8-K

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 28, 2005

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 28, 2005, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2005. 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 28, 2005
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 28, 2005	By:	/s/ Sandra Leung
		Name:	Sandra Leung
		Title:	Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated October 28, 2005
99.2	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release

EX-99.1

Contact:	Media:	Investors:
	Tony Plohoros	John Elicker
	Communications	Investor Relations
	212-546-4379	212-546-3775
	tony.plohoros@bms.com	john.elicker@bms.com
	Jeffrey Schoenborn	Blaine Davis
	Communications	Investor Relations
	212-546-2846	212-546-4631
	jeffrey.schoenborn@bms.com	blaine.davis@bms.com

BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2005, REFLECTING ONGOING INVESTMENTS IN STRATEGY AIMED AT DELIVERING SUSTAINABLE GROWTH

• Records GAAP EPS of $0.49 and Non-GAAP EPS of $0.31 for the Third Quarter

• Adjusts 2005 GAAP EPS Guidance to $1.48 to $1.58 and Updates 2005 Non-GAAP EPS Expectations to the Middle of the $1.35 to $1.45 Range

(NEW YORK, October 28, 2005) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the quarter and nine months ended September 30, 2005 and provided further earnings guidance for the full year.

The company posted third quarter 2005 net sales from continuing operations of $4.8 billion, which were unchanged from the same period last year. Increased sales of newer pharmaceutical products, as well as growth in the Nutritionals segment in the third quarter of 2005 were offset by the impact of continued exclusivity losses among older pharmaceutical products.

The company reported third quarter 2005 net earnings from continuing operations of $964 million, or $0.49 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $755 million, or $0.38 per diluted share for the same period last year.

Bristol-Myers Squibb reported third quarter 2005 net earnings from continuing operations of $602 million, or $0.31 per diluted share, on a non-GAAP basis excluding specified items, compared to $865 million, or $0.44 per diluted share for the same period last year.

“Our strategy remains on track and our newer products delivered solid global sales performance during the quarter,” said Peter R. Dolan, chief executive officer, Bristol-Myers Squibb. “The company’s full-year expectations remain within our range and include our decision to make incremental, targeted investments, in addition to the spending programs we identified at mid year, to further support key products and pipeline priorities. And, our robust portfolio sets the stage for sustained growth for the future, with four new products launched in three years, three drugs currently under U.S. regulatory consideration, and another possible filing within the next three months.”

For the nine months ended September 30, 2005, net sales from continuing operations remained constant at $14.2 billion compared to the same period last year. Under GAAP, net earnings from continuing operations in the nine months ended September 30, 2005 were $2.5 billion, or $1.27 per diluted share compared to $2.2 billion, or $1.14 per diluted share for the same period last year. On a non-GAAP basis excluding specified items, Bristol-Myers Squibb reported net earnings from continuing operations of $2.2 billion, or $1.12 per diluted share for the nine months ended September 30, 2005, compared to $2.6 billion, or $1.31 per diluted share for the same period last year.

INCREMENTAL, TARGETED INVESTMENTS AND A ROBUST PIPELINE

Bristol-Myers Squibb is increasing investments behind targeted marketing programs for pharmaceutical products expected to drive future growth in serious disease areas with significant unmet medical need. For example, the company is complementing its efforts focused on high-value primary care physicians and specialists with direct-to-consumer marketing that includes expanded advertising for PLAVIX^®, and the first-ever print ad campaign for ABILIFY^®.

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Bristol-Myers Squibb is also increasing research and development investments, in line with the low double-digit annual growth rate that continues to be planned for 2005. During the third quarter, among Bristol-Myers Squibb’s full-development programs, ORENCIA^®, a potential therapy for rheumatoid arthritis was recommended for approval by the U.S. Food and Drug Administration (FDA) Arthritis Advisory Committee and saxagliptin, the company’s DPP4 inhibitor for the potential treatment of diabetes transitioned to Phase III.

As previously disclosed, on October 18, 2005, the FDA issued an approvable letter for PARGLUVA^™ (muraglitazar), the company’s investigational oral medicine for the treatment of type 2 diabetes. The FDA requested additional information from ongoing clinical trials to more fully address the cardiovascular safety profile of muraglitazar. Yesterday, Bristol-Myers Squibb announced that the company and its partner, Merck & Co., Inc., have determined that to receive regulatory approval and to achieve commercial success, additional studies may be required because the ongoing trials were not designed to answer questions raised by the FDA. The additional studies could take approximately five years to complete. Bristol-Myers Squibb also announced yesterday that it agreed to begin discussions with Merck to terminate the companies’ collaborative agreement. Bristol-Myers Squibb will continue discussions with the FDA and will consider a range of options including conducting additional studies or terminating further development of muraglitazar.

Looking ahead to December, Bristol-Myers Squibb plans to present Phase II data on dasatinib, a SRC/ABL Kinase Inhibitor being investigated for the treatment of chronic myelogenous leukemia (CML), at the American Society of Hematology (ASH) annual meeting. The company continues to expect a possible dasatinib filing in the next three months.

THIRD QUARTER RESULTS

• Third quarter 2005 net sales from continuing operations remained constant at $4.8 billion compared to the same period last year, reflecting a 1% favorable impact of foreign exchange rate fluctuations and a 1% increase in average selling prices, offset by a 2% decrease in volume. U.S. net sales of $2.7 billion remained constant for the quarter compared to 2004, while international net sales decreased 1% to $2.1 billion, including a 2% favorable foreign exchange impact.

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• Marketing, selling and administrative expenses increased by 7% to $1.3 billion in the third quarter of 2005 primarily due to higher legal costs, higher pension expenses reflecting increased amortization of unrecognized net losses as well as changes in actuarial assumptions, and increased expenditures on late-stage compounds.

• Bristol-Myers Squibb continues to shift advertising and product promotion investments from mature brands to products expected to drive future growth. The company increased advertising and promotion spending by 7% to $349 million in the third quarter of 2005 from $325 million in the same period last year, primarily for increased investments behind PLAVIX^® and the launch of BARACLUDE™, in addition to increased costs associated with pre-launch activities.

• Research and development expenses increased by 9% to $669 million in the third quarter of 2005 from $615 million in the same period last year. Excluding $11 million consisting primarily of milestone payments in the third quarter of 2004, research and development grew 11%. This increase reflects continued investments in other late-stage compounds. Investment in pharmaceutical research and development equaled 16.3% of pharmaceutical sales in the third quarter of 2005, compared to 14.7% in the same period last year.

• The company completed the sale of its U.S. and Canadian Consumer Medicines business and related assets in the third quarter of 2005. The company received cash proceeds of $661 million in cash, of which $15 million is attributable to a post-closing supply arrangement. As a result of this transaction, the company recorded a pre-tax gain of $569 million ($370 million net of tax) in the third quarter of 2005.

INCOME TAXES

The effective income tax rate on earnings from continuing operations before minority interest and income taxes was 31.2% and 20.9% for the three months ended September 30, 2005 and 2004, respectively. The higher effective tax rate was primarily driven by a $569 million pre-tax gain recognized on the sale of the U.S. and Canadian Consumer Medicines business and related assets in the third quarter of 2005.

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SPECIFIED ITEMS

In the three months ending September 30, 2005 and 2004, the company recorded specified income and expense items that affected the comparability of the results.

The pre-tax specified items in 2005 included:

• $569 million gain on sale of the U.S. and Canadian Consumer Medicines business and related assets

• $31 million net charges primarily associated with accelerated depreciation and asset impairment

• $26 million income from insurance recoveries, related to various litigation matters

The pre-tax specified items in 2004 included:

• $105 million related to accelerated depreciation and termination benefits

• $36 million charges for litigation matters

• $8 million primarily related to a milestone payment

For additional information on specified items, see Appendix 1. Details reconciling these non-GAAP amounts with GAAP amounts including specified items are provided in supplemental materials available on the company’s website.

