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): July 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 July 27, 2006, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second 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 July 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: July 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 July 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 FINANCIAL RESULTS FOR THE

SECOND QUARTER AND FIRST HALF OF 2006

• Posts Second Quarter 2006 GAAP EPS of $0.34 and Non-GAAP EPS of $0.35

• Reaffirms 2006 EPS Guidance

• Approvals of SPRYCEL^™ and ATRIPLA^™ Highlight Successful Development of Pipeline Compounds

(NEW YORK, July 27, 2006) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the second quarter and six months ended June 30, 2006 and reaffirmed earnings guidance for the full year.

Bristol-Myers Squibb posted second quarter 2006 net sales from continuing operations of $4.9 billion. The company reported second quarter 2006 net earnings from continuing operations of $667 million, or $0.34 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $991 million, or $0.50 per diluted share for the same period in 2005. On a non-GAAP basis excluding specified items, second quarter 2006 net earnings from continuing operations were $680 million, or $0.35 per diluted share, compared to $933 million, or $0.47 per diluted share for the same period in 2005. The decrease in net earnings in 2006 as compared to 2005 is mainly due to the significantly lower tax rate in 2005 resulting from the benefits realized from the resolution of a tax audit

and a one time American Jobs Creation Act related tax adjustment, and continued increased investment in 2006 for pharmaceutical research and development.

“Since the beginning of the year, Bristol-Myers Squibb has launched four important pharmaceutical products. These include novel treatments for cancer and rheumatoid arthritis that were discovered in our own labs, one in-licensed therapy for serious depression in adults, and a once-daily single tablet regimen for HIV-1 that contains our SUSTIVA® product along with two antiretrovirals from Gilead Sciences,” said Peter R. Dolan, chief executive officer, Bristol-Myers Squibb. “The strong productivity of our pipeline and continued solid double-digit growth in sales of our key products PLAVIX®, ABILIFY®, REYATAZ® and ERBITUX®, as well as the solid prospects for our recently approved products, ORENCIA®, BARACLUDE® and SPRYCEL^™, are all preparing the company to enter a period of sustained sales and earnings growth over several years, beginning in 2007. We intend to sustain this momentum through continued investment in R&D and new product launches, as we begin to put in place specific plans to realize a minimum of $600 million in additional annual cost savings by 2008.”

For the six months ended June 30, 2006, net sales from continuing operations increased 1%, despite a 1% unfavorable foreign exchange impact, to $9.5 billion compared to the first six months of 2005. Under GAAP, net earnings from continuing operations in the first six months of 2006 were $1.4 billion, or $0.70 per diluted share, compared to $1.5 billion, or $0.78 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 $1.3 billion, or $0.67 per diluted share for the six months ended June 30, 2006, compared to $1.6 billion, or $0.81 per diluted share for the same period last year.

NEW PRODUCT AND PIPELINE DEVELOPMENTS

In May, the U.S. Food and Drug Administration (FDA) approved a supplemental Biologics License Application (sBLA) that permits a third party to manufacture ORENCIA® (abatacept) at an additional facility. ORENCIA® is a novel biologic agent for the treatment of rheumatoid arthritis that was launched in the U.S. in February. The facility will support increased production capacity necessary to meet expected long-term demand for ORENCIA®. As a result, the company expanded from a single-source distribution system, which will enable physicians and healthcare providers to more easily obtain ORENCIA® through their normal supply channels. Initial market reaction to ORENCIA® has been

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positive, and the company expects to see continued growth as physicians, healthcare professionals and patients become more familiar with ORENCIA®.

On June 28, the FDA granted accelerated approval of SPRYCEL^™ (dasatinib), an oral inhibitor of multiple tyrosine kinases, for the treatment of adults with chronic, accelerated, or myeloid or lymphoid blast phase chronic myeloid leukemia (CML) with resistance or intolerance to prior therapy, including GLEEVEC® (imatinib mesylate). The FDA also granted approval of SPRYCEL^™ for the treatment of adults with Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ALL) with resistance or intolerance to prior therapy. Ph+ALL is a rapidly progressive cancer of the blood and bone marrow, usually occurring in adults.

In June, the company also received approval from the European Commission for BARACLUDE® for the treatment of chronic hepatitis B virus infection. BARACLUDE® was also approved in Japan in July. BARACLUDE® is currently approved in more than 40 countries worldwide, including the United States and China.

In June, the company announced plans to locate its new large-scale, expandable, multi-product bulk biologics manufacturing facility in Devens, Massachusetts, subject to final agreement between the company and the State. Construction is expected to begin later this year, and the facility is projected to be operationally complete in 2009. Commercial production of biologic compounds is anticipated to begin in 2011.

On July 12, Bristol-Myers Squibb and Gilead Sciences, Inc. announced FDA approval of ATRIPLA^™ (efavirenz 600 mg/ emtricitabine 300 mg / tenofovir disoproxil fumarate 200 mg) for the treatment of human immunodeficiency virus (HIV) infection in adults. ATRIPLA^™ is the first-ever once-daily single tablet three drug regimen for HIV intended as a stand-alone therapy or in combination with other antiretrovirals. The product combines SUSTIVA® (efavirenz), manufactured by Bristol-Myers Squibb, and TRUVADA® (emtricitabine and tenofovir disoproxil fumarate), manufactured by Gilead Sciences.

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SECOND QUARTER RESULTS

• Second quarter 2006 net sales from continuing operations remained constant at $4.9 billion compared to the same period in 2005. U.S. net sales increased 5% to $2.8 billion for the quarter compared to 2005, driven by the strong performance of pharmaceutical growth drivers and nutritional products, while international net sales decreased 7% to $2.1 billion.

• Marketing, selling and administrative expenses decreased by 7% to $1.2 billion in the second quarter of 2006 compared to the same period in 2005, mainly due to the reclassification of certain costs from marketing, selling and administrative expenses to cost of products sold and lower sales force expenses resulting from the previously announced restructuring of the U.S. primary care sales organization that became effective in March 2006.

• Advertising and product promotion spending decreased by 4% to $352 million in the second quarter of 2006 from $365 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, despite increased investments in growth drivers and new products including ORENCIA® and SPRYCEL^™.

• Research and development expenses increased by 14% to $740 million in the second quarter of 2006 from $649 million in the same period in 2005, principally reflecting continued investments in late-stage compounds. Investment in pharmaceutical research and development equaled 17.8% of pharmaceutical sales in the second quarter of 2006, compared to 15.6% in the same period in 2005.

• In the second quarter of 2006, the company recorded pre-tax charges of $22 million related to the adoption of a new accounting standard for stock option expensing that became effective on January 1, 2006. The charges 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 23.1%

and -1.9% for the three months ended June 30, 2006 and 2005, respectively.

