*	  	 	106	  	—  	  	 	97	 	 	—  	
GLUCOPHAGE* Franchise	  	 	38	  	0.7	  	 	44	 	 	0.8	
KENALOG	  	 	19	  	0.7	  	 	15	 	 	0.5	
ORENCIA	  	 	—  	  	—  	  	 	—  	 	 	—  	
PARAPLATIN	  	 	9	  	1.1	  	 	(1	)	 	0.8	
PLAVIX*	  	 	833	  	0.4	  	 	823	 	 	0.6	
PRAVACHOL	  	 	297	  	0.5	  	 	353	 	 	0.7	
REYATAZ	  	 	105	  	0.6	  	 	98	 	 	0.8	
SPRYCEL	  	 	—  	  	—  	  	 	—  	 	 	—  	
SUSTIVA	  	 	101	  	0.6	  	 	97	 	 	0.8	
TEQUIN	  	 	21	  	0.9	  	 	22	 	 	0.8	
VIDEX/VIDEX EC	  	 	7	  	1.1	  	 	5	 	 	1.0	
ZERIT	  	 	24	  	0.8	  	 	26	 	 	0.8	

(a)	Beginning in the third quarter of 2006, the SUSTIVA Franchise includes sales of SUSTIVA, as well as revenue of bulk efavirenz included in the combination therapy, ATRIPLA*. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded SUSTIVA inventory.	
At September 30, 2006 and June 30, 2006 the estimated value of CEFZIL inventory in the U.S. wholesaler distribution channel exceeded one month on hand by approximately $11.8 million and $12.4 million, respectively. The demand for CEFZIL decreased significantly in 2006 due to generic competition that began in the U.S. in December 2005. The Company continues to monitor CEFZIL sales with the objective to work down wholesaler inventory levels to one month on hand or less.
SPRYCEL was launched in the U.S. in July 2006. Consistent with standard practice at the time of a new product launch, the Company’s U.S. wholesalers built inventories of the product to meet expected demand and at September 30, 2006, the estimated value of SPRYCEL inventory in the U.S. wholesaler distribution channel exceeded one month on hand by approximately $0.6 million. The Company expects to work down the inventory in the U.S. wholesaler distribution channel in the fourth quarter of 2006.
The estimated value of TEQUIN inventory in the U.S. wholesaler distribution channel exceeded one month on hand was de minimis at September 30, 2006 and was approximately $1.4 million at June 30, 2006. In the first quarter of 2006, the Company made the decision to discontinue commercialization of TEQUIN for commercial reasons. The Company stopped shipping product to U.S. wholesalers in June 2006 and established an accrual for the return of TEQUIN inventory. In early July 2006, the Company notified the U.S. wholesaler and retail distribution channels that it would allow for return of the product regardless of expiry dates. The Company expects most of the TEQUIN inventory in all U.S. channels to be returned by the fourth quarter of 2006.
BARACLUDE was launched in the U.S. in April 2005. In anticipation of the launch, the Company’s U.S. wholesalers built inventories of the product to meet expected demand and at September 30, 2005 and June 30, 2005, BARACLUDE inventory in the U.S. wholesaler distribution channel exceeded one month on hand. The estimated value of BARACLUDE inventory in the U.S. wholesaler distribution channel had been worked down to less than one month on hand in subsequent quarters.
At September 30, 2005, the estimated value of VIDEX/VIDEX EC inventory in the U.S. wholesaler distribution channel exceeded one month on hand by approximately $0.2 million. As a result of generic competition in the U.S. commencing in the fourth quarter of 2004, demand for VIDEX/VIDEX EC decreased significantly. The estimated value of VIDEX/VIDEX EC inventory in the U.S. wholesaler distribution channel had been worked down to one month on hand in subsequent quarters.
 