PHARMACEUTICALS

Worldwide pharmaceutical sales decreased 2% to $3.8 billion in the third quarter of 2005 compared to the same period last year.

U.S. pharmaceutical sales decreased 3% to $2.1 billion in the third quarter of 2005 compared to the same period last year, primarily due to the continued impact of exclusivity losses for PARAPLATIN^® and VIDEX^® EC, increased competition for PRAVACHOL^®, partially offset by the continued growth of PLAVIX^®, ABILIFY^®, REYATAZ^® and ERBITUX^®. In aggregate, estimated wholesaler inventory levels of the company’s key pharmaceutical products sold by the U.S. Pharmaceutical business at the end of the third quarter were down from the end of the second quarter of 2005, by approximately one-tenth of a month to two-and-a-half weeks. Individually, estimated wholesaler inventory levels of major brands such as PLAVIX^®, PRAVACHOL^® and AVAPRO^®/AVALIDE^® decreased to approximately two weeks.

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Also in the third quarter of 2005, the company negotiated amendments to its inventory management agreements with its three largest wholesalers, which together account for over 90% of U.S. pharmaceutical net sales. The amendments extended the original agreements through December 31, 2005 and established lower limits than the original agreements for inventory levels of company pharmaceutical products held by the wholesalers. The company is in discussions to extend the agreements for periods beyond 2005. Over the long-term, if extended on similar terms, the company should benefit from reduced sales volatility due to lower levels of fluctuating inventory build and work down in the wholesaler channel.

International pharmaceutical sales remained constant, including a 2% favorable foreign exchange impact, at $1.7 billion for the third quarter of 2005 compared to the same period last year. The sales decrease excluding the favorable impact of foreign exchange was primarily due to a decline in TAXOL^® and PRAVACHOL^® sales resulting from increased generic competition, partially offset by increased sales of newer products including REYATAZ^® and ABILIFY^®, as well as growth of PLAVIX^®.

Pharmaceutical Growth Drivers

Worldwide sales of the products that the company views as current and future growth drivers increased to 47% of worldwide pharmaceutical sales in the third quarter of 2005, compared to 39% in the same period last year. U.S. sales of these growth drivers accounted for approximately 67% and 58% of total U.S. pharmaceutical sales in the third quarter of 2005 and 2004, respectively.

• Sales of PLAVIX^®, a platelet aggregation inhibitor that is part of the company’s alliance with Sanofi-Aventis, increased 9%, including a 1% favorable foreign exchange impact, to $980 million in the third quarter of 2005 from $902 million in the same period last year, primarily due to increased demand, partially offset by a reduction in U.S. wholesale inventory levels in 2005. Total U.S. prescription demand grew approximately 12% compared to 2004.

• Sales of AVAPRO^®/AVALIDE^®, an angiotensin II receptor blocker for the treatment of hypertension, also part of the Sanofi-Aventis alliance, increased 4%, including a 2% favorable foreign exchange impact, to $251 million in the third quarter of 2005 from $241 million in the same

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period last year primarily due to increased demand, partially offset by a reduction in U.S. wholesaler inventory levels in 2005. Total U.S. prescription growth increased approximately 11% compared to 2004.

• Total revenue for ABILIFY^® increased 58% to $260 million in the third quarter of 2005 from $165 million in the same period last year, primarily due to strong growth in domestic demand and the continued growth in Europe, which achieved sales of $40 million in the third quarter of 2005. Estimated U.S. wholesaler inventory levels at the end of the third quarter increased to nine-tenths of a month. Total U.S. prescription demand grew approximately 38% compared to 2004. ABILIFY^® is an antipsychotic agent used for the treatment of schizophrenia, acute bipolar mania and Bipolar I Disorder. Total revenue for ABILIFY^® primarily consists of alliance revenue recorded by the company as net sales based on its 65% share of net sales in copromotion countries with Otsuka Pharmaceutical Co. Ltd.

• Sales of REYATAZ^®, a protease inhibitor for the treatment of HIV, increased 66%, including a 1% favorable foreign exchange impact, to $176 million in the third quarter of 2005 from $106 million in the same period last year, primarily due to increased demand. REYATAZ^® has achieved a monthly new prescription share of the U.S. protease inhibitors market of approximately 31%. European sales increased 152% to $53 million in the third quarter of 2005 from $21 million in the same period last year.

• Sales of ERBITUX^®, sold almost exclusively in the United States, increased 27% to $107 million in the third quarter of 2005 from $84 million in the same period last year. ERBITUX^® also surpassed $500 million in total net sales since its launch in February 2004, with more than 16,500 patients receiving the metastatic colorectal cancer therapy. ERBITUX^® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.

• BARACLUDE™, Bristol-Myers Squibb’s internally developed therapy for hepatitis B, has generated domestic sales of $7 million since its U.S. launch in April 2005. BARACLUDE™ received approvals from international authorities in Brazil, Indonesia and Argentina during the third quarter of 2005.

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Other Pharmaceuticals

Pharmaceutical products other than those the company views as future growth drivers tend to be more mature products, many of which are subject to exclusivity losses.

• Sales of PRAVACHOL^® decreased 12% to $527 million in the third quarter of 2005 from $598 million in the same period last year. U.S. PRAVACHOL^® sales decreased 7% to $297 million in the third quarter of 2005 from $318 million in the same period last year, primarily due to lower demand resulting from increased competition and the related reduction in wholesaler inventory levels, partially offset by lower managed healthcare rebates in 2005. Total U.S. prescriptions declined by 18% compared to 2004. International sales decreased 18%, including a 1% favorable foreign exchange impact, to $230 million, reflecting generic competition in key European markets.

• Sales of TAXOL^®, an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 28%, including a 1% favorable foreign exchange impact, to $175 million in the third quarter of 2005 from $243 million in the same period last year, primarily as a result of increased generic competition in Europe.

• Sales of SUSTIVA^®, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 8% to $170 million in the third quarter of 2005 from $157 million in the same period last year, primarily due to U.S. prescription growth of approximately 6% for the third quarter of 2005.

• Sales of PARAPLATIN^®, an anticancer agent, decreased 76% to $42 million in the third quarter of 2005 from $177 million in the same period last year due to increased generic competition.

NUTRITIONALS AND RELATED HEALTHCARE

Bristol-Myers Squibb’s Nutritionals and Related Healthcare segments posted combined third quarter 2005 revenues of $989 million compared to $930 million in the same period in 2004. The two segments continue to generate a significant portion of Bristol-Myers Squibb’s revenues, contributing a combined 21% of third quarter 2005 sales.

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Nutritionals

• Worldwide Nutritional sales increased 13%, including a 2% favorable foreign exchange impact, to $547 million in the third quarter of 2005 from $484 million in the same period last year.

• U.S. Nutritional sales increased 16% to $266 million, primarily due to increased sales of ENFAMIL^®, the company’s best-selling infant formula. International Nutritional sales increased 11% to $281 million, including a 4% favorable foreign exchange impact, primarily due to increased sales of products for toddlers and children.

Related Healthcare

• ConvaTec sales increased 5%, including a 1% favorable foreign exchange impact, to $250 million from $237 million in 2004. Sales of wound therapeutic products increased 5% including a 1% favorable foreign exchange impact, to $104 million from $99 million in the last year, primarily due to increased sales of AQUACEL^®.

• Medical Imaging sales increased 3% including a 1% favorable foreign exchange impact, to $150 million from $145 million in 2004, primarily driven by increased sales of CARDIOLITE^®.

• Consumer Medicines sales were $42 million in the third quarter of 2005 compared to $64 million in the same period in 2004. During the third quarter of 2005, the company completed the sale of its U.S. and Canadian Consumer Medicines business and related assets.