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The higher effective tax rate was primarily driven by a net tax benefit in 2005 resulting from the resolution of certain tax contingencies on the completion of examinations by the Internal Revenue Service and an adjustment to the tax provision for the special one-time repatriation of foreign earnings.

SPECIFIED ITEMS

In the three months ended June 30, 2006 and 2005, the company recorded specified income and expense items that affected the comparability of the results.

The pre-tax specified items in 2006 included:

• $24 million in charges primarily related to accelerated depreciation, and downsizing and streamlining of worldwide operations; and

• $14 million income from a settlement of a litigation matter.

The pre-tax specified items in 2005 included:

• $269 million charges for increase in litigation reserves, primarily for wholesaler inventory and various accounting matters;

• $85 million net charges primarily associated with early debt retirement costs in connection with the repurchase of the company’s $2.5 billion Notes due 2006; and

• $295 million income from insurance recoveries, primarily for wholesaler inventory and various accounting matters.

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 1% to $3.9 billion in the second quarter of 2006 compared to the same period in 2005.

U.S. pharmaceutical sales increased 5% to $2.2 billion in the second quarter of 2006 compared to the same period in 2005, primarily due to the continued growth of PLAVIX®, AVAPRO®/AVALIDE®, ERBITUX®, ABILIFY®, REYATAZ® and SUSTIVA®, and sales of new products EMSAM® and ORENCIA®, partially offset by the loss of exclusivity of PRAVACHOL®. In aggregate, estimated

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wholesaler inventory levels of the company’s key pharmaceutical products sold by the U.S. Pharmaceutical business at the end of the second quarter remained stable at slightly over two weeks.

International pharmaceutical sales decreased 8% to $1.7 billion for the second quarter of 2006 compared to the same period in 2005. The sales decrease was mainly due to a decline in PRAVACHOL® and TAXOL® 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 copromotion sales reported by its alliance partner, sanofi-aventis, for PLAVIX® and AVAPRO®/AVALIDE®, which continue to show growth in the second quarter of 2006.

Pharmaceutical Growth Drivers

Worldwide sales of the products that the company views as current and future growth drivers increased to 56% of worldwide pharmaceutical sales in the second quarter of 2006, compared to 45% in the same period in 2005. U.S. sales of these growth drivers accounted for approximately 78% and 66% of total U.S. pharmaceutical sales in the second quarter of 2006 and 2005, respectively.

• Sales of PLAVIX®, a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, increased 18% to $1,145 million in the second quarter of 2006 from $968 million in the same period in 2005, primarily due to increased demand. Estimated total U.S. prescription demand increased approximately 14% compared to 2005.

• Sales of AVAPRO®/AVALIDE®, an angiotensin II receptor blocker for the treatment of hypertension, also part of the sanofi-aventis alliance, increased 9%, including a 1% favorable foreign exchange impact, to $280 million in the second quarter of 2006 from $258 million in the same period in 2005. U.S. sales increased 6% to $167 million in the second quarter of 2006 from $157 million in the same period in 2005, primarily due to wholesaler inventory fluctuations and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 4% compared to 2005, although overall volumes were down due to changes in customer channel strategy. International sales increased 12%, including a 2% favorable foreign exchange impact, to $113 million compared to the same period in 2005.

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• Total revenue for ABILIFY®, an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 35% to $324 million in the second quarter of 2006 from $240 million in the same period in 2005. U.S. sales increased 34% to $267 million in the second quarter 2006 from $200 million in the same period in 2005, primarily due to higher demand and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 21% compared to the same period last year. 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 HIV, increased 29% to $236 million in the second quarter of 2006 from $183 million in the same period in 2005, primarily due to increased demand in the U.S. and Europe. Estimated total U.S. prescription demand increased approximately 18% compared to 2005. European sales increased 42% to $74 million in the second quarter of 2006 from $52 million in the same period in 2005.

• Sales of ERBITUX®, which is sold by the company almost exclusively in the U.S., increased 76% to $172 million in the second quarter of 2006 from $98 million in the same period in 2005, driven by usage in the treatment of head and neck cancer, an indication that was approved by the FDA in March 2006, augmented by the continued growth for the treatment of colorectal cancer. ERBITUX® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.

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, decreased 48% to $323 million in the second quarter of 2006 from $625 million in the same period in 2005. U.S. sales decreased 64% to $128 million in the second quarter of 2006 from $353 million in the same period in 2005, mainly as a result of market exclusivity expiration in April 2006. Estimated total U.S. prescriptions declined by approximately 58% compared to 2005. International sales decreased 28%, including a 1%

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unfavorable foreign exchange impact, to $195 million in the second quarter of 2006 from $272 million in the same period in 2005, reflecting generic competition in key European markets.

• Sales of TAXOL®, an anti-cancer agent sold almost exclusively in non-U.S. markets, decreased 20%, including a 2% unfavorable foreign exchange impact, to $149 million in the second quarter of 2006 from $186 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 16% to $193 million in the second quarter of 2006 from $167 million in the same period in 2005. Estimated total U.S. prescription growth was approximately 7% for the second quarter of 2006. On July 12, the FDA approved ATRIPLA^™, a combination therapy that includes SUSTIVA®.

HEALTH CARE GROUP

The combined second quarter 2006 revenues from the Health Care Group increased 1% to $1,012 million compared to the same period in 2005. Excluding a 6% unfavorable impact from the divestiture of the U.S. and Canadian consumer medicines business in the third quarter of 2005, Health Care Group sales increased 7% in the second quarter of 2006.

Nutritionals

• Worldwide Nutritional sales increased 6%, including a 1% favorable foreign exchange impact, to $582 million in the second quarter of 2006 from $548 million in the same period in 2005. U.S. Nutritional sales increased 6% to $282 million in the second quarter of 2006, primarily due to increased sales of ENFAMIL®, the company’s best-selling infant formula. International Nutritional sales increased 7% to $300 million in the second 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.

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Other Health Care

• Worldwide ConvaTec sales increased 6%, despite a 1% unfavorable foreign exchange impact, to $262 million in the second quarter of 2006 from $247 million in the same period in 2005.

• Worldwide Medical Imaging sales increased 11% to $168 million in the second quarter of 2006 from $151 million in the same period in 2005. This increase was due to the growth in the sale of TechneLite® technetium Tc99m Generators, partly resulting from gain in market share following a competitor’s temporary withdrawal from the market up to April of this year, and the growth of DEFINITY®, during a competitor’s continued temporary withdrawal from the market. CARDIOLITE® sales decreased 3% 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.”

