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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): October 22, 2009

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

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

 

Item 2.02.	Results of Operations and Financial Condition.	
On October 22, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2009. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com .
 
Item 9.01.	Financial Statements and Exhibits.	
(d) Exhibits.

99.1	  	Press release of Bristol-Myers Squibb Company dated October 22, 2009.	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	

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

	 	BRISTOL-MYERS SQUIBB COMPANY	
				
Dated: October 22, 2009	 	By:	 	 	 	/ S / S ANDRA L EUNG	
	 	Name:	 	Sandra Leung	
	 	Title:	 	Senior Vice President, General Counsel and Secretary	

EXHIBIT INDEX

Exhibit No.	  	Description	
		
99.1	  	Press release of Bristol-Myers Squibb Company dated October 22, 2009.	
		
99.2	  	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.	

Exhibit 99.1

Bristol-Myers Squibb Achieves Strong Sales, Earnings Performance in Third Quarter
 
•	 	Launches ONGLYZA® in the U.S. and Europe	
 
•	 	Posts Strong BioPharmaceuticals Growth Led By 12% Increase in U.S. Sales	
 
•	 	Continues Gross Margin Improvements and Execution of Productivity Initiatives	
 
•	 	GAAP EPS Increases 66% Compared to Third Quarter 2008; Non-GAAP EPS Increases 16%	
 
•	 	Raises 2009 GAAP EPS Guidance to $1.72 to $1.77; Refines 2009 Non-GAAP EPS Guidance to $2.00 to $2.05; Reiterates Minimum Expected 15% Non-GAAP 2007-2010 EPS CAGR	
(NEW YORK, October 22, 2009) — Bristol-Myers Squibb Company (NYSE:BMY) today reported strong sales and earnings growth for the third quarter 2009.
“The performance in the third quarter of 2009 clearly shows the results of our outstanding business performance, disciplined financial management and overall strategic execution,” said James M. Cornelius, chairman and chief executive officer. “We are transforming Bristol-Myers Squibb into a BioPharma leader and the recent approval and launch of ONGLYZA for the treatment of type 2 diabetes is a great example of what we do best: discover, develop and deliver innovative medicines that help patients prevail over serious diseases.
“As part of our transformation, we are continuing to advance our String of Pearls strategy and I’m pleased to see that we’ve rapidly integrated Medarex into our R&D organization. Since formally acquiring Medarex in September, its scientific leadership, clinical assets and platform technologies have been a welcome addition as we work toward becoming a leader in immuno-oncology.”

   	 	 
Third Quarter Performance
 	
   	 	 	  	2009	  	2008	  	Change	 	 	   	
 	 	Net Sales	  	$	5,487	  	$	5,254	  	4	% 	 	 	
 	 	Net Earnings from Continuing Operations	  	$	966	  	$	588	  	64	% 	 	 	
 	 	GAAP Diluted EPS from Continuing Operations	  	 	0.48	  	 	0.29	  	66	% 	 	 	
 	 	Non-GAAP Diluted EPS from Continuing Operations	  	 	0.52	  	 	0.45	  	16	% 	 	 	
 	 	($ amounts in millions, except per share amounts)	  			  			  			 	 	

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THIRD QUARTER FINANCIAL RESULTS
 
•	 	Bristol-Myers Squibb posted third quarter 2009 net sales from continuing operations of $5.5 billion, an increase of 4%, or 7% excluding foreign exchange impact, compared to the same period in 2008.	
 
•	 	Gross profit improved to 71.5% of net sales in the third quarter 2009 compared to 68.9% in 2008. The improvement was driven by higher biopharmaceutical average prices, realized manufacturing efficiencies, including savings from continuous improvement efforts, favorable foreign exchange impact and favorable worldwide product mix.	
 
•	 	Marketing, selling and administrative expenses decreased by 8%, or 5% excluding foreign exchange impact, to $1.1 billion in the third quarter of 2009 compared to the same period in 2008, primarily due to a continued reduction in general and administrative expenses through continuous improvement initiatives.	
 
•	 	Advertising and product promotion spending was flat or increased 3% excluding foreign exchange impact, to $361 million in the third quarter of 2009 compared to 2008.	
 
•	 	Research and development expenses were relatively flat or increased 2% excluding foreign exchange impact, to $838 million in the third quarter of 2009 compared to the same period in 2008.	
 
•	 	The effective tax rate on earnings from continuing operations was 25.2% for the third quarter compared to 26.7% in 2008.	
 
•	 	The company reported third quarter net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $966 million or $0.48 per diluted share, compared to $588 million or $0.29 per diluted share for the same period in 2008.	
 
•	 	The company reported third quarter non-GAAP net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $1,046 million or $0.52 per diluted share, compared to $910 million or $0.45 per diluted share for the same period in 2008. An overview of specified items is discussed under “Use of Non-GAAP Financial Information.”	
 
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•	 	Cash, cash equivalents and marketable securities were $7.9 billion as of September 30, 2009. The company maintains a strong net cash position of $1.3 billion. This takes into account the $2.1 billion net impact of the Medarex acquisition. Cash flow from operating activities amounted to $1.5 billion during the third quarter of 2009 and the company remains focused on strengthening its balance sheet and maintaining financial flexibility. Based on Mead Johnson Nutrition Company’s announcement today that it is considering options to refinance its outstanding intercompany debt, Bristol-Myers Squibb expects to receive approximately $1.75 billion in cash upon closing of the refinancing.	
SEGMENT RESULTS
BioPharmaceuticals
 
•	 	BioPharmaceuticals net sales totaled $4.8 billion in the third quarter of 2009, representing an increase of 6%, or 9% excluding foreign exchange impact, compared to the same period in 2008. U.S. BioPharmaceuticals net sales increased 12% to $3.0 billion in the third quarter of 2009 compared to 2008. International BioPharmaceuticals net sales decreased 2%, or increased 5% excluding foreign exchange impact, to $1.8 billion.	
 
 	•	 	Sales growth in the third quarter was led by continued sales increases for PLAVIX® (+8%) and strong global sales growth for ABILIFY® (+16%).	
 
 	•	 	The virology portfolio continues to demonstrate worldwide sales growth, led by BARACLUDE® for hepatitis B (+33%), the Sustiva franchise (+7%) and REYATAZ® for HIV (+5%).	
 
 	•	 	ORENCIA® and SPRYCEL® grew worldwide 36% and 30%, respectively as compared to the same period in 2008.	
 
 	•	 	ERBITUX® sales were down 3% compared to the third quarter 2008.	
 
 	•	 	ONGLYZA® has been launched in the U.S. and Europe and contributed approximately $20 million in sales in the third quarter.	
 
•	 	BioPharmaceuticals realized a 170 basis point increase in gross margin compared to the third quarter of 2008. Key drivers of the improvement were higher biopharmaceutical average price, cost savings, including those related to continuous improvement initiatives, foreign exchange favorability and product mix.	
 
•	 	BioPharmaceuticals pre-tax earnings increased 19% to $1.2 billion in the third quarter of 2009 compared to the same period in 2008. The increase in earnings was driven by increased sales, improved gross margins as well as reductions in marketing, selling and administrative expenses from the company’s continuous improvement initiatives.	
 
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Mead Johnson Nutrition Company
 
•	 	Mead Johnson’s net sales totaled $699 million in the third quarter of 2009, representing a 6% decrease, or 2% excluding foreign exchange impact, compared to the same period in 2008.	
 
•	 	Bristol-Myers Squibb’s share of Mead Johnson’s earnings decreased by 20% to $127 million primarily due to the impact of items attributed to the February 2009 initial public offering, including the 17% reduction in ownership.	
THIRD QUARTER PRODUCT AND PIPELINE UPDATE
Metabolics/Cardiovascular
 
•	 	Bristol-Myers Squibb and AstraZeneca announced on July 31 that the U.S. Food and Drug Administration (FDA) approved ONGLYZA® (saxagliptin), a dipeptidyl peptidase-4 (DPP4) inhibitor, for the treatment of type 2 diabetes mellitus in adults. The companies also announced on October 5 that the European Commission granted marketing authorization for ONGLYZA.	
 
•	 	In October, the company announced results of a 18-week Phase IIIb study in adults with type 2 diabetes with inadequate glycemic control on metformin therapy alone. The study showed that the addition of treatment with ONGLYZA 5mg per day achieved the primary objective of demonstrating non-inferiority compared to addition of treatment with JANUVIA (sitagliptin) 100mg per day in reducing glycosylated hemoglobin level (HbA1c) from baseline.	
 
•	 	In October, the company also announced results from a 24-week Phase III clinical study of the investigational drug dapagliflozin. The study showed that dapagliflozin, added to metformin, demonstrated significant mean reductions in the primary endpoint, HbA1c, and in the secondary endpoint, fasting plasma glucose in patients with type 2 diabetes inadequately controlled with metformin alone, as compared to placebo plus metformin. The study also showed that individuals receiving dapagliflozin had statistically greater mean reductions in body weight compared to individuals taking placebo.	
 
•	 	Bristol-Myers Squibb and sanofi-aventis announced results of the CURRENT OASIS-7 study at the European Society of Cardiology. The study provided information about an intensified dose-regimen of PLAVIX® in acute coronary syndrome (ACS) patients intended to undergo angioplasty.	
 
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 	•	 	While the study showed no added benefit on the composite primary end-point (cardiovascular death, heart attack or stroke at 30 days) with the higher dose when the entire ACS study population was considered, potentially medically relevant differences in patient outcomes were observed in relevant subgroups pre-specified for preliminary analysis, such as the percutaneous coronary intervention group.	
 
•	 	In July, the results of the apixaban ADVANCE-2 study were presented at a late-breaking clinical trial session at the Congress of the International Society of Thrombosis and Hemostasis. The study demonstrated that apixaban was superior to the European regimen of enoxaparin (standard of care) for reducing the risk of venous thromboembolism in patients undergoing total knee replacement surgery and showed lower observed bleeding rates compared to enoxaparin. The study also showed that the overall safety profile for apixaban was similar to enoxaparin.	
Oncology
 
•	 	On September 23 at the European Cancer Organisation/European Society of Medical Oncology Multidisciplinary Congress (ECCO/ESMO), data were presented on two Phase III ERBITUX® studies in first-line metastatic colorectal cancer patients.	
 
 	•	 	A retrospective analysis of the Phase III CRYSTAL study demonstrated that ERBITUX®, when added to a FOLFIRI chemotherapy regimen, was shown to increase median overall survival in first-line metastatic colorectal cancer (mCRC) patients compared to those receiving FOLFIRI alone. In a subset of patients with wild-type K-ras tumors, median overall survival was increased to 23.5 months in patients who received ERBITUX plus FOLFIRI compared to 20 months for those taking FOLFIRI alone.	
 
 	•	 	Another Phase III study of ERBITUX plus chemotherapy (primarily capecitabine plus oxaliplatin) in first-line mCRC, known as COIN, was conducted in the UK by the Medical Research Council. The COIN study did not meet its primary endpoint of overall survival.	
 
•	 	On July 20, the FDA approved revisions to the U.S. prescribing information for ERBITUX® concerning treatment of patients with epidermal growth factor receptor (EGFR)-expressing mCRC.	
Immunology
 
•	 	The company announced on September 3 that the FDA had accepted, for filing and review, the company’s submission of a biologic license application for belatacept, which is in ongoing Phase III development for use in kidney transplantation. The Prescription Drug User Fee Act (PDUFA) goal date for the FDA is May 1, 2010.	
 
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•	 	On August 26, the company announced that clinical data added to the labeling for ORENCIA® support use of ORENCIA for patients with moderate to severe rheumatoid arthritis of less than or equal to two years duration. The efficacy and safety data further support use of ORENCIA in new-to-biologic patients with moderate to severe rheumatoid arthritis.	
STRATEGIC UPDATE
Bristol-Myers Squibb completed its tender offer for the acquisition of Medarex, Inc. on September 1. The acquisition positions Bristol-Myers Squibb for long-term leadership in biologics; gives the company full rights to a promising Phase III compound, ipilimumab; significantly expands the company’s oncology and immunology pipeline and provides access to novel antibody discovery technology.
On September 15, Bristol-Myers Squibb announced the sale of its OTC assets in Asia Pacific, excluding China and Japan, and shares in PT Bristol-Myers Squibb Indonesia Tbk to Taisho Pharmaceutical Company Ltd. for $310 million, due in the fourth quarter.
On October 1, the company sold its mature pharmaceutical brands and a manufacturing facility in Australia to Sigma Pharmaceuticals Limited for $62 million, also due in the fourth quarter.
2009 GUIDANCE
Bristol-Myers Squibb is raising its 2009 GAAP EPS from continuing operations guidance to $1.72 to $1.77 and refining its non-GAAP EPS from continuing operations guidance to $2.00 to $2.05. Key 2009 guidance assumptions include mid single-digit revenue growth (high single digit growth excluding foreign exchange); a full-year gross margin improvement of approximately 200 basis points; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 25%.
The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations attributable to the company to grow at a minimum 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified.
 
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The financial guidance for 2009 and the three-year compound annual growth rate include the impact of the company’s acquisition of Medarex and exclude any potential future strategic acquisitions and divestitures. The acquisition of Medarex is expected to decrease the company’s earnings per share by $0.02 to $0.03 in 2009 and $0.07 to $0.09 in 2010.
The non-GAAP 2009 guidance and the three-year compound annual growth rate exclude other specified items such as gains or losses from sale of businesses and product lines; from sale of equity investments and from discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; debt retirement costs; impairments to investments; and significant tax events.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from the purchase or sale of businesses and product lines, including Medarex; discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; in-process research and development charges prior to 2009; impairments to investments; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development and approvals,
 
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pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appealing of the Circuit Court’s decision in the PLAVIX® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its String of Pearls strategy and Productivity Transformation Initiative, the expiration of patents or data protection on certain products (including the expiration of data protection for PLAVIX® in the European Union), and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases.
There will be a conference call on October 22, 2009 at 10:30 a.m. (ET) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing 913-312-1296, confirmation code 4883550. Materials related to the call will be available at the same website prior to the call.
For more information, contact: Brian Henry, 609-252-3337, Communications, Tracy Furey, 609-252-3208, Communications, John Elicker, 609-252-4611, Investor Relations, or Suketu Desai, 609-252-5796, Investor Relations.
ABILIFY ® is the trademark of Otsuka Pharmaceutical Co., Ltd.
ATRIPLA ™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
AVAPRO ® , AVALIDE ® and PLAVIX ® are trademarks of sanofi-aventis
ERBITUX ® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.
 
8

BRISTOL-MYERS SQUIBB COMPANY
NET SALES AND EARNINGS BY OPERATING SEGMENTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, dollars in millions)

	  	 	 	 	
 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
	  	 	 	 	
 	  	2009	 	 	2008	 	 	%
Change	 	 	2009	 	 	2008	 	 	%
Change	 	
Net Sales	  				 				 			 				 				 			
BioPharmaceuticals	  	$	4,788	  	 	$	4,510	  	 	6	% 	 	$	13,775	  	 	$	13,173	  	 	5	% 	
							
Mead Johnson	  	 	699	  	 	 	744	  	 	(6	)% 	 	 	2,111	  	 	 	2,175	  	 	(3	)% 	

Net Sales	  	$	5,487	  	 	$	5,254	  	 	4	% 	 	$	15,886	  	 	$	15,348	  	 	4	% 	

Earnings	  				 				 			 				 				 			
BioPharmaceuticals	  	$	1,216	  	 	$	1,022	  	 	19	% 	 	$	3,556	  	 	$	2,702	  	 	32	% 	
							
Mead Johnson*	  	 	127	  	 	 	159	  	 	(20	)% 	 	 	437	  	 	 	555	  	 	(21	)% 	
							
Reconciling items	  				 				 			 				 				 			
Specified items	  	 	(88	) 	 	 	(409	) 	 	(78	)% 	 	 	(500	) 	 	 	(756	) 	 	(34	)% 	
							
Noncontrolling interest	  	 	469	  	 	 	383	  	 	22	% 	 	 	1,356	  	 	 	1,082	  	 	25	% 	

Earnings from continuing operations before income taxes	  	$	1,724	  	 	$	1,155	  	 	49	% 	 	$	4,849	  	 	$	3,583	  	 	35	% 	

*	Mead Johnson earnings reflect approximately 83% of its pretax income after completion of its IPO during February 2009.	
 