2005 EPS GUIDANCE

Bristol-Myers Squibb updated 2005 full year earnings guidance of fully-diluted earnings per share from continuing operations to the middle of its previously disclosed $1.35 to $1.45 range, on an adjusted non-GAAP basis which excludes specified items as discussed under “Use of Non-GAAP Financial Information.”

The company adjusted its estimate of fully diluted earnings per share when adding back exclusions – such as milestone payments in connection with previously announced external development, cost of early debt retirement, litigation settlements (including related insurance recoveries for significant legal proceedings), the gain on sale of business and restructurings activities from

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continuing operations – to $1.48 to $1.58, from $1.49 to $1.59. This guidance range excludes the impact of recognizing the remaining deferred income from the potential termination of the collaborative agreement with Merck.

Factors that may cause variation in the company’s earnings estimates and other risks and uncertainties, are discussed in the company’s “Statement on Cautionary Factors,” below, and its Securities and Exchange Commission filings.

The company and its subsidiaries are the subject of a number of significant pending lawsuits, claims, proceedings and investigations. It is not possible at this time reasonably to assess the final outcome of these investigations or litigations. Management continues to believe, as previously disclosed, that during the next few years, the aggregate impact, beyond current reserves, of these and other legal matters affecting the company is reasonably likely to be material to the company’s results of operations and cash flows, and may be material to its financial condition and liquidity. The company’s expectations for the next several years described above do not reflect the potential impact of litigation on the company’s results of operations.

For additional discussion of legal matters including PLAVIX^® patent litigation, see “Item 8. Financial Statements and Supplementary Data-Note 21 Legal Proceedings and Contingencies” in the company’s Form 10-K Annual Report for 2004.

Use of Non-GAAP Financial Information

This press release contains non-GAAP earnings per share information adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP earnings but excluded for purposes of determining adjusted earnings are: gains or losses from sale of product lines, from sale or write-down of equity investments and from discontinuations of operations; restructuring and similar charges; charges and recoveries relating to significant legal proceedings; copromotion or alliance charges and payments for in-process research and development which under GAAP are immediately expensed rather than amortized over the life of the agreement. 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 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 operational 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 diluted earnings per share prepared in accordance with GAAP.

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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, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), 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, governmental regulations and legislation, difficulties and delays in product development, manufacturing and sales, patent positions and litigation, including the outcome of the PLAVIX^® litigation in the U.S. and the expiration of patents on certain other products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful. For further details and a discussion of these and other risks and uncertainties, see the company’s Securities and Exchange Commission filings. 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 pharmaceutical and related health care products company whose mission is to extend and enhance human life.

There will be a conference call on October 28, 2005 at 9:00 a.m. (EDT) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at www.bms.com/ir or by dialing 719-457-2625. Materials related to the call will be available at the same Web site prior to the call.

For more information, contact: Tony Plohoros, 212-546-4379, or Jeffrey Schoenborn, 212-546-2846, Communications, or John Elicker, 212-546-3775, or Blaine Davis, 212-546-4631, Investor Relations.

# # #

ABILIFY^® is the trademark of Otsuka Pharmaceutical Company, Ltd.

AVAPRO^®, AVALIDE^® and PLAVIX^® are trademarks of Sanofi-Aventis

ERBITUX^® is a trademark of ImClone Systems Incorporated

GLUCOPHAGE^®, GLUCOPHAGE^® XR and GLUCOVANCE^® are registered trademarks of Merck Sante, S.A.S., an associate of Merck KGaA of Darmstadt, Germany

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BRISTOL-MYERS SQUIBB COMPANY

NET SALES BY OPERATING SEGMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(Unaudited, in millions of dollars)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2005		2004		2005		2004
Pharmaceuticals	$	3,778	$	3,848	$	11,242	$	11,414
Nutritionals		547		484		1,621		1,496
Related Healthcare		442		446		1,325		1,313
Net Sales from Continuing Operations	$	4,767	$	4,778	$	14,188	$	14,223

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(Unaudited, in millions of dollars except prescription data)

The following tables set forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2005 compared to the three and nine months ended September 30, 2004. In addition, the tables include, where applicable, the estimated total (both retail and mail-order customers) prescription growth, for the comparative periods presented, for certain of the company’s U.S. primary care pharmaceutical prescription products. The estimated prescription growth amounts are based on third-party data. A significant portion of the company’s domestic 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
	2005		2004		% Change		2005		2004		% Change		Prescriptions vs. 2004
Three Months Ended September 30
Pharmaceuticals
Cardiovascular
Plavix	$	980	$	902	9	%	$	833	$	781	7	%	12	%
Pravachol		527		598	(12	)%		297		318	(7	)%	(18	)%
Avapro/Avalide		251		241	4	%		147		148	(1	)%	11	%
Monopril		49		69	(29	)%		1		13	(92	)%	(58	)%
Coumadin		57		65	(12	)%		49		58	(16	)%	(22	)%
Virology
Sustiva		170		157	8	%		101		95	6	%	6	%
Reyataz		176		106	66	%		105		75	40	%	35	%
Zerit		51		69	(26	)%		24		34	(29	)%	(31	)%
Videx/Videx EC		41		67	(39	)%		7		27	(74	)%	(72	)%
Infectious Diseases
Cefzil		48		54	(11	)%		27		30	(10	)%	(15	)%
Baraclude		2		—	—			2		—	—		N/A
Oncology
Taxol		175		243	(28	)%		4		9	(56	)%	N/A
Erbitux		107		84	27	%		106		83	28	%	N/A
Paraplatin		42		177	(76	)%		9		145	(94	)%	N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		260		165	58	%		214		152	41	%	38	%
Metabolics
Glucophage Franchise		43		43	—			38		39	(3	)%	(46	)%
Other Pharmaceuticals
Efferalgan		66		61	8	%		—		—	—		N/A
Nutritionals
Enfamil		230		203	13	%		168		137	23	%	N/A
Related Healthcare
Ostomy		139		135	3	%		43		39	10	%	N/A
Cardiolite		106		101	5	%		95		91	4	%	N/A
Wound Therapeutics		104		99	5	%		34		31	10	%	N/A

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	Worldwide Net Sales						U.S. Net Sales						% Change in U.S. Total
	2005		2004		% Change		2005		2004		% Change		Prescriptions vs. 2004
Nine Months Ended September 30
Pharmaceuticals
Cardiovascular
Plavix	$	2,762	$	2,368	17	%	$	2,329	$	2,017	15	%	14	%
Pravachol		1,672		1,925	(13	)%		908		987	(8	)%	(16	)%
Avapro/Avalide		705		671	5	%		406		408	—		13	%
Monopril		162		206	(21	)%		6		25	(76	)%	(61	)%
Coumadin		156		179	(13	)%		133		159	(16	)%	(18	)%
Virology
Sustiva		510		449	14	%		301		261	15	%	5	%
Reyataz		508		266	91	%		295		206	43	%	44	%
Zerit		169		205	(18	)%		76		88	(14	)%	(31	)%
Videx/Videx EC		133		207	(36	)%		22		81	(73	)%	(62	)%
Infectious Diseases
Cefzil		184		181	2	%		107		101	6	%	(9	)%
Baraclude		7		—	—			7		—	—		N/A
Oncology
Taxol		566		735	(23	)%		12		24	(50	)%	N/A
Erbitux		292		173	69	%		290		172	69	%	N/A
Paraplatin		119		646	(82	)%		23		549	(96	)%	N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		688		402	71	%		575		384	50	%	46	%
Metabolics
Glucophage Franchise		137		283	(52	)%		121		267	(55	)%	(66	)%
Other Pharmaceuticals
Efferalgan		209		198	6	%		—		—	—		N/A
Nutritionals
Enfamil		715		635	13	%		501		439	14	%	N/A
Related Healthcare
Ostomy		405		399	2	%		115		120	(4	)%	N/A
Cardiolite		316		298	6	%		282		266	6	%	N/A
Wound Therapeutics		304		280	9	%		93		91	2	%	N/A