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 specified items that may occur during the rest of 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 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 investment in the development of additional new compounds, investments to develop and support the introduction of new products, the impact from the adoption of stock option expensing under the new accounting standard and the impact on future earnings from the sale of DOVONEX®.

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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 market exclusivity this year. 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 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 (FTC) and state attorneys general. In the response to concerns raised by the FTC and state attorneys general to that proposed settlement agreement, the company, sanofi-aventis and Apotex have amended the agreement. The modified agreement remains under review by the FTC and the state attorneys general. There is no assurance that the terms of the modified agreement will address all the concerns of the FTC or the state attorneys general. There remains significant risk that 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 to vigorously pursue enforcement of their patent rights in PLAVIX®. Additional patent proceedings involving PLAVIX® are ongoing in the United States and in less significant markets for the product. The company continues to believe that the PLAVIX® 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 ultimate outcome of these litigations, or the timing of potential generic competition for PLAVIX®.

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The company learned yesterday that the Antitrust Division of the United States Department of Justice is conducting a criminal investigation regarding the proposed settlement of the Apotex litigation described above.

The company and its subsidiaries are the subject of a number of significant pending lawsuits, claims, proceedings and investigations, including the matters described above. 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 17 Legal Proceedings and Contingencies” in the company’s Form 10-Q Quarterly Report for the period ended March 31, 2006.

Use of Non-GAAP Financial Information

This press release contains non-GAAP earnings and earnings per share information adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP 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 American Jobs Creation Act of 2004. 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 not to be 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), 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., the ability to realize projected cost savings by 2008 discussed in this press release 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 July 27, 2006 at 10:00 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 913-312-1294. Materials related to the call will be available at the same website prior to the call.

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.

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ABILIFY® is a 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.

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GLEEVEC® is a trademark of Novartis, Inc.

TRUVADA® is a trademark of Gilead Sciences, Inc.

ATRIPLA is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

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BRISTOL-MYERS SQUIBB COMPANY

NET SALES BY OPERATING SEGMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005

(Unaudited, dollars in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2006		2005		2006		2005
Pharmaceuticals	$	3,859	$	3,886	$	7,559	$	7,464
Nutritionals		582		548		1,147		1,074
Other Health Care		430		455		841		883
Health Care Group		1,012		1,003		1,988		1,957
Net Sales	$	4,871	$	4,889	$	9,547	$	9,421

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005

(Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for selected products for the three and six months ended June 30, 2006 compared to the three and six months ended June 30, 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							% Change in U.S. Total Prescriptions vs. 2005
Three Months Ended June 30,	2006		2005		% Change		2006			2005		% Change
Pharmaceuticals
Cardiovascular
Plavix	$	1,145	$	968	18	%	$	988		$	823	20	%	14	%
Pravachol		323		625	(48	)%		128			353	(64	)%	(58	)%
Avapro/Avalide		280		258	9	%		167			157	6	%	4	%
Coumadin		55		50	10	%		46			42	10	%	(21	)%
Monopril		49		54	(9	)%		1			2	(50	)%	(54	)%
Virology
Reyataz		236		183	29	%		122			98	24	%	18	%
Sustiva		193		167	16	%		115			97	19	%	7	%
Zerit		41		59	(31	)%		18			26	(31	)%	(29	)%
Baraclude		14		5	180	%		9			5	80	%	*	*
Other Infectious Diseases
Cefzil		23		54	(57	)%		(1	)		30	(103	)%	(95	)%
Oncology
Erbitux		172		98	76	%		172			97	77	%	N/A
Taxol		149		186	(20	)%		4			4	—		N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		324		240	35	%		267			200	34	%	21	%
EMSAM		12		—	—			12			—	—		N/A
Immunoscience
Orencia		18		—	—			18			—	—		N/A
Other Pharmaceuticals
Efferalgan		62		55	13	%		—			—	—		N/A
Nutritionals
Enfamil		253		250	1	%		174			171	2	%	N/A
Enfagrow		59		49	20	%		—			—	—		N/A
Other Health Care
Ostomy		141		139	1	%		41			38	8	%	N/A
Wound Therapeutics		107		103	4	%		34			29	17	%	N/A
Cardiolite		105		108	(3	)%		91			96	(5	)%	N/A

15

	Worldwide Net Sales						U.S. Net Sales							% Change in U.S. Total Prescriptions vs. 2005
Six Months Ended June 30,	2006		2005		% Change		2006			2005		% Change
Pharmaceuticals
Cardiovascular
Plavix	$	2,131	$	1,782	20	%	$	1,838		$	1,496	23	%	14	%
Pravachol		859		1,145	(25	)%		430			611	(30	)%	(37	)%
Avapro/Avalide		513		454	13	%		306			259	18	%	5	%
Coumadin		110		99	11	%		93			84	11	%	(23	)%
Monopril		97		113	(14	)%		3			5	(40	)%	(55	)%
Virology
Reyataz		443		332	33	%		241			190	27	%	19	%
Sustiva		368		340	8	%		223			200	12	%	5	%
Zerit		81		118	(31	)%		37			52	(29	)%	(31	)%
Baraclude		25		5	*	*		18			5	*	*	*	*
Other Infectious Diseases
Cefzil		46		136	(66	)%		(6	)		80	(108	)%	(88	)%
Oncology
Erbitux		310		185	68	%		308			184	67	%	N/A
Taxol		296		391	(24	)%		8			8	—		N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		607		428	42	%		498			361	38	%	25	%
EMSAM		12		—	—			12			—	—		N/A
Immunoscience
Orencia		23		—	—			23			—	—		N/A
Other Pharmaceuticals
Efferalgan		130		143	(9	)%		—			—	—		N/A
Nutritionals
Enfamil		490		485	1	%		329			333	(1	)%	N/A
Enfagrow		126		99	27	%		—			—	—		N/A
Other Health Care
Ostomy		264		266	(1	)%		75			72	4	%	N/A
Wound Therapeutics		205		200	3	%		64			59	8	%	N/A
Cardiolite		208		210	(1	)%		182			187	(3	)%	N/A