4

In October 2004, the U.S. pediatric exclusivity period for PARAPLATIN (carboplatin) expired. The resulting entry of multiple generic competitors for PARAPLATIN led to a significant decrease in demand for PARAPLATIN, which in turn led to the months on hand of the product in the U.S. wholesaler distribution channel exceeding one month on hand at September 30, 2006, June 30, 2006 and September 30, 2005. The estimated value of PARAPLATIN inventory in the U.S. wholesaler distribution channel over one month on hand was approximately $0.6 million at September 30, 2006, $1.4 million at June 30, 2006 and $0.7 million at September 30, 2005. The Company no longer produces PARAPLATIN for the U.S. market and will continue to monitor PARAPLATIN wholesaler inventory levels until they have been depleted.
At September 30, 2006, the estimated value of PLAVIX* inventory in the U.S. wholesaler distribution channel exceeded one month on hand by approximately $41.4 million due to the at-risk launch of generic clopidogrel bisulfate in August 2006. Because of the large quantities of generic clopidogrel bisulfate believed to have been shipped into the distribution channels before the preliminary injunction was granted ordering the halt of sales of generic clopidogrel bisulfate in late August 2006, demand for branded PLAVIX* has decreased precipitously. Demand for PLAVIX* is expected to increase over the next months as the generic clopidogrel bisulfate inventory in all channels are depleted. As demand for PLAVIX* increases, wholesale inventory levels are expected to decline below one month on hand.
For all products other than ERBITUX*, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third party data, which represent their own record-keeping processes and as such, may also reflect estimates.
The Company maintains inventory management agreements (IMAs) with most of its U.S. pharmaceutical wholesalers, which account for nearly 100% of total gross sales of U.S. pharmaceutical products. Under the current terms of the IMAs, the Company’s three largest wholesaler customers provide the Company with weekly information with respect to inventory levels of product on hand and the amount of out-movement of products. These three wholesalers accounted for approximately 90% of total gross sales of U.S. pharmaceutical products in the third quarter of 2006. The inventory information received from these wholesalers excludes inventory held by intermediaries to whom they sell, such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company uses the information provided by these three wholesalers as of the Friday closest to quarter end to calculate the amount of inventory on hand for these wholesalers at the applicable quarter end. This amount is then increased by the Company’s estimate of goods in transit to these wholesalers as of the applicable Friday, which have not been reflected in the weekly data provided by the wholesalers. Under the Company’s revenue recognition policy, sales are recorded when substantially all the risks and rewards of ownership are transferred, which in the U.S. Pharmaceutical business is generally when product is shipped. In such cases, goods in transit to a wholesaler are owned by the applicable wholesaler and, accordingly, are reflected in the calculation of inventories in the wholesaler distribution channel. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders as of the applicable Friday and the Company’s records of sales to these wholesalers with respect to such open orders. The Company determines the out-movement of a product from these wholesalers over a period of 31 days by using the most recent four weeks of out-movement of a product as provided by these wholesalers and extrapolating such amount to a 31 day basis. The Company estimates inventory levels on hand and out-movements for its U.S. Pharmaceutical business’ wholesaler customers other than the three largest wholesalers for each product based on the assumption that such amounts bear the same relationship to the three largest wholesalers’ inventory levels and out-movements for such product as the percentage of aggregate sales for all products to these other wholesalers in the applicable quarter bears to aggregate sales
 
