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): April 27, 2006

BRISTOL-MYERS SQUIBB COMPANY

(Exact Name of Registrant as Specified in its Charter)

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

345 Park Avenue

New York, NY, 10154

(Address of Principal Executive Office)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 27, 2006, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2006. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release of Bristol-Myers Squibb Company dated April 27, 2006
99.2.	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release

SIGNATURES

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

	BRISTOL-MYERS SQUIBB COMPANY
Dated: April 27, 2006	By:	/s/ Sandra Leung
	Name:	Sandra Leung
	Title:	Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated April 27, 2006
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

Exhibit 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
	Jeff Macdonald	Blaine Davis
	Communications	Investor Relations
	212-546-4824	212-546-4631
	jeffrey.macdonald@bms.com	blaine.davis@bms.com

BRISTOL-MYERS SQUIBB COMPANY REPORTS FIRST QUARTER 2006 FINANCIAL RESULTS

• Posts First Quarter 2006 GAAP EPS of $0.36 and Non-GAAP EPS of $0.32

• Reaffirms 2006 EPS Guidance

• Reports on Launches of 2 New Products and on Developments of Pipeline

(NEW YORK, April 27, 2006) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the first quarter of 2006 and reaffirmed earnings guidance for the full year.

Bristol-Myers Squibb posted first quarter 2006 net sales from continuing operations of $4.7 billion, an increase of 3%, despite a 2% unfavorable foreign exchange impact. The company reported first quarter 2006 net earnings from continuing operations of $714 million, or $0.36 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $538 million, or $0.27 per diluted share for the same period in 2005. On a non-GAAP basis excluding specified items, first quarter 2006 net earnings from continuing operations was $637 million, or $0.32 per diluted share, compared to $670 million, or $0.34 per diluted share for the same period in 2005.

“This was another solid quarter for Bristol-Myers Squibb, as we continued to grow our key products, execute our strategy and advance our pipeline,” said Peter R. Dolan, chief executive officer,

Bristol-Myers Squibb. “All of our growth drivers – PLAVIX®, AVAPRO®/AVALIDE®, ABILIFY®, REYATAZ® and ERBITUX® – delivered double-digit sales increases. During the quarter, we launched ORENCIA®, our first internally discovered and developed biologic, and the product is tracking above our expectations. We also demonstrated our commitment to biologics as an essential component of our future growth through our Board of Directors’ approval of a $660 million capital expenditure for the construction of a large-scale biologics manufacturing facility. We are ramping up our efforts announced last December to reduce our cost base, which we expect will deliver a minimum of $500 million in additional savings in 2007 and an incremental $100 million in 2008, as we prepare the company for an expected period of sustained earnings growth over several years, beginning in 2007.”

NEW PRODUCT AND PIPELINE DEVELOPMENTS

In February, Bristol-Myers Squibb launched ORENCIA®, its first internally discovered and developed biologic agent, indicated for the reduction of signs and symptoms of rheumatoid arthritis (RA), inducing major clinical response, slowing the progression of structural damage, and improving physical function in adult patients with moderately to severely active RA who have had an inadequate response to one or more currently available treatments, such as methotrexate or anti-TNF therapy. More than two million people in the United States suffer from RA, and roughly 15% to 25% of the 250,000 patients in the U.S. treated annually with anti-TNF therapy experience treatment failures and/or inadequate responses to treatment. In January, the company submitted a supplemental Biologics License Application to the U. S. Food and Drug Administration (FDA) for the licensure of a third party manufacturing facility to support increased production capacity for ORENCIA®.

In February, the company also launched BARACLUDE™ , its treatment for hepatitis B, in China. China is classified by the World Health Organization as a high-prevalence hepatitis B region. It is estimated that 120 to 130 million people are chronically infected with the hepatitis B virus in China.

On March 1, the FDA approved ERBITUX® , which is co-promoted by Bristol-Myers Squibb and ImClone Systems Incorporated (ImClone), for use in the treatment of squamous cell carcinoma of the head and neck. ERBITUX® – also approved to treat patients with metastatic colorectal cancer – is the first FDA approved therapy for head and neck cancer patients in more than 30 years. As a result of the FDA approval, the company paid a $250 million milestone payment to ImClone in the first quarter of 2006.

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In March, the FDA accepted, for filing and review, the New Drug Application (NDA) for the investigational compound dasatinib. The NDA seeks approval of dasatinib to treat chronic myelogenous leukemia in adult patients with resistance or intolerance to prior therapy. The dasatinib NDA has been granted a priority review, based on which FDA action on the NDA is expected by the end of the second quarter.

Earlier this month, the company launched EMSAM® (selegiline transdermal system) in the U.S. EMSAM® is the first transdermal patch for the delivery of a monoamine oxidase inhibitor for the treatment of major depressive disorder in adults. EMSAM® was developed by Somerset Pharmaceuticals, Inc., a joint venture between Mylan Laboratories, Inc. and Watson Pharmaceuticals, Inc. Bristol-Myers Squibb has obtained exclusive distribution rights to commercialize EMSAM® in the U.S. and Canada and markets EMSAM® through its existing neuroscience sales force.

On April 27, Bristol-Myers Squibb and Gilead Sciences, Inc. announced the submission of an NDA to the FDA for approval of a product that combines the company’s anti-HIV medication SUSTIVA® (efavirenz), and Gilead’s TRUVADA® (emtricitabine and tenofovir disoproxil fumarate), in a once-daily single tablet regimen. If approved by the FDA, the new single tablet regimen would be the first and only product that contains a complete Highly Active Antiretroviral Therapy regimen in a single once-daily tablet, intended for the treatment of HIV-1 infection in adults as a complete regimen or in combination with other antiretrovirals.

OTHER DEVELOPMENTS

In March, the company announced plans to invest $660 million in the construction of a large-scale, expandable, multi-product bulk biologics manufacturing facility at one of several U.S. locations currently under evaluation. The modular design of the facility will accommodate future expansion. The company also announced in March that it will invest $200 million to expand the company’s Manati, Puerto Rico facility, to accommodate filling and finishing of the company’s sterile products and biologic compounds, including ORENCIA® and other investigational compounds.

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As previously disclosed, in March 2006, the company and sanofi-aventis announced they have reached an agreement with Apotex Inc. and Apotex Corp. to settle the PLAVIX® patent infringement lawsuit that had been pending between the parties in the U.S. District Court for the Southern District of New York. The settlement is subject to certain conditions, including antitrust review and clearance by the Federal Trade Commission and state attorneys general. There is a significant risk the required antitrust clearance will not be obtained.