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BRISTOL-MYERS SQUIBB COMPANY
Analysis of Biopharmaceuticals segment results
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, dollars in millions)

 	  	Three months	 	 	Nine months	 	
	  	 	 	 	
 	  	2009	 	 	% of
Sales	 	 	2008	 	 	% of
Sales	 	 	2009	 	 	% of
Sales	 	 	2008	 	 	% of
Sales	 	
	  	 	 	 	
Net Sales	  	$	4,788	  	 			 	$	4,510	  	 			 	$	13,775	  	 			 	$	13,173	  	 			
									
Gross Profit	  	 	3,500	  	 	73.1	% 	 	 	3,218	  	 	71.4	% 	 	 	10,154	  	 	73.7	% 	 	 	9,318	  	 	70.7	% 	
Selling, General and Administrative	  	 	1,189	  	 	24.8	% 	 	 	1,271	  	 	28.2	% 	 	 	3,514	  	 	25.5	% 	 	 	3,803	  	 	28.9	% 	
R&D	  	 	820	  	 	17.1	% 	 	 	779	  	 	17.3	% 	 	 	2,364	  	 	17.2	% 	 	 	2,303	  	 	17.5	% 	
Equity in net income of affiliates	  	 	(138	) 	 	(2.8	)% 	 	 	(164	) 	 	(3.6	)% 	 	 	(433	) 	 	(3.1	)% 	 	 	(478	) 	 	(3.6	)% 	
Other	  	 	(34	) 	 	(0.7	)% 	 	 	(71	) 	 	(1.6	)% 	 	 	(125	) 	 	(0.9	)% 	 	 	(88	) 	 	(0.7	)% 	
Noncontrolling interest	  	 	447	  	 	9.3	% 	 	 	381	  	 	8.4	% 	 	 	1,278	  	 	9.2	% 	 	 	1,076	  	 	8.1	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Income Taxes	  	$	1,216	  	 	25.4	% 	 	$	1,022	  	 	22.7	% 	 	$	3,556	  	 	25.8	% 	 	$	2,702	  	 	20.5	% 	

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BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, dollars in millions)
The following table sets forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2009 compared to the three and nine months ended September 30, 2008. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 	  	Worldwide Net Sales	  	U.S. Net Sales	  	% Change in U.S. Total
Prescriptions vs. 2008	
 	  	2009	  	2008	  	%
Change	  	2009	  	2008	  	%
Change	  		
Three Months Ended September 30, BioPharmaceuticals	  			  			  		  			  			  		  		
Cardiovascular	  			  			  		  			  			  		  		
Plavix	  	$	1,554	  	$	1,439	  	8%	  	$	1,406	  	$	1,263	  	11%	  	4%	
Avapro/Avalide	  	 	329	  	 	334	  	(1)%	  	 	186	  	 	189	  	(2)%	  	(10)%	
Virology	  			  			  		  			  			  		  		
Reyataz	  	 	360	  	 	342	  	5%	  	 	186	  	 	176	  	6%	  	6%	
Sustiva Franchise (total revenue)	  	 	315	  	 	294	  	7%	  	 	195	  	 	185	  	5%	  	10%	
Baraclude	  	 	191	  	 	144	  	33%	  	 	41	  	 	36	  	14%	  	7%	
Oncology	  			  			  		  			  			  		  		
Erbitux	  	 	179	  	 	184	  	(3)%	  	 	175	  	 	182	  	(4)%	  	N/A	
Sprycel	  	 	107	  	 	82	  	30%	  	 	28	  	 	21	  	33%	  	23%	
Ixempra	  	 	28	  	 	25	  	12%	  	 	26	  	 	24	  	8%	  	N/A	
Neuroscience	  			  			  		  			  			  		  		
Abilify (total revenue)	  	 	653	  	 	564	  	16%	  	 	520	  	 	435	  	20%	  	25%	
Immunoscience	  			  			  		  			  			  		  		
Orencia	  	 	162	  	 	119	  	36%	  	 	126	  	 	97	  	30%	  	N/A	
Metabolics	  			  			  		  			  			  		  		
Onglyza	  	 	20	  	 	—  	  	N/A	  	 	20	  	 	—  	  	N/A	  	N/A	
				
 	  	Worldwide Net Sales	  	U.S. Net Sales	  	% Change in U.S. Total
Prescriptions vs. 2008	
 	  	2009	  	2008	  	%
Change	  	2009	  	2008	  	%
Change	  		
Nine Months Ended September 30, BioPharmaceuticals	  			  			  		  			  			  		  		
Cardiovascular	  			  			  		  			  			  		  		
Plavix	  	$	4,528	  	$	4,134	  	10%	  	$	4,095	  	$	3,609	  	13%	  	4%	
Avapro/Avalide	  	 	944	  	 	974	  	(3)%	  	 	538	  	 	547	  	(2)%	  	(9)%	
Virology	  			  			  		  			  			  		  		
Reyataz	  	 	1,013	  	 	963	  	5%	  	 	531	  	 	495	  	7%	  	7%	
Sustiva Franchise (total revenue)	  	 	919	  	 	849	  	8%	  	 	579	  	 	531	  	9%	  	9%	
Baraclude	  	 	522	  	 	388	  	35%	  	 	116	  	 	100	  	16%	  	12%	
Oncology	  			  			  		  			  			  		  		
Erbitux	  	 	516	  	 	567	  	(9)%	  	 	508	  	 	560	  	(9)%	  	N/A	
Sprycel	  	 	302	  	 	224	  	35%	  	 	91	  	 	62	  	47%	  	20%	
Ixempra	  	 	81	  	 	76	  	7%	  	 	74	  	 	75	  	(1)%	  	N/A	
Neuroscience	  			  			  		  			  			  		  		
Abilify (total revenue)	  	 	1,885	  	 	1,547	  	22%	  	 	1,519	  	 	1,186	  	28%	  	28%	
Immunoscience	  			  			  		  			  			  		  		
Orencia	  	 	434	  	 	312	  	39%	  	 	341	  	 	257	  	33%	  	N/A	
Metabolics	  			  			  		  			  			  		  		
Onglyza	  	 	20	  	 	—  	  	N/A	  	 	20	  	 	—  	  	N/A	  	N/A	
 
11

BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2009	 	 	2008	 	 	2009	 	 	2008	 	
					
Net Sales	  	$	5,487	  	 	$	5,254	  	 	$	15,886	  	 	$	15,348	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of products sold	  	 	1,562	  	 	 	1,634	  	 	 	4,436	  	 	 	4,874	  	
Marketing, selling and administrative	  	 	1,117	  	 	 	1,208	  	 	 	3,258	  	 	 	3,507	  	
Advertising and product promotion	  	 	361	  	 	 	362	  	 	 	1,085	  	 	 	1,101	  	
Research and development	  	 	838	  	 	 	834	  	 	 	2,590	  	 	 	2,442	  	
Acquired in-process research and development	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	32	  	
Provision for restructuring, net	  	 	54	  	 	 	26	  	 	 	101	  	 	 	67	  	
					
Litigation expense, net	  	 	—  	  	 	 	30	  	 	 	132	  	 	 	32	  	
Equity in net income of affiliates	  	 	(139	) 	 	 	(164	) 	 	 	(435	) 	 	 	(478	) 	
Other (income)/expense, net (a)	  	 	(30	) 	 	 	169	  	 	 	(130	) 	 	 	188	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	3,763	  	 	 	4,099	  	 	 	11,037	  	 	 	11,765	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from Continuing Operations Before Income Taxes	  	 	1,724	  	 	 	1,155	  	 	 	4,849	  	 	 	3,583	  	
Provision for income taxes	  	 	434	  	 	 	308	  	 	 	1,340	  	 	 	896	  	

Net Earnings from Continuing Operations	  	 	1,290	  	 	 	847	  	 	 	3,509	  	 	 	2,687	  	

Net Earnings from Discontinued Operations	  	 	—  	  	 	 	1990	  	 	 	—  	  	 	 	2,046	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings	  	 	1,290	  	 	 	2,837	  	 	 	3,509	  	 	 	4,733	  	
					
    Net Earnings Attributable to Noncontrolling Interest	  	 	324	  	 	 	259	  	 	 	922	  	 	 	730	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	966	  	 	$	2,578	  	 	$	2,587	  	 	$	4,003	  	

Earnings per Common Share from Continuing Operations Attributable to Bristol-Myers Squibb Company :	  				 				 				 				
Basic	  	$	0.49	  	 	$	0.30	  	 	$	1.30	  	 	$	0.99	  	
Diluted	  	$	0.48	  	 	$	0.29	  	 	$	1.30	  	 	$	0.98	  	
					
Earnings per Common Share Attributable to Bristol-Myers Squibb Company:	  				 				 				 				
Basic	  	$	0.49	  	 	$	1.30	  	 	$	1.30	  	 	$	2.02	  	
Diluted	  	$	0.48	  	 	$	1.28	  	 	$	1.30	  	 	$	2.00	  	
					
Average Common Shares Outstanding:	  				 				 				 				
Basic	  	 	1,980	  	 	 	1,977	  	 	 	1,979	  	 	 	1,976	  	
Diluted	  	 	1,984	  	 	 	2,002	  	 	 	1,982	  	 	 	2,004	  	
(a)       Other (income)/expense, net	  				 				 				 				
					
Interest expense	  	$	47	  	 	$	84	  	 	$	141	  	 	$	237	  	
Interest income	  	 	(13	) 	 	 	(37	) 	 	 	(40	) 	 	 	(111	) 	
Loss/(Gain) on debt buyback and termination of interest rate swap agreements	  	 	4	  	 	 	—  	  	 	 	(7	) 	 	 	—  	  	
ARS impairment charge	  	 	—  	  	 	 	224	  	 	 	—  	  	 	 	247	  	
Foreign exchange transaction losses/(gains)	  	 	13	  	 	 	(51	) 	 	 	17	  	 	 	(34	) 	
Gain on sale of product lines, businesses and assets	  	 	(17	) 	 	 	—  	  	 	 	(84	) 	 	 	(9	) 	
Medarex acquisition	  	 	(10	) 	 	 	—  	  	 	 	(10	) 	 	 	—  	  	
Net royalty income and amortization of upfront and milestone payments received from alliance partners	  	 	(50	) 	 	 	(42	) 	 	 	(119	) 	 	 	(124	) 	
Pension curtailment charge	  	 	—  	  	 	 	—  	  	 	 	25	  	 	 	—  	  	
Other, net	  	 	(4	) 	 	 	(9	) 	 	 	(53	) 	 	 	(18	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other (income)/expense, net	  	$	(30	) 	 	$	169	  	 	$	(130	) 	 	$	188	  	

12

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, dollars in millions)
Three months ended September 30, 2009

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Provision for
restructuring, net	  	Other
(income)/
expense,
net	 	 	Total	 	
	  	 	 	 	
Productivity Transformation Initiative:	  			  			  		  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$    51	  	$	—  	  	 	$	51	  	
Accelerated depreciation and other shutdown costs	  	 	30	  	 	—  	  	3	  	 	—  	  	 	 	33	  	
Process standardization implementation costs	  	 	—  	  	 	21	  	—  	  	 	—  	  	 	 	21	  	
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	—  	  	 	(17	) 	 	 	(17	) 	
	  	 	 	 	
Total PTI	  	 	30	  	 	21	  	54	  	 	(17	) 	 	 	88	  	
						
Other:	  			  			  		  				 				
Mead Johnson separation costs	  	 	—  	  	 	6	  	—  	  	 	—  	  	 	 	6	  	
Medarex acquisition	  	 	—  	  	 	—  	  	—  	  	 	(10	) 	 	 	(10	) 	
Debt buyback and swap terminations	  	 	—  	  	 	—  	  	—  	  	 	4	  	 	 	4	  	
	  	 	 	 	
Total	  	$	30	  	$	27	  	$    54	  	$	(23	) 	 	 	88	  	
	  	 	 	 	 				
Income taxes on items above	  			  			  		  				 	 	(29	) 	
Income taxes attributable to Mead Johnson separation	  			  			  		  				 	 	21	  	
	  			  			  		  				 	 	 	 	
Decrease to Net Earnings	  			  			  		  				 	$	80	  	
	  			  			  		  				 	 	 	 	
Three months ended September 30, 2008

 	  	Cost of
products
sold	  	Marketing,
selling and
administrative	  	Research
and
development	  	Provision for
restructuring, net	  	Litigation
expense, net	  	Other
(income)/
expense,
net	  	Total	 	
	  	 	 	 	
Productivity Transformation Initiative:	  			  			  			  			  			  			  				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	26	  	$	—  	  	$	—  	  	$	26	  	
Accelerated depreciation and other shutdown costs	  	 	53	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	53	  	
Process standardization implementation costs	  	 	—  	  	 	28	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	28	  	
	  	 	 	 	
Total PTI	  	 	53	  	 	28	  	 	—  	  	 	26	  	 	—  	  	 	—  	  	 	107	  	
								
Other:	  			  			  			  			  			  			  				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	30	  	 	—  	  	 	30	  	
Mead Johnson separation costs	  	 	—  	  	 	9	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	9	  	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	2	  	 	2	  	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	37	  	 	—  	  	 	—  	  	 	—  	  	 	37	  	
ARS impairment charge	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	224	  	 	224	  	
	  	 	 	 	
Total	  	$	53	  	$	37	  	$	37	  	$	26	  	$	30	  	$	226	  	 	409	  	
	  	 	 	  				
Income taxes on items above	  			  			  			  			  			  			  	 	(87	) 	
	  			  			  			  			  			  			  	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  			  	$	322	  	

13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, dollars in millions)
Nine months ended September 30, 2009

 	  	Cost of
products
sold	  	Marketing,
selling
and
administrative	  	Research
and
development	  	Provision
for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
	  	 	 	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	92	  	$	—  	  	$	—  	  	 	$	92	  	
Accelerated depreciation, asset impairment and other shutdown costs	  	 	80	  	 	—  	  	 	—  	  	 	9	  	 	—  	  	 	—  	  	 	 	89	  	
Pension curtailment charge	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	25	  	 	 	25	  	
Process standardization implementation costs	  	 	—  	  	 	65	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	65	  	
Gain on sale of product lines, businesses and assets	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(72	) 	 	 	(72	) 	
	  	 	 	 	
Total PTI	  	 	80	  	 	65	  	 	—  	  	 	101	  	 	—  	  	 	(47	) 	 	 	199	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	132	  	 	(10	) 	 	 	122	  	
Mead Johnson separation costs	  	 	—  	  	 	31	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	31	  	
Mead Johnson gain on sale of trademark	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(12	) 	 	 	(12	) 	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	174	  	 	—  	  	 	—  	  	 	—  	  	 	 	174	  	
Medarex acquisition	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(10	) 	 	 	(10	) 	
Debt buyback and swap terminations	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(7	) 	 	 	(7	) 	
Product liability	  	 	8	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(5	) 	 	 	3	  	
	  	 	 	 	