** Change is in excess of 200%

16

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005

(Unaudited, amounts in millions except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Net Sales	$	4,871		$	4,889		$	9,547		$	9,421
Cost of products sold		1,568			1,483			3,044			2,850
Marketing, selling and administrative		1,181			1,268			2,419			2,451
Advertising and product promotion		352			365			647			683
Research and development		740			649			1,490			1,302
Provision for restructuring, net		3			2			4			5
Litigation (income)/charges, net		(14	)		(26	)		(35	)		98
Gain on sale of businesses		—			—			(200	)		—
Equity in net income of affiliates		(125	)		(87	)		(218	)		(156	)
Other expense, net (a)		56			105			93			130
		3,761			3,759			7,244			7,363
Earnings from Continuing Operations Before Minority Interest and Income Taxes		1,110			1,130			2,303			2,058
Provision (benefit) for income taxes		256			(21	)		584			247
Minority interest, net of taxes		187			160			338			282
Earnings from Continuing Operations		667			991			1,381			1,529
Discontinued Operations
Loss, net of taxes		—			—			—			(5	)
Net Gain on Disposal		—			13			—			13
		—			13			—			8
Net Earnings	$	667		$	1,004		$	1,381		$	1,537
Earnings per Common Share:
Basic:
Earnings from Continuing Operations	$	0.34		$	0.51		$	0.71		$	0.79
Discontinued Operations
Loss, net of taxes		—			—			—			—
Net Gain on Disposal		—			—			—			—
Net Earnings per Common Share	$	0.34		$	0.51		$	0.71		$	0.79
Diluted:
Earnings from Continuing Operations	$	0.34		$	0.50		$	0.70		$	0.78
Discontinued Operations
Loss, net of taxes		—			—			—			—
Net Gain on Disposal		—			—			—			—
Net Earnings per Common Share	$	0.34		$	0.50		$	0.70		$	0.78
Average Common Shares Outstanding:
Basic		1,960			1,952			1,959			1,950
Diluted		1,994			1,984			1,992			1,982
__________
(a)    Other expense, net
Interest expense	$	124		$	73		$	240		$	170
Interest income		(65	)		(23	)		(127	)		(68	)
Foreign exchange transaction losses		23			35			11			47
Other (income)/expense, net		(26	)		20			(31	)		(19	)
	$	56		$	105		$	93		$	130

17

APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2006 AND 2005

(Unaudited, dollars in millions)

Three months ended June 30, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation income			Total
Litigation Matters:
Commercial litigation	$	—	$	—	$	—	$	(14	)	$	(14	)
Other:
Accelerated depreciation		20		1		—		—			21
Downsizing and streamlining of worldwide operations		—		—		3		—			3
	$	20	$	1	$	3	$	(14	)		10
Income taxes on items above											3
Reduction to Net Earnings from Continuing Operations										$	13

Three months ended June 30, 2005

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation (income)/ charges, net			Other (income) / expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	249		$	—		$	249
ERISA litigation and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		(26	)		—			(26	)
Other:
Gain on sale of equity investment		—		—		—		—			(9	)		(9	)
Loss on sale of fixed assets		—		—		—		—			1			1
Accelerated depreciation and asset impairment		21		1		—		—			—			22
Downsizing and streamlining of worldwide operations		—		—		2		—			—			2
Debt retirement costs		—		—		—		—			69			69
	$	21	$	1	$	2	$	(26	)	$	61			59
Income taxes on items above														18
Adjustment to taxes on repatriation of foreign earnings														(135	)
Increase to Net Earnings from Continuing Operations													$	(58	)

18

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE, 2006 AND 2005

(Unaudited, dollars in millions)

Six months ended June 30, 2006

	Cost of products sold		Research and development		Marketing, selling and admin.		Provision for restructuring, net		Litigation income			Other (income)/ expense, net		Gain on sale of product asset			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—	$	—	$	(21	)	$	—	$	—		$	(21	)
Commercial litigations		—		—		—		—		(14	)		40		—			26
		—		—		—		—		(35	)		40		—			5
Other:
Accelerated depreciation, asset impairment and contract termination		66		1		4		—		—			—		—			71
Downsizing and streamlining of worldwide operations		—		—		—		4		—			—		—			4
Upfront and milestone payments		—		18		—		—		—			—		—			18
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	66	$	19	$	4	$	4	$	(35	)	$	40	$	(200	)		(102	)
Income taxes on items above																		52
Minority interest, net of taxes																		(13	)
Increase to Net Earnings from Continuing Operations																	$	(63	)

Six months ended June 30, 2005

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation (income)/ charges, net			Other (income) / expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	373		$	—		$	373
ERISA liability and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		98			—			98
Other:
Gain on sale of equity investment		—		—		—		—			(27	)		(27	)
Loss on sale of fixed assets		—		—		—		—			17			17
Accelerated depreciation and asset impairment		34		2		—		—			—			36
Downsizing and streamlining of worldwide operations		—		—		5		—			—			5
Upfront and milestone payments		—		35		—		—			—			35
Debt retirement costs		—		—		—		—			69			69
	$	34	$	37	$	5	$	98		$	59			233
Income taxes on items above														(24	)
Adjustment to taxes on repatriation of foreign earnings														(135	)
Reduction to Net Earnings from Continuing Operations													$	74