FIRST QUARTER RESULTS

• First quarter 2006 net sales from continuing operations increased 3% to $4.7 billion compared to the same period in 2005. U.S. net sales increased 14% to $2.7 billion for the quarter compared to 2005, while international net sales decreased 8% to $2.0 billion, including a 4% unfavorable foreign exchange impact.

• Marketing, selling and administrative expenses increased by 5% to $1.2 billion in the first quarter of 2006 compared to the same period in 2005, due to a number of factors, the largest being the impact of the adoption of stock option expensing.

• Advertising and product promotion spending decreased by 7% to $295 million in the first quarter of 2006 from $318 million in the same period in 2005, primarily driven by the divestiture of the U.S. and Canadian Consumer Medicines business in 2005 and lower spending on mature brands, partially offset by increased investments in growth drivers and new products including ORENCIA® and EMSAM®.

• Research and development expenses increased by 15% to $750 million in the first quarter of 2006 from $653 million in the same period in 2005. This increase primarily reflects continued investments in late-stage compounds. Investment in pharmaceutical research and development equaled 18.8% of pharmaceutical sales in the first quarter of 2006, compared to 16.2% in the same period in 2005.

• In the first quarter of 2006, the company recorded pre-tax charges of $27 million related to the adoption of stock option expensing in accordance with new accounting guidelines. The charges

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were recorded in cost of products sold, marketing, selling and administrative expenses, and research and development expenses.

INCOME TAXES

The effective income tax rate on earnings from continuing operations before minority interest and income taxes was 27.5% in first quarter of 2006 compared to 28.9% in the first quarter of 2005. The lower effective tax rate is attributable to higher estimated foreign tax credits and lower estimated tax contingency reserves, partially offset by the expiration of the federal research and development tax credit as of December 31, 2005.

SPECIFIED ITEMS

In the three months ended March 31, 2006 and 2005, the company recorded specified income and expense items that affected the comparability of the results.

The pre-tax specified items before minority interest in 2006 included:

• $51 million charges primarily related to asset impairment, accelerated depreciation, and downsizing and streamlining of worldwide operations

• $40 million charge related to commercial litigation

• $18 million for an upfront payment

• $200 million gain on the sale of assets related to DOVONEX®, a product for the treatment for psoriasis

• $21 million income from an insurance recovery related to previously settled litigation matters

The pre-tax specified items in 2005 included:

• $124 million charge for litigation matters

• $35 million for milestone payments

• $17 million charges related to accelerated depreciation, and downsizing and streamlining of worldwide operations

• $16 million loss on sale of fixed assets

• $18 million gain on the sale of equity investments

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.

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PHARMACEUTICALS

Worldwide pharmaceutical sales increased 3% to $3.7 billion in the first quarter of 2006 compared to the same period in 2005.

U.S. pharmaceutical sales increased 17% to $2.1 billion in the first quarter of 2006 compared to the same period in 2005, primarily due to the continued volume growth of PLAVIX®, AVAPRO®/AVALIDE®, REYATAZ®, ERBITUX® and ABILIFY®, and higher average net selling prices, partially offset by the continued decline of mature products. The sales increase was not affected by changes in estimated wholesaler inventory levels.

International pharmaceutical sales decreased 10%, including a 5% unfavorable foreign exchange impact, to $1.6 billion for the first quarter of 2006 compared to the same period in 2005. The sales decrease was primarily due to a decline in TAXOL® and PRAVACHOL® sales resulting from increased generic competition in Europe, partially offset by increased sales of newer products including REYATAZ® and ABILIFY®. The company’s reported international sales do not include sales reported by its alliance partner, sanofi-aventis, for PLAVIX® and AVAPRO®/AVALIDE®, which continue to show growth in the first quarter of 2006 compared to the same period in 2005.

Pharmaceutical Growth Drivers

Worldwide sales of the products that the company views as current and future growth drivers increased to 50% of worldwide pharmaceutical sales in the first quarter of 2006, compared to 40% in the same period in 2005. U.S. sales of these growth drivers accounted for approximately 72% and 63% of total U.S. pharmaceutical sales in the first quarter of 2006 and 2005, respectively.

• Sales of PLAVIX®, a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, and sold by the company primarily in the U.S., increased 21%, to $986 million in the first quarter of 2006 from $814 million in the same period in 2005, primarily due to increased demand. Estimated total U.S. prescription demand increased approximately 15% compared to 2005.

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• Sales of AVAPRO®/AVALIDE®, an angiotensin II receptor blocker for the treatment of hypertension, also part of the sanofi-aventis alliance, increased 19%, despite a 2% unfavorable foreign exchange impact, to $233 million in the first quarter of 2006 from $196 million in the same period in 2005. U.S. sales increased 36% to $139 million in the first quarter of 2006 from $102 million in the same period in 2005, primarily due to lower rebates compared with the first quarter of 2005. Estimated total U.S. prescription demand increased approximately 6% compared to 2005. International sales remained constant at $94 million compared to the same period in 2005, including a 4% unfavorable foreign exchange impact.

• Total revenue for ABILIFY®, an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 51%, despite a 2% unfavorable foreign exchange impact, to $283 million in the first quarter of 2006 from $188 million in the same period in 2005. U.S. sales increased 43% to $231 million in the first quarter 2006 from $161 million in the same period in 2005, primarily due to a 29% prescription growth. European sales increased to $45 million in the first quarter of 2006, as compared to $22 million in the same period in 2005. Total revenue for ABILIFY® primarily consists of alliance revenue representing the company’s 65% share of net sales in countries where it copromotes with Otsuka Pharmaceutical Co., Ltd.

• Sales of REYATAZ®, a protease inhibitor for the treatment of human immunodeficiency virus (HIV), increased 39%, despite a 4% unfavorable foreign exchange impact, to $207 million in the first quarter of 2006 from $149 million in the same period in 2005, primarily due to strong U.S. prescription growth and increased demand in Europe. Estimated total U.S. prescription demand increased approximately 19% compared to 2005. European sales increased 40% to $60 million in the first quarter of 2006 from $43 million in the same period in 2005.

• Sales of ERBITUX®, which is sold by the company almost exclusively in the U.S., increased 59% to $138 million in the first quarter of 2006 from $87 million in the same period in 2005, primarily due to continued growth related to usage in the treatment of metastatic colorectal cancer augmented by the new indication for the treatment of head and neck cancer. ERBITUX® is marketed by the company under a distribution and copromotion agreement with ImClone.

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Other Pharmaceuticals

Pharmaceutical products other than those the company views as current and future growth drivers are generally more mature products.