Total	  	$	88	  	$	96	  	$	174	  	$	101	  	$	132	  	$	(91	) 	 	 	500	  	
	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(168	) 	
Income taxes attributable to Mead Johnson separation	  			  			  			  			  			  				 	 	194	  	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	526	  	
	  			  			  			  			  			  				 	 	 	 	
Nine months ended September 30, 2008

 	  	Cost of
products
sold	  	Marketing,
selling
and
administrative	  	Research
and
development	  	Provision
for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense,
net	 	 	Total	 	
	  	 	 	 	
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	—  	  	$	—  	  	$	—  	  	$	67	  	$	—  	  	$	—  	  	 	$	67	  	
Accelerated depreciation and other shutdown costs	  	 	207	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	207	  	
Process standardization implementation costs	  	 	—  	  	 	64	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	64	  	
Gain on sale and leaseback of properties	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	(9	) 	 	 	(9	) 	
	  	 	 	 	
Total PTI	  	 	207	  	 	64	  	 	—  	  	 	67	  	 	—  	  	 	(9	) 	 	 	329	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	 	32	  	
Mead Johnson separation costs	  	 	—  	  	 	10	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	 	10	  	
Product liability	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	18	  	 	 	18	  	
Upfront and milestone payments	  	 	—  	  	 	—  	  	 	88	  	 	—  	  	 	—  	  	 	—  	  	 	 	88	  	
Acquired in-process research and development	  	 	—  	  	 	—  	  	 	32	  	 	—  	  	 	—  	  	 	—  	  	 	 	32	  	
ARS impairment charge	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	—  	  	 	247	  	 	 	247	  	
	  	 	 	 	
Total	  	$	207	  	$	74	  	$	120	  	$	67	  	$	32	  	$	256	  	 	 	756	  	
	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(154	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	602	  	

14

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	Q3 2009
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	Q3 2008
Specified
Items*	 	 	Non
GAAP	 	

Net Sales	  	$	5,487	  	 			 	$	5,487	  	 	$	5,254	  	 			 	$	5,254	  	
Cost of Products Sold	  	 	1,562	  	 	(30	) 	 	 	1,532	  	 	 	1,634	  	 	(53	) 	 	 	1,581	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,925	  	 	30	  	 	 	3,955	  	 	 	3,620	  	 	53	  	 	 	3,673	  	
Gross Margin as% of Sales	  	 	71.5	% 	 	0.6	% 	 	 	72.1	% 	 	 	68.9	% 	 	1.0	% 	 	 	69.9	% 	
							
Marketing Selling and Admin	  	 	1,117	  	 	(27	) 	 	 	1,090	  	 	 	1,208	  	 	(37	) 	 	 	1,171	  	
Advertising and Product Promotion	  	 	361	  	 	—  	  	 	 	361	  	 	 	362	  	 	—  	  	 	 	362	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,478	  	 	(27	) 	 	 	1,451	  	 	 	1,570	  	 	(37	) 	 	 	1,533	  	
SG&A as % of Sales	  	 	26.9	% 	 	(0.5	)% 	 	 	26.4	% 	 	 	29.9	% 	 	(0.7	)% 	 	 	29.2	% 	
							
R&D	  	 	838	  	 	—  	  	 	 	838	  	 	 	834	  	 	(37	) 	 	 	797	  	
R&D as % of Sales	  	 	15.3	% 	 	—  	  	 	 	15.3	% 	 	 	15.9	% 	 	(0.7	)% 	 	 	15.2	% 	
							
Acquired in-process research and development	  	 	—  	  	 			 				 	 	—  	  	 	—  	  	 	 	—  	  	
Provision for restructuring, net	  	 	54	  	 	(54	) 	 	 	—  	  	 	 	26	  	 	(26	) 	 	 	—  	  	
Litigation expense, net	  	 	—  	  	 	—  	  	 	 	—  	  	 	 	30	  	 	(30	) 	 	 	—  	  	
Equity in Net Income of Affiliates	  	 	(139	) 	 	—  	  	 	 	(139	) 	 	 	(164	) 	 	—  	  	 	 	(164	) 	
Other (income)/expense, net	  	 	(30	) 	 	23	  	 	 	(7	) 	 	 	169	  	 	(226	) 	 	 	(57	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	1,724	  	 	88	  	 	$	1,812	  	 	$	1,155	  	 	409	  	 	$	1,564	  	
Provision for income taxes	  	 	434	  	 	8	  	 	 	442	  	 	 	308	  	 	87	  	 	 	395	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Net Earnings - Continuing Operations	  	$	1,290	  	 	80	  	 	$	1,370	  	 	$	847	  	 	322	  	 	$	1,169	  	
							
Net Earnings - Discontinued Ops	  	 	—  	  	 			 	 	—  	  	 	 	1,990	  	 			 	 	1,990	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Net Earnings	  	$	1,290	  	 	80	  	 	$	1,370	  	 	$	2,837	  	 	322	  	 	$	3,159	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	324	  	 			 	 	324	  	 	 	259	  	 			 	 	259	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	966	  	 	80	  	 	$	1,046	  	 	$	2,578	  	 	322	  	 	$	2,900	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	966	  	 	80	  	 	$	1,046	  	 	$	588	  	 	322	  	 	$	910	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(5	) 	 			 	 	(5	) 	 	 	(9	) 	 			 	 	(9	) 	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	961	  	 	80	  	 	$	1,041	  	 	$	579	  	 	322	  	 	$	901	  	
							
Avg Shares (Diluted)	  	 	1,984	  	 			 	 	1,984	  	 	 	2,002	  	 			 	 	2,002	  	
							
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	0.48	  	 	0.04	  	 	$	0.52	  	 	$	0.29	  	 	0.16	  	 	$	0.45	  	
							
Net Earnings from Continuing Operations
Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	17.6	% 	 	1.5	% 	 	 	19.1	% 	 	 	11.2	% 	 	6.1	% 	 	 	17.3	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	17.6	% 	 	1.5	% 	 	 	19.1	% 	 	 	49.1	% 	 	6.1	% 	 	 	55.2	% 	
							
Effective Tax Rate	  	 	25.2	% 	 	(0.8	)% 	 	 	24.4	% 	 	 	26.7	% 	 	(1.4	)% 	 	 	25.3	% 	
 
*	Please refer to the Specified Items schedules on previous pages for further details.	
 
15

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(Unaudited, amounts in millions except per share data)

 	  	GAAP	 	 	YTD 2009
Specified
Items*	 	 	Non
GAAP	 	 	GAAP	 	 	YTD 2008
Specified
Items*	 	 	Non
GAAP	 	

Net Sales	  	$	15,886	  	 			 	$	15,886	  	 	$	15,348	  	 			 	$	15,348	  	
Cost of Products Sold	  	 	4,436	  	 	(88	) 	 	 	4,348	  	 	 	4,874	  	 	(207	) 	 	 	4,667	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Gross Profit	  	 	11,450	  	 	88	  	 	 	11,538	  	 	 	10,474	  	 	207	  	 	 	10,681	  	
Gross Margin as% of Sales	  	 	72.1	% 	 	0.5	% 	 	 	72.6	% 	 	 	68.2	% 	 	1.4	% 	 	 	69.6	% 	
							
Marketing Selling and Admin	  	 	3,258	  	 	(96	) 	 	 	3,162	  	 	 	3,507	  	 	(74	) 	 	 	3,433	  	
Advertising and Product Promotion	  	 	1,085	  	 	—  	  	 	 	1,085	  	 	 	1,101	  	 	—  	  	 	 	1,101	  	
	  	 	 	 	 			 	 	 	 	 			 	 	 	 	
Total SGA	  	 	4,343	  	 	(96	) 	 	 	4,247	  	 	 	4,608	  	 	(74	) 	 	 	4,534	  	
SG&A as % of Sales	  	 	27.3	% 	 	(0.6	)% 	 	 	26.7	% 	 	 	30.0	% 	 	(0.5	)% 	 	 	29.5	% 	
							
R&D	  	 	2,590	  	 	(174	) 	 	 	2,416	  	 	 	2,442	  	 	(88	) 	 	 	2,354	  	
R&D as % of Sales	  	 	16.3	% 	 	(1.1	)% 	 	 	15.2	% 	 	 	15.9	% 	 	(0.6	)% 	 	 	15.3	% 	
							
Acquired in-process research and development	  				 			 				 	 	32	  	 	(32	) 	 	 	—  	  	
Provision for restructuring, net	  	 	101	  	 	(101	) 	 	 	—  	  	 	 	67	  	 	(67	) 	 	 	—  	  	
Litigation expense, net	  	 	132	  	 	(132	) 	 	 	—  	  	 	 	32	  	 	(32	) 	 	 	—  	  	
Equity in Net Income of Affiliates	  	 	(435	) 	 	—  	  	 	 	(435	) 	 	 	(478	) 	 	—  	  	 	 	(478	) 	
Other (income)/expense, net	  	 	(130	) 	 	91	  	 	 	(39	) 	 	 	188	  	 	(256	) 	 	 	(68	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	4,849	  	 	500	  	 	$	5,349	  	 	$	3,583	  	 	756	  	 	$	4,339	  	
Provision for income taxes	  	 	1,340	  	 	(26	) 	 	 	1,314	  	 	 	896	  	 	154	  	 	 	1,050	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings - Continuing Operations	  	$	3,509	  	 	526	  	 	$	4,035	  	 	$	2,687	  	 	602	  	 	$	3,289	  	
							
Net Earnings - Discontinued Ops	  	 	—  	  	 			 	 	—  	  	 	 	2,046	  	 			 	 	2,046	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings	  	$	3,509	  	 	526	  	 	$	4,035	  	 	$	4,733	  	 	602	  	 	$	5,335	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	922	  	 			 	 	922	  	 	 	730	  	 			 	 	730	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	2,587	  	 	526	  	 	$	3,113	  	 	$	4,003	  	 	602	  	 	$	4,605	  	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	2,587	  	 	526	  	 	$	3,113	  	 	$	1,957	  	 	602	  	 	$	2,559	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(14	) 	 			 	 	(14	) 	 	 	(3	) 	 			 	 	(3	) 	
	  	 	 	 	 			 	 	 	 	 	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	2,573	  	 	526	  	 	$	3,099	  	 	$	1,954	  	 	602	  	 	$	2,556	  	
							
Avg Shares (Diluted)	  	 	1,982	  	 			 	 	1,982	  	 	 	2,004	  	 			 	 	2,004	  	
							
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	1.30	  	 	0.26	  	 	$	1.56	  	 	$	0.98	  	 	0.30	  	 	$	1.28	  	
							
Net Earnings from Continuing Operations
Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	16.3	% 	 	3.3	% 	 	 	19.6	% 	 	 	12.8	% 	 	3.9	% 	 	 	16.7	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	16.3	% 	 	3.3	% 	 	 	19.6	% 	 	 	26.1	% 	 	3.9	% 	 	 	30.0	% 	
							
Effective Tax Rate	  	 	27.6	% 	 	(3.0	)% 	 	 	24.6	% 	 	 	25.0	% 	 	(0.8	)% 	 	 	24.2	% 	
 
*	Please refer to the Specified Items schedules on previous pages for further details	
 
16

BRISTOL-MYERS SQUIBB COMPANY
NET CASH CALCULATION
AS OF SEPTEMBER 30, 2009 AND JUNE 30, 2009
(Unaudited, dollars in millions)

 	  	September 30, 2009	 	 	June 30, 2009	 	
Cash and cash equivalents	  	$	6,367	  	 	$	7,507	  	
Marketable securities-current	  	 	302	  	 	 	613	  	
Marketable securities – long term	  	 	1,202	  	 	 	983	  	
Short-term borrowings	  	 	(286	) 	 	 	(124	) 	
Long-term debt	  	 	(6,307	) 	 	 	(6,235	) 	
	  	 	 	 	
Net cash	  	$	1,278	  	 	$	2,744	  	

17

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

Net Sales	 	2008	 	2009	 	% Change	 	FX Impact	
 	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	1st Qtr	 	2nd Qtr	 	6 Months	 	3rd Qtr	 	9 Months	 	4th Qtr	 	Year	 	Qtr
vs.
Qtr	 	YTD
vs.
YTD	 	Qtr
vs.
Qtr	 	YTD
vs.
YTD	
Bio Pharmaceuticals	 	$	4,188	 	$	4,475	 	$	8,663	 	$	4,510	 	$	13,173	 	$	4,542	 	$	17,715	 	$	4,322	 	$	4,665	 	$	8,987	 	$	4,788	 	$	13,775	 	 	 	 	 	6%	 	5%	 	-3%	 	-4%	
US Pharmaceuticals	 	 	2,451	 	 	2,610	 	 	5,061	 	 	2,695	 	 	7,756	 	 	2,809	 	 	10,565	 	 	2,766	 	 	2,974	 	 	5,740	 	 	3,012	 	 	8,752	 	 	 	 	 	12%	 	13%	 	N/A	 	N/A	
CV/Metabolics	 	 	1,407	 	 	1,483	 	 	2,890	 	 	1,517	 	 	4,407	 	 	1,552	 	 	5,959	 	 	1,554	 	 	1,699	 	 	3,253	 	 	1,707	 	 	4,960	 	 	 	 	 	13%	 	13%	 	N/A	 	N/A	
Oncology/Virology    	 	 	619	 	 	633	 	 	1,252	 	 	641	 	 	1,893	 	 	655	 	 	2,548	 	 	627	 	 	638	 	 	1,265	 	 	659	 	 	1,924	 	 	 	 	 	3%	 	2%	 	N/A	 	N/A	
Neuroscience	 	 	352	 	 	407	 	 	759	 	 	440	 	 	1,199	 	 	497	 	 	1,696	 	 	486	 	 	520	 	 	1,006	 	 	521	 	 	1,527	 	 	 	 	 	18%	 	27%	 	N/A	 	N/A	
Immunoscience	 	 	73	 	 	87	 	 	160	 	 	97	 	 	257	 	 	105	 	 	362	 	 	99	 	 	117	 	 	216	 	 	125	 	 	341	 	 	 	 	 	29%	 	33%	 	N/A	 	N/A	
Intercon Pharmaceuticals	 	 	384	 	 	401	 	 	785	 	 	411	 	 	1,196	 	 	385	 	 	1,581	 	 	309	 	 	341	 	 	650	 	 	354	 	 	1,004	 	 	 	 	 	-14%	 	-16%	 	-7%	 	-11%	
EMAP Pharmaceuticals	 	 	398	 	 	436	 	 	834	 	 	437	 	 	1,271	 	 	437	 	 	1,708	 	 	379	 	 	420	 	 	799	 	 	457	 	 	1,256	 	 	 	 	 	5%	 	-1%	 	-3%	 	-6%	
Europe Pharmaceuticals	 	 	933	 	 	996	 	 	1,929	 	 	935	 	 	2,864	 	 	886	 	 	3,750	 	 	827	 	 	883	 	 	1,710	 	 	911	 	 	2,621	 	 	 	 	 	-3%	 	-8%	 	-8%	 	-12%	
Mead Johnson	 	 	703	 	 	728	 	 	1,431	 	 	744	 	 	2,175	 	 	707	 	 	2,882	 	 	693	 	 	719	 	 	1,412	 	 	699	 	 	2,111	 	 	 	 	 	-6%	 	-3%	 	-4%	 	-6%	
Continuing Operations	 	 	4,891	 	 	5,203	 	 	10,094	 	 	5,254	 	 	15,348	 	 	5,249	 	 	20,597	 	 	5,015	 	 	5,384	 	 	10,399	 	 	5,487	 	 	15,886	 	 	 	 	 	4%	 	4%	 	-3%	 	-4%	
Discontinued Operations	 	 	308	 	 	330	 	 	638	 	 	127	 	 	765	 	 	5	 	 	770	 	 	-	 	 	-	 	 	-	 	 	-	 	 	-	 	 	 	 	 	-100%	 	-100%	 	-	 	-  	
Total Company	 	$	5,199	 	$	5,533	 	$	10,732	 	$	5,381	 	$	16,113	 	$	5,254	 	$	21,367	 	$	5,015	 	$	5,384	 	$	10,399	 	$	5,487	 	$	15,886	 	 	 	 	 	2%	 	-1%	 	-3%	 	-4%	