19

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005																					2006													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Net Sales
Pharmaceuticals	$	3,578		$	3,886		$	7,464		$	3,778		$	11,242		$	4,012		$	15,254		$	3,700		$	3,859		$	7,559						-1	%	1	%
US Pharmaceuticals		1,767			2,084			3,851			2,069			5,920			2,220			8,140			2,064			2,197			4,261						5	%	11	%
Primary Care		1,258			1,539			2,797			1,486			4,283			1,653			5,936			1,409			1,441			2,850						-6	%	2	%
Oncology/Virology		348			345			693			370			1,063			391			1,454			419			458			877						33	%	27	%
Neuroscience		161			200			361			213			574			176			750			231			280			511						40	%	42	%
Immunoscience		—			—			—			—			—			—			—			5			18			23						—		—
Latin America/Canada		258			306			564			285			849			325			1,174			288			303			591						-1	%	5	%
Europe and Middle East Medicines		1,201			1,112			2,313			1,030			3,343			1,053			4,396			1,024			1,000			2,024						-10	%	-12	%
Asia/Pacific Medicines		299			329			628			342			970			354			1,324			279			320			599						-3	%	-5	%
Nutritionals		526			548			1,074			547			1,621			584			2,205			565			582			1,147						6	%	7	%
Other Health Care		428			455			883			442			1,325			423			1,748			411			430			841						-5	%	-5	%
ConvaTec		228			247			475			250			725			267			992			230			262			492						6	%	4	%
Medical Imaging		145			151			296			150			446			156			602			181			168			349						11	%	18	%
Consumer Medicines		55			57			112			42			154			—			154			—			—			—						-100	%	-100	%
Total Company	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676		$	4,871		$	9,547						—		1	%
	2005																					2006													Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
% of Total Sales
Pharmaceuticals		79.0	%		79.5	%		79.2	%		79.3	%		79.2	%		79.9	%		79.4	%		79.1	%		79.2	%		79.2	%					(30	)	—
US Pharmaceuticals		39.0	%		42.6	%		40.9	%		43.4	%		41.7	%		44.2	%		42.4	%		44.1	%		45.1	%		44.6	%					250		370
Primary Care		27.8	%		31.4	%		29.7	%		31.2	%		30.2	%		32.9	%		30.9	%		30.1	%		29.6	%		29.9	%					(180	)	20
Oncology/Virology		7.7	%		7.1	%		7.4	%		7.8	%		7.5	%		7.8	%		7.6	%		9.0	%		9.4	%		9.2	%					230		180
Neuroscience		3.5	%		4.1	%		3.8	%		4.4	%		4.0	%		3.5	%		3.9	%		4.9	%		5.7	%		5.3	%					160		150
Immunoscience		—			—			—			—			—			—			—			0.1	%		0.4	%		0.2	%					40		20
Latin America/Canada		5.7	%		6.3	%		6.0	%		6.0	%		6.0	%		6.5	%		6.1	%		6.2	%		6.2	%		6.2	%					(10	)	20
Europe and Middle East Medicines		26.5	%		22.7	%		24.6	%		21.6	%		23.6	%		21.0	%		22.9	%		21.9	%		20.5	%		21.2	%					(220	)	(340	)
Asia/Pacific Medicines		6.6	%		6.7	%		6.7	%		7.2	%		6.8	%		7.1	%		6.9	%		6.0	%		6.6	%		6.3	%					(10	)	(40	)
Nutritionals		11.6	%		11.2	%		11.4	%		11.5	%		11.4	%		11.7	%		11.5	%		12.1	%		12.0	%		12.0	%					80		60
Other Health Care		9.4	%		9.3	%		9.4	%		9.2	%		9.4	%		8.4	%		9.1	%		8.8	%		8.8	%		8.8	%					(50	)	(60	)
ConvaTec		5.0	%		5.0	%		5.1	%		5.2	%		5.1	%		5.3	%		5.2	%		4.9	%		5.4	%		5.2	%					40		10
Medical Imaging		3.2	%		3.1	%		3.1	%		3.1	%		3.2	%		3.1	%		3.1	%		3.9	%		3.4	%		3.6	%					30		50
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	%		100.0	%		100.0	%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2006

($ in millions)

QUARTER-TO-DATE

	Pharmaceuticals			Nutritionals			ConvaTec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases/(Decreases)		3	%		4	%		-1	%		-1	%		—			3	%
Foreign Exchange		—			1	%		—			—			—			—
Volume		-4	%		1	%		7	%		12	%		-100	%		-3	%
Total Change		-1	%		6	%		6	%		11	%		-100	%		—
Total 2006 Period to Date Sales	$	3,859		$	582		$	262		$	168			—		$	4,871
Total 2005 Period to Date Sales	$	3,886		$	548		$	247		$	151		$	57		$	4,889
YEAR-TO-DATE
	Pharmaceuticals			Nutritionals			ConvaTec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases/(Decreases)		4	%		3	%		—			2	%		—			4	%
Foreign Exchange		-1	%		1	%		-3	%		—			—			-1	%
Volume		-2	%		3	%		7	%		16	%		-100	%		-2	%
Total Change		1	%		7	%		4	%		18	%		-100	%		1	%
Total 2006 Period to Date Sales	$	7,559		$	1,147		$	492		$	349			—		$	9,547
Total 2005 Period to Date Sales	$	7,464		$	1,074		$	475		$	296		$	112		$	9,421

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

CONTINUING OPERATIONS

($ in Millions, except per share amounts)

	2005																					2006													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Net Sales	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676		$	4,871		$	9,547						—		1	%
Cost of products sold		1,367			1,483			2,850			1,483			4,333			1,595			5,928			1,476			1,568			3,044						6	%	7	%
Marketing, selling and administrative		1,183			1,268			2,451			1,286			3,737			1,369			5,106			1,238			1,181			2,419						-7	%	-1	%
Advertising and product promotion		318			365			683			349			1,032			444			1,476			295			352			647						-4	%	-5	%
Research and development		653			649			1,302			669			1,971			775			2,746			750			740			1,490						14	%	14	%
Provision for restructuring and other items, net		3			2			5			(5	)		—			32			32			1			3			4						50	%	-20	%
Litigation (income)/charges, net		124			(26	)		98			(26	)		72			197			269			(21	)		(14	)		(35	)					46	%	-136	%
Gain on sale of business and product asset		—			—			—			(569	)		(569	)		—			(569	)		(200	)		—			(200	)					—		—
Equity in net income of affiliates		(69	)		(87	)		(156	)		(84	)		(240	)		(94	)		(334	)		(93	)		(125	)		(218	)					-44	%	-40	%
Other (income)/expense, net		25			105			130			38			168			(131	)		37			37			56			93						-47	%	-28	%
Total expenses		3,604			3,759			7,363			3,141			10,504			4,187			14,691			3,483			3,761			7,244						—		-2	%
Earnings from Continuing Operations Before Minority Interest and Income Taxes		928			1,130			2,058			1,626			3,684			832			4,516			1,193			1,110			2,303						-2	%	12	%
Provision for income taxes		268			(21	)		247			507			754			178			932			328			256			584						*		136	%
Minority interest, net of taxes		122			160			282			155			437			155			592			151			187			338						17	%	20	%
Earnings from Continuing Operations	$	538		$	991		$	1,529		$	964		$	2,493		$	499		$	2,992		$	714		$	667		$	1,381						-33	%	-10	%
Interest expense on conversion of convertible debt bonds, net of tax		4			5			9			6			15			7			22			8			8			16
Earnings from continuing operations used for diluted earnings per common share calculation	$	542		$	996		$	1,538		$	970		$	2,508		$	506		$	3,014		$	722		$	675		$	1,397
Diluted Earnings per Common Share Continuing Operations**	$	0.27		$	0.50		$	0.78		$	0.49		$	1.27		$	0.26		$	1.52		$	0.36		$	0.34		$	0.70						-32	%	-10	%
Average Common Shares Outstanding - Diluted		1,981			1,984			1,982			1,984			1,983			1,983			1,983			1,988			1,994			1,992						1	%	1	%
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						—		—
	2005																					2006													Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
% of Net Sales
Gross Margin		69.8	%		69.7	%		69.7	%		68.9	%		69.5	%		68.2	%		69.1	%		68.4	%		67.8	%		68.1	%					(190	)	(160	)
Cost of products sold		30.2	%		30.3	%		30.3	%		31.1	%		30.5	%		31.8	%		30.9	%		31.6	%		32.2	%		31.9	%					190		160
Marketing, selling and administrative		26.1	%		25.9	%		26.0	%		27.0	%		26.3	%		27.3	%		26.6	%		26.5	%		24.2	%		25.3	%					(170	)	(70	)
Advertising and product promotion		7.0	%		7.5	%		7.2	%		7.3	%		7.3	%		8.8	%		7.7	%		6.3	%		7.2	%		6.8	%					(30	)	(40	)
Research and development		14.4	%		13.3	%		13.8	%		14.0	%		13.9	%		15.4	%		14.3	%		16.0	%		15.2	%		15.6	%					190		180
Total expenses		79.5	%		76.9	%		78.2	%		65.9	%		74.0	%		83.4	%		76.5	%		74.5	%		77.2	%		75.9	%					30		(230	)
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes		20.5	%		23.1	%		21.8	%		34.1	%		26.0	%		16.6	%		23.5	%		25.5	%		22.8	%		24.1	%					(30	)	230
Earnings from Continuing Operations		11.9	%		20.3	%		16.2	%		20.2	%		17.6	%		9.9	%		15.6	%		15.3	%		13.7	%		14.5	%					(660	)	(170	)
Other Ratios
Effective Tax Rate		28.9	%		-1.9	%		12.0	%		31.2	%		20.5	%		21.4	%		20.6	%		27.5	%		23.1	%		25.4	%
	2005																					2006													% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr			6 Months			3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Other (Income)/Expense, net
Interest expense	$	97		$	73		$	170		$	79		$	249		$	100		$	349		$	116		$	124		$	240						70	%	41	%
Interest income		(45	)		(23	)		(68	)		(28	)		(96	)		(52	)		(148	)		(62	)		(65	)		(127	)					-183	%	-87	%
Foreign exchange transaction (gains)/losses		12			35			47			—			47			11			58			(12	)		23			11						-34	%	-77	%
Other, net		(39	)		20			(19	)		(13	)		(32	)		(190	)		(222	)		(5	)		(26	)		(31	)					*		-63	%
	$	25		$	105		$	130		$	38		$	168		($	131	)	$	37		$	37		$	56		$	93						-47	%	-28	%