• Sales of PRAVACHOL®, an HMG Co-A reductase inhibitor, increased 3%, despite a 4% unfavorable foreign exchange impact, to $536 million in the first quarter of 2006 from $520 million in the same period in 2005. U.S. sales increased 17% to $302 million in the first quarter of 2006 from $258 million in the same period in 2005, primarily due to lower managed care rebates resulting from a proactive change in the company’s rebating strategy ahead of exclusivity loss, partially offset by lower demand resulting from increased competition. Estimated total U.S. prescriptions declined by approximately 18% compared to 2005. International sales decreased 11%, including a 7% unfavorable foreign exchange impact, to $234 million in the first quarter of 2006 from $262 million in the same period in 2005, reflecting generic competition in key European markets. In the U.S. the market exclusivity of PRAVACHOL® expired on April 20, 2006.

• Sales of TAXOL®, an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 28%, including a 6% unfavorable foreign exchange impact, to $147 million in the first quarter of 2006 from $205 million in the same period in 2005, primarily due to increased generic competition in Europe.

• Sales of SUSTIVA®, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 1%, despite a 3% unfavorable foreign exchange impact, to $175 million in the first quarter of 2006 from $173 million in the same period in 2005. Estimated total U.S. prescription growth was approximately 4% for the first quarter of 2006.

HEALTH CARE GROUP

The combined first quarter 2006 revenues from the Health Care Group increased 2% to $976 million compared to the same period in 2005. Excluding a 7% unfavorable impact from the divestiture of the U.S. and Canadian consumer medicines business in the third quarter of 2005, Health Care Group

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sales increased 9% in the first quarter of 2006. The Health Care Group continues to generate a significant portion of the company’s revenues, contributing over 20% of first quarter 2006 sales.

Nutritionals

• Worldwide Nutritional sales increased 7%, including a 1% favorable foreign exchange impact, to $565 million in the first quarter of 2006 from $526 million in the same period in 2005. U.S. Nutritional sales decreased 3% to $247 million in the first quarter of 2006, primarily due to decreased sales of ENFAMIL® as a result of a reduction in inventory levels in the retail trade. International Nutritional sales increased 17% to $318 million in the first quarter of 2006, including a 2% favorable foreign exchange impact, primarily due to increased sales of toddlers and children’s nutritional products and follow-on formulas.

Other Health Care

• Worldwide ConvaTec sales increased 1%, despite a 5% unfavorable foreign exchange impact, to $230 million in the first quarter of 2006 from $228 million in the same period in 2005. Sales of wound therapeutic products increased 8%, despite a 5% unfavorable foreign exchange impact, to $105 million in the first quarter of 2006 from $97 million in the same period in 2005, primarily due to continued growth of AQUACEL®.

• Worldwide Medical Imaging sales increased 25% to $181 million in the first quarter of 2006 from $145 million in the same period in 2005, primarily due to strong growth of Technetium Tc99m Generators resulting from a competitor’s temporary withdrawal from the market through mid-April 2006. CARDIOLITE® sales increased 1% from the same period in 2005.

2006 GUIDANCE

Bristol-Myers Squibb reaffirms its 2006 full year earnings guidance of fully-diluted earnings per share from continuing operations to be between $1.15 and $1.25 on an adjusted non-GAAP basis, which excludes specified items as discussed under “Use of Non-GAAP Financial Information.”

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The company also reaffirms its 2006 fully-diluted earnings per share range to be between $1.15 and $1.25, when adding back specified items. These specified items are expected to have no net impact on the company’s estimated earnings guidance for 2006. Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website. This information does not include other items, which may occur during the year.

Anticipated sales declines due to continued exclusivity losses during 2006 are expected to be more or less offset by growth in sales of the company’s growth drivers and potential new products. The gross margin is expected to stabilize as the relatively high margins realized on the sale of the growth drivers and certain new products more or less offset lost margins from older products that have lost or are expected to lose exclusivity. Earnings will be adversely affected by the company’s investments to develop and support the introduction of new products, the impact from sale of DOVONEX®, the impact from the adoption of stock option expensing under new accounting guidelines and the development of additional new compounds.

As previously disclosed, the company has experienced substantial revenue losses due to the expiration of market exclusivity protection for certain of its products. The company expects substantial incremental revenue losses in 2006, representing continuing declines in revenues from products that lost market exclusivity in previous years, as well as declines in revenues of certain additional products that have lost or will lose market exclusivity. For 2006, the company estimates reductions of net sales in the range of $1.4 billion to $1.5 billion from the 2005 levels for products that have lost or will lose exclusivity protection in 2004, 2005 or 2006, primarily PRAVACHOL®, TAXOL® and CEFZIL®. The timing and amounts of sales reductions from exclusivity losses, their realization in particular periods and the eventual levels of remaining sales revenues are uncertain and dependent on the levels of sales at the time exclusivity protection ends, the timing and degree of development of generic competition (speed of approvals, market entry and impact) and other factors.

The company’s expectations for future sales growth include increases in sales of PLAVIX®, which had net sales of $3.8 billion for 2005, and is currently the company’s largest product ranked by net sales. The composition of matter patent for PLAVIX®, which expires in 2011, is currently the subject of litigation in the United States. As previously disclosed, the Apotex litigation has been suspended pending possible finalization of the previously announced proposed settlement among the parties. The proposed settlement is subject to certain conditions, including antitrust review and clearance by the Federal Trade Commission and state attorneys general. There is a significant risk that

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required antitrust clearance will not be obtained. In such event, the proposed settlement would be terminated, and the litigation would be reinstated. If the litigation were reinstated, sanofi-aventis and Bristol-Myers Squibb intend vigorously to pursue enforcement of their patent rights in PLAVIX®. Similar proceedings involving PLAVIX® are ongoing in Canada. There are no enforcement proceedings outside of the U.S. and Canada. The company continues to believe that the U. S. and Canadian patents are valid and infringed, and with its alliance partner and patent-holder sanofi-aventis, is vigorously pursuing these cases. It is not possible at this time reasonably to assess the outcome of these litigations, or if there were an adverse determination in these litigations, the timing of potential generic competition for PLAVIX®.

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 2006 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 20 Legal Proceedings and Contingencies” in the company’s Form 10-K Annual Report for 2005.

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 businesses and product lines; from sale or write-down of equity investments and from discontinuations of operations; restructuring items that meet the requirements of SFAS 112 for severance and SFAS 146 for other exit costs; accelerated depreciation charges under SFAS 144 related to restructuring items described above; 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; 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; income from upfront and milestone payments that is immediately recognized for out-licensing of products, including deferred income recognized upon termination; and significant tax events, including the repatriation of special dividends pursuant to the AJCA. This information is

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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.