% of Total Sales	 	2008	 	 	2009	 	Basis Point
Change	 	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr  	 	Year    	 	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
Bio Pharmaceuticals	 	80.6	% 	 	80.9	% 	 	80.7	% 	 	83.8	% 	 	81.8	% 	 	86.4	% 	 	82.9	% 	 	86.2	% 	 	86.6	% 	 	86.4	% 	 	87.3	% 	 	86.7	% 	 	 	 	 	 	350	  	 	490	  	
US Pharmaceuticals	 	47.2	% 	 	47.2	% 	 	47.2	% 	 	50.1	% 	 	48.1	% 	 	53.5	% 	 	49.4	% 	 	55.2	% 	 	55.2	% 	 	55.2	% 	 	54.9	% 	 	55.1	% 	 	 	 	 	 	480	  	 	700	  	
CV/Metabolics	 	27.1	% 	 	26.8	% 	 	26.9	% 	 	28.2	% 	 	27.4	% 	 	29.5	% 	 	27.9	% 	 	31.0	% 	 	31.5	% 	 	31.3	% 	 	31.1	% 	 	31.2	% 	 	 	 	 	 	290	  	 	380	  	
Oncology/Virology	 	11.9	% 	 	11.4	% 	 	11.7	% 	 	11.9	% 	 	11.7	% 	 	12.5	% 	 	11.9	% 	 	12.5	% 	 	11.8	% 	 	12.1	% 	 	12.0	% 	 	12.1	% 	 	 	 	 	 	10	  	 	40	  	
Neuroscience	 	6.8	% 	 	7.4	% 	 	7.1	% 	 	8.2	% 	 	7.4	% 	 	9.5	% 	 	7.9	% 	 	9.7	% 	 	9.7	% 	 	9.7	% 	 	9.5	% 	 	9.6	% 	 	 	 	 	 	130	  	 	220	  	
Immunoscience	 	1.4	% 	 	1.6	% 	 	1.5	% 	 	1.8	% 	 	1.6	% 	 	2.0	% 	 	1.7	% 	 	2.0	% 	 	2.2	% 	 	2.1	% 	 	2.3	% 	 	2.2	% 	 	 	 	 	 	50	  	 	60	  	
Intercon Pharmaceuticals	 	7.4	% 	 	7.2	% 	 	7.3	% 	 	7.6	% 	 	7.4	% 	 	7.3	% 	 	7.4	% 	 	6.2	% 	 	6.3	% 	 	6.3	% 	 	6.5	% 	 	6.3	% 	 	 	 	 	 	(110	) 	 	(110	) 	
EMAP Pharmaceuticals	 	7.7	% 	 	7.9	% 	 	7.8	% 	 	8.1	% 	 	7.9	% 	 	8.3	% 	 	8.0	% 	 	7.6	% 	 	7.8	% 	 	7.7	% 	 	8.3	% 	 	7.9	% 	 	 	 	 	 	20	  	 	-	  	
Europe Pharmaceuticals	 	17.9	% 	 	18.0	% 	 	18.0	% 	 	17.4	% 	 	17.8	% 	 	16.9	% 	 	17.6	% 	 	16.5	% 	 	16.4	% 	 	16.4	% 	 	16.6	% 	 	16.5	% 	 	 	 	 	 	(80	) 	 	(130	) 	
Mead Johnson	 	13.5	% 	 	13.1	% 	 	13.3	% 	 	13.8	% 	 	13.5	% 	 	13.5	% 	 	13.5	% 	 	13.8	% 	 	13.4	% 	 	13.6	% 	 	12.7	% 	 	13.3	% 	 	 	 	 	 	(110	) 	 	(20	) 	
Continuing Operations	 	94.1	% 	 	94.0	% 	 	94.0	% 	 	97.6	% 	 	95.3	% 	 	99.9	% 	 	96.4	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	100.0	% 	 	 	 	 	 	240	  	 	470	  	
Discontinued Operations	 	5.9	% 	 	6.0	% 	 	6.0	% 	 	2.4	% 	 	4.7	% 	 	0.1	% 	 	3.6	% 	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	 	 	 	(240	) 	 	(470	) 	
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	% 	 	 	 	 	 	 	 	 	 	 	
 
1

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
($ in millions)
QUARTER-TO-DATE
CONTINUING OPERATIONS

 	  	US*	 	 	Non-US*	 	 	Total	 	
				
Price Increases/(Decreases)	  	 	8	% 	 	 	2	% 	 	 	5	% 	
Foreign Exchange	  	 	-	  	 	 	-7	% 	 	 	-3	% 	
Volume	  	 	1	% 	 	 	3	% 	 	 	2	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	9	% 	 	 	-2	% 	 	 	4	% 	

Total 2009 Period to Date Sales	  	$	3,256	  	 	$	2,231	  	 	$	5,487	  	
Total 2008 Period to Date Sales	  	$	2,983	  	 	$	2,271	  	 	$	5,254	  	
				
BIO PHARMACEUTICALS	  				 				 				
				
 	  	US	 	 	Non-US	 	 	Total	 	
Price Increases/(Decreases)	  	 	9	% 	 	 	-	  	 	 	5	% 	
Foreign Exchange	  	 	-	  	 	 	-7	% 	 	 	-3	% 	
Volume	  	 	3	% 	 	 	5	% 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	12	% 	 	 	-2	% 	 	 	6	% 	

Total 2009 Period to Date Sales	  	$	3,021	  	 	$	1,767	  	 	$	4,788	  	
Total 2008 Period to Date Sales	  	$	2,708	  	 	$	1,802	  	 	$	4,510	  	
				
MEAD JOHNSON	  				 				 				
				
 	  	 	 	 	 	 	 	Total	 	
Price Increases/(Decreases)	  				 				 	 	5	% 	
Foreign Exchange	  				 				 	 	-4	% 	
Volume	  				 				 	 	-7	% 	
	  				 				 	 	 	 	
Total Change	  				 				 	 	-6	% 	

Total 2009 Period to Date Sales	  				 				 	$	699	  	
Total 2008 Period to Date Sales	  				 				 	$	744	  	
 
*	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
 
2

BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
($ in millions)
YEAR-TO-DATE
CONTINUING OPERATIONS

 	  	US*	 	 	Non-US*	 	 	Total	 	
				
Price Increases/(Decreases)	  	 	7	% 	 	 	3	% 	 	 	5	% 	
Foreign Exchange	  	 	-	  	 	 	-10	% 	 	 	-4	% 	
Volume	  	 	4	% 	 	 	2	% 	 	 	3	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	11	% 	 	 	-5	% 	 	 	4	% 	

Total 2009 Period to Date Sales	  	$	9,534	  	 	$	6,352	  	 	$	15,886	  	
Total 2008 Period to Date Sales	  	$	8,628	  	 	$	6,720	  	 	$	15,348	  	
				
BIO PHARMACEUTICALS	  				 				 				
				
 	  	US	 	 	Non-US	 	 	Total	 	
Price Increases/(Decreases)	  	 	7	% 	 	 	-	  	 	 	5	% 	
Foreign Exchange	  	 	-	  	 	 	-10	% 	 	 	-4	% 	
Volume	  	 	6	% 	 	 	3	% 	 	 	4	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Change	  	 	13	% 	 	 	-7	% 	 	 	5	% 	

Total 2009 Period to Date Sales	  	$	8,782	  	 	$	4,993	  	 	$	13,775	  	
Total 2008 Period to Date Sales	  	$	7,792	  	 	$	5,381	  	 	$	13,173	  	
				
MEAD JOHNSON	  				 				 				
				
 	  	 	 	 	 	 	 	Total	 	
Price Increases/(Decreases)	  				 				 	 	6	% 	
Foreign Exchange	  				 				 	 	-6	% 	
Volume	  				 				 	 	-3	% 	
	  				 				 	 	 	 	
Total Change	  				 				 	 	-3	% 	

Total 2009 Period to Date Sales	  				 				 	$	2,111	  	
Total 2008 Period to Date Sales	  				 				 	$	2,175	  	
 
*	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
 
3

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

 	  	2008	 	 	2009	  	% Change	 	
 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	  4th Qtr  	  	    Year    	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
	 		 		 		 	 		 		 		 		 	
Net Sales	  	$	4,891	  	 	$	5,203	  	 	$	10,094	  	 	$	5,254	  	 	$	15,348	  	 	$	5,249	  	 	$	20,597	  	 	$	5,015	  	 	$	5,384	  	 	$	10,399	  	 	$	5,487	  	 	$	15,886	  	 		  	 	  	4	% 	 	4	% 	
	 		 		 		 	 		 		 		 		 	
Cost of products sold	  	 	1,570	  	 	 	1,670	  	 	 	3,240	  	 	 	1,634	  	 	 	4,874	  	 	 	1,522	  	 	 	6,396	  	 	 	1,413	  	 	 	1,461	  	 	 	2,874	  	 	 	1,562	  	 	 	4,436	  	 		  	 	  	-4	% 	 	-9	% 	
Marketing, selling and administrative	  	 	1,134	  	 	 	1,165	  	 	 	2,299	  	 	 	1,208	  	 	 	3,507	  	 	 	1,285	  	 	 	4,792	  	 	 	1,064	  	 	 	1,077	  	 	 	2,141	  	 	 	1,117	  	 	 	3,258	  	 		  	 	  	-8	% 	 	-7	% 	
Advertising and product promotion	  	 	319	  	 	 	420	  	 	 	739	  	 	 	362	  	 	 	1,101	  	 	 	449	  	 	 	1,550	  	 	 	324	  	 	 	400	  	 	 	724	  	 	 	361	  	 	 	1,085	  	 		  	 	  	-	  	 	-1	% 	
Research and development	  	 	782	  	 	 	826	  	 	 	1,608	  	 	 	834	  	 	 	2,442	  	 	 	1,143	  	 	 	3,585	  	 	 	923	  	 	 	829	  	 	 	1,752	  	 	 	838	  	 	 	2,590	  	 		  	 	  	-	  	 	6	% 	
Acquired in-process research and development	  	 	-	  	 	 	32	  	 	 	32	  	 	 	-	  	 	 	32	  	 	 	-	  	 	 	32	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 		  	 	  	-	  	 	-100	% 	
Provision for restructuring, net	  	 	11	  	 	 	30	  	 	 	41	  	 	 	26	  	 	 	67	  	 	 	151	  	 	 	218	  	 	 	27	  	 	 	20	  	 	 	47	  	 	 	54	  	 	 	101	  	 		  	 	  	108	% 	 	51	% 	
Litigation expense, net	  	 	-	  	 	 	2	  	 	 	2	  	 	 	30	  	 	 	32	  	 	 	1	  	 	 	33	  	 	 	104	  	 	 	28	  	 	 	132	  	 	 	-	  	 	 	132	  	 		  	 	  	-100	% 	 	 	* 	
Equity in net income of affiliates	  	 	(164	) 	 	 	(150	) 	 	 	(314	) 	 	 	(164	) 	 	 	(478	) 	 	 	(139	) 	 	 	(617	) 	 	 	(146	) 	 	 	(150	) 	 	 	(296	) 	 	 	(139	) 	 	 	(435	) 	 		  	 	  	-15	% 	 	-9	% 	
Gain on sale of Imclone shares	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	(895	) 	 	 	(895	) 	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 		  	 	  	-	  	 	-	  	
Other (income)/
expense, net	  	 	32	  	 	 	(13	) 	 	 	19	  	 	 	169	  	 	 	188	  	 	 	(156	) 	 	 	32	  	 	 	(78	) 	 	 	(22	) 	 	 	(100	) 	 	 	(30	) 	 	 	(130	) 	 	 	  	 	  	-118	% 	 	-169	% 	
Total expenses	  	 	3,684	  	 	 	3,982	  	 	 	7,666	  	 	 	4,099	  	 	 	11,765	  	 	 	3,361	  	 	 	15,126	  	 	 	3,631	  	 	 	3,643	  	 	 	7,274	  	 	 	3,763	  	 	 	11,037	  	 		  	 	  	-8	% 	 	-6	% 	
	 		 		 		 	 		 		 		 		 	
Earnings from Continuing Operations Before Income Taxes	  	$	1,207	  	 	$	1,221	  	 	$	2,428	  	 	$	1,155	  	 	$	3,583	  	 	$	1,888	  	 	$	5,471	  	 	$	1,384	  	 	$	1,741	  	 	$	3,125	  	 	$	1,724	  	 	$	4,849	  	 		  	 	  	49	% 	 	35	% 	
Provision for income taxes	  	 	330	  	 	 	258	  	 	 	588	  	 	 	308	  	 	 	896	  	 	 	424	  	 	 	1,320	  	 	 	463	  	 	 	443	  	 	 	906	  	 	 	434	  	 	 	1,340	  	 	 	  	 	  	41	% 	 	50	% 	
Net Earnings from Continuing Operations	  	$	877	  	 	$	963	  	 	$	1,840	  	 	$	847	  	 	$	2,687	  	 	$	1,464	  	 	$	4,151	  	 	$	921	  	 	$	1,298	  	 	$	2,219	  	 	$	1,290	  	 	$	3,509	  	 		  	 	  	52	% 	 	31	% 	
	 		 		 		 	 		 		 		 		 	
Net Earnings from Discontinued Operations	  	 	14	  	 	 	42	  	 	 	56	  	 	 	1,990	  	 	 	2,046	  	 	 	46	  	 	 	2,092	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 		  	 	  	-100	% 	 	-100	% 	
	 		 		 		 	 		 		 		 		 	
Net Earnings	  	$	891	  	 	$	1,005	  	 	$	1,896	  	 	$	2,837	  	 	$	4,733	  	 	$	1,510	  	 	$	6,243	  	 	$	921	  	 	$	1,298	  	 	$	2,219	  	 	$	1,290	  	 	$	3,509	  	 		  	 	  	-55	% 	 	-26	% 	
Net Earnings Attributable to Noncontrolling Interest	  	 	230	  	 	 	241	  	 	 	471	  	 	 	259	  	 	 	730	  	 	 	266	  	 	 	996	  	 	 	283	  	 	 	315	  	 	 	598	  	 	 	324	  	 	 	922	  	 	 	  	 	  	25	% 	 	26	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	661	  	 	$	764	  	 	$	1,425	  	 	$	2,578	  	 	$	4,003	  	 	$	1,244	  	 	$	5,247	  	 	$	638	  	 	$	983	  	 	$	1,621	  	 	$	966	  	 	$	2,587	  	 	 	  	 	  	-63	% 	 	-35	% 	
	 		 		 		 	 		 		 		 		 	