5

for all products to the Company’s three largest wholesalers in such quarter. Finally, the Company considers whether any adjustments are necessary to these extrapolated amounts based on such factors as historical sales of individual products made to such other wholesalers and third-party market research data related to prescription trends and patient demand. In addition, the Company receives inventory information from these other wholesalers on a selective basis for certain key products.
The Company’s U.S. Pharmaceuticals business through the IMAs discussed above, has arrangements with substantially all of its direct wholesaler customers and require those wholesalers to maintain inventory at levels that are no more than one month of their demand.
In response to the at-risk launch of generic clopidogrel bisulfate on August 8, 2006 , the Company offered certain U.S. managed care organizations incremental rebates from wholesaler list price for PLAVIX* under certain conditions through March 31, 2007. A small number of managed care organizations accepted the offer. All other offers were rejected, or were terminated prior to or at the time of issuance of the preliminary injunction on August 31, 2006, and no further such offers have been made since. The Company also provided a temporary price reduction below the federal supply schedule for PLAVIX* to the Veterans Administration for a limited period in August and September 2006. Primarily as a result of very limited participation in the rebate offer, the Company estimates that the impact of the two programs on PLAVIX* net sales in the third quarter was de minimis.
ORENCIA was launched in February 2006. From launch through the second quarter, the Company distributed ORENCIA through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application (sBLA) that allows a third party to manufacture ORENCIA at an additional site, that arrangement recently terminated and the Company expanded its distribution network for ORENCIA to multiple distributors.
To help maintain the product quality of the Company’s biologic oncology product, ERBITUX*, the product was previously shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX*. Such wholesaler held ERBITUX* inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler and thereafter did not have ERBITUX* consignment inventory. Following the divestiture, the Company sold ERBITUX* to intermediaries (such as specialty oncology distributors) and shipped ERBITUX* directly to the end-users of the product who are the customers of those intermediaries. Beginning in the third quarter 2006, the Company expanded its distribution model to one of the Company’s wholesalers who then held ERBITUX* inventory at September 30, 2006. The Company recognizes revenue upon such shipment consistent with its revenue recognition policy. The above estimate of months on hand for the three months ended September 30, 2006 was calculated by dividing the inventories of ERBITUX* held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process.
As previously disclosed, for the Company’s Pharmaceuticals business outside of the United States, Nutritionals and Other Health Care business units around the world, the Company has significantly more direct customers, limited information on direct customer product level inventory and corresponding out-movement information and the reliability of third party demand information, where available, varies widely. Accordingly, the Company relies on a variety of methods to estimate direct customer product level inventory and to calculate months on hand for these business units. As such, the information required to estimate months on hand in the direct customer distribution channel for non-U.S. Pharmaceuticals business for the quarter ended September 30, 2006 is not available prior to the filing of this quarterly report on Form 10-Q. The Company will disclose this information on its website and furnish it on Form 8-K approximately 60 days after the end of the third quarter and in the Company’s Form 10-K for the period ending December 31, 2006.
 
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International Pharmaceuticals, Nutritionals and Other Health Care
Estimated End-User Demand
The following table sets forth for each of the Company’s key pharmaceutical products and growth drivers sold by the Company’s International Pharmaceuticals reporting segment, including the top 15 pharmaceutical products sold in the Company’s major non-U.S. countries (based on 2005 net sales), and for each of the key products sold by the other reporting segments listed below, the percentage change in the Company’s estimated ultimate patient/consumer demand for the month of September 2006 compared to the month of September 2005. The Company commenced collecting the estimated ultimate patient/consumer demand for these reporting segments with the March 2005 period. The Company believes the year-to-year comparison below provides a more meaningful comparison to changes in sales for the quarter than the quarter-to-prior quarter comparisons previously provided.

 	  	% Change in Demand on a
Constant U.S. Dollar Basis	 	 	 	 	
 	  	September 2006
vs. September 2005	 	 	June 2006
vs. June 2005	 	
International Pharmaceuticals	  			 			
ABILIFY* (total revenue)	  	23	 	 	21	 	
AVAPRO*/AVALIDE*	  	3	 	 	(1	)	
BARACLUDE	  	NA	 	 	NA	 	
BUFFERIN*	  	20	 	 	30	 	
CAPOTEN	  	(24	)	 	(32	)	
DAFALGAN	  	11	 	 	(10	)	
EFFERALGAN	  	(23	)	 	(10	)	
MAXIPIME	  	(5	)	 	(15	)	
MONOPRIL	  	(15	)	 	(23	)	
PARAPLATIN	  	(19	)	 	(14	)	
PERFALGAN	  	31	 	 	6	 	
PLAVIX*	  	(13	)	 	(4	)	
PRAVACHOL	  	(55	)	 	(39	)	
REYATAZ	  	20	 	 	38	 	
SUSTIVA	  	2	 	 	13	 	
TAXOL ®  (paclitaxel)	  	(26	)	 	(21	)	
VIDEX/VIDEX EC	  	(22	)	 	(36	)	
Nutritionals	  			 			
ENFAMIL/ENFAGROW	  	5	 	 	4	 	
NUTRAMIGEN	  	7	 	 	15	 	
Other Health Care	  			 			
ConvaTec	  			 			
Ostomy	  	3	 	 	7	 	
Wound Therapeutics	  	5	 	 	2	 	
Medical Imaging	  			 			
CARDIOLITE	  	(5	)	 	(6	)	
Estimated Inventory Months on Hand in the Distribution Channel
As previously disclosed, for the Company’s Pharmaceuticals business outside of the United States, Nutritionals and Other Health Care business units around the world, the Company has significantly more direct customers, limited information on direct customer product level inventory and corresponding out-movement information and the reliability of third party demand information, where available, varies widely. Accordingly, the Company relies on a variety of methods to estimate direct customer product level inventory and to calculate months on hand for these business units.
 