14

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(Unaudited, in millions of dollars except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Net Sales	$	4,767		$	4,778		$	14,188		$	14,223
Cost of products sold		1,483			1,467			4,333			4,324
Marketing, selling and administrative		1,286			1,199			3,737			3,626
Advertising and product promotion		349			325			1,032			987
Research and development		669			615			1,971			1,823
Acquired in-process research and development		—			1			—			63
Provision for restructuring and other items, net		(5	)		57			—			75
Litigation (income)/charges, net		(26	)		25			72			404
Gain on sale of business		(569	)		(3	)		(569	)		(316	)
Equity in net income of affiliates		(84	)		(70	)		(240	)		(204	)
Other expense, net (a)		38			16			168			62
		3,141			3,632			10,504			10,844
Earnings from Continuing Operations
Before Minority Interest and Income Taxes		1,626			1,146			3,684			3,379
Provision for income taxes		507			239			754			753
Minority interest, net of taxes		155			152			437			387
Earnings from Continuing Operations		964			755			2,493			2,239
Discontinued Operations
Net Earnings		—			3			(5	)		10
Net Gain on Disposal		—			—			13			—
		—			3			8			10
Net Earnings	$	964		$	758		$	2,501		$	2,249
Earnings per Common Share:
Basic:
Earnings from Continuing Operations	$	0.49		$	0.39		$	1.28		$	1.16
Discontinued Operations
Net Earnings		—			—			—			—
Net Gain on Disposal		—			—			—			—
Net Earnings per Common Share	$	0.49		$	0.39		$	1.28		$	1.16
Diluted:
Earnings from Continuing Operations	$	0.49		$	0.38		$	1.27		$	1.14
Discontinued Operations
Net Earnings		—			—			—			—
Net Gain on Disposal		—			—			—			—
Net Earnings per Common Share	$	0.49		$	0.38		$	1.27		$	1.14
Average Common Shares Outstanding:
Basic		1,953			1,942			1,951			1,941
Diluted		1,984			1,975			1,983			1,975
(a)    Other expense/(income), net
Interest expense	$	79		$	80		$	249		$	219
Interest income		(28	)		(29	)		(96	)		(67	)
Foreign exchange transaction losses/(gains)		—			(20	)		47			35
Other, net		(13	)		(15	)		(32	)		(125	)
	$	38		$	16		$	168		$	62

15

APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(Unaudited, in millions of dollars)

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

	Cost of products sold		Research and development		Acquired in- process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense		Other expense, net		Total
Three months ended September 30, 2004
Litigation Matters:
Product liability	$	—	$	—	$	—	$	—		$	—	$	—	$	11	$	11
Anti-trust litigation		—		—		—		—			—		25		—		25
		—		—		—		—			—		25		11		36
Other:
Gain on sale of Adult Nutritional business		—		—		—		(3	)		—		—		—		(3	)
Accelerated depreciation		47		1		—		—			—		—		—		48
Downsizing and streamlining of worldwide operations		—		—		—		—			57		—		—		57
Milestone payment		—		10		—		—			—		—		—		10
Acordis IPR&D write-off		—		—		1		—			—		—		—		1
	$	47	$	11	$	1	$	(3	)	$	57	$	25	$	11		149
Income taxes on items above																	(39	)
Reduction to Net Earnings from Continuing Operations																$	110

16

APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

(Unaudited, in millions of dollars)

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

	Cost of products sold			Research and development		Acquired in- process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense		Other expense, net		Total
Nine months ended September 30, 2004
Litigation Matters:
Private litigation and governmental investigations	$	—		$	—	$	—	$	—		$	—	$	320	$	—	$	320
Product liability		75			—		—		—			—		—		11		86
Pharmaceutical pricing and sales litigation		—			—		—		—			—		34		—		34
Commercial litigation		26			—		—		—			—		—		—		26
Anti-trust litigation		—			—		—		—			—		50		—		50
Product liability insurance recovery		(25	)		—		—		—			—		—		—		(25	)
		76			—		—		—			—		404		11		491
Other:
Gain on sale of Adult Nutritional business		—			—		—		(316	)		—		—		—		(316	)
Accelerated depreciation		70			1		—		—			—		—		4		75
Downsizing and streamlining of worldwide operations		1			—		—		—			75		—		—		76
Milestone payments		—			40		—		—			—		—		—		40
Acordis IPR&D write-off		—			—		63		—			—		—		—		63
	$	147		$	41	$	63	$	(316	)	$	75	$	404	$	15		429
Income taxes on items above																		(94	)
Reduction to Net Earnings from Continuing Operations																	$	335

17

EX-99.2

EXHIBIT 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

QUARTERLY SALES TREND ANALYSIS

($ in millions)

Net Sales	2004																					2005																	% 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
Pharmaceuticals	$	3,710		$	3,856		$	7,566		$	3,848		$	11,414		$	4,150		$	15,564		$	3,578		$	3,886		$	7,464		$	3,778		$	11,242				-2	%	-2	%
US Pharmaceuticals		1,926			2,048			3,974			2,135			6,109			2,242			8,351			1,767			2,084			3,851			2,069			5,920				-3	%	-3	%
Primary Care		1,381			1,419			2,800			1,496			4,296			1,721			6,017			1,258			1,539			2,797			1,486			4,283				-1	%	0	%
Oncology/Virology		432			510			942			487			1,429			351			1,780			348			345			693			370			1,063				-24	%	-26	%
Neuroscience		113			119			232			152			384			170			554			161			200			361			213			574				40	%	49	%
Latin America/Canada		251			257			508			246			754			287			1,041			258			306			564			285			849				16	%	13	%
Europe and Middle East Medicines		1,189			1,185			2,374			1,128			3,502			1,219			4,721			1,201			1,112			2,313			1,030			3,343				-9	%	-5	%
Asia/Pacific Medicines		287			318			605			297			902			354			1,256			299			329			628			342			970				15	%	8	%
Nutritionals		502			510			1,012			484			1,496			505			2,001			526			548			1,074			547			1,621				13	%	8	%
Related Healthcare		414			453			867			446			1,313			502			1,815			428			455			883			442			1,325				-1	%	1	%
ConvaTec		217			234			451			237			688			266			954			228			247			475			250			725				5	%	5	%
Medical Imaging		139			151			290			145			435			154			589			145			151			296			150			446				3	%	3	%
Consumer Medicines		58			68			126			64			190			82			272			55			57			112			42			154				-34	%	-19	%
Total Company	$	4,626		$	4,819		$	9,445		$	4,778		$	14,223		$	5,157		$	19,380		$	4,532		$	4,889		$	9,421		$	4,767		$	14,188				0	%	0	%
% of Total Sales	2004																					2005																	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
Pharmaceuticals		80.2	%		80.0	%		80.1	%		80.6	%		80.3	%		80.5	%		80.3	%		79.0	%		79.5	%		79.2	%		79.3	%		79.2	%			(130	)	(110	)
US Pharmaceuticals		41.6	%		42.5	%		42.1	%		44.7	%		43.0	%		43.5	%		43.1	%		39.0	%		42.6	%		40.9	%		43.4	%		41.7	%			(130	)	(130	)
Primary Care		29.9	%		29.4	%		29.6	%		31.3	%		30.2	%		33.4	%		31.0	%		27.8	%		31.4	%		29.7	%		31.2	%		30.2	%			(10	)	0
Oncology/Virology		9.3	%		10.6	%		10.0	%		10.2	%		10.1	%		6.8	%		9.2	%		7.7	%		7.1	%		7.4	%		7.8	%		7.5	%			(240	)	(260	)
Neuroscience		2.4	%		2.5	%		2.5	%		3.2	%		2.7	%		3.3	%		2.9	%		3.5	%		4.1	%		3.8	%		4.4	%		4.0	%			120		130
Latin America/Canada		5.4	%		5.3	%		5.4	%		5.1	%		5.3	%		5.6	%		5.4	%		5.7	%		6.3	%		6.0	%		6.0	%		6.0	%			90		70
Europe and Middle East Medicines		25.7	%		24.6	%		25.1	%		23.6	%		24.6	%		23.6	%		24.4	%		26.5	%		22.7	%		24.6	%		21.6	%		23.6	%			(200	)	(100	)
Asia/Pacific Medicines		6.2	%		6.6	%		6.4	%		6.2	%		6.3	%		6.9	%		6.5	%		6.6	%		6.7	%		6.7	%		7.2	%		6.8	%			100		50
Nutritionals		10.9	%		10.6	%		10.7	%		10.1	%		10.5	%		9.8	%		10.3	%		11.6	%		11.2	%		11.4	%		11.5	%		11.4	%			140		90
Related Healthcare		8.9	%		9.4	%		9.2	%		9.3	%		9.2	%		9.7	%		9.4	%		9.4	%		9.3	%		9.4	%		9.2	%		9.4	%			(10	)	20
ConvaTec		4.7	%		4.9	%		4.8	%		5.0	%		4.8	%		5.1	%		4.9	%		5.0	%		5.0	%		5.1	%		5.2	%		5.1	%			20		30
Medical Imaging		3.0	%		3.1	%		3.1	%		3.0	%		3.1	%		3.0	%		3.1	%		3.2	%		3.1	%		3.1	%		3.1	%		3.2	%			10		10
Consumer Medicines		1.2	%		1.4	%		1.3	%		1.3	%		1.3	%		1.6	%		1.4	%		1.2	%		1.2	%		1.2	%		0.9	%		1.1	%			(40	)	(20	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED SEPTEMBER 30, 2005