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), 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, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, 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 periodic reports, including current reports on Form 8-K, quarterly reports on Form 10-Q and the annual report on Form 10-K, furnished to and filed with 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 pharmaceutical and related health care products company whose mission is to extend and enhance human life.

There will be a conference call on April 27, 2006 at 10:30 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 913-981-4901. Materials related to the call will be available at the same website prior to the call.

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For more information, contact: Tony Plohoros, 212-546-4379, or Jeff Macdonald, 212-546-4824, 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

EMSAM® is a trademark of Somerset Pharmaceuticals, Inc.

TRUVADA® is a trademark of Gilead Sciences, Inc.

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BRISTOL-MYERS SQUIBB COMPANY

NET SALES BY OPERATING SEGMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

(Unaudited, dollars in millions)

	Three Months Ended March 31,
	2006		2005
Pharmaceuticals	$	3,700	$	3,578
Nutritionals		565		526
Other Health Care		411		428
Health Care Group		976		954
Net Sales from Continuing Operations	$	4,676	$	4,532

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

(Unaudited, dollars in millions except prescription data)

The following table set forth worldwide and U.S. reported net sales for selected products for the three months ended March 31, 2006 compared to the three months ended March 31, 2005. In addition, the table includes, 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
	2006		2005		% Change		2006			2005		% Change		% Change in U.S. Total Prescriptions vs. 2005
Three Months Ended March 31,
Pharmaceuticals
Cardiovascular
Plavix	$	986	$	814	21	%	$	850		$	673	26	%	15	%
Pravachol		536		520	3	%		302			258	17	%	(18	)%
Avapro/Avalide		233		196	19	%		139			102	36	%	6	%
Coumadin		55		49	12	%		47			42	12	%	(25	)%
Monopril		48		59	(19	)%		2			3	(33	)%	(55	)%
Virology
Reyataz		207		149	39	%		119			92	29	%	19	%
Sustiva		175		173	1	%		108			103	5	%	4	%
Zerit		40		59	(32	)%		19			26	(27	)%	(33	)%
Baraclude		11		—	—			9			—	—		N/A
Other Infectious Diseases
Cefzil		23		82	(72	)%		(5	)		50	(110	)%	(83	)%
Oncology
Taxol		147		205	(28	)%		4			4	—		N/A
Erbitux		138		87	59	%		136			87	56	%	N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		283		188	51	%		231			161	43	%	29	%
Immunoscience
Orencia		5		—	—			5			—	—		N/A
Other Pharmaceuticals
Efferalgan		68		88	(23	)%		—			—	—		N/A
Nutritionals
Enfamil		237		235	1	%		155			162	(4	)%	N/A
Enfagrow		67		50	34	%		—			—	—		N/A
Other Health Care
Ostomy		123		127	(3	)%		34			34	—		N/A
Wound Therapeutics		105		97	8	%		37			30	23	%	N/A
Cardiolite		103		102	1	%		91			91	—		N/A

15

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

(Unaudited, dollars in millions except per share data)

	Three Months Ended March 31,
	2006			2005
Net Sales	$	4,676		$	4,532
Cost of products sold		1,476			1,367
Marketing, selling and administrative		1,238			1,183
Advertising and product promotion		295			318
Research and development		750			653
Provision for restructuring, net		1			3
Litigation (income)/charges, net		(21	)		124
Gain on sale of product asset		(200	)		—
Equity in net income of affiliates		(93	)		(69	)
Other expense, net (a)		37			25
		3,483			3,604
Earnings from Continuing Operations
Before Minority Interest and Income Taxes		1,193			928
Provision for income taxes		328			268
Minority interest, net of taxes		151			122
Earnings from Continuing Operations		714			538
Discontinued Operations
Loss, net of taxes		—			(5	)
Loss on disposal, net of taxes		—			—
		—			(5	)
Net Earnings	$	714		$	533
Earnings per Common Share
Basic:
Earnings from Continuing Operations	$	0.36		$	0.27
Discontinued Operations
Loss, net of taxes		—			—
Loss on disposal, net of taxes		—			—
Net Earnings per Common Share	$	0.36		$	0.27
Diluted:
Earnings from Continuing Operations	$	0.36		$	0.27
Discontinued Operations
Loss, net of taxes		—			—
Loss on disposal, net of taxes		—			—
Net Earnings per Common Share	$	0.36		$	0.27
Average Common Shares Outstanding:
Basic		1,957			1,949
Diluted		1,988			1,981
(a)    Other expense/(income), net
Interest expense	$	116		$	97
Interest income		(62	)		(45	)
Foreign exchange transaction (gains)/losses		(12	)		12
Other expense, net		(5	)		(39	)
	$	37		$	25

16

APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

(Unaudited, dollars in millions)

Three months ended March 31, 2006

	Cost of products sold		Research and development		Sales Force		Provision for restructuring, net		Litigation settlement income			Other (income)/ expense, net		Gain on sale of product asset			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—	$	—	$	(21	)	$	—	$	—		$	(21	)
Commercial litigation		—		—		—		—		—			40		—			40
		—		—		—		—		(21	)		40		—			19
Other:
Accelerated depreciation, asset impairment and contract termination		46		—		4		—		—			—		—			50
Downsizing and streamlining of worldwide operations		—		—		—		1		—			—		—			1
Upfront and milestone payments		—		18		—		—		—			—		—			18
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	46	$	18	$	4	$	1	$	(21	)	$	40	$	(200	)		(112	)
Income taxes on items above																		48
Minority interest, net of taxes																		(13	)
Increase to Net Earnings from Continuing Operations																	$	(77	)

Three months ended March 31, 2005

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense		Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	124	$	—		$	124
Other:
Gain on sale of equity investment		—		—		—		—		(18	)		(18	)
Loss on sale of fixed assets		—		—		—		—		16			16
Accelerated depreciation		13		1		—		—		—			14
Downsizing and streamlining of worldwide operations		—		—		3		—		—			3
Upfront and milestone payments		—		35		—		—		—			35
	$	13	$	36	$	3	$	124	$	(2	)		174
Income taxes on items above													(42	)
Reduction to Net Earnings from Continuing Operations												$	132

17

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

QUARTERLY SALES TREND ANALYSIS

($ in millions)