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The following table sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended September 30, 2006, June 30, 2006, September 30, 2005, June 30, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimis. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

 	  	September 30, 2006	  	June 30, 2006	  	September 30, 2005	  	June 30, 2005,	
 	  	Net Sales
(Dollars in
Millions)	  	Months
on Hand	  	Net Sales
(Dollars in
Millions)	  	Months
on Hand	  	Net Sales
(Dollars in
Millions	  	Months
on Hand	  	Net Sales
(Dollars in
Millions	  	Months
on Hand	
International Pharmaceuticals	  			  		  			  		  			  		  			  		
ABILIFY* (total revenue)	  	$	53	  	0.6	  	$	57	  	0.6	  	$	46	  	0.8	  	$	40	  	0.6	
AVAPRO*/AVALIDE*	  	 	118	  	0.5	  	 	113	  	0.5	  	 	104	  	0.5	  	 	101	  	0.4	
BARACLUDE	  	 	8	  	0.9	  	 	5	  	1.0	  	 	—  	  	—  	  	 	—  	  	—  	
BUFFERIN*	  	 	28	  	0.5	  	 	31	  	0.5	  	 	31	  	0.6	  	 	32	  	1.0	
CAPOTEN	  	 	28	  	0.8	  	 	31	  	0.9	  	 	38	  	0.9	  	 	42	  	0.8	
DAFALGAN	  	 	35	  	1.1	  	 	37	  	1.1	  	 	34	  	1.3	  	 	33	  	0.8	
EFFERALGAN	  	 	62	  	0.9	  	 	62	  	0.9	  	 	66	  	1.1	  	 	55	  	0.5	
MAXIPIME	  	 	40	  	0.7	  	 	43	  	0.8	  	 	40	  	0.7	  	 	52	  	0.8	
MONOPRIL	  	 	34	  	1.0	  	 	48	  	1.1	  	 	48	  	1.0	  	 	52	  	0.7	
PARAPLATIN	  	 	27	  	0.6	  	 	29	  	0.6	  	 	33	  	0.6	  	 	34	  	0.6	
PERFALGAN	  	 	48	  	0.6	  	 	51	  	0.6	  	 	38	  	0.7	  	 	42	  	0.6	
PLAVIX*	  	 	156	  	0.6	  	 	157	  	0.5	  	 	147	  	0.6	  	 	145	  	0.5	
PRAVACHOL	  	 	119	  	0.7	  	 	195	  	1.4	  	 	230	  	0.8	  	 	272	  	0.7	
REYATAZ	  	 	104	  	1.1	  	 	114	  	0.7	  	 	71	  	0.9	  	 	85	  	0.8	
SUSTIVA	  	 	73	  	0.5	  	 	78	  	0.5	  	 	69	  	0.6	  	 	70	  	0.6	
TAXOL ®  (paclitaxel)	  	 	135	  	0.6	  	 	145	  	0.5	  	 	171	  	0.5	  	 	182	  	0.5	
VIDEX/VIDEX EC	  	 	35	  	1.4	  	 	35	  	1.2	  	 	34	  	0.9	  	 	38	  	0.9	
Nutritionals	  			  		  			  		  			  		  			  		
ENFAMIL/ENFAGROW	  	 	315	  	0.8	  	 	312	  	0.9	  	 	284	  	0.9	  	 	299	  	0.9	
NUTRAMIGEN	  	 	50	  	1.0	  	 	54	  	1.0	  	 	44	  	1.1	  	 	47	  	1.0	
Other Health Care	  			  		  			  		  			  		  			  		
ConvaTec	  			  		  			  		  			  		  			  		
Ostomy	  	 	139	  	0.9	  	 	141	  	1.0	  	 	139	  	0.9	  	 	139	  	0.9	
Wound Therapeutics	  	 	113	  	0.9	  	 	107	  	0.9	  	 	104	  	0.8	  	 	103	  	0.8	
Medical Imaging	  			  		  			  		  			  		  			  		
CARDIOLITE	  	 	97	  	0.8	  	 	105	  	0.8	  	 	106	  	0.8	  	 	108	  	0.7	
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 31 day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.
 