($ in millions)

	Pharmaceuticals			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
QUARTER-TO-DATE
Price Increases(Decreases)		2	%		1	%		-4	%		-1	%		—			1	%
Foreign Exchange		1	%		2	%		1	%		1	%		—			1	%
Volume		-5	%		10	%		8	%		3	%		-34	%		-2	%
Total Change		-2	%		13	%		5	%		3	%		-34	%		—
Total 2005 Period to Date Sales	$	3,778		$	547		$	250		$	150		$	42		$	4,767
Total 2004 Period to Date Sales	$	3,848		$	484		$	237		$	145		$	64		$	4,778
	Pharmaceuticals			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
YEAR-TO-DATE
Price Increases(Decreases)		-1	%		2	%		-2	%		-1	%		—			—
Foreign Exchange		2	%		1	%		3	%		1	%		—			2	%
Volume		-3	%		5	%		4	%		3	%		-19	%		-2	%
Total Change		-2	%		8	%		5	%		3	%		-19	%		—
Total 2005 Period to Date Sales	$	11,242		$	1,621		$	725		$	446		$	154		$	14,188
Total 2004 Period to Date Sales	$	11,414		$	1,496		$	688		$	435		$	190		$	14,223

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

CONTINUING OPERATIONS

($ in Millions, except EPS)

	2004																					2005																	% 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	$	4,626		$	4,819		$	9,445		$	4,778		$	14,223		$	5,157		$	19,380		$	4,532		$	4,889		$	9,421		$	4,767		$	14,188				0	%	0	%
Cost of products sold		1,357			1,500			2,857			1,467			4,324			1,665			5,989			1,367			1,483			2,850			1,483			4,333				1	%	0	%
Marketing, selling, and administrative		1,226			1,201			2,427			1,199			3,626			1,390			5,016			1,183			1,268			2,451			1,286			3,737				7	%	3	%
Advertising and promotion		316			346			662			325			987			424			1,411			318			365			683			349			1,032				7	%	5	%
Research and development		583			625			1,208			615			1,823			677			2,500			653			649			1,302			669			1,971				9	%	8	%
Acquired in-process R&D		—			62			62			1			63			—			63			—			—			—			—			—				-100	%	-100	%
Provision for restructuring		12			6			18			57			75			29			104			3			2			5			(5	)		—				-109	%	-100	%
Litigation charges, net		—			379			379			25			404			16			420			124			(26	)		98			(26	)		72				*		-82	%
Gain on sale of businesses		(295	)		(18	)		(313	)		(3	)		(316	)		(4	)		(320	)		—			—			—			(569	)		(569	)			*		-80	%
Equity in net income from affiliates, net		(75	)		(59	)		(134	)		(70	)		(204	)		(69	)		(273	)		(69	)		(87	)		(156	)		(84	)		(240	)			-20	%	-18	%
Other (income)/expense, net		38			8			46			16			62			(10	)		52			25			105			130			38			168				138	%	171	%
Total expenses		3,162			4,050			7,212			3,632			10,844			4,118			14,962			3,604			3,759			7,363			3,141			10,504				-14	%	-3	%
Earnings from Continuing Operations Before Minority interest and income taxes		1,464			769			2,233			1,146			3,379			1,039			4,418			928			1,130			2,058			1,626			3,684				42	%	9	%
Provision for income taxes		396			118			514			239			753			766			1,519			268			(21	)		247			507			754				112	%	0	%
Minority Interest, Net		107			128			235			152			387			134			521			122			160			282			155			437				2	%	13	%
Earnings from Continuing Operations	$	961		$	523		$	1,484		$	755		$	2,239		$	139		$	2,378		$	538		$	991		$	1,529		$	964		$	2,493				28	%	11	%
Diluted Earnings per Common Share Continuing Operations	$	0.49		$	0.27		$	0.76		$	0.38		$	1.14		$	0.07		$	1.21		$	0.27		$	0.50		$	0.78		$	0.49		$	1.27				29	%	11	%
Average Common Shares Outstanding – Diluted		1,976			1,976			1,976			1,975			1,975			1,976			1,976			1,981			1,984			1,982			1,984			1,983				0	%	0	%
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		$	0.28		$	0.28		$	0.56		$	0.28		$	0.84				—		—
	2004																					2005																	Basis Point Change
% of Net Sales	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		70.7	%		68.9	%		69.8	%		69.3	%		69.6	%		67.7	%		69.1	%		69.8	%		69.7	%		69.7	%		68.9	%		69.5	%			(40	)	(10	)
Cost of products sold		29.3	%		31.1	%		30.2	%		30.7	%		30.4	%		32.3	%		30.9	%		30.2	%		30.3	%		30.3	%		31.1	%		30.5	%			40		10
Marketing, selling, and admin		26.5	%		24.9	%		25.7	%		25.1	%		25.5	%		27.0	%		25.9	%		26.1	%		25.9	%		26.0	%		27.0	%		26.3	%			190		80
Advertising and promotion		6.8	%		7.2	%		7.0	%		6.8	%		6.9	%		8.2	%		7.3	%		7.0	%		7.5	%		7.2	%		7.3	%		7.3	%			50		40
Research and development		12.6	%		13.0	%		12.8	%		12.9	%		12.8	%		13.1	%		12.9	%		14.4	%		13.3	%		13.8	%		14.0	%		13.9	%			110		110
Total expenses		68.4	%		84.0	%		76.4	%		76.0	%		76.2	%		79.9	%		77.2	%		79.5	%		76.9	%		78.2	%		65.9	%		74.0	%			(1,010	)	(220	)
Earnings from Continuing Operations Before Minority interest and income taxes		31.6	%		16.0	%		23.6	%		24.0	%		23.8	%		20.1	%		22.8	%		20.5	%		23.1	%		21.8	%		34.1	%		26.0	%			1,010		220
Earnings from Continuing Operations		20.8	%		10.9	%		15.7	%		15.8	%		15.7	%		2.7	%		12.3	%		11.9	%		20.3	%		16.2	%		20.2	%		17.6	%			440		190
Other Ratios
Effective Tax Rate		27.0	%		15.3	%		23.0	%		20.9	%		22.3	%		73.7	%		34.4	%		28.9	%		-1.9	%		12.0	%		31.2	%		20.5	%
	2004																					2005																	% Change
Other (Income)/ Expense, net	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	$	69		$	70		$	139		$	80		$	219		$	91		$	310		$	97		$	73		$	170		$	79		$	249				-1	%	14	%
Interest income		(17	)		(21	)		(38	)		(29	)		(67	)		(38	)		(105	)		(45	)		(23	)		(68	)		(28	)		(96	)			3	%	-43	%
Foreign exchange		17			38			55			(20	)		35			(30	)		5			12			35			47			—			47				100	%	34	%
Other - net		(31	)		(79	)		(110	)		(15	)		(125	)		(33	)		(158	)		(39	)		20			(19	)		(13	)		(32	)			13	%	74	%
	$	38		$	8		$	46		$	16		$	62		($	10	)	$	52		$	25		$	105		$	130		$	38		$	168				138	%	171	%