Net Sales	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Pharmaceuticals Group	$	3,578		$	3,886		$	7,464		$	3,778		$	11,242		$	4,012		$	15,254		$	3,700								3	%	3	%
US Pharmaceuticals		1,767			2,084			3,851			2,069			5,920			2,220			8,140			2,064								17	%	17	%
Primary Care		1,258			1,539			2,797			1,486			4,283			1,653			5,936			1,409								12	%	12	%
Oncology/Virology		348			345			693			370			1,063			391			1,454			419								20	%	20	%
Neuroscience		161			200			361			213			574			176			750			231								43	%	43	%
Immunoscience		—			—			—			—			—			—			—			5								—		—
Latin America/Canada		258			306			564			285			849			325			1,174			288								12	%	12	%
Europe and Middle East Medicines		1,201			1,112			2,313			1,030			3,343			1,053			4,396			1,024								-15	%	-15	%
Asia/Pacific Medicines		299			329			628			342			970			354			1,324			279								-7	%	-7	%
Nutritionals		526			548			1,074			547			1,621			584			2,205			565								7	%	7	%
Other Healthcare		428			455			883			442			1,325			423			1,748			411								-4	%	-4	%
ConvaTec		228			247			475			250			725			267			992			230								1	%	1	%
Medical Imaging		145			151			296			150			446			156			602			181								25	%	25	%
Consumer Medicines		55			57			112			42			154			—			154			—								-100	%	-100	%
Total Company	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676								3	%	3	%
% of Total Sales	2005																					2006									Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Pharmaceuticals Group		79.0	%		79.5	%		79.2	%		79.3	%		79.2	%		79.9	%		79.4	%		79.1	%							10		10
US Pharmaceuticals		39.0	%		42.6	%		40.9	%		43.4	%		41.7	%		44.2	%		42.4	%		44.1	%							510		510
Primary Care		27.8	%		31.4	%		29.7	%		31.2	%		30.2	%		32.9	%		30.9	%		30.1	%							230		230
Oncology/Virology		7.7	%		7.1	%		7.4	%		7.8	%		7.5	%		7.8	%		7.6	%		9.0	%							130		130
Neuroscience		3.5	%		4.1	%		3.8	%		4.4	%		4.0	%		3.5	%		3.9	%		4.9	%							140		140
Immunoscience		—			—			—			—			—			—			—			0.1	%							10		10
Latin America/Canada		5.7	%		6.3	%		6.0	%		6.0	%		6.0	%		6.5	%		6.1	%		6.2	%							50		50
Europe and Middle East Medicines		26.5	%		22.7	%		24.6	%		21.6	%		23.6	%		21.0	%		22.9	%		21.9	%							(460	)	(460	)
Asia/Pacific Medicines		6.6	%		6.7	%		6.7	%		7.2	%		6.8	%		7.1	%		6.9	%		6.0	%							(60	)	(60	)
Nutritionals		11.6	%		11.2	%		11.4	%		11.5	%		11.4	%		11.7	%		11.5	%		12.1	%							50		50
Other Healthcare		9.4	%		9.3	%		9.4	%		9.2	%		9.4	%		8.4	%		9.1	%		8.8	%							(60	)	(60	)
ConvaTec		5.0	%		5.0	%		5.1	%		5.2	%		5.1	%		5.3	%		5.2	%		4.9	%							(10	)	(10	)
Medical Imaging		3.2	%		3.1	%		3.1	%		3.1	%		3.2	%		3.1	%		3.1	%		3.9	%							70		70
Consumer Medicines		1.2	%		1.2	%		1.2	%		0.9	%		1.1	%		—			0.8	%		—								(120	)	(120	)
Total Company		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 MARCH 31, 2006

(DOLLARS IN MILLIONS)

YEAR-TO-DATE

	Pharmaceuticals Group			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases(Decreases)		5	%		3	%		-1	%		5	%		—			5	%
Foreign Exchange		-2	%		1	%		-5	%		—			—			-2	%
Volume		—			3	%		7	%		20	%		-100	%		—
Total Change		3	%		7	%		1	%		25	%		-100	%		3	%
Total 2006 Period to Date Sales	$	3,700		$	565		$	230		$	181		$	0		$	4,676
Total 2005 Period to Date Sales	$	3,578		$	526		$	228		$	145		$	55		$	4,532

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

CONTINUING OPERATIONS

($ in Millions, except per share amounts)

	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Net Sales	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676								3	%	3	%
Cost of products sold		1,367			1,483			2,850			1,483			4,333			1,595			5,928			1,476								8	%	8	%
Marketing, selling and administrative		1,183			1,268			2,451			1,286			3,737			1,369			5,106			1,238								5	%	5	%
Advertising and product promotion		318			365			683			349			1,032			444			1,476			295								-7	%	-7	%
Research and development		653			649			1,302			669			1,971			775			2,746			750								15	%	15	%
Provision for restructuring and other items, net		3			2			5			(5	)		—			32			32			1								-67	%	-67	%
Litigation (income)/charges, net		124			(26	)		98			(26	)		72			197			269			(21	)							-117	%	-117	%
Gain on sale of business and product asset		—			—			—			(569	)		(569	)		—			(569	)		(200	)							—		—
Equity in net income of affiliates		(69	)		(87	)		(156	)		(84	)		(240	)		(94	)		(334	)		(93	)							-35	%	-35	%
Other (income)/expense, net		25			105			130			38			168			(131	)		37			37								48	%	48	%
Total expenses		3,604			3,759			7,363			3,141			10,504			4,187			14,691			3,483								-3	%	-3	%
Earnings from Continuing Operations Before Minority Interest and Income Taxes		928			1,130			2,058			1,626			3,684			832			4,516			1,193								29	%	29	%
Provision for income taxes		268			(21	)		247			507			754			178			932			328								22	%	22	%
Minority interest, net of taxes		122			160			282			155			437			155			592			151								24	%	24	%
Earnings from Continuing Operations	$	538		$	991		$	1,529		$	964		$	2,493		$	499		$	2,992		$	714								33	%	33	%
Interest expense on conversion of convertible debt bonds, net of tax		4			5			9			6			15			7			22			8
Earnings from continuing operations used for diluted earnings per common share calculation	$	542		$	996		$	1,538		$	970		$	2,508		$	506		$	3,014		$	722
Diluted Earnings per Common Share Continuing Operations**	$	0.27		$	0.50		$	0.78		$	0.49		$	1.27		$	0.26		$	1.52		$	0.36								33	%	33	%
Average Common Shares Outstanding - Diluted		1,981			1,984			1,982			1,984			1,983			1,983			1,983			1,988								—		—
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		$	0.28								—		—
% of Net Sales	2005																					2006									Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Gross Margin		69.8	%		69.7	%		69.7	%		68.9	%		69.5	%		68.2	%		69.1	%		68.4	%							(140	)	(140	)
Cost of products sold		30.2	%		30.3	%		30.3	%		31.1	%		30.5	%		31.8	%		30.9	%		31.6	%							140		140
Marketing, selling and administrative		26.1	%		25.9	%		26.0	%		27.0	%		26.3	%		27.3	%		26.6	%		26.5	%							40		40
Advertising and product promotion		7.0	%		7.5	%		7.2	%		7.3	%		7.3	%		8.8	%		7.7	%		6.3	%							(70	)	(70	)
Research and development		14.4	%		13.3	%		13.8	%		14.0	%		13.9	%		15.4	%		14.3	%		16.0	%							160		160
Total expenses		79.5	%		76.9	%		78.2	%		65.9	%		74.0	%		83.4	%		76.5	%		74.5	%							(500	)	(500	)
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes		20.5	%		23.1	%		21.8	%		34.1	%		26.0	%		16.6	%		23.5	%		25.5	%							500		500
Earnings from Continuing Operations		11.9	%		20.3	%		16.2	%		20.2	%		17.6	%		9.9	%		15.6	%		15.3	%							340		340
Other Ratios
Effective Tax Rate		28.9	%		-1.9	%		12.0	%		31.2	%		20.5	%		21.4	%		20.6	%		27.5	%
Other (Income)/ Expense, net	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Interest expense	$	97		$	73		$	170		$	79		$	249		$	100		$	349		$	116								20	%	20	%
Interest income		(45	)		(23	)		(68	)		(28	)		(96	)		(52	)		(148	)		(62	)							-38	%	-38	%
Foreign exchange transaction (gains)/losses		12			35			47			—			47			11			58			(12	)							-200	%	-200	%
Other, net		(39	)		20			(19	)		(13	)		(32	)		(190	)		(222	)		(5	)							87	%	87	%
	$	25		$	105		$	130		$	38		$	168		$	(131	)	$	37		$	37								48	%	48	%

