EX-99.2 3 dex992.htm CERTAIN SUPPLEMENTAL INFORMATION POSTED ON BRISTOL-MYERS SQUIBB WEBSITE Certain supplemental information posted on Bristol-Myers Squibb website

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

    2006     2007   % 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

   $ 3,700     $ 3,859     $ 7,559     $ 3,154     $ 10,713     $ 3,148     $ 13,861     $ 3,457                 -7 %   -7 %

US Pharmaceuticals

     2,064       2,197       4,261       1,609       5,870       1,501       7,371       1,932                 -6 %   -6 %

Primary Care

     1,409       1,441       2,850       819       3,669       648       4,317       1,090                 -23 %   -23 %

Oncology/Virology

     419       458       877       494       1,371       525       1,896       504                 20 %   20 %

Neuroscience

     231       280       511       262       773       297       1,070       298                 29 %   29 %

Immunoscience

     5       18       23       34       57       31       88       40                 *     *  

Europe and Middle East Medicines

     1,024       1,000       2,024       886       2,910       934       3,844       916                 -11 %   -11 %

Latin America/Canada

     288       303       591       300       891       306       1,197       297                 3 %   3 %

Asia/Pacific Medicines

     279       320       599       318       917       349       1,266       289                 4 %   4 %

Nutritionals

     565       582       1,147       582       1,729       618       2,347       606                 7 %   7 %

Other Health Care

     411       430       841       418       1,259       447       1,706       413                 —       —    

ConvaTec

     230       262       492       265       757       291       1,048       254                 10 %   10 %

Medical Imaging

     181       168       349       153       502       156       658       159                 -12 %   -12 %

Total Company

   $ 4,676     $ 4,871     $ 9,547     $ 4,154     $ 13,701     $ 4,213     $ 17,914     $ 4,476                 -4 %   -4 %
    2006     2007   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

     79.1 %     79.2 %     79.2 %     75.9 %     78.2 %     74.7 %     77.4 %     77.2 %               (190 )   (190 )

US Pharmaceuticals

     44.1 %     45.1 %     44.6 %     38.7 %     42.8 %     35.6 %     41.1 %     43.2 %               (90 )   (90 )

Primary Care

     30.1 %     29.6 %     29.9 %     19.7 %     26.8 %     15.4 %     24.1 %     24.4 %               (570 )   (570 )

Oncology/Virology

     9.0 %     9.4 %     9.2 %     11.9 %     10.0 %     12.5 %     10.5 %     11.3 %               230     230  

Neuroscience

     4.9 %     5.7 %     5.3 %     6.3 %     5.6 %     7.0 %     6.0 %     6.7 %               180     180  

Immunoscience

     0.1 %     0.4 %     0.2 %     0.8 %     0.4 %     0.7 %     0.5 %     0.8 %               70     70  

Europe and Middle East Medicines

     21.9 %     20.5 %     21.2 %     21.3 %     21.2 %     22.2 %     21.5 %     20.5 %               (140 )   (140 )

Latin America/Canada

     6.2 %     6.2 %     6.2 %     7.2 %     6.5 %     7.3 %     6.7 %     6.6 %               40     40  

Asia/Pacific Medicines

     6.0 %     6.6 %     6.3 %     7.7 %     6.7 %     8.3 %     7.1 %     6.5 %               50     50  

Nutritionals

     12.1 %     12.0 %     12.0 %     14.0 %     12.6 %     14.7 %     13.1 %     13.5 %               140     140  

Other Health Care

     8.8 %     8.8 %     8.8 %     10.1 %     9.2 %     10.6 %     9.5 %     9.3 %               50     50  

ConvaTec

     4.9 %     5.4 %     5.2 %     6.4 %     5.5 %     6.9 %     5.8 %     5.7 %               80     80  

Medical Imaging

     3.9 %     3.4 %     3.6 %     3.7 %     3.7 %     3.7 %     3.7 %     3.6 %               (30 )   (30 )

Total Company

     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %                
* In Excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR TOTAL COMPANY

FOR THE PERIOD ENDED MARCH 31, 2007

($ in millions)

YEAR-TO-DATE

 

     Pharmaceuticals
Group		     Nutritionals     Convatec     Medical Imaging     Total
Company		  

Price Increases/(Decreases)