* in excess of +/- 200%

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

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006										% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	4,532	$	4,889	$	9,421	$	4,767	$	14,188	$	5,019	$	19,207	$	4,676	$	4,871	$	9,547					—		1	%
PHARMACEUTICALS		3,578		3,886		7,464		3,778		11,242		4,012		15,254		3,700		3,859		7,559					-1	%	1	%
Cardiovascular		1,712		2,031		3,743		1,935		5,678		2,090		7,768		1,917		1,907		3,824					-6	%	2	%
Plavix		814		968		1,782		980		2,762		1,061		3,823		986		1,145		2,131					18	%	20	%
Pravachol		520		625		1,145		527		1,672		584		2,256		536		323		859					-48	%	-25	%
Avapro/ Avalide		196		258		454		251		705		277		982		233		280		513					9	%	13	%
Coumadin		49		50		99		57		156		56		212		55		55		110					10	%	11	%
Monopril		59		54		113		49		162		46		208		48		49		97					-9	%	-14	%
Virology		430		457		887		440		1,327		450		1,777		468		524		992					15	%	12	%
Reyataz		149		183		332		176		508		188		696		207		236		443					29	%	33	%
Sustiva		173		167		340		170		510		170		680		175		193		368					16	%	8	%
Zerit		59		59		118		51		169		47		216		40		41		81					-31	%	-31	%
Baraclude		—		5		5		2		7		5		12		11		14		25					180	%	*	**
Infectious Diseases		293		261		554		239		793		286		1,079		199		172		371					-34	%	-33	%
Cefzil		82		54		136		48		184		75		259		23		23		46					-57	%	-66	%
Oncology		387		371		758		380		1,138		395		1,533		361		401		762					8	%	1	%
Erbitux		87		98		185		107		292		121		413		138		172		310					76	%	68	%
Taxol		205		186		391		175		566		181		747		147		149		296					-20	%	-24	%
Affective (Psychiatric) Disorders		232		284		516		306		822		267		1,089		323		376		699					32	%	35	%
Abilify**		188		240		428		260		688		224		912		283		324		607					35	%	42	%
EMSAM		—		—		—		—		—		—		—		—		12		12					—		—
Immunoscience		—		—		—		—		—		—		—		5		18		23					—		—
Orencia		—		—		—		—		—		—		—		5		18		23					—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68		62		130					13	%	-9	%
NUTRITIONALS		526		548		1,074		547		1,621		584		2,205		565		582		1,147					6	%	7	%
Enfamil		235		250		485		230		715		277		992		237		253		490					1	%	1	%
Enfagrow		50		49		99		54		153		53		206		67		59		126					20	%	27	%
OTHER HEALTH CARE		428		455		883		442		1,325		423		1,748		411		430		841					-5	%	-5	%
CONVATEC		228		247		475		250		725		267		992		230		262		492					6	%	4	%
Ostomy		127		139		266		139		405		145		550		123		141		264					1	%	-1	%
Wound Therapeutics		97		103		200		104		304		112		416		98		107		205					4	%	3	%
MEDICAL IMAGING		145		151		296		150		446		156		602		181		168		349					11	%	18	%
Cardiolite		102		108		210		106		316		100		416		103		105		208					-3	%	-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		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
Total Company	$	2,310	$	2,668	$	4,978	$	2,638	$	7,616	$	2,845	$	10,461	$	2,638		$	2,806		$	5,444						5	%	9	%
PHARMACEUTICALS		1,777		2,097		3,874		2,082		5,956		2,234		8,190		2,076			2,205			4,281						5	%	11	%
Cardiovascular		1,080		1,377		2,457		1,328		3,785		1,496		5,281		1,341			1,330			2,671						-3	%	9	%
Plavix		673		823		1,496		833		2,329		906		3,235		850			988			1,838						20	%	23	%	14	%	14	%	13	%	13	%
Pravachol		258		353		611		297		908		366		1,274		302			128			430						-64	%	-30	%	-58	%	-37	%	-59	%	-38	%
Avapro/ Avalide		102		157		259		147		406		168		574		139			167			306						6	%	18	%	4	%	5	%	2	%	3	%
Coumadin		42		42		84		49		133		50		183		47			46			93						10	%	11	%	-21	%	-23	%	-21	%	-25	%
Monopril		3		2		5		1		6		3		9		2			1			3						-50	%	-40	%	-54	%	-55	%	-54	%	-55	%
Virology		231		231		462		239		701		244		945		259			270			529						17	%	15	%
Reyataz		92		98		190		105		295		110		405		119			122			241						24	%	27	%	18	%	19	%	18	%	17	%
Sustiva		103		97		200		101		301		102		403		108			115			223						19	%	12	%	7	%	5	%	6	%	5	%
Zerit		26		26		52		24		76		21		97		19			18			37						-31	%	-29	%	-29	%	-31	%	-31	%	-32	%
Baraclude		—		5		5		2		7		4		11		9			9			18						80	%	*	**	*	**	*	**	*	**	*	**
Infectious Diseases		91		57		148		53		201		75		276		12			(3	)		9						-105	%	-94	%
Cefzil		50		30		80		27		107		46		153		(5	)		(1	)		(6	)					-103	%	-108	%	-95	%	-88	%	-94	%	-88	%
Oncology		115		112		227		131		358		144		502		159			187			346						67	%	52	%
Erbitux		87		97		184		106		290		121		411		136			172			308						77	%	67	%	N/A		N/A		N/A		N/A
Taxol		4		4		8		4		12		5		17		4			4			8						—		—		N/A		N/A		N/A		N/A
Affective (Psychiatric) Disorders		167		206		373		221		594		183		777		237			286			523						39	%	40	%
Abilify**		161		200		361		214		575		175		750		231			267			498						34	%	38	%	21	%	25	%	22	%	25	%
EMSAM		—		—		—		—		—		—		—		—			12			12						—		—		N/A		N/A		N/A		N/A
Immunoscience		—		—		—		—		—		—		—		5			18			23						—		—
Orencia		—		—		—		—		—		—		—		5			18			23						—		—		N/A		N/A		N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—			—			—						—		—		N/A		N/A		N/A		N/A
NUTRITIONALS		255		267		522		266		788		282		1,070		247			282			529						6	%	1	%
Enfamil		162		171		333		168		501		184		685		155			174			329						2	%	-1	%	N/A		N/A		N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—			—			—						—		—		N/A		N/A		N/A		N/A
OTHER HEALTH CARE		242		253		495		252		747		225		972		231			226			457						-11	%	-8	%
CONVATEC		66		71		137		82		219		93		312		73			85			158						20	%	15	%
Ostomy		34		38		72		43		115		46		161		34			41			75						8	%	4	%	N/A		N/A		N/A		N/A
Wound Therapeutics		30		29		59		34		93		40		133		30			34			64						17	%	8	%	N/A		N/A		N/A		N/A
MEDICAL IMAGING		124		127		251		129		380		132		512		158			141			299						11	%	19	%
Cardiolite		91		96		187		95		282		88		370		91			91			182						-5	%	-3	%	N/A		N/A		N/A		N/A
CONSUMER MEDICINES		52		55		107		41		148		—		148		—			—			—						-100	%	-100	%