* in excess of +/- 200%

** amounts may not calculate due to rounding differences between continuing and discontinued operations.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	4,532	$	4,889	$	9,421	$	4,767	$	14,188	$	5,019	$	19,207	$	4,676							3	%	3	%
PHARMACEUTICALS		3,578		3,886		7,464		3,778		11,242		4,012		15,254		3,700							3	%	3	%
Cardiovascular		1,712		2,031		3,743		1,935		5,678		2,090		7,768		1,917							12	%	12	%
Plavix		814		968		1,782		980		2,762		1,061		3,823		986							21	%	21	%
Pravachol		520		625		1,145		527		1,672		584		2,256		536							3	%	3	%
Avapro/ Avalide		196		258		454		251		705		277		982		233							19	%	19	%
Coumadin		49		50		99		57		156		56		212		55							12	%	12	%
Monopril		59		54		113		49		162		46		208		48							-19	%	-19	%
Virology		430		457		887		440		1,327		450		1,777		468							9	%	9	%
Reyataz		149		183		332		176		508		188		696		207							39	%	39	%
Sustiva		173		167		340		170		510		170		680		175							1	%	1	%
Zerit		59		59		118		51		169		47		216		40							-32	%	-32	%
Baraclude		—		5		5		2		7		5		12		11							—		—
Infectious Diseases		293		261		554		239		793		286		1,079		199							-32	%	-32	%
Cefzil		82		54		136		48		184		75		259		23							-72	%	-72	%
Oncology		387		371		758		380		1,138		395		1,533		361							-7	%	-7	%
Taxol		205		186		391		175		566		181		747		147							-28	%	-28	%
Erbitux		87		98		185		107		292		121		413		138							59	%	59	%
Affective (Psychiatric) Disorders		232		284		516		306		822		267		1,089		323							39	%	39	%
Abilify**		188		240		428		260		688		224		912		283							51	%	51	%
Immunoscience		—		—		—		—		—		—		—		5							—		—
Orencia		—		—		—		—		—		—		—		5							—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68							-23	%	-23	%
NUTRITIONALS		526		548		1,074		547		1,621		584		2,205		565							7	%	7	%
Enfamil		235		250		485		230		715		277		992		237							1	%	1	%
Enfagrow		50		49		99		54		153		53		206		67							34	%	34	%
OTHER HEALTHCARE		428		455		883		442		1,325		423		1,748		411							-4	%	-4	%
CONVATEC		228		247		475		250		725		267		992		230							1	%	1	%
Ostomy		127		139		266		139		405		145		550		123							-3	%	-3	%
Wound Therapeutics		97		103		200		104		304		112		416		105							8	%	8	%
MEDICAL IMAGING		145		151		296		150		446		156		602		181							25	%	25	%
Cardiolite		102		108		210		106		316		100		416		103							1	%	1	%
CONSUMER MEDICINES		55		57		112		42		154		—		154		—							-100	%	-100	%

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

*** In excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

																										% Change in U.S. Total Prescription****
	2005														2006									% Change		NPA		NGPS
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		Qtr vs. Qtr		Qtr vs. Qtr
Total Company	$	2,310	$	2,668	$	4,978	$	2,638	$	7,616	$	2,845	$	10,461	$	2,638								14	%
PHARMACEUTICALS		1,777		2,097		3,874		2,082		5,956		2,234		8,190		2,076								17	%
Cardiovascular		1,080		1,377		2,457		1,328		3,785		1,496		5,281		1,341								24	%
Plavix		673		823		1,496		833		2,329		906		3,235		850								26	%	15	%	13	%
Pravachol		258		353		611		297		908		366		1,274		302								17	%	-18	%	-17	%
Avapro/ Avalide		102		157		259		147		406		168		574		139								36	%	6	%	4	%
Coumadin		42		42		84		49		133		50		183		47								12	%	-25	%	-28	%
Monopril		3		2		5		1		6		3		9		2								-33	%	-55	%	-56	%
Virology		231		231		462		239		701		244		945		259								12	%
Reyataz		92		98		190		105		295		110		405		119								29	%	19	%	17	%
Sustiva		103		97		200		101		301		102		403		108								5	%	4	%	3	%
Zerit		26		26		52		24		76		21		97		19								-27	%	-33	%	-33	%
Baraclude		—		5		5		2		7		4		11		9								—		N/A		N/A
Infectious Diseases		91		57		148		53		201		75		276		12								-87	%
Cefzil		50		30		80		27		107		46		153		(5	)							-110	%	-83	%	-84	%
Oncology		115		112		227		131		358		144		502		159								38	%
Taxol		4		4		8		4		12		5		17		4								—		N/A		N/A
Erbitux		87		97		184		106		290		121		411		136								56	%	N/A		N/A
Affective (Psychiatric) Disorders		167		206		373		221		594		183		777		237								42	%
Abilify**		161		200		361		214		575		175		750		231								43	%	29	%	29	%
Immunoscience		—		—		—		—		—		—		—		5								—
Orencia		—		—		—		—		—		—		—		5								—		N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—								—		N/A		N/A
NUTRITIONALS		255		267		522		266		788		282		1,070		247								-3	%
Enfamil		162		171		333		168		501		184		685		155								-4	%	N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—								—		N/A		N/A
OTHER HEALTHCARE		242		253		495		252		747		225		972		231								-5	%
CONVATEC		66		71		137		82		219		93		312		73								11	%
Ostomy		34		38		72		43		115		46		161		34								—		N/A		N/A
Wound Therapeutics		30		29		59		34		93		40		133		37								23	%	N/A		N/A
MEDICAL IMAGING		124		127		251		129		380		132		512		158								27	%
Cardiolite		91		96		187		95		282		88		370		91								—		N/A		N/A
CONSUMER MEDICINES		52		55		107		41		148		—		148		—								-100	%