* in excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2004														2005												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	4,626	$	4,819	$	9,445	$	4,778	$	14,223	$	5,157	$	19,380	$	4,532	$	4,889	$	9,421	$	4,767	$	14,188			0	%	0	%
PHARMACEUTICALS		3,710		3,856		7,566		3,848		11,414		4,150		15,564		3,578		3,886		7,464		3,778		11,242			-2	%	-2	%
Cardiovascular		1,748		1,891		3,639		1,951		5,590		2,150		7,740		1,712		2,031		3,743		1,935		5,678			-1	%	2	%
Plavix		697		769		1,466		902		2,368		959		3,327		814		968		1,782		980		2,762			9	%	17	%
Pravachol		671		656		1,327		598		1,925		710		2,635		520		625		1,145		527		1,672			-12	%	-13	%
Avapro/ Avalide		197		233		430		241		671		259		930		196		258		454		251		705			4	%	5	%
Monopril		65		72		137		69		206		68		274		59		54		113		49		162			-29	%	-21	%
Coumadin		37		77		114		65		179		76		255		49		50		99		57		156			-12	%	-13	%
Virology		343		385		728		399		1,127		454		1,581		430		452		882		438		1,320			10	%	17	%
Sustiva		139		153		292		157		449		172		621		173		167		340		170		510			8	%	14	%
Reyataz		75		85		160		106		266		148		414		149		183		332		176		508			66	%	91	%
Zerit		58		78		136		69		205		67		272		59		59		118		51		169			-26	%	-18	%
Videx/ Videx EC		71		69		140		67		207		67		274		49		43		92		41		133			-39	%	-36	%
Infectious Diseases		306		294		600		277		877		353		1,230		306		278		584		251		835			-9	%	-5	%
Cefzil		72		55		127		54		181		89		270		82		54		136		48		184			-11	%	2	%
Baraclude		—		—		—		—		—		—		—		—		5		5		2		7			—		—
Oncology		543		619		1,162		566		1,728		427		2,155		387		371		758		380		1,138			-33	%	-34	%
Taxol		243		249		492		243		735		256		991		205		186		391		175		566			-28	%	-23	%
Erbitux		17		72		89		84		173		88		261		87		98		185		107		292			27	%	69	%
Paraplatin		228		241		469		177		646		27		673		44		33		77		42		119			-76	%	-82	%
Affective (Psychiatric) Disorders		158		166		324		210		534		239		773		232		284		516		306		822			46	%	54	%
Abilify**		115		122		237		165		402		191		593		188		240		428		260		688			58	%	71	%
Metabolics		161		79		240		43		283		53		336		43		51		94		43		137			—		-52	%
Glucophage franchise		161		79		240		43		283		53		336		43		51		94		43		137			—		-52	%
Other Pharmaceuticals
Efferalgan		78		59		137		61		198		76		274		88		55		143		66		209			8	%	6	%
NUTRITIONALS		502		510		1,012		484		1,496		505		2,001		526		548		1,074		547		1,621			13	%	8	%
Enfamil		208		224		432		203		635		224		859		235		250		485		230		715			13	%	13	%
RELATED HEALTHCARE		414		453		867		446		1,313		502		1,815		428		455		883		442		1,325			-1	%	1	%
CONVATEC		217		234		451		237		688		266		954		228		247		475		250		725			5	%	5	%
Ostomy		127		137		264		135		399		152		551		127		139		266		139		405			3	%	2	%
Wound Therapeutics		87		94		181		99		280		111		391		97		103		200		104		304			5	%	9	%
MEDICAL IMAGING		139		151		290		145		435		154		589		145		151		296		150		446			3	%	3	%
Cardiolite		92		105		197		101		298		108		406		102		108		210		106		316			5	%	6	%
CONSUMER MEDICINES		58		68		126		64		190		82		272		55		57		112		42		154			-34	%	-19	%

** Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

*** In excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2004																2005													% Change				% Change in U.S.Rx Demand
	1st Qtr			2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr			Year		1st Qtr		2nd Qtr			6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
Total Company	$	2,508		$	2,662	$	5,170	$	2,633	$	7,803	$	2,810		$	10,613	$	2,310	$	2,668		$	4,978	$	2,638	$	7,616			0	%	-2	%	N/A		N/A
PHARMACEUTICALS		1,966			2,071		4,037		2,154		6,191		2,255			8,446		1,777		2,097			3,874		2,082		5,956			-3	%	-4	%	N/A		N/A
Cardiovascular		1,074			1,207		2,281		1,320		3,601		1,482			5,083		1,080		1,377			2,457		1,328		3,785			1	%	5	%
Plavix		585			651		1,236		781		2,017		816			2,833		673		823			1,496		833		2,329			7	%	15	%	12	%	14	%
Pravachol		343			326		669		318		987		433			1,420		258		353			611		297		908			-7	%	-8	%	-18	%	-16	%
Avapro/ Avalide		116			144		260		148		408		154			562		102		157			259		147		406			-1	%	0	%	11	%	13	%
Monopril		(1	)		13		12		13		25		9			34		3		2			5		1		6			-92	%	-76	%	-58	%	-61	%
Coumadin		31			70		101		58		159		69			228		42		42			84		49		133			-16	%	-16	%	-22	%	-18	%
Virology		187			218		405		231		636		258			894		231		226			457		237		694			3	%	9	%
Sustiva		76			90		166		95		261		103			364		103		97			200		101		301			6	%	15	%	6	%	5	%
Reyataz		66			65		131		75		206		99			305		92		98			190		105		295			40	%	43	%	35	%	44	%
Zerit		16			38		54		34		88		31			119		26		26			52		24		76			-29	%	-14	%	-31	%	-31	%
Videx/ Videx EC		29			25		54		27		81		25			106		10		5			15		7		22			-74	%	-73	%	-72	%	-62	%
Infectious Diseases		78			62		140		66		206		105			311		92		62			154		55		209			-17	%	1	%
Cefzil		42			29		71		30		101		60			161		50		30			80		27		107			-10	%	6	%	-15	%	-9	%
Baraclude		—			—		—		—		—		—			—		—		5			5		2		7			—		—		N/A		N/A
Oncology		240			290		530		255		785		92			877		115		112			227		131		358			-49	%	-54	%
Taxol		14			1		15		9		24		7			31		4		4			8		4		12			-56	%	-50	%	N/A		N/A
Erbitux		17			72		89		83		172		88			260		87		97			184		106		290			28	%	69	%	N/A		N/A
Paraplatin		198			206		404		145		549		(12	)		537		15		(1	)		14		9		23			-94	%	-96	%	N/A		N/A
Affective (Psychiatric) Disorders		117			121		238		157		395		180			575		167		206			373		221		594			41	%	50	%
Abilify**		113			119		232		152		384		170			554		161		200			361		214		575			41	%	50	%	38	%	46	%
Metabolics		155			73		228		39		267		48			315		39		44			83		38		121			-3	%	-55	%
Glucophage franchise		155			73		228		39		267		48			315		39		44			83		38		121			-3	%	-55	%	-46	%	-66	%
Other Pharmaceuticals
Efferalgan		—			—		—		—		—		—			—		—		—			—		—		—			—		—		N/A		N/A
NUTRITIONALS		256			255		511		230		741		250			991		255		267			522		266		788			16	%	6	%
Enfamil		144			158		302		137		439		157			596		162		171			333		168		501			23	%	14	%	N/A		N/A
RELATED HEALTHCARE		245			264		509		257		766		294			1,060		242		253			495		252		747			-2	%	-2	%
CONVATEC		71			71		142		72		214		87			301		66		71			137		82		219			14	%	2	%
Ostomy		40			41		81		39		120		47			167		34		38			72		43		115			10	%	-4	%	N/A		N/A
Wound Therapeutics		30			30		60		31		91		39			130		30		29			59		34		93			10	%	2	%	N/A		N/A
MEDICAL IMAGING		120			127		247		123		370		128			498		124		127			251		129		380			5	%	3	%
Cardiolite		83			92		175		91		266		95			361		91		96			187		95		282			4	%	6	%	N/A		N/A
CONSUMER MEDICINES		54			66		120		62		182		79			261		52		55			107		41		148			-34	%	-19	%

