8-K

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                       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): January 7, 2003



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




          Delaware                     1-1136                  22-079-0350
(State or Other Jurisdiction   (Commission File Number)       (IRS Employer
     of Incorporation)                                    Identification Number)



                                 345 Park Avenue
                               New York, NY, 10154
                     (Address of Principal Executive Office)

       Registrant's telephone number, including area code: (212) 546-4000


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ITEM 5. OTHER EVENTS.

      On January 7, 2003, the Registrant announced in a press release that it
has agreed to settle substantially all of the antitrust litigation surrounding
two of its drugs, BuSpar(R) and TAXOL(R). Incorporated by reference is the press
release issued by the Registrant on January 7, 2003, attached as Exhibit 99.1.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

      (a) Financial Statements of Business to be Acquired: Not Applicable.

      (b) Pro Forma Financial Information: Not Applicable.

      (c) Exhibits




EXHIBIT NO.      DESCRIPTION
- -----------      -----------
             
   99.1          Press Release dated January 7, 2003








                                   SIGNATURES

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

                                        Bristol-Myers Squibb Company,



                                        By:  /s/ SANDRA LEUNG
                                            --------------------------------
                                            Name: Sandra Leung
                                            Title: Secretary


Date: January 31, 2003





                                  EXHIBIT INDEX



EXHIBIT NO.      DESCRIPTION
- -----------      -----------
              
   99.1          Press Release dated January 7, 2003

EX-99.1

                                                                    EXHIBIT 99.1

Contact: Robert F. Laverty                           John Elicker
         CORPORATE AFFAIRS                           INVESTOR RELATIONS
         609-252-5732                                212-546-3775
         bob.laverty@bms.com                         john.elicker@bms.com
         -------------------                         ---------------------


               BRISTOL-MYERS SQUIBB TO SETTLE ANTITRUST LITIGATION

      NEW YORK, N.Y. (January 7, 2003) - Bristol-Myers Squibb Company (NYSE:BMY)
today announced that it has reached agreements in principle that would settle
substantially all antitrust litigation surrounding two of its products, the
anti-anxiety drug BuSpar(R) and the anti-cancer drug Taxol(R) (paclitaxel).

      In this litigation, antitrust violations had been alleged against the
company based on actions the company took to protect patents and other
intellectual property for the drugs, both of which Bristol-Myers Squibb had
pioneered. And while the company said that it stood behind its actions and
believed they were entirely lawful, it decided that it would be prudent to enter
into settlements to put the uncertainty and risk of this litigation behind the
company.

      The BuSpar settlements, for $535 million, will resolve claims brought by
direct and indirect purchasers of the product, competitors and state attorneys
general. Of this amount, $125 million was accrued in the first quarter of 2002.
The remaining $410 million will be charged against 2002 results.

      The amount of the TAXOL antitrust settlements is $135 million and will be
charged against 2002 results.

      Some terms and conditions remain to be finalized, and certain settlements
require court approval. Among the provisions remaining to be negotiated are the
terms for incorporating certain claimants, including a number of health
insurers, into the existing framework. Final approval by the state attorneys
general in the BuSpar and Taxol litigation is contingent upon further agreements
on terms of injunctive relief.

      Bristol-Myers Squibb is a global pharmaceutical and related health care
products company whose mission is to extend and enhance human life.

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