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

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

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

*** In excess of +/- 200%

**** The estimated total U.S. prescription growth for the retail and mail order channels are calculated based on National Prescription Audit (NPA) and Next-Generation Prescription Services (NGPS) data provided by IMS Health, a supplier of market research for the pharmaceutical industry. The NPA data is based on a simple average of the estimated number of prescriptions in the retail and mail order channels, and the NGPS data is based on a weighted average of the estimated number of prescription units (pills) in each of the retail and mail order channels as provided by IMS.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr
Total Company	$	2,222	$	2,221	$	4,443	$	2,129	$	6,572	$	2,174	$	8,746	$	2,038							-8	%
PHARMACEUTICALS		1,801		1,789		3,590		1,696		5,286		1,778		7,064		1,624							-10	%
Cardiovascular		632		654		1,286		607		1,893		594		2,487		576							-9	%
Plavix		141		145		286		147		433		155		588		136							-4	%
Pravachol		262		272		534		230		764		218		982		234							-11	%
Avapro/ Avalide		94		101		195		104		299		109		408		94							—
Coumadin		7		8		15		8		23		6		29		8							14	%
Monopril		56		52		108		48		156		43		199		46							-18	%
Virology		199		226		425		201		626		206		832		209							5	%
Reyataz		57		85		142		71		213		78		291		88							54	%
Sustiva		70		70		140		69		209		68		277		67							-4	%
Zerit		33		33		66		27		93		26		119		21							-36	%
Baraclude		—		—		—		—		—		1		1		2							—
Infectious Diseases		202		204		406		186		592		211		803		187							-7	%
Cefzil		32		24		56		21		77		29		106		28							-13	%
Oncology		272		259		531		249		780		251		1,031		202							-26	%
Taxol		201		182		383		171		554		176		730		143							-29	%
Erbitux		—		1		1		1		2		—		2		2							—
Affective (Psychiatric) Disorders		65		78		143		85		228		84		312		86							32	%
Abilify**		27		40		67		46		113		49		162		52							93	%
Immunoscience		—		—		—		—		—		—		—		—							—
Orencia		—		—		—		—		—		—		—		—							—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68							-23	%
NUTRITIONALS		271		281		552		281		833		302		1,135		318							17	%
Enfamil		73		79		152		62		214		93		307		82							12	%
Enfagrow		50		49		99		54		153		53		206		67							34	%
OTHER HEALTHCARE		186		202		388		190		578		198		776		180							-3	%
CONVATEC		162		176		338		168		506		174		680		157							-3	%
Ostomy		93		101		194		96		290		99		389		89							-4	%
Wound Therapeutics		67		74		141		70		211		72		283		68							1	%
MEDICAL IMAGING		21		24		45		21		66		24		90		23							10	%
Cardiolite		11		12		23		11		34		12		46		12							9	%
CONSUMER MEDICINES		3		2		5		1		6		—		6		—							-100	%

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

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

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

*** In excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1												TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	1,193											$	1,193
Specified items:
Gain on sale of product asset		(200	)											(200	)
Litigation matters		40												40
Insurance recoveries		(21	)											(21	)
Provision for restructuring / other		69												69
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081											$	1,081
	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	928		$	1,130		$	1,626		$	832		$	4,516
Specified items:
Gain on sale of equity investment		(18	)		(9	)		—			—			(27	)
Litigation matters		124			269			—			197			590
Insurance recoveries		—			(295	)		(26	)		—			(321	)
Provision for restructuring / other		68			94			31			95			288
Termination of muraglitizar agreement		—			—			—			(138	)		(138	)
Gain on sale of businesses		—			—			(569	)		—			(569	)
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,102		$	1,189		$	1,062		$	986		$	4,339

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

	2006
	Q1												TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.36											$	0.36
Specified items:
Gain on sale of product asset		(0.06	)											(0.06	)
Litigation matters		0.01												0.01
Insurance recoveries		(0.01	)											(0.01	)
Provision for restructuring / other		0.02												0.02
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.32											$	0.32
	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.27		$	0.50		$	0.49		$	0.26		$	1.52
Specified items:
Gain on sale of equity investment		(0.01	)		—			—			—			(0.01	)
Litigation matters		0.05			0.10			—			0.06			0.22
Insurance recoveries		—			(0.09	)		(0.01	)		—			(0.10	)
Provision for restructuring / other		0.03			0.03			0.02			0.03			0.10
Termination of muraglitizar agreement		—			—			—			(0.04	)		(0.04	)
Gain on sale of businesses		—			—			(0.19	)		—			(0.19	)
Tax items		—			(0.07	)		—			—			(0.07	)
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.34		$	0.47		$	0.31		$	0.31		$	1.43

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

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

($ in millions)

Three months ended March 31, 2006

	Cost of products sold		Research and development		Sales Force		Provision for restructuring and other items, net		Litigation settlement income			Other (income)/ expense, net		Gain on sale of product asset			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—	$	—	$	(21	)	$	—	$	—		$	(21	)
Commercial litigation		—		—		—		—		—			40		—			40
		—		—		—		—		(21	)		40		—			19
Other:
Accelerated depreciation, asset impairment and contract termination		46		—		4		—		—			—		—			50
Downsizing and streamlining of worldwide operations		—		—		—		1		—			—		—			1
Upfront and milestone payments		—		18		—		—		—			—		—			18
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	46	$	18	$	4	$	1	$	(21	)	$	40	$	(200	)		(112	)
Income taxes on items above																		48
Minority interest, net of taxes																		(13	)
Increase to Net Earnings from Continuing Operations																	$	(77	)