* This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis.

As a result, the sum of segment sales does not tie to Total Company sales.

** Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

*** In excess of +/-200%

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2004														2005												% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	2,118	$	2,157	$	4,275	$	2,145	$	6,420	$	2,347	$	8,767	$	2,222	$	2,221	$	4,443	$	2,129	$	6,572			-1	%	2	%
PHARMACEUTICALS		1,744		1,785		3,529		1,694		5,223		1,895		7,118		1,801		1,789		3,590		1,696		5,286			0	%	1	%
Cardiovascular		674		684		1,358		631		1,989		668		2,657		632		654		1,286		607		1,893			-4	%	-5	%
Plavix		112		118		230		121		351		143		494		141		145		286		147		433			21	%	23	%
Pravachol		328		330		658		280		938		277		1,215		262		272		534		230		764			-18	%	-19	%
Avapro/ Avalide		81		89		170		93		263		105		368		94		101		195		104		299			12	%	14	%
Monopril		66		59		125		56		181		59		240		56		52		108		48		156			-14	%	-14	%
Coumadin		6		7		13		7		20		7		27		7		8		15		8		23			14	%	15	%
Virology		156		167		323		168		491		196		687		199		226		425		201		626			20	%	27	%
Sustiva		63		63		126		62		188		69		257		70		70		140		69		209			11	%	11	%
Reyataz		9		20		29		31		60		49		109		57		85		142		71		213			129	%	*
Zerit		42		40		82		35		117		36		153		33		33		66		27		93			-23	%	-21	%
Videx/ Videx EC		42		44		86		40		126		42		168		39		38		77		34		111			-15	%	-12	%
Infectious Diseases		228		232		460		211		671		248		919		214		216		430		196		626			-7	%	-7	%
Cefzil		30		26		56		24		80		29		109		32		24		56		21		77			-13	%	-4	%
Baraclude		—		—		—		—		—		—		—		—		—		—		—		—			—		—
Oncology		303		329		632		311		943		335		1,278		272		259		531		249		780			-20	%	-17	%
Taxol		229		248		477		234		711		249		960		201		182		383		171		554			-27	%	-22	%
Erbitux		—		—		—		1		1		0		1		0		1		1		1		2			—		100	%
Paraplatin		30		35		65		32		97		39		136		29		34		63		33		96			3	%	-1	%
Affective (Psychiatric) Disorders		41		45		86		53		139		59		198		65		78		143		85		228			60	%	64	%
Abilify**		2		3		5		13		18		21		39		27		40		67		46		113			*		*
Metabolics		6		6		12		4		16		5		21		4		7		11		5		16			25	%	—
Glucophage franchise		6		6		12		4		16		5		21		4		7		11		5		16			25	%	—
Other Pharmaceuticals
Efferalgan		78		59		137		61		198		76		274		88		55		143		66		209			8	%	6	%
NUTRITIONALS		246		255		501		254		755		255		1,010		271		281		552		281		833			11	%	10	%
Enfamil		64		66		130		66		196		67		263		73		79		152		62		214			-6	%	9	%
RELATED HEALTHCARE		169		189		358		189		547		208		755		186		202		388		190		578			1	%	6	%
CONVATEC		146		163		309		165		474		179		653		162		176		338		168		506			2	%	7	%
Ostomy		87		96		183		96		279		105		384		93		101		194		96		290			—		4	%
Wound Therapeutics		57		64		121		68		189		72		261		67		74		141		70		211			3	%	12	%
MEDICAL IMAGING		19		24		43		22		65		26		91		21		24		45		21		66			-5	%	2	%
Cardiolite		9		13		22		10		32		13		45		11		12		23		11		34			10	%	6	%
CONSUMER MEDICINES		4		2		6		2		8		3		11		3		2		5		1		6			-50	%	-25	%

* This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis.

As a result, the sum of segment sales does not tie to Total Company sales.

** Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

*** In excess of +/-200%

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2005
	Q1			Q2			Q3						TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	928		$	1,130		$	1,626					$	3,684
Specified items:
Gain on sale of equity investment		(18	)		(9	)		—						(27	)
Litigation reserves		124			269			—						393
Insurance recoveries		—			(295	)		(26	)					(321	)
Provision for restructuring / other		68			94			31						193
Gain on sale of businesses		—			—			(569	)					(569	)
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,102		$	1,189		$	1,062					$	3,353
	2004
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,464		$	769		$	1,146		$	1,039		$	4,418
Specified items:
Gain on sale of businesses		(295	)		(18	)		(3	)		(4	)		(320	)
In-process research and development		—			62			1			—			63
Provision for restructuring / other		34			42			115			76			267
Litigation reserves		—			455			36			16			507
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,203		$	1,310		$	1,295		$	1,127		$	4,935

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

	2005
	Q1			Q2			Q3					TOTAL YEAR*
Diluted Earnings per Common Share from Continuing Operations	$	0.27		$	0.50		$	0.49				$	1.27
Specified items:
Gain on sale of equity investment		(0.01	)		—			—					(0.01	)
Litigation reserves		0.05			0.10			—					0.15
Insurance recoveries		—			(0.09	)		(0.01	)				(0.10	)
Provision for restructuring / other		0.03			0.03			0.02					0.07
Gain on sale of businesses		—			—			(0.19	)				(0.19	)
Tax items		—			(0.07	)		—					(0.07	)
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.34		$	0.47		$	0.31				$	1.12
	2004
	Q1			Q2			Q3			Q4		TOTAL YEAR
Diluted Earnings per Common Share from Continuing Operations	$	0.49		$	0.27		$	0.38		$	0.07	$	1.21
Specified items:
Gain on sale of businesses		(0.09	)		(0.01	)		—			—		(0.10	)
In-process research and development		—			0.03			—			—		0.03
Provision for restructuring / other		0.01			0.02			0.04			0.03		0.10
Litigation reserves		—			0.15			0.01			—		0.16
Tax items		—			—			0.01			0.29		0.30
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.41		$	0.46		$	0.44		$	0.39	$	1.70

* amounts may not add due to rounding of individual calculations.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

($ in millions)