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	647	  	 	$	722	  	 	$	1,369	  	 	$	588	  	 	$	1,957	  	 	$	1,198	  	 	$	3,155	  	 	$	638	  	 	$	983	  	 	$	1,621	  	 	$	966	  	 	$	2,587	  	 		  	 	  	64	% 	 	32	% 	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	4	  	 	 	-	  	 	 	5	  	 	 	(9	) 	 	 	(3	) 	 	 	(5	) 	 	 	(6	) 	 	 	(5	) 	 	 	(6	) 	 	 	(9	) 	 	 	(5	) 	 	 	(14	) 	 	 	  	 	  	44	% 	 	 	* 	
	 		 		 		 	 		 		 		 		 	
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	  	$	651	  	 	$	722	  	 	$	1,374	  	 	$	579	  	 	$	1,954	  	 	$	1,193	  	 	$	3,149	  	 	$	633	  	 	$	977	  	 	$	1,612	  	 	$	961	  	 	$	2,573	  	 	 	  	 	  	66	% 	 	32	% 	
	 		 		 		 	 		 		 		 		 	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Continuing Operations	  	$	0.32	  	 	$	0.36	  	 	$	0.68	  	 	$	0.29	  	 	$	0.98	  	 	$	0.60	  	 	$	1.58	  	 	$	0.32	  	 	$	0.49	  	 	$	0.81	  	 	$	0.48	  	 	$	1.30	  	 		  	 	  	66	% 	 	33	% 	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Discontinued Operations	  	 	0.01	  	 	 	0.02	  	 	 	0.03	  	 	 	0.99	  	 	 	1.02	  	 	 	0.02	  	 	 	1.04	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	  	 	  	-100	% 	 	-100	% 	
	 		 		 		 	 		 		 		 		 	
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share**	  	$	0.33	  	 	$	0.38	  	 	$	0.71	  	 	$	1.28	  	 	$	2.00	  	 	$	0.62	  	 	$	2.62	  	 	$	0.32	  	 	$	0.49	  	 	$	0.81	  	 	$	0.48	  	 	$	1.30	  	 	 	  	 	  	-63	% 	 	-35	% 	
	 		 		 		 	 		 		 		 		 	
Average Common Shares Outstanding - Diluted	  	 	2,006	  	 	 	2,006	  	 	 	2,005	  	 	 	2,002	  	 	 	2,004	  	 	 	1,980	  	 	 	1,999	  	 	 	1,981	  	 	 	1,983	  	 	 	1,982	  	 	 	1,984	  	 	 	1,982	  	 		  	 	  	-1	% 	 	-1	% 	
Dividends declared per common share	  	$	0.31	  	 	$	0.31	  	 	$	0.62	  	 	$	0.31	  	 	$	0.93	  	 	$	0.31	  	 	$	1.24	  	 	$	0.31	  	 	$	0.31	  	 	$	0.62	  	 	$	0.31	  	 	$	0.93	  	 	 	  	 	  	-	  	 	-	  	

% of Net
Sales	  	2008	 	 	2009	  	Basis Point Change	 	
	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	  	Year	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
	 		 		 		 	 		 		 		 		 	
Gross Margin	  	 	67.9	% 	 	 	67.9	% 	 	 	67.9	% 	 	 	68.9	% 	 	 	68.2	% 	 	 	71.0	% 	 	 	68.9	% 	 	 	71.8	% 	 	 	72.9	% 	 	 	72.4	% 	 	 	71.5	% 	 	 	72.1	% 	 		  	 	  	260	  	 	390	  	
	 		 		 		 	 		 		 		 		 	
Cost of products sold	  	 	32.1	% 	 	 	32.1	% 	 	 	32.1	% 	 	 	31.1	% 	 	 	31.8	% 	 	 	29.0	% 	 	 	31.1	% 	 	 	28.2	% 	 	 	27.1	% 	 	 	27.6	% 	 	 	28.5	% 	 	 	27.9	% 	 		  	 	  	(260	) 	 	(390	) 	
Marketing, selling and administrative	  	 	23.2	% 	 	 	22.4	% 	 	 	22.8	% 	 	 	23.0	% 	 	 	22.8	% 	 	 	24.5	% 	 	 	23.3	% 	 	 	21.2	% 	 	 	20.0	% 	 	 	20.6	% 	 	 	20.4	% 	 	 	20.5	% 	 		  	 	  	(260	) 	 	(230	) 	
Advertising and product promotion	  	 	6.5	% 	 	 	8.1	% 	 	 	7.3	% 	 	 	6.9	% 	 	 	7.2	% 	 	 	8.6	% 	 	 	7.5	% 	 	 	6.5	% 	 	 	7.4	% 	 	 	7.0	% 	 	 	6.6	% 	 	 	6.8	% 	 		  	 	  	(30	) 	 	(40	) 	
Research and development	  	 	16.0	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	15.9	% 	 	 	21.8	% 	 	 	17.4	% 	 	 	18.4	% 	 	 	15.4	% 	 	 	16.8	% 	 	 	15.3	% 	 	 	16.3	% 	 		  	 	  	(60	) 	 	40	  	
Acquired in-process research and development	  	 	-	  	 	 	0.6	% 	 	 	0.3	% 	 	 	-	  	 	 	0.2	% 	 	 	-	  	 	 	0.2	% 	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 		  	 	  	-	  	 	(20	) 	
Total expenses	  	 	75.3	% 	 	 	76.5	% 	 	 	75.9	% 	 	 	78.0	% 	 	 	76.7	% 	 	 	64.0	% 	 	 	73.4	% 	 	 	72.4	% 	 	 	67.7	% 	 	 	69.9	% 	 	 	68.6	% 	 	 	69.5	% 	 		  	 	  	(940	) 	 	(720	) 	
	 		 		 		 	 		 		 		 		 	
Earnings from Continuing Operations Before Income Taxes	  	 	24.7	% 	 	 	23.5	% 	 	 	24.1	% 	 	 	22.0	% 	 	 	23.3	% 	 	 	36.0	% 	 	 	26.6	% 	 	 	27.6	% 	 	 	32.3	% 	 	 	30.1	% 	 	 	31.4	% 	 	 	30.5	% 	 		  	 	  	940	  	 	720	  	
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	 	13.2	% 	 	 	13.9	% 	 	 	13.6	% 	 	 	11.2	% 	 	 	12.8	% 	 	 	22.8	% 	 	 	15.3	% 	 	 	12.7	% 	 	 	18.3	% 	 	 	15.6	% 	 	 	17.6	% 	 	 	16.3	% 	 		  	 	  	640	  	 	350	  	
	 		 		 		 	 		 		 		 		 	
Other Ratios	  			 	 				 			 	 				 			 	 				 			 	 			 	 				 			 	 				 			 	 		  	 	  			 		 	
Effective Tax Rate	  	 	27.3	% 	 	 	21.1	% 	 	 	24.2	% 	 	 	26.7	% 	 	 	25.0	% 	 	 	22.5	% 	 	 	24.1	% 	 	 	33.5	% 	 	 	25.4	% 	 	 	29.0	% 	 	 	25.2	% 	 	 	27.6	% 	 	 	  	 	  	(150	) 	 	260	  	

Other
(Income)/
Expense, net	  	2008	 	 	2009	  	% Change	 	
	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	  	Year	  	Qtr vs. Qtr	 	 	YTD vs. YTD	 	
	 		 		 		 	 		 		 		 		 	
Interest expense	  	$	73	  	 	$	80	  	 	$	153	  	 	$	84	  	 	$	237	  	 	$	73	  	 	$	310	  	 	$	52	  	 	$	42	  	 	$	94	  	 	$	47	  	 	$	141	  	 		  	 	  	-44	% 	 	-41	% 	
Interest income	  	 	(43	) 	 	 	(31	) 	 	 	(74	) 	 	 	(37	) 	 	 	(111	) 	 	 	(19	) 	 	 	(130	) 	 	 	(13	) 	 	 	(14	) 	 	 	(27	) 	 	 	(13	) 	 	 	(40	) 	 		  	 	  	65	% 	 	64	% 	
ARS impairment charge	  	 	25	  	 	 	-	  	 	 	25	  	 	 	224	  	 	 	247	  	 	 	58	  	 	 	305	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 		  	 	  	-100	% 	 	-100	% 	
(Gain)/Loss on debt buyback and termination of interest rate swap agreements	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	(57	) 	 	 	(57	) 	 	 	-	  	 	 	(11	) 	 	 	(11	) 	 	 	4	  	 	 	(7	) 	 		  	 	  	-	  	 	-	  	
Foreign exchange transaction losses/(gains)	  	 	19	  	 	 	(2	) 	 	 	17	  	 	 	(51	) 	 	 	(34	) 	 	 	(42	) 	 	 	(76	) 	 	 	(13	) 	 	 	17	  	 	 	4	  	 	 	13	  	 	 	17	  	 		  	 	  	125	% 	 	150	% 	
Gain on sale of product lines, businesses and assets	  	 	(9	) 	 	 	-	  	 	 	(9	) 	 	 	-	  	 	 	(9	) 	 	 	(159	) 	 	 	(168	) 	 	 	(44	) 	 	 	(23	) 	 	 	(67	) 	 	 	(17	) 	 	 	(84	) 	 		  	 	  	-	  	 	 	* 	
Medarex acquisition	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	(10	) 	 	 	(10	) 	 		  	 	  	-	  	 	-	  	
Net royalty income and amortization of upfront and milestone payments received from alliance partners	  	 	(41	) 	 	 	(41	) 	 	 	(82	) 	 	 	(42	) 	 	 	(124	) 	 	 	(17	) 	 	 	(141	) 	 	 	(35	) 	 	 	(34	) 	 	 	(69	) 	 	 	(50	) 	 	 	(119	) 	 		  	 	  	-19	% 	 	4	% 	
Pension curtailment charge	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	8	  	 	 	8	  	 	 	-	  	 	 	25	  	 	 	25	  	 	 	-	  	 	 	25	  	 		  	 	  	-	  	 	-	  	
Other, net	  	 	8	  	 	 	(19	) 	 	 	(11	) 	 	 	(9	) 	 	 	(18	) 	 	 	(1	) 	 	 	(19	) 	 	 	(25	) 	 	 	(24	) 	 	 	(49	) 	 	 	(4	) 	 	 	(53	) 	 	 	  	 	  	56	% 	 	-194	% 	
	  	$	32	  	 	$	(13	) 	 	$	19	  	 	$	169	  	 	$	188	  	 	$	(156	) 	 	$	32	  	 	$	(78	) 	 	$	(22	) 	 	$	(100	) 	 	$	(30	) 	 	$	(130	) 	 	 	  	 	  	-118	% 	 	-169	% 	
 
*	in excess of +/- 200%	
**	quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.	
 
4

BRISTOL-MYERS SQUIBB COMPANY
Biopharmaceuticals segment results
($ in millions, except per share amounts)

 	 	2008	 	 	2009	 	% Change	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	    4th Qtr    	 	    Year    	 	Qtr
vs.
  Qtr  	 	YTD
vs.
  YTD  	
	 		 		 		 	 		 		 		 		 	
Net Sales	 	$	4,188	  	 	$	4,475	  	 	$	8,663	  	 	$	4,510	  	 	$	13,173	  	 	$	4,542	  	 	$	17,715	  	 	$	4,322	  	 	$	4,665	  	 	$	8,987	  	 	$	4,788	  	 	$	13,775	  	 		 	 	 	6%	 	5%	
	 		 		 		 	 		 		 		 		 	
Gross Profit	 	 	2,965	  	 	 	3,135	  	 	 	6,100	  	 	 	3,218	  	 	 	9,318	  	 	 	3,329	  	 	 	12,647	  	 	 	3,191	  	 	 	3,463	  	 	 	6,654	  	 	 	3,500	  	 	 	10,154	  	 		 	 	 	9%	 	9%	
Gross Margin as a % of Sales	 	 	70.8	% 	 	 	70.1	% 	 	 	70.4	% 	 	 	71.4	% 	 	 	70.7	% 	 	 	73.3	% 	 	 	71.4	% 	 	 	73.8	% 	 	 	74.2	% 	 	 	74.0	% 	 	 	73.1	% 	 	 	73.7	% 	 		 	 	 	170	 	300	
	 		 		 		 	 		 		 		 		 	
Total SGA	 	 	1,215	  	 	 	1,317	  	 	 	2,532	  	 	 	1,271	  	 	 	3,803	  	 	 	1,409	  	 	 	5,212	  	 	 	1,129	  	 	 	1,196	  	 	 	2,325	  	 	 	1,189	  	 	 	3,514	  	 		 	 	 	-6%	 	-8%	
SG&A as a % of Sales	 	 	29.0	% 	 	 	29.4	% 	 	 	29.2	% 	 	 	28.2	% 	 	 	28.9	% 	 	 	31.0	% 	 	 	29.4	% 	 	 	26.1	% 	 	 	25.6	% 	 	 	25.9	% 	 	 	24.8	% 	 	 	25.5	% 	 		 	 	 	-340	 	-340	
	 		 		 		 	 		 		 		 		 	
R&D	 	 	746	  	 	 	778	  	 	 	1,524	  	 	 	779	  	 	 	2,303	  	 	 	848	  	 	 	3,151	  	 	 	763	  	 	 	781	  	 	 	1,544	  	 	 	820	  	 	 	2,364	  	 		 	 	 	5%	 	3%	
R&D as a % of Sales	 	 	17.8	% 	 	 	17.4	% 	 	 	17.6	% 	 	 	17.3	% 	 	 	17.5	% 	 	 	18.7	% 	 	 	17.8	% 	 	 	17.7	% 	 	 	16.7	% 	 	 	17.2	% 	 	 	17.1	% 	 	 	17.2	% 	 		 	 	 	-20	 	-30	
	 		 		 		 	 		 		 		 		 	
Equity in net income of affiliates	 	 	(164	) 	 	 	(150	) 	 	 	(314	) 	 	 	(164	) 	 	 	(478	) 	 	 	(139	) 	 	 	(617	) 	 	 	(146	) 	 	 	(149	) 	 	 	(295	) 	 	 	(138	) 	 	 	(433	) 	 		 	 	 	-16%	 	-9%	
	 		 		 		 	 		 		 		 		 	
Other	 	 	(3	) 	 	 	(14	) 	 	 	(17	) 	 	 	(71	) 	 	 	(88	) 	 	 	(53	) 	 	 	(141	) 	 	 	(51	) 	 	 	(40	) 	 	 	(91	) 	 	 	(34	) 	 	 	(125	) 	 		 	 	 	-52%	 	42%	
	 		 		 		 	 		 		 		 		 	
Noncontrolling Interest	 	 	339	  	 	 	356	  	 	 	695	  	 	 	381	  	 	 	1,076	  	 	 	385	  	 	 	1,461	  	 	 	398	  	 	 	433	  	 	 	831	  	 	 	447	  	 	 	1,278	  	 		 	 	 	17%	 	19%	
	 		 		 		 	 		 		 		 		 	
Earnings from Continuing Operations Before Income Taxes	 	$	832	  	 	$	848	  	 	$	1,680	  	 	$	1,022	  	 	$	2,702	  	 	$	879	  	 	$	3,581	  	 	$	1,098	  	 	$	1,242	  	 	$	2,340	  	 	$	1,216	  	 	 	3,556	  	 	 	 	 	 	19%	 	32%	
 
5

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE

 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
									
Net sales	  	5,487	  	5,254	  	233	  	 	(176	) 	 	5,663	  	4	% 	 	-3	% 	 	7	% 	
Marketing, selling and administrative  (a)	  	1,117	  	1,208	  	(91	) 	 	40	  	 	1,157	  	-8	% 	 	3	% 	 	-5	% 	
Marketing, selling and administrative excluding specified items  (b)	  	1,090	  	1,171	  	(81	) 	 	38	  	 	1,128	  	-7	% 	 	2	% 	 	-5	% 	
Advertising and product promotion	  	361	  	362	  	(1	) 	 	11	  	 	372	  	-	  	 	3	% 	 	3	% 	
Advertising and product promotion excluding specified items  (b)	  	361	  	362	  	(1	) 	 	11	  	 	372	  	-	  	 	3	% 	 	3	% 	
Research and development	  	838	  	834	  	4	  	 	17	  	 	855	  	-	  	 	2	% 	 	2	% 	
Research and development excluding specified items  (b)	  	838	  	797	  	41	  	 	17	  	 	855	  	5	% 	 	2	% 	 	7	% 	
									
(a) General and administrative	  	432	  	472	  	(40	) 	 	11	  	 	443	  	-8	% 	 	1	% 	 	-7	% 	
General and administrative excluding specified items  (c)	  	405	  	435	  	(30	) 	 	9	  	 	414	  	-7	% 	 	1	% 	 	-6	% 	
	
(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.	  	
	