Three months ended March 31, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation settlement expense		Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	124	$	—		$	124
Other:
Gain on sale of equity investment		—		—		—		—		(18	)		(18	)
Loss on sale of fixed assets		—		—		—		—		16			16
Accelerated depreciation		13		1		—		—		—			14
Downsizing and streamlining of worldwide operations		—		—		3		—		—			3
Upfront and milestone payments		—		35		—		—		—			35
	$	13	$	36	$	3	$	124	$	(2	)		174
Income taxes on items above													(42	)
Reduction to Net Earnings from Continuing Operations												$	132

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2005		June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006		June 30, 2006		September 30, 2006		December 31, 2006
Cash, cash equivalents and marketable debt securities	$	5,982	$	3,040	$	3,781	$	5,799	$	5,281	$	—	$	—	$	—
Receivables, net of allowances		3,647		3,315		3,306		3,378		3,236		—		—		—
Short-term borrowings		244		292		277		231		234		—		—		—
Long-term debt		8,326		6,008		5,895		8,364		8,278		—		—		—
Stockholders’ equity		10,381		10,801		11,268		11,208		11,556		—		—		—
Capital expenditures and capitalized software (for the quarter ended)		181		171		185		201		202		—		—		—

BRISTOL-MYERS SQUIBB COMPANY

2006 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS Impact
Downsizing and streamlining of worldwide operations	$	0.03
Milestone payments		0.03
Gain on sale of product asset		(0.06	)
Litigation Matters		0.01
Insurance recoveries		(0.01	)
Total	$	—

BRISTOL-MYERS SQUIBB COMPANY

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

IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

The following table sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for each of the six quarters ended December 31, 2004 through March 31, 2006.

	December 31, 2004				March 31, 2005			June 30, 2005				September 30, 2005			December 31, 2005			March 31, 2006
	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	Net Sales			Months on Hand
	($ in millions)				($ in millions)			($ in millions)				($ in millions)			($ in millions)			($ in millions)
Abilify (total revenue)	$	170		0.9	$	161	0.7	$	200		0.7	$	214	0.9	$	175	0.6	$	231		0.5
Avapro/Avalide		154		0.9		102	0.8		157		0.6		147	0.5		168	0.6		139		0.4
Baraclude		—		—		—	—		5		4.7		2	1.2		4	0.7		9		1.0
Cefzil		60		1.1		50	0.7		30		0.8		27	0.7		46	0.7		(5	)	9.8
Coumadin		69		1.0		42	1.0		42		0.7		49	0.6		50	0.8		47		0.6
Erbitux*		88		0.2		87	**		97		—		106	—		121	—		136		—
Glucophage Franchise		48		1.1		39	1.0		44		0.8		38	0.7		29	0.7		25		0.7
Kenalog		18		1.3		11	0.9		15		0.5		19	0.7		23	0.9		23		0.7
Orencia		—		—		—	—		—		—		—	—		—	—		5		0.9
Paraplatin		(12	)	1.2		15	0.9		(1	)	0.8		9	1.1		5	0.9		7		1.2
Plavix		816		0.9		673	0.8		823		0.6		833	0.4		906	0.6		850		0.4
Pravachol		433		1.0		258	0.8		353		0.7		297	0.5		366	0.6		302		0.4
Reyataz		99		0.9		92	0.8		98		0.8		105	0.6		110	0.5		119		0.6
Sustiva		103		0.8		103	0.8		97		0.8		101	0.6		102	0.6		108		0.5
Tequin		39		0.9		38	0.7		22		0.8		21	0.9		22	0.9		13		0.8
Videx/Videx EC		25		0.9		10	1.2		5		1.0		7	1.1		7	0.9		4		0.9
Zerit		31		0.9		26	0.8		26		0.8		24	0.8		21	0.8		19		0.7

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

Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 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. Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler, and thereafter did not have ERBITUX consignment inventory. Following the divesture, the Company sells ERBITUX to intermediaries (such as specialty oncology distributors) and ships ERBITUX directly to the end users of product who are the customers of those intermediaries. The company recognizes revenue upon such shipment consistent with its revenue recognition policy. Accordingly, subsequent to June 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 PHARMACEUTICAL AND WORLDWIDE NON-PHARMACEUTICAL PRODUCTS

The following table, which was posted on the Company’s website and furnished on Form 8-K, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the four quarters ended March 31, 2005, through December 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimus. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

	March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005
	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand
	(dollars in millions)			(dollars in millions)			(dollars in millions)			(dollars in millions)
International Pharmaceuticals
Abilify (total revenue)	$	27	0.6	$	40	0.6	$	46	0.8	$	49	0.6
Avapro/Avalide		94	0.4		101	0.4		104	0.5		109	0.6
Bufferin		26	0.5		32	1.0		31	0.6		36	0.7
Capoten		42	0.8		42	0.8		38	0.9		38	0.8
Dafalgan		40	1.3		33	0.8		34	1.3		34	1.2
Efferalgan		88	0.9		55	0.5		66	1.1		74	1.0
Maxipime		46	0.7		52	0.8		40	0.7		48	0.8
Monopril		56	0.6		52	0.7		48	1.0		43	0.9
Paraplatin		29	0.6		34	0.6		33	0.6		33	0.8
Perfalgan		42	0.5		42	0.6		38	0.7		43	0.6
Plavix		141	0.7		145	0.5		147	0.6		155	0.6
Pravachol		262	0.7		272	0.7		230	0.8		218	0.8
Reyataz		57	0.6		85	0.8		71	0.9		78	0.6
Sustiva		70	0.5		70	0.6		69	0.6		68	0.6
Taxol		201	0.5		182	0.5		171	0.5		176	0.8
Videx/Videx EC		39	0.8		38	0.9		34	0.9		34	0.9
Nutritionals
Enfamil		235	0.9		250	0.9		230	0.9		277	1.0
Nutramigen		44	1.0		47	1.0		44	1.1		48	1.1
Other Healthcare
ConvaTec
Ostomy		127	0.9		139	0.9		139	0.9		145	1.0
Wound Therapeutics		97	0.8		103	0.8		104	0.8		112	0.9
Medical Imaging
Cardiolite		102	0.7		108	0.7		106	0.8		100	1.0

The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers at the end of each quarter divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 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.