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

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

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

*** In excess of +/- 200%

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

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006										% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	2,222	$	2,221	$	4,443	$	2,129	$	6,572	$	2,174	$	8,746	$	2,038	$	2,065	$	4,103					-7	%	-8	%
PHARMACEUTICALS		1,801		1,789		3,590		1,696		5,286		1,778		7,064		1,624		1,654		3,278					-8	%	-9	%
Cardiovascular		632		654		1,286		607		1,893		594		2,487		576		577		1,153					-12	%	-10	%
Plavix		141		145		286		147		433		155		588		136		157		293					8	%	2	%
Pravachol		262		272		534		230		764		218		982		234		195		429					-28	%	-20	%
Avapro/ Avalide		94		101		195		104		299		109		408		94		113		207					12	%	6	%
Coumadin		7		8		15		8		23		6		29		8		9		17					13	%	13	%
Monopril		56		52		108		48		156		43		199		46		48		94					-8	%	-13	%
Virology		199		226		425		201		626		206		832		209		254		463					12	%	9	%
Reyataz		57		85		142		71		213		78		291		88		114		202					34	%	42	%
Sustiva		70		70		140		69		209		68		277		67		78		145					11	%	4	%
Zerit		33		33		66		27		93		26		119		21		23		44					-30	%	-33	%
Baraclude		—		—		—		—		—		1		1		2		5		7					—		—
Infectious Diseases		202		204		406		186		592		211		803		187		175		362					-14	%	-11	%
Cefzil		32		24		56		21		77		29		106		28		24		52					—		-7	%
Oncology		272		259		531		249		780		251		1,031		202		214		416					-17	%	-22	%
Erbitux		—		1		1		1		2		—		2		2		—		2					-100	%	100	%
Taxol		201		182		383		171		554		176		730		143		145		288					-20	%	-25	%
Affective (Psychiatric) Disorders		65		78		143		85		228		84		312		86		90		176					15	%	23	%
Abilify**		27		40		67		46		113		49		162		52		57		109					43	%	63	%
EMSAM		—		—		—		—		—		—		—		—		—		—					—		—
Immunoscience		—		—		—		—		—		—		—		—		—		—					—		—
Orencia		—		—		—		—		—		—		—		—		—		—					—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68		62		130					13	%	-9	%
NUTRITIONALS		271		281		552		281		833		302		1,135		318		300		618					7	%	12	%
Enfamil		73		79		152		62		214		93		307		82		79		161					—		6	%
Enfagrow		50		49		99		54		153		53		206		67		59		126					20	%	27	%
OTHER HEALTH CARE		186		202		388		190		578		198		776		180		204		384					1	%	-1	%
CONVATEC		162		176		338		168		506		174		680		157		177		334					1	%	-1	%
Ostomy		93		101		194		96		290		99		389		89		100		189					-1	%	-3	%
Wound Therapeutics		67		74		141		70		211		72		283		68		73		141					-1	%	—
MEDICAL IMAGING		21		24		45		21		66		24		90		23		27		50					13	%	11	%
Cardiolite		11		12		23		11		34		12		46		12		14		26					17	%	13	%
CONSUMER MEDICINES		3		2		5		1		6		—		6		—		—		—					-100	%	-100	%

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

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

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

*** In excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1			Q2			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	1,193		$	1,110		$	2,303
Specified items:
Gain on sale of product asset		(200	)		—			(200	)
Litigation matters		40			(14	)		26
Insurance recoveries		(21	)		—			(21	)
Provision for restructuring / other		69			24			93
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081		$	1,120		$	2,201

	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest	$	928		$	1,130		$	1,626		$	832		$	4,516
and Provision for Income Taxes
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

($ in millions)

	2006
	Q1			Q2		TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.36		$	0.34	$	0.70
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			0.01		0.03
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.32		$	0.35	$	0.67

	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 JUNE 30, 2006 AND 2005

($ in millions)