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:	  	

 	  	2009	  	2008	
General and administrative	  	432	  	472	
Specified Items:	  		  		
Process standardization implementation costs	  	21	  	28	
Mead Johnson separation costs	  	6	  	9	
	  	 	  	 	
General and administrative excluding specified items	  	405	  	435	
	  	 	  	 	
YEAR-TO-DATE

 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	 	 	Favorable /
(Unfavorable)
FX Impact %	 	 	Growth %
Excluding FX	 	
									
Net sales	  	15,886	  	15,348	  	538	  	 	(730	) 	 	16,616	  	4	% 	 	-4	% 	 	8	% 	
Marketing, selling and administrative  (a)	  	3,258	  	3,507	  	(249	) 	 	171	  	 	3,429	  	-7	% 	 	4	% 	 	-3	% 	
Marketing, selling and administrative excluding specified items  (b)	  	3,162	  	3,433	  	(271	) 	 	169	  	 	3,331	  	-8	% 	 	4	% 	 	-4	% 	
Advertising and product promotion	  	1,085	  	1,101	  	(16	) 	 	46	  	 	1,131	  	-1	% 	 	4	% 	 	3	% 	
Advertising and product promotion excluding specified items  (b)	  	1,085	  	1,101	  	(16	) 	 	46	  	 	1,131	  	-1	% 	 	4	% 	 	3	% 	
Research and development	  	2,590	  	2,442	  	148	  	 	70	  	 	2,660	  	6	% 	 	3	% 	 	9	% 	
Research and development excluding specified items  (b)	  	2,416	  	2,354	  	62	  	 	70	  	 	2,486	  	3	% 	 	3	% 	 	6	% 	
									
(a) General and administrative	  	1,261	  	1,352	  	(91	) 	 	49	  	 	1,310	  	-7	% 	 	3	% 	 	-4	% 	
General and administrative excluding specified items  (c)	  	1,165	  	1,278	  	(113	) 	 	46	  	 	1,211	  	-9	% 	 	3	% 	 	-6	% 	
	
(b) Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.	  	
	
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:	  	

					
 	  	2009	  	2008	
General and administrative	  	1,261	  	1,352	
Specified Items:	  		  		
Process standardization implementation costs	  	65	  	64	
Mead Johnson separation costs	  	31	  	10	
	  	 	  	 	
General and administrative excluding specified items	  	1,165	  	1,278	

6

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE

 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	  	Favorable /
(Unfavorable)
FX Impact %	  	Growth %
Excluding FX	
									
Plavix	  	1,554	  	1,439	  	115	  	 	(14	) 	 	1,568	  	8%	  	-1%	  	9%	
Avapro/Avalide	  	329	  	334	  	(5	) 	 	(12	) 	 	341	  	-1%	  	-2%	  	1%	
Abilify	  	653	  	564	  	89	  	 	(15	) 	 	668	  	16%	  	-2%	  	18%	
Reyataz	  	360	  	342	  	18	  	 	(18	) 	 	378	  	5%	  	-4%	  	9%	
Sustiva Franchise	  	315	  	294	  	21	  	 	(13	) 	 	328	  	7%	  	-4%	  	11%	
Baraclude	  	191	  	144	  	47	  	 	(7	) 	 	198	  	33%	  	-4%	  	37%	
Orencia	  	162	  	119	  	43	  	 	(4	) 	 	166	  	36%	  	-2%	  	38%	
Erbitux	  	179	  	184	  	(5	) 	 	-	  	 	179	  	-3%	  	-    	  	-3%	
Sprycel	  	107	  	82	  	25	  	 	(8	) 	 	115	  	30%	  	-8%	  	38%	
Ixempra	  	28	  	25	  	3	  	 	(1	) 	 	29	  	12%	  	-1%	  	13%	
Onglyza	  	20	  	-	  	20	  	 	-	  	 	20	  	N/A	  	N/A	  	N/A	
							
YEAR-TO-DATE	  			 			 		  		  		  		
									
 	  	2009	  	2008	  	Growth $	 	 	Favorable /
(Unfavorable)
FX Impact $	 	 	2009
Excluding FX	  	Growth %	  	Favorable /
(Unfavorable)
FX Impact %	  	Growth %
Excluding FX	
									
Plavix	  	4,528	  	4,134	  	394	  	 	(62	) 	 	4,590	  	10%	  	-1%	  	11%	
Avapro/Avalide	  	944	  	974	  	(30	) 	 	(56	) 	 	1,000	  	-3%	  	-5%	  	2%	
Abilify	  	1,885	  	1,547	  	338	  	 	(62	) 	 	1,947	  	22%	  	-3%	  	25%	
Reyataz	  	1,013	  	963	  	50	  	 	(69	) 	 	1,082	  	5%	  	-7%	  	12%	
Sustiva Franchise	  	919	  	849	  	70	  	 	(57	) 	 	976	  	8%	  	-6%	  	14%	
Baraclude	  	522	  	388	  	134	  	 	(34	) 	 	556	  	35%	  	-7%	  	42%	
Orencia	  	434	  	312	  	122	  	 	(14	) 	 	448	  	39%	  	-4%	  	43%	
Erbitux	  	516	  	567	  	(51	) 	 	-	  	 	516	  	-9%	  	-    	  	-9%	
Sprycel	  	302	  	224	  	78	  	 	(31	) 	 	333	  	35%	  	-12%	  	47%	
Ixempra	  	81	  	76	  	5	  	 	(1	) 	 	82	  	7%	  	-1%	  	8%	
Onglyza	  	20	  	-	  	20	  	 	-	  	 	20	  	N/A	  	N/A	  	N/A	
 
7

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

Gross Profit	 	 	  	2008	 	 	2009	  	% Change	 	
 	 	 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months 	 	 	4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bio Pharmaceuticals	 		  	2,965	  	 	3,135	  	 	6,100	  	 	3,218	  	 	9,318	  	 	3,329	  	 	12,647	  	 	3,191	  	 	3,463	  	 	6,654	  	 	3,500	  	 	10,154	  	 	 	  	 	  	9	% 	 	9	% 	
Mead Johnson	 		  	452	  	 	456	  	 	908	  	 	455	  	 	1,363	  	 	440	  	 	1,803	  	 	445	  	 	484	  	 	929	  	 	455	  	 	1,384	  	 	 	  	 	  	-	  	 	2	% 	
	 		  			 			 			 			 			 			 			 			 			 			 			 			 		  		  			 			
Gross Margin %	 	 	  	2008	 	 	2009	  	Basis Point Change	 	
 	 	 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bio Pharmaceuticals	 		  	70.8	% 	 	70.1	% 	 	70.4	% 	 	71.4	% 	 	70.7	% 	 	73.3	% 	 	71.4	% 	 	73.8	% 	 	74.2	% 	 	74.0	% 	 	73.1	% 	 	73.7	% 	 	 	  	 	  	170	  	 	300	  	
Mead Johnson	 		  	64.3	% 	 	62.6	% 	 	63.5	% 	 	61.2	% 	 	62.7	% 	 	62.2	% 	 	62.6	% 	 	64.2	% 	 	67.3	% 	 	65.8	% 	 	65.1	% 	 	65.6	% 	 	 	  	 	  	390	  	 	290	  	
	 		  			 			 			 			 			 			 			 			 			 			 			 			 		  		  			 			
Earnings Before Income Taxes	 		  	2008	  	 	2009	  	% Change	  	
 	 	 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bio Pharmaceuticals	 		  	832	  	 	848	  	 	1,680	  	 	1,022	  	 	2,702	  	 	879	  	 	3,581	  	 	1,098	  	 	1,242	  	 	2,340	  	 	1,216	  	 	3,556	  	 	 	  	 	  	19	% 	 	32	% 	
Mead Johnson	 		  	208	  	 	188	  	 	396	  	 	159	  	 	555	  	 	137	  	 	692	  	 	159	  	 	151	  	 	310	  	 	127	  	 	437	  	 	 	  	 	  	-20	% 	 	-21	% 	
	 		  			 			 			 			 			 			 			 			 			 			 			 			 		  		  			 			
Net Margin %	 	 	  	2008	 	 	2009	  	Basis Point Change	 	
 	 	 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	 	 	YTD
vs.
YTD	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bio Pharmaceuticals	 		  	19.9	% 	 	18.9	% 	 	19.4	% 	 	22.7	% 	 	20.5	% 	 	19.4	% 	 	20.2	% 	 	25.4	% 	 	26.6	% 	 	26.0	% 	 	25.4	% 	 	25.8	% 	 	 	  	 	  	270	  	 	530	  	
Mead Johnson	 		  	29.6	% 	 	25.8	% 	 	27.7	% 	 	21.4	% 	 	25.5	% 	 	19.4	% 	 	24.0	% 	 	22.9	% 	 	21.0	% 	 	22.0	% 	 	18.2	% 	 	20.7	% 	 	 	  	 	  	-320	  	 	-480	  	
 
*	In Excess of +/- 200%	
 
8

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

 	 	2008	 	 	2009	 	% Change	 	FX Impact	
 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	 4th Qtr 	 	  Year  	 	  Qtr  
vs.
Qtr	 	  YTD  
vs.
YTD	 	  Qtr  
vs.
Qtr	 	  YTD  
vs.
YTD	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Continuing Operations	 	$	4,891	  	 	$	5,203	  	 	$	10,094	  	 	$	5,254	  	 	$	15,348	  	 	$	5,249	  	 	$	20,597	  	 	$	5,015	  	 	$	5,384	  	 	$	10,399	  	 	$	5,487	  	 	$	15,886	  	 	 	 	 	 	4%	 	4%	 	-3%	 	-4%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
BIO PHARMACEUTICALS        	 	 	4,188	  	 	 	4,475	  	 	 	8,663	  	 	 	4,510	  	 	 	13,173	  	 	 	4,542	  	 	 	17,715	  	 	 	4,322	  	 	 	4,665	  	 	 	8,987	  	 	 	4,788	  	 	 	13,775	  	 	 	 	 	 	6%	 	5%	 	-3%	 	-4%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Cardiovascular	 	 	1,828	  	 	 	1,933	  	 	 	3,761	  	 	 	1,948	  	 	 	5,709	  	 	 	1,942	  	 	 	7,651	  	 	 	1,892	  	 	 	2,050	  	 	 	3,942	  	 	 	2,055	  	 	 	5,997	  	 	 	 	 	 	5%	 	5%	 	-1%	 	-3%	
Plavix	 	 	1,308	  	 	 	1,387	  	 	 	2,695	  	 	 	1,439	  	 	 	4,134	  	 	 	1,469	  	 	 	5,603	  	 	 	1,435	  	 	 	1,539	  	 	 	2,974	  	 	 	1,554	  	 	 	4,528	  	 	 	 	 	 	8%	 	10%	 	-1%	 	-1%	
Avapro/Avalide	 	 	305	  	 	 	335	  	 	 	640	  	 	 	334	  	 	 	974	  	 	 	316	  	 	 	1,290	  	 	 	302	  	 	 	313	  	 	 	615	  	 	 	329	  	 	 	944	  	 	 	 	 	 	-1%	 	-3%	 	-2%	 	-5%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Virology	 	 	734	  	 	 	791	  	 	 	1,525	  	 	 	824	  	 	 	2,349	  	 	 	812	  	 	 	3,161	  	 	 	794	  	 	 	848	  	 	 	1,642	  	 	 	890	  	 	 	2,532	  	 	 	 	 	 	8%	 	8%	 	-4%	 	-6%	
Reyataz	 	 	297	  	 	 	324	  	 	 	621	  	 	 	342	  	 	 	963	  	 	 	329	  	 	 	1,292	  	 	 	322	  	 	 	331	  	 	 	653	  	 	 	360	  	 	 	1,013	  	 	 	 	 	 	5%	 	5%	 	-4%	 	-7%	
Sustiva Franchise (a)	 	 	273	  	 	 	282	  	 	 	555	  	 	 	294	  	 	 	849	  	 	 	300	  	 	 	1,149	  	 	 	292	  	 	 	312	  	 	 	604	  	 	 	315	  	 	 	919	  	 	 	 	 	 	7%	 	8%	 	-4%	 	-6%	
Baraclude	 	 	108	  	 	 	136	  	 	 	244	  	 	 	144	  	 	 	388	  	 	 	153	  	 	 	541	  	 	 	152	  	 	 	179	  	 	 	331	  	 	 	191	  	 	 	522	  	 	 	 	 	 	33%	 	35%	 	-4%	 	-7%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Oncology	 	 	436	  	 	 	474	  	 	 	910	  	 	 	447	  	 	 	1,357	  	 	 	462	  	 	 	1,819	  	 	 	407	  	 	 	450	  	 	 	857	  	 	 	447	  	 	 	1,304	  	 	 	 	 	 	-	 	-4%	 	-	 	-2%	
Erbitux	 	 	187	  	 	 	196	  	 	 	383	  	 	 	184	  	 	 	567	  	 	 	182	  	 	 	749	  	 	 	164	  	 	 	173	  	 	 	337	  	 	 	179	  	 	 	516	  	 	 	 	 	 	-3%	 	-9%	 	-	 	-	
Sprycel	 	 	66	  	 	 	76	  	 	 	142	  	 	 	82	  	 	 	224	  	 	 	86	  	 	 	310	  	 	 	88	  	 	 	107	  	 	 	195	  	 	 	107	  	 	 	302	  	 	 	 	 	 	30%	 	35%	 	-8%	 	-12%	
Ixempra	 	 	25	  	 	 	26	  	 	 	51	  	 	 	25	  	 	 	76	  	 	 	25	  	 	 	101	  	 	 	24	  	 	 	29	  	 	 	53	  	 	 	28	  	 	 	81	  	 	 	 	 	 	12%	 	7%	 	-1%	 	-1%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Neuroscience	 	 	498	  	 	 	575	  	 	 	1,073	  	 	 	607	  	 	 	1,680	  	 	 	641	  	 	 	2,321	  	 	 	621	  	 	 	660	  	 	 	1,281	  	 	 	668	  	 	 	1,949	  	 	 	 	 	 	10%	 	16%	 	-2%	 	-4%	
Abilify (b)	 	 	454	  	 	 	529	  	 	 	983	  	 	 	564	  	 	 	1,547	  	 	 	606	  	 	 	2,153	  	 	 	589	  	 	 	643	  	 	 	1,232	  	 	 	653	  	 	 	1,885	  	 	 	 	 	 	16%	 	22%	 	-2%	 	-3%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Immunoscience	 	 	87	  	 	 	106	  	 	 	193	  	 	 	119	  	 	 	312	  	 	 	129	  	 	 	441	  	 	 	124	  	 	 	148	  	 	 	272	  	 	 	162	  	 	 	434	  	 	 	 	 	 	36%	 	39%	 	-2%	 	-4%	
Orencia	 	 	87	  	 	 	106	  	 	 	193	  	 	 	119	  	 	 	312	  	 	 	129	  	 	 	441	  	 	 	124	  	 	 	148	  	 	 	272	  	 	 	162	  	 	 	434	  	 	 	 	 	 	36%	 	39%	 	-2%	 	-4%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Metabolics	 	 	25	  	 	 	27	  	 	 	52	  	 	 	30	  	 	 	82	  	 	 	22	  	 	 	104	  	 	 	25	  	 	 	36	  	 	 	61	  	 	 	52	  	 	 	113	  	 	 	 	 	 	73%	 	38%	 	1%	 	1%	
Onglyza	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	20	  	 	 	20	  	 	 	 	 	 	N/A	 	N/A	 	N/A	 	N/A	
 