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The Company relies on a variety of methods to calculate months on hand for these reporting segments. Where available, the Company relies on information provided by third parties to determine estimates of aggregate product level inventory on hand at direct customers and expected demand. For the reporting segments listed above, however, the Company has limited information on direct customer product level inventory, end-user consumption and direct customer out-movement data. Further, the quality of third party information, where available, varies widely. In some circumstances, such as the case with new products or seasonal products, such historical end-user consumption or out-movement information may not be available or applicable. In such cases, the Company uses estimated prospective demand. In cases where direct customer product level inventory, ultimate patient/consumer demand or out-movement data do not exist or are otherwise not available, the Company has developed a variety of other methodologies to calculate estimates of such data, including using such factors as historical sales made to direct customers and third party market research data related to prescription trends and end-user demand.
As of September 30, 2006, BMS has entered into exclusive distributorship arrangements for certain products in several Eastern and Central European markets.
As of September 30, 2006, June 30, 2006, and September 30, 2005, DAFALGAN, an analgesic product sold principally in Europe, had approximately 1.1months, 1.1 months, and 1.3 months of inventory on hand, respectively, at direct customers. The level of inventory on hand is due primarily to private pharmacists purchasing DAFALGAN approximately once every eight weeks and the seasonality of the product.
As of September 30, 2005, EFFERALGAN, an analgesic product sold principally in Europe, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand is due primarily to private pharmacists purchasing EFFERALGAN approximately once every eight weeks and the seasonality of the product.
As of June 30, 2006, MONOPRIL, a cardiovascular product, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand is due primarily to supply of the product in support of its inclusion in a government program in Russia.
As of June 30, 2006, PRAVACHOL, a cardiovascular product, had approximately 1.4 months of inventory on hand at direct customers. The increased level of inventory on hand is due primarily to an increase in orders from a significant direct customer in France. The Company has worked down the inventory levels for this customer during the third quarter.
As of September 30, 2006, REYATAZ, an antiviral product, had approximately 1.1 months on hand at direct customers. The increased level of inventory on hand is due primarily to government purchasing patterns in Brazil.
As of September 30, 2006 and June 30, 2006, VIDEX/VIDEX EC, an antiviral product, had approximately 1.4 months and 1.2 months of inventory on hand, respectively, at direct customers. The increased level of inventory on hand is due primarily to government purchasing patterns in Brazil. The Company is contractually obligated to provide VIDEX/VIDEX EC to the Brazilian government upon placement of an order for product by the government,. Under the terms of the contract, the Company has no control over the inventory levels relating to such orders. The Company, however, expects that the inventory levels for VIDEX/VIDEX EC will be worked down.
As of September 30, 2005, NUTRAMIGEN, an infant nutritional product, had approximately 1.1 months on hand at direct customers. The increased level of inventory was due to the impact of retailers holding higher levels of inventory in response to Hurricane Katrina. The Company has worked down the wholesaler inventory levels.
The Company continuously seeks to improve the quality of its estimates of months on hand of inventories held by its direct customers including thorough review of its methodologies and processes for calculation of these estimates and review and analysis of its own and third parties’ data used in such
 
9

calculations. The Company expects that it will continue to review and refine its methodologies and processes for calculation of these estimates and will continue to review and analyze its own and third parties’ data in such calculations. The Company also has and will continue to take steps to expedite the receipt and processing of data for the non-U.S. Pharmaceuticals business.
 
*	Indicates brand names of products which are registered trademarks not owned by the Company or its subsidiaries. ERBITUX is a trademark of ImClone Systems Inc.; AVAPRO, AVALIDE, and PLAVIX are trademarks of Sanofi-Aventis Corp.; and ABILIFY is a trademark of Otsuka Pharmaceuticals, Ltd. BUFFERIN is a trademark of Novartis AG in the United States, Canada, Europe and Latin America. BUFFERIN is a trademark of the Company in all other markets where it is registered.	
 
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