Three months ended June 30, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation income			Total
Litigation Matters:
Commercial litigation	$	—	$	—	$	—	$	(14	)	$	(14	)
Other:
Accelerated depreciation		20		1		—		—			21
Downsizing and streamlining of worldwide operations		—		—		3		—			3
	$	20	$	1	$	3	$	(14	)		10
Income taxes on items above											3
Reduction to Net Earnings from Continuing Operations										$	13

Three months ended June 30, 2005

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation (income)/ charges, net			Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	249		$	—		$	249
ERISA litigation and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		(26	)		—			(26	)
Other:
Gain on sale of equity investment		—		—		—		—			(9	)		(9	)
Loss on sale of fixed assets		—		—		—		—			1			1
Accelerated depreciation and asset impairment		21		1		—		—			—			22
Downsizing and streamlining of worldwide operations		—		—		2		—			—			2
Debt retirement costs		—		—		—		—			69			69
	$	21	$	1	$	2	$	(26	)	$	61			59
Income taxes on items above														18
Adjustment to taxes on repatriation of foreign earnings														(135	)
Increase to Net Earnings from Continuing Operations													$	(58	)

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005

($ in millions)

Six months ended June 30, 2006

	Cost of products sold		Research and development		Marketing selling and administrative		Provision for restructuring, net		Litigation income			Other (income)/ expense, net		Gain on sale of product asset			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—	$	—	$	(21	)	$	—	$	—		$	(21	)
Commercial litigations		—		—		—		—		(14	)		40		—			26
		—		—		—		—		(35	)		40		—			5
Other:
Accelerated depreciation, asset impairment and contract termination		66		1		4		—		—			—		—			71
Downsizing and streamlining of worldwide operations		—		—		—		4		—			—		—			4
Upfront and milestone payments		—		18		—		—		—			—		—			18
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	66	$	19	$	4	$	4	$	(35	)	$	40	$	(200	)		(102	)
Income taxes on items above																		52
Minority interest, net of taxes																		(13	)
Increase to Net Earnings from Continuing Operations																	$	(63	)

Six months ended June 30, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation (income) /charges, net			Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	373		$	—		$	373
ERISA liability and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		98			—			98
Other:
Gain on sale of equity investment		—		—		—		—			(27	)		(27	)
Loss on sale of fixed assets		—		—		—		—			17			17
Accelerated depreciation and asset impairment		34		2		—		—			—			36
Downsizing and streamlining of worldwide operations		—		—		5		—			—			5
Upfront and milestone payments		—		35		—		—			—			35
Debt retirement costs		—		—		—		—			69			69
	$	34	$	37	$	5	$	98		$	59			233
Income taxes on items above														(24	)
Adjustment to taxes on repatriation of foreign earnings														(135	)
Reduction to Net Earnings from Continuing Operations													$	74

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

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

BRISTOL-MYERS SQUIBB COMPANY

2006 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS Impact
Downsizing and streamlining of worldwide operations	$	0.04
Licensing and milestone payments		0.02
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 other products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for each of the quarters ended June 30, 2006 and 2005 and March 31, 2006 and 2005.

	June 30, 2006				March 31, 2006				June 30, 2005				March 31, 2005
	Net Sales			Months on Hand	Net Sales			Months on Hand	Net Sales			Months on Hand	Net Sales		Months on Hand
	(Dollars in Millions)				(Dollars in Millions)				(Dollars in Millions)				(Dollars in Millions)
Abilify (total revenue)	$	267		0.5	$	231		0.5	$	200		0.7	$	161	0.7
Avapro/Avalide		167		0.5		139		0.4		157		0.6		102	0.8
Baraclude		9		0.7		9		1.0		5		4.7		—	—
Cefzil		(1	)	25.7		(5	)	9.8		30		0.8		50	0.7
Coumadin		46		0.8		47		0.6		42		0.7		42	1.0
Erbitux*		172		—		136		—		97		—		87	#
Glucophage Franchise		22		0.6		25		0.7		44		0.8		39	1.0
Kenalog		22		0.8		23		0.7		15		0.5		11	0.9
Orencia		18		0.3		5		0.9		—		—		—	—
Paraplatin		2		1.7		7		1.2		(1	)	0.8		15	0.9
Plavix		988		0.5		850		0.4		823		0.6		673	0.8
Pravachol		128		1.0		302		0.4		353		0.7		258	0.8
Reyataz		122		0.6		119		0.6		98		0.8		92	0.8
Sustiva		115		0.5		108		0.5		97		0.8		103	0.8
Tequin		(6	)	2.7		13		0.8		22		0.8		38	0.7
Videx/Videx EC		5		0.9		4		0.9		5		1.0		10	1.2
Zerit		18		0.7		19		0.7		26		0.8		26	0.8

For all products other than Erbitux, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of 31 days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third party data, which represent their own record-keeping processes and as such, may also reflect estimates.

Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of 31 days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

* To help maintain the product quality of the Company’s biologic oncology product, Erbitux, the product 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/A on May 31, 2006, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended March 31, 2006, December 31, 2005 and March 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 three quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

	March 31, 2006			December 31, 2005			March 31, 2005
	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand
	(Dollars in Millions)			(Dollars in Millions)			(Dollars in Millions)
International Pharmaceuticals
Abilify (total revenue)	$	52	0.6	$	49	0.6	$	27	0.6
Avapro/Avalide		94	0.5		109	0.6		94	0.4
Baraclude		2	1.1		1	—		—	—
Bufferin		22	0.6		36	0.7		26	0.5
Capoten		35	0.8		38	0.8		42	0.8
Dafalgan		37	1.4		34	1.2		40	1.3
Efferalgan		68	1.2		74	1.0		88	0.9
Maxipime		40	0.8		48	0.8		46	0.7
Monopril		46	1.1		43	0.9		56	0.6
Paraplatin		26	0.6		33	0.8		29	0.6
Perfalgan		46	0.6		43	0.6		42	0.5
Plavix		136	0.5		155	0.6		141	0.7
Pravachol		234	1.5		218	0.8		262	0.7
Reyataz		88	0.6		78	0.6		57	0.6
Sustiva		67	0.5		68	0.6		70	0.5
Taxol		143	0.6		176	0.8		201	0.5
Videx/Videx EC		31	0.8		34	0.9		39	0.8
Nutritionals
Enfamil/Enfagrow		304	0.9		330	1.0		285	0.9
Nutramigen		48	1.0		48	1.1		44	1.0
Other Health Care
ConvaTec
Ostomy		123	0.9		145	1.0		127	0.9
Wound Therapeutics		98	0.8		112	0.9		97	0.8
Medical Imaging
Cardiolite		103	0.7		100	1.0		102	0.7

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