*	In excess of +/- 200%	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
9

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

 	  	2008	 	 	2009	  	% Change	  	% Change in U.S.
Total Prescription***	
 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	  4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	  	YTD
vs.
YTD	  	Qtr
vs.
Qtr	  	YTD
vs.
YTD	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing Operations	  	$	2,747	  	 	$	2,898	  	 	$	5,645	  	 	$	2,983	  	 	$	8,628	  	 	$	3,091	  	 	$	11,719	  	 	3,031	  	 	$	3,247	  	 	$	6,278	  	 	$	3,256	  	 	$	9,534	  	 	 	  	 	  	9%	  	11%	  	 	  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BIO PHARMACEUTICALS        	  	 	2,459	  	 	 	2,625	  	 	 	5,084	  	 	 	2,708	  	 	 	7,792	  	 	 	2,819	  	 	 	10,611	  	 	2,784	  	 	 	2,977	  	 	 	5,761	  	 	 	3,021	  	 	 	8,782	  	 	 	  	 	  	12%	  	13%	  	 	  	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cardiovascular	  	 	1,366	  	 	 	1,437	  	 	 	2,803	  	 	 	1,474	  	 	 	4,277	  	 	 	1,521	  	 	 	5,798	  	 	1,515	  	 	 	1,652	  	 	 	3,167	  	 	 	1,650	  	 	 	4,817	  	 	 	  	 	  	12%	  	13%	  	 	  	 	
Plavix	  	 	1,139	  	 	 	1,207	  	 	 	2,346	  	 	 	1,263	  	 	 	3,609	  	 	 	1,311	  	 	 	4,920	  	 	1,296	  	 	 	1,393	  	 	 	2,689	  	 	 	1,406	  	 	 	4,095	  	 	 	  	 	  	11%	  	13%	  	4%	  	4%	
Avapro/Avalide	  	 	174	  	 	 	184	  	 	 	358	  	 	 	189	  	 	 	547	  	 	 	188	  	 	 	735	  	 	173	  	 	 	179	  	 	 	352	  	 	 	186	  	 	 	538	  	 	 	  	 	  	-2%	  	-2%	  	-10%	  	-9%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Virology	  	 	378	  	 	 	376	  	 	 	754	  	 	 	405	  	 	 	1,159	  	 	 	407	  	 	 	1,566	  	 	406	  	 	 	404	  	 	 	810	  	 	 	424	  	 	 	1,234	  	 	 	  	 	  	5%	  	6%	  	 	  	 	
Reyataz	  	 	160	  	 	 	159	  	 	 	319	  	 	 	176	  	 	 	495	  	 	 	172	  	 	 	667	  	 	176	  	 	 	169	  	 	 	345	  	 	 	186	  	 	 	531	  	 	 	  	 	  	6%	  	7%	  	6%	  	7%	
Sustiva Franchise  (a)	  	 	175	  	 	 	171	  	 	 	346	  	 	 	185	  	 	 	531	  	 	 	193	  	 	 	724	  	 	190	  	 	 	194	  	 	 	384	  	 	 	195	  	 	 	579	  	 	 	  	 	  	5%	  	9%	  	10%	  	9%	
Baraclude	  	 	29	  	 	 	35	  	 	 	64	  	 	 	36	  	 	 	100	  	 	 	40	  	 	 	140	  	 	36	  	 	 	39	  	 	 	75	  	 	 	41	  	 	 	116	  	 	 	  	 	  	14%	  	16%	  	7%	  	12%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Oncology	  	 	237	  	 	 	254	  	 	 	491	  	 	 	234	  	 	 	725	  	 	 	246	  	 	 	971	  	 	218	  	 	 	233	  	 	 	451	  	 	 	233	  	 	 	684	  	 	 	  	 	  	-	  	-6%	  	 	  	 	
Erbitux	  	 	185	  	 	 	193	  	 	 	378	  	 	 	182	  	 	 	560	  	 	 	179	  	 	 	739	  	 	162	  	 	 	171	  	 	 	333	  	 	 	175	  	 	 	508	  	 	 	  	 	  	-4%	  	-9%	  	N/A	  	N/A	
Sprycel	  	 	20	  	 	 	21	  	 	 	41	  	 	 	21	  	 	 	62	  	 	 	30	  	 	 	92	  	 	30	  	 	 	33	  	 	 	63	  	 	 	28	  	 	 	91	  	 	 	  	 	  	33%	  	47%	  	23%	  	20%	
Ixempra	  	 	25	  	 	 	26	  	 	 	51	  	 	 	24	  	 	 	75	  	 	 	23	  	 	 	98	  	 	22	  	 	 	26	  	 	 	48	  	 	 	26	  	 	 	74	  	 	 	  	 	  	8%	  	-1%	  	N/A	  	N/A	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Neuroscience	  	 	359	  	 	 	413	  	 	 	772	  	 	 	449	  	 	 	1,221	  	 	 	502	  	 	 	1,723	  	 	491	  	 	 	513	  	 	 	1,004	  	 	 	520	  	 	 	1,524	  	 	 	  	 	  	16%	  	25%	  	 	  	 	
Abilify  (b)	  	 	348	  	 	 	403	  	 	 	751	  	 	 	435	  	 	 	1,186	  	 	 	490	  	 	 	1,676	  	 	481	  	 	 	518	  	 	 	999	  	 	 	520	  	 	 	1,519	  	 	 	  	 	  	20%	  	28%	  	25%	  	28%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Immunoscience	  	 	73	  	 	 	87	  	 	 	160	  	 	 	97	  	 	 	257	  	 	 	106	  	 	 	363	  	 	99	  	 	 	116	  	 	 	215	  	 	 	126	  	 	 	341	  	 	 	  	 	  	30%	  	33%	  	 	  	 	
Orencia	  	 	73	  	 	 	87	  	 	 	160	  	 	 	97	  	 	 	257	  	 	 	106	  	 	 	363	  	 	99	  	 	 	116	  	 	 	215	  	 	 	126	  	 	 	341	  	 	 	  	 	  	30%	  	33%	  	N/A	  	N/A	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Metabolics	  	 	15	  	 	 	16	  	 	 	31	  	 	 	17	  	 	 	48	  	 	 	9	  	 	 	57	  	 	11	  	 	 	21	  	 	 	32	  	 	 	36	  	 	 	68	  	 	 	  	 	  	112%	  	42%	  	 	  	 	
Onglyza	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	-	  	 	 	-	  	 	 	-	  	 	 	20	  	 	 	20	  	 	 	  	 	  	N/A	  	N/A	  	N/A	  	N/A	
 
*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
***	In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Klumer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying WK mail order prescription data by a factor that approximates three and adding to this the WK retail prescriptions.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
10

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

 	  	2008	 	 	2009	  	% Change	 	FX Impact	
 	  	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr	 	 	Year	 	 	1st Qtr	 	 	2nd Qtr	 	 	6 Months	 	 	3rd Qtr	 	 	9 Months	 	 	4th Qtr  	  	Year  	  	Qtr
vs.
Qtr	 	YTD
vs.
YTD	 	Qtr
vs.
Qtr	  	YTD
vs.
YTD	
Continuing Operations	  	$	2,144	  	 	$	2,305	  	 	$	4,449	  	 	$	2,271	  	 	$	6,720	  	 	$	2,158	  	 	$	8,878	  	 	$	1,984	  	 	$	2,137	  	 	$	4,121	  	 	$	2,231	  	 	$	6,352	  	 	 	  	 	  	-2% 	 	-5% 	 	-7%	  	-10%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
BIO PHARMACEUTICALS        	  	 	1,729	  	 	 	1,850	  	 	 	3,579	  	 	 	1,802	  	 	 	5,381	  	 	 	1,723	  	 	 	7,104	  	 	 	1,538	  	 	 	1,688	  	 	 	3,226	  	 	 	1,767	  	 	 	4,993	  	 	 	  	 	  	-2%	 	-7%	 	-7%	  	-10%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Cardiovascular	  	 	462	  	 	 	496	  	 	 	958	  	 	 	474	  	 	 	1,432	  	 	 	421	  	 	 	1,853	  	 	 	377	  	 	 	398	  	 	 	775	  	 	 	405	  	 	 	1,180	  	 	 	  	 	  	-15%	 	-18%	 	-6%	  	-10%	
Plavix	  	 	169	  	 	 	180	  	 	 	349	  	 	 	176	  	 	 	525	  	 	 	158	  	 	 	683	  	 	 	139	  	 	 	146	  	 	 	285	  	 	 	148	  	 	 	433	  	 	 	  	 	  	-16%	 	-18%	 	-5%	  	-10%	
Avapro/Avalide	  	 	131	  	 	 	151	  	 	 	282	  	 	 	145	  	 	 	427	  	 	 	128	  	 	 	555	  	 	 	129	  	 	 	134	  	 	 	263	  	 	 	143	  	 	 	406	  	 	 	  	 	  	-1%	 	-5%	 	-6%	  	-11%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Virology	  	 	356	  	 	 	415	  	 	 	771	  	 	 	419	  	 	 	1,190	  	 	 	405	  	 	 	1,595	  	 	 	388	  	 	 	444	  	 	 	832	  	 	 	466	  	 	 	1,298	  	 	 	  	 	  	11%	 	9%	 	-8%	  	-13%	
Reyataz	  	 	137	  	 	 	165	  	 	 	302	  	 	 	166	  	 	 	468	  	 	 	157	  	 	 	625	  	 	 	146	  	 	 	162	  	 	 	308	  	 	 	174	  	 	 	482	  	 	 	  	 	  	5%	 	3%	 	-9%	  	-13%	
Sustiva Franchise  (a)	  	 	98	  	 	 	111	  	 	 	209	  	 	 	109	  	 	 	318	  	 	 	107	  	 	 	425	  	 	 	102	  	 	 	118	  	 	 	220	  	 	 	120	  	 	 	340	  	 	 	  	 	  	10%	 	7%	 	-10%	  	-16%	
Baraclude	  	 	79	  	 	 	101	  	 	 	180	  	 	 	108	  	 	 	288	  	 	 	113	  	 	 	401	  	 	 	116	  	 	 	140	  	 	 	256	  	 	 	150	  	 	 	406	  	 	 	  	 	  	39%	 	41%	 	-6%	  	-10%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Oncology	  	 	199	  	 	 	220	  	 	 	419	  	 	 	213	  	 	 	632	  	 	 	216	  	 	 	848	  	 	 	189	  	 	 	217	  	 	 	406	  	 	 	214	  	 	 	620	  	 	 	  	 	  	-    	 	-2%	 	-    	  	-4%	
Erbitux	  	 	2	  	 	 	3	  	 	 	5	  	 	 	2	  	 	 	7	  	 	 	3	  	 	 	10	  	 	 	2	  	 	 	2	  	 	 	4	  	 	 	4	  	 	 	8	  	 	 	  	 	  	100%	 	14%	 	-5%	  	-6%	
Sprycel	  	 	46	  	 	 	55	  	 	 	101	  	 	 	61	  	 	 	162	  	 	 	56	  	 	 	218	  	 	 	58	  	 	 	74	  	 	 	132	  	 	 	79	  	 	 	211	  	 	 	  	 	  	30%	 	30%	 	-11%	  	-17%	
Ixempra	  	 	-	  	 	 	-	  	 	 	-	  	 	 	1	  	 	 	1	  	 	 	2	  	 	 	3	  	 	 	2	  	 	 	3	  	 	 	5	  	 	 	2	  	 	 	7	  	 	 	  	 	  	100%	 	*	 	N/A	  	N/A	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Neuroscience	  	 	139	  	 	 	162	  	 	 	301	  	 	 	158	  	 	 	459	  	 	 	139	  	 	 	598	  	 	 	130	  	 	 	147	  	 	 	277	  	 	 	148	  	 	 	425	  	 	 	  	 	  	-6%	 	-7%	 	-9%	  	-14%	
Abilify (b)	  	 	106	  	 	 	126	  	 	 	232	  	 	 	129	  	 	 	361	  	 	 	116	  	 	 	477	  	 	 	108	  	 	 	125	  	 	 	233	  	 	 	133	  	 	 	366	  	 	 	  	 	  	3%	 	1%	 	-9%	  	-15%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Immunoscience	  	 	14	  	 	 	19	  	 	 	33	  	 	 	22	  	 	 	55	  	 	 	23	  	 	 	78	  	 	 	25	  	 	 	32	  	 	 	57	  	 	 	36	  	 	 	93	  	 	 	  	 	  	64%	 	69%	 	-11%	  	-22%	
Orencia	  	 	14	  	 	 	19	  	 	 	33	  	 	 	22	  	 	 	55	  	 	 	23	  	 	 	78	  	 	 	25	  	 	 	32	  	 	 	57	  	 	 	36	  	 	 	93	  	 	 	  	 	  	64%	 	69%	 	-11%	  	-22%	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 		 	
Metabolics	  	 	10	  	 	 	11	  	 	 	21	  	 	 	13	  	 	 	34	  	 	 	13	  	 	 	47	  	 	 	14	  	 	 	15	  	 	 	29	  	 	 	16	  	 	 	45	  	 	 	  	 	  	23%	 	32%	 	-    	  	2%	
Onglyza	  	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	-	  	 	 	  	 	  	N/A	 	N/A	 	N/A	  	N/A	
 
*	In excess of +/- 200%	
**	This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.	
(a)	The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.	
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.	
 