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

	Cost of products sold		Research and development		Acquired in-process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense		Other expense, net		Total
Three months ended September 30, 2004
Litigation Matters:
Product liability	$	—	$	—	$	—	$	—		$	—	$	—	$	11	$	11
Anti-trust litigation		—		—		—		—			—		25		—		25
		—		—		—		—			—		25		11		36
Other:
Gain on sale of Adult Nutritional business		—		—		—		(3	)		—		—		—		(3	)
Accelerated depreciation		47		1		—		—			—		—		—		48
Downsizing and streamlining of worldwide operations		—		—		—		—			57		—		—		57
Milestone payment		—		10		—		—			—		—		—		10
Acordis IPR&D write-off		—		—		1		—			—		—		—		1
	$	47	$	11	$	1	$	(3	)	$	57	$	25	$	11		149
Income taxes on items above																	(39	)
Reduction to Net Earnings from Continuing Operations																$	110

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004

($ in millions)

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

	Cost of products sold			Research and development		Acquired in-process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense		Other expense, net		Total
Nine months ended September 30, 2004
Litigation Matters:
Private litigation and governmental	$	—		$	—	$	—	$	—		$	—	$	320	$	—	$	320
investigations
Product liability		75			—		—		—			—		—		11		86
Pharmaceutical pricing and sales		—			—		—		—			—		34		—		34
litigation
Commercial litigation		26			—		—		—			—		—		—		26
Anti-trust litigation		—			—		—		—			—		50		—		50
Product liability insurance recovery		(25	)		—		—		—			—		—		—		(25	)
		76			—		—		—			—		404		11		491
Other:
Gain on sale of Adult Nutritional		—			—		—		(316	)		—		—		—		(316	)
business
Accelerated depreciation		70			1		—		—			—		—		4		75
Downsizing and streamlining of		1			—		—		—			75		—		—		76
worldwide operations
Milestone payments		—			40		—		—			—		—		—		40
Acordis IPR&D write-off		—			—		63		—			—		—		—		63
	$	147		$	41	$	63	$	(316	)	$	75	$	404	$	15		429
Income taxes on items above																		(94	)
Reduction to Net Earnings from Continuing Operations																	$	335

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2004		June 30, 2004		September 30, 2004		December 31, 2004		March 31, 2005		June 30, 2005		September 30, 2005		December 31, 2005
Cash, cash equivalents and marketable debt securities	$	6,725	$	6,913	$	7,318	$	7,474	$	5,982	$	3,040	$	3,781
Receivables, net of allowances		3,106		3,508		3,808		4,373		3,647		3,315		3,306
Short-term borrowings		884		1,078		1,715		1,883		244		292		277
Long-term debt		8,635		8,376		8,540		8,463		8,326		6,008		5,895
Stockholders’ equity		10,533		10,431		10,663		10,202		10,381		10,801		11,268
Capital Expenditures and Capitalized Software		163		140		174		199		181		171		185

BRISTOL-MYERS SQUIBB COMPANY

2005 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS Impact
Anticipated restructuring/other	$	(0.05	)
Licensing milestones		(0.02	)
Debt retirement costs		(0.02	)
Litigation Reserves		(0.15	)
Insurance recoveries		0.10
Gain on sales of equity investment		0.01
Gain on sale of Consumer Medicines		0.19
Adjustment to deferred taxes on repatriation of foreign earnings		0.07
Total	$	0.13

BRISTOL-MYERS SQUIBB COMPANY

ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS

IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

The following table sets forth, for each of the Company’s top 15 pharmaceutical products sold by the Company’s U.S. Pharmaceuticals business (based on 2004 net sales), the amount of the U.S. Pharmaceutical business’s net sales of the applicable product for each of the three months through September 30, 2005 and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel at the end of each quarter.

	September 30, 2004			December 31, 2004				March 31, 2005				June 30, 2005				September 30, 2005
	Net Sales		Months on Hand	Net Sales			Months on Hand	Net Sales		Months on Hand		Net Sales			Months on Hand	Net Sales		Months on Hand
	($ in millions)			($ in millions)				($ in millions)				($ in millions)				($ in millions)
Abilify	$	152	0.6	$	170		0.9	$	161	0.7		$	200		0.7	$	214	0.9
Avapro/Avalide		148	0.6		154		0.9		102	0.8			157		0.6		147	0.5
Cefzil		30	0.6		60		1.1		50	0.7			30		0.8		27	0.7
Coumadin		58	0.9		69		1.0		42	1.0			42		0.7		49	0.6
Dovonex		34	0.7		40		0.9		30	0.6			36		0.7		31	0.6
Erbitux*		83	0.2		88		0.2		87		**		97		—		106	—
Glucophage Franchise		39	1.0		48		1.1		39	1.0			44		0.8		38	0.7
Paraplatin		145	1.2		(12	)	1.2		15	0.9			(1	)	0.8		9	1.1
Plavix		781	0.6		816		0.9		673	0.8			823		0.6		833	0.4
Pravachol		318	0.6		433		1.0		258	0.8			353		0.7		297	0.5
Reyataz		75	0.6		99		0.9		92	0.8			98		0.8		105	0.6
Sustiva		95	0.7		103		0.8		103	0.8			97		0.8		101	0.6
Tequin		31	0.7		39		0.9		38	0.7			22		0.8		21	0.9
Videx/Videx EC		27	0.6		25		0.9		10	1.2			5		1.0		7	1.1
Zerit		34	0.7		31		0.9		26	0.8			26		0.8		24	0.8

The Company determines the above months on hand estimates by dividing the estimated amount of the product in the wholesaler distribution channel by the estimated amount of out-movement of the product over a period of thirty-one days calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using data from third parties which data are a product of the third parties’ own record-keeping processes and such third-party data also may reflect estimates.

Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of thirty-one days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

* To help maintain the product quality of the Company’s biologic oncology product, ERBITUX, the product is shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX. Such wholesaler held ERBITUX inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. The above estimates of months on hand for the three months ended March 31, 2005, were calculated by dividing the inventories of ERBITUX held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process. After the divestiture of OTN in May 2005, the Company no longer had consignment inventory at the wholesaler, and recognized revenue upon shipment to that wholesaler, consistent with its terms of sale and revenue recognition policy. At September 30, 2005, there was no ERBITUX inventory held by wholesalers.

** Less than 0.1 months on hand.

BRISTOL-MYERS SQUIBB COMPANY

ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICALS PRODUCTS

The following table sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for the three months ended March 31, 2005 and June 30, 2005 and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of March 31, 2005 and June 30, 2005. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States.

	March 31, 2005			June 30, 2005
	Net Sales		Months on Hand	Net Sales		Months on Hand
	(dollars in millions)			(dollars in millions)
International Pharmaceuticals
Abilify	$	27	0.6	$	40	0.6
Avapro/Avalide		94	0.4		101	0.4
Bufferin		26	0.5		32	1.0
Capoten		42	0.8		42	0.8
Dafalgan		40	1.3		33	0.8
Efferalgan		88	0.9		55	0.5
Maxipime		46	0.7		52	0.8
Monopril		56	0.6		52	0.7
Paraplatin		29	0.6		34	0.6
Perfalgan		42	0.5		42	0.6
Plavix		141	0.7		145	0.5
Pravachol		262	0.7		272	0.7
Reyataz		57	0.6		85	0.8
Sustiva		70	0.5		70	0.6
Taxol		201	0.5		182	0.5
Videx/Videx EC		39	0.8		38	0.9
Zerit		33	0.6		33	0.6
Nutritionals
Enfamil		235	0.9		250	0.9
Nutramigen		44	1.0		47	1.0
Related Healthcare
ConvaTec
Ostomy		127	0.9		139	0.9
Wound Therapeutics		97	0.8		103	0.8
Medical Imaging
Cardiolite		102	0.7		108	0.7
Consumer Products
Excedrin		39	1.6		38	1.5

The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers as of March 31, 2005 and June 30, 2005 divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer outmovement data over the most recent thirty-one day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.