11

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)

 	  	Q3 2009	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
				
Net Sales	  	$	5,487	  	 	-	  	 	$	5,487	  	
Cost of products sold	  	 	1,562	  	 	(30	) 	 	 	1,532	  	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	3,925	  	 	30	  	 	 	3,955	  	
				
Gross margin as a % of sales	  	 	71.5	% 	 	0.6	% 	 	 	72.1	% 	
				
Marketing, selling and administrative	  	 	1,117	  	 	(27	) 	 	 	1,090	  	
Advertising and product promotion	  	 	361	  	 	-	  	 	 	361	  	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	1,478	  	 	(27	) 	 	 	1,451	  	
				
SG&A as a % of sales	  	 	26.9	% 	 	(0.5	)% 	 	 	26.4	% 	
				
Research and development	  	 	838	  	 	-	  	 	 	838	  	
				
R&D as a % of sales	  	 	15.3	% 	 	-	  	 	 	15.3	% 	
				
Provision for restructuring, net	  	 	54	  	 	(54	) 	 	 	-	  	
Litigation expense, net	  	 	-	  	 	-	  	 	 	-	  	
Equity in net income of affiliates	  	 	(139	) 	 	-	  	 	 	(139	) 	
Other income, net	  	 	(30	) 	 	23	  	 	 	(7	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	1,724	  	 	88	  	 	$	1,812	  	
				
Provision for income taxes	  	 	434	  	 	8	  	 	 	442	  	
				
Net Earnings - Continuing Operations	  	$	1,290	  	 	80	  	 	$	1,370	  	
				
Net Earnings - Discontinued Operations	  	 	-	  	 			 	 	-	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	324	  	 			 	 	324	  	
	  	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	966	  	 	80	  	 	$	1,046	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	966	  	 	80	  	 	$	1,046	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(5	) 	 			 	 	(5	) 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations	  				 			 				
- Attributable to Bristol-Myers Squibb Company	  	$	961	  	 	80	  	 	$	1,041	  	
				
Average Common Shares Outstanding - Diluted	  	 	1,984	  	 			 	 	1,984	  	
Diluted Earnings per Common Share - Continuing Operations	  	$	0.48	  	 	0.04	  	 	$	0.52	  	
				
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	17.6	% 	 	1.5	% 	 	 	19.1	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	17.6	% 	 	1.5	% 	 	 	19.1	% 	
				
Effective Tax Rate	  	 	25.2	% 	 	(0.8	)% 	 	 	24.4	% 	
 
*	Please refer to the Specified Items QTD tab for detail of specified items.	
 
12

BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)

 	  	SEPTEMBER YTD 2009	 	
 	  	GAAP	 	 	Specified
Items*	 	 	Non
GAAP	 	
				
Net Sales	  	$	15,886	  	 	-	  	 	$	15,886	  	
Cost of products sold	  	 	4,436	  	 	(88	) 	 	 	4,348	  	
	  	 	 	 	 			 	 	 	 	
Gross Profit	  	 	11,450	  	 	88	  	 	 	11,538	  	
				
Gross margin as a % of sales	  	 	72.1	% 	 	0.5	% 	 	 	72.6	% 	
				
Marketing, selling and administrative	  	 	3,258	  	 	(96	) 	 	 	3,162	  	
Advertising and product promotion	  	 	1,085	  	 	-	  	 	 	1,085	  	
	  	 	 	 	 			 	 	 	 	
Total SGA	  	 	4,343	  	 	(96	) 	 	 	4,247	  	
				
SG&A as a % of sales	  	 	27.3	% 	 	(0.6	)% 	 	 	26.7	% 	
				
Research and development	  	 	2,590	  	 	(174	) 	 	 	2,416	  	
				
R&D as a % of sales	  	 	16.3	% 	 	(1.1	)% 	 	 	15.2	% 	
				
Provision for restructuring, net	  	 	101	  	 	(101	) 	 	 	-	  	
Litigation expense, net	  	 	132	  	 	(132	) 	 	 	-	  	
Equity in net income of affiliates	  	 	(435	) 	 	-	  	 	 	(435	) 	
Other income, net	  	 	(130	) 	 	91	  	 	 	(39	) 	

Earnings from Continuing Operations Before Income Taxes	  	$	4,849	  	 	500	  	 	$	5,349	  	
				
Provision for income taxes	  	 	1,340	  	 	(26	) 	 	 	1,314	  	
				
Net Earnings - Continuing Operations	  	$	3,509	  	 	526	  	 	$	4,035	  	
				
Net Earnings - Discontinued Operations	  	 	-	  	 			 	 	-	  	
Net Earnings Attributable to Noncontrolling Interest	  	 	922	  	 			 	 	922	  	
	  	 	 	 	 			 	 	 	 	
Net Earnings Attributable to Bristol-Myers Squibb Company	  	$	2,587	  	 	526	  	 	$	3,113	  	

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	  	$	2,587	  	 	526	  	 	$	3,113	  	
Contingently convertible debt interest expense and dividends attributable to unvested shares	  	 	(14	) 	 			 	 	(14	) 	
	  	 	 	 	 			 	 	 	 	
Net Earnings used for Diluted EPS Calc - Continuing Operations	  				 			 				
- Attributable to Bristol-Myers Squibb Company	  	$	2,573	  	 	526	  	 	$	3,099	  	
				
Average Common Shares Outstanding - Diluted	  	 	1,982	  	 			 	 	1,982	  	
Diluted Earnings per Common Share - Continuing Operations	  	$	1.30	  	 	0.26	  	 	$	1.56	  	
				
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	16.3	% 	 	3.3	% 	 	 	19.6	% 	
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales	  	 	16.3	% 	 	3.3	% 	 	 	19.6	% 	
				
Effective Tax Rate	  	 	27.6	% 	 	(3.0	)% 	 	 	24.6	% 	
 
*	Please refer to the Specified Items YTD tab for detail of specified items.	
 
13

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
($ in millions)
Three months ended September 30, 2009

 	  	Cost of
products
sold	  	Marketing
selling and
administrative	  	Provision for
restructuring,
net	  	Other
(income)/
expense, net	 	 	Total	 	
						
Productivity Transformation Initiative:	  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	-	  	$	-	  	$	51	  	$	-	  	 	$	51	  	
Accelerated depreciation and other shutdown costs	  	 	30	  	 	-	  	 	3	  	 	-	  	 	 	33	  	
Process standardization implementation costs	  	 	-	  	 	21	  	 	-	  	 	-	  	 	 	21	  	
Gain on sale of product lines, businesses and assets	  	 	-	  	 	-	  	 	-	  	 	(17	) 	 	 	(17	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	30	  	 	21	  	 	54	  	 	(17	) 	 	 	88	  	
						
Other:	  			  			  			  				 				
Mead Johnson separation costs	  	 	-	  	 	6	  	 	-	  	 	-	  	 	 	6	  	
Medarex acquisition	  	 	-	  	 	-	  	 	-	  	 	(10	) 	 	 	(10	) 	
Debt buyback and swap terminations	  	 	-	  	 	-	  	 	-	  	 	4	  	 	 	4	  	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	30	  	$	27	  	$	54	  	$	(23	) 	 	 	88	  	
	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  				 	 	(29	) 	
Income taxes attributable to Mead Johnson separation	  			  			  			  				 	 	21	  	
	  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  				 	$	80	  	

Three months ended September 30, 2008	  			  			  			  				 				
								
 	  	Cost of
products
sold	  	Marketing
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense, net	 	 	Total	 	
								
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	-	  	$	-	  	$	-	  	$	26	  	$	-	  	$	-	  	 	$	26	  	
Accelerated depreciation and other shutdown costs	  	 	53	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	53	  	
Process standardization implementation costs	  	 	-	  	 	28	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	28	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	 	53	  	 	28	  	 	-	  	 	26	  	 	-	  	 	-	  	 	 	107	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	-	  	 	-	  	 	-	  	 	-	  	 	30	  	 	-	  	 	 	30	  	
Mead Johnson separation costs	  	 	-	  	 	9	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	9	  	
Product liability	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	2	  	 	 	2	  	
Upfront and milestone payments	  	 	-	  	 	-	  	 	37	  	 	-	  	 	-	  	 	-	  	 	 	37	  	
ARS impairment charge	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	224	  	 	 	224	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	$	53	  	$	37	  	$	37	  	$	26	  	$	30	  	$	226	  	 	 	409	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(87	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	322	  	

14

BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
($ in millions)
Nine months ended September 30, 2009

 	  	Cost of
products
sold	  	Marketing
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense, net	 	 	Total	 	
								
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	-	  	$	-	  	$	-	  	$	92	  	$	-	  	$	-	  	 	$	92	  	
Accelerated depreciation, asset impairment, and other shutdown costs	  	 	80	  	 	-	  	 	-	  	 	9	  	 	-	  	 	-	  	 	 	89	  	
Pension curtailment charge	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	25	  	 	 	25	  	
Process standardization implementation costs	  	 	-	  	 	65	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	65	  	
Gain on sale of product lines, businesses and assets	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(72	) 	 	 	(72	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total PTI	  	 	80	  	 	65	  	 	-	  	 	101	  	 	-	  	 	(47	) 	 	 	199	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	-	  	 	-	  	 	-	  	 	-	  	 	132	  	 	(10	) 	 	 	122	  	
Mead Johnson separation costs	  	 	-	  	 	31	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	31	  	
Mead Johnson gain on sale of trademark	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(12	) 	 	 	(12	) 	
Upfront and milestone payments	  	 	-	  	 	-	  	 	174	  	 	-	  	 	-	  	 	-	  	 	 	174	  	
Medarex acquisition	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(10	) 	 	 	(10	) 	
Debt buyback and swap terminations	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(7	) 	 	 	(7	) 	
Product liability	  	 	8	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(5	) 	 	 	3	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
Total	  	$	88	  	$	96	  	$	174	  	$	101	  	$	132	  	$	(91	) 	 	 	500	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(168	) 	
Income taxes attributable to Mead Johnson separation	  			  			  			  			  			  				 	 	194	  	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	526	  	

Nine months ended September 30, 2008	  			  			  			  			  			  				 				
								
 	  	Cost of
products
sold	  	Marketing
selling and
administrative	  	Research
and
development	  	Provision for
restructuring,
net	  	Litigation
expense,
net	  	Other
(income)/
expense, net	 	 	Total	 	
								
Productivity Transformation Initiative:	  			  			  			  			  			  				 				
Downsizing and streamlining of worldwide operations	  	$	-	  	$	-	  	$	-	  	$	67	  	$	-	  	$	-	  	 	$	67	  	
Accelerated depreciation and other shutdown costs	  	 	207	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	207	  	
Process standardization implementation costs	  	 	-	  	 	64	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	64	  	
Gain on sales and leaseback of properties	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	(9	) 	 	 	(9	) 	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	 	207	  	 	64	  	 	-	  	 	67	  	 	-	  	 	(9	) 	 	 	329	  	
								
Other:	  			  			  			  			  			  				 				
Litigation charges	  	 	-	  	 	-	  	 	-	  	 	-	  	 	32	  	 	-	  	 	 	32	  	
Mead Johnson separation costs	  	 	-	  	 	10	  	 	-	  	 	-	  	 	-	  	 	-	  	 	 	10	  	
Product liability	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	18	  	 	 	18	  	
Upfront and milestone payments	  	 	-	  	 	-	  	 	88	  	 	-	  	 	-	  	 	-	  	 	 	88	  	
Acquired in-process research and development	  	 	-	  	 	-	  	 	32	  	 	-	  	 	-	  	 	-	  	 	 	32	  	
ARS impairment charge	  	 	-	  	 	-	  	 	-	  	 	-	  	 	-	  	 	247	  	 	 	247	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 	 	 	 	
	  	$	207	  	$	74	  	$	120	  	$	67	  	$	32	  	$	256	  	 	 	756	  	
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	 				
Income taxes on items above	  			  			  			  			  			  				 	 	(154	) 	
	  			  			  			  			  			  				 	 	 	 	
Decrease to Net Earnings	  			  			  			  			  			  				 	$	602	  	

15

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

 	  	March 31,
2008	 	 	June 30,
2008	 	 	September 30,
2008	  	December 31,
2008	  	March 31,
2009	  	June 30,
2009	  	September 30,
2009	  	December 31,
2009	
	 							 	
Cash and cash equivalents	  	$	2,443	  	 	$	4,047	  	 	$	7,173	  	$	7,976	  	$	7,832	  	$	7,507	  	$	6,367	  		 	
Marketable securities - current	  	 	194	  	 	 	355	  	 	 	258	  	 	289	  	 	1,088	  	 	613	  	 	302	  		 	
Marketable securities - long term	  	 	455	  	 	 	386	  	 	 	297	  	 	188	  	 	184	  	 	983	  	 	1,202	  		 	
Short-term borrowings	  	 	1,781	  	 	 	1,799	  	 	 	135	  	 	154	  	 	156	  	 	124	  	 	286	  		 	
Long-term debt	  	 	4,660	  	 	 	6,021	  	 	 	6,120	  	 	6,585	  	 	6,492	  	 	6,235	  	 	6,307	  		 	
	  	 	 	 	 	 	 	 	 	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	
Net (debt) / cash	  	$	(3,349	) 	 	$	(3,032	) 	 	$	1,473	  	$	1,714	  	$	2,456	  	$	2,744	  	$	1,278	  	$	-	

Receivables, net of allowances	  	$	4,082	  	 	$	3,838	  	 	$	3,555	  	$	3,644	  	$	3,600	  	$	3,619	  	$	3,699	  		 	
	 							 	
Total equity	  	 	10,567	  	 	 	10,766	  	 	 	12,934	  	 	12,208	  	 	13,129	  	 	13,936	  	 	14,371	  		 	
	 							 	
Capital expenditures and capitalized software (for the quarter ended)	  	 	250	  	 	 	210	  	 	 	196	  	 	285	  	 	201	  	 	164	  	 	169	  	 	 	
 
16

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

 	  	Full Year 2009	 	
		
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	  	$	1.72 to $1.77	  	
		
Projected Specified Items:	  				
		
Productivity Transformation Initiative	  	 	0.13	  	
		
Productivity Transformation Initiative Gain on Sale of Assets	  	 	(0.11	) 	
		
Upfront and milestone payments	  	 	0.10	  	
		
Mead Johnson charges	  	 	0.02	  	
		
Litigation Charges	  	 	0.04	  	
		
Additional Taxes Related to Mead Johnson IPO	  	 	0.10	  	

Total	  	 	0.28	  	

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	  	$	2.00 to $2.05	  	
	  	 	 	 	
Revenue growth is projected in the mid single digit range, which based on historical trends in 2008 and the nine months ended September 30, 2009 would be in the high single digit range, excluding foreign exchange.
Gross margin on a GAAP basis for the nine months ended September 30, 2009 was 72.1%, which included specified items of $88 million and had a 0.5% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 gross margin was 72.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects gross margin for the full year 2009 to improve approximately 200 basis points compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Research and development expenses on a GAAP basis for the nine months ended September 30, 2009 were $2,590 million, which included specified items of $174 million. On a non-GAAP basis, for the nine months ended September 30, 2009 research and development expenses were $2,416 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009, the Company projects research and development expenses for the full year 2009 to increase in the mid single digit range compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2009 were $3,258 million, which included specified items of $96 million. On a non-GAAP basis, for the nine months ended September 30, 2009 marketing, selling and administrative expenses were $3,162 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects marketing, selling and administrative expenses, for the full year 2009 to be down in low to mid single digit range compared to 2008, excluding foreign exchange. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The effective tax rate on a GAAP basis for the nine months ended September 30, 2009 was 27.6%, which included specified items of $26 million in the tax provision, and had a 3.0% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 effective tax rate was 24.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects effective tax rate for the full year 2009 to be approximately 25%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The GAAP results for the full year 2009 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative, announced in December 2007 is expected to generate approximately $2.5 billion in cost reductions and avoidance on a pre-tax basis by 2012. Costs associated with the Productivity Transformation Initiatives are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. This amount does not include gains realized due to sales of assets. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2009 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, other restructuring activities, impairments to marketable securities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Third Quarter of 2009, October 22, 2009, including “2009 Guidance” and “Use of Non-GAAP Financial Information” therein.
On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
 
17