      —         2 %     -1 %     -3 %     —    

Foreign Exchange

      2 %     2 %     5 %     —         2 %

Volume

      -9 %     3 %     6 %     -9 %     -6 %
                                        

Total Change

      -7 %     7 %     10 %     -12 %     -4 %
                                        

Total 2007 Period to Date Sales

    $ 3,457     $ 606     $ 254     $ 159     $ 4,476  

Total 2006 Period to Date Sales

    $ 3,700     $ 565     $ 230     $ 181     $ 4,676  

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

($ in millions, except per share amounts)

 

    2006     2007   % 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

   $ 4,676     $ 4,871     $ 9,547     $ 4,154     $ 13,701     $ 4,213     $ 17,914     $ 4,476                 -4 %   -4 %

Cost of products sold

     1,476       1,568       3,044       1,465       4,509       1,447       5,956       1,392                 -6 %   -6 %

Marketing, selling and administrative

     1,238       1,181       2,419       1,189       3,608       1,311       4,919       1,158                 -6 %   -6 %

Advertising and product promotion

     295       352       647       286       933       418       1,351       269                 -9 %   -9 %

Research and development

     750       740       1,490       756       2,246       821       3,067       807                 8 %   8 %

Provision for restructuring, net

     1       3       4       2       6       53       59       37                 *     *  

Litigation (income)/charges, net

     (21)       (14)       (35)       (9)       (44)       346       302       —                   100 %   100 %

Gain on sale of business and product asset

     (200)       —         (200)       —         (200)       —         (200)       —                   100 %   100 %

Equity in net income of affiliates

     (93)       (125)       (218)       (118)       (336)       (138)       (474)       (126)                 -35 %   -35 %

Other expense/(income), net

     37       56       93       (34)       59       240       299       22                 -41 %   -41 %
                                                                                       

Total expenses

     3,483       3,761       7,244       3,537       10,781       4,498       15,279       3,559                 2 %   2 %
                                                                                       

Earnings/(Loss) Before Minority Interest and Income Taxes

     1,193       1,110       2,303       617       2,920       (285)       2,635       917                 -23 %   -23 %

Provision/(Benefit) for income taxes

     328       256       584       193       777       (167)       610       86                 -74 %   -74 %

Minority interest, net of taxes

     151       187       338       86       424       16       440       141                 -7 %   -7 %
                                                                                       

Net Earnings/(Loss)

   $ 714     $ 667     $ 1,381     $ 338     $ 1,719     $ (134)     $ 1,585       690                 -3 %   -3 %
                                                                                       

Interest expense on conversion of convertible debt bonds, net of tax

     8       8       16       9       25       —   (1)     —   (2)     9                  

Net Earnings/(Loss) used for diluted earnings per common share calculation

   $ 722     $ 675     $ 1,397     $ 347     $ 1,744     $ (134) (1)   $ 1,585 (2)     699                  
                                                                               

Diluted Earnings/(Loss) per Common Share**

   $ 0.36     $ 0.34     $ 0.70     $ 0.17     $ 0.88     $  (0.07) (1)   $ 0.81 (2)   $ 0.35                 -3 %   -3 %

Average Common Shares Outstanding - Diluted

     1,988       1,994       1,992       1,992       1,991       1,961 (1)     1,963 (2)     1,997                 —       —    

Dividends declared per common share

   $ 0.28     $ 0.28     $ 0.56     $ 0.28     $ 0.84     $ 0.28     $ 1.12     $ 0.28                 —       —    
    2006     2007   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

     68.4 %     67.8 %     68.1 %     64.7 %     67.1 %     65.7 %     66.8 %     68.9 %               50     50  

Cost of products sold

     31.6 %     32.2 %     31.9 %     35.3 %     32.9 %     34.3 %     33.2 %     31.1 %               (50)     (50)  

Marketing, selling and administrative

     26.5 %     24.2 %     25.3 %     28.6 %     26.3 %     31.1 %     27.5 %     25.9 %               (60)     (60)  

Advertising and product promotion

     6.3 %     7.2 %     6.8 %     6.9 %     6.8 %     9.9 %     7.5 %     6.0 %               (30)     (30)  

Research and development

     16.0 %     15.2 %     15.6 %     18.2 %     16.4 %     19.5 %     17.1 %     18.0 %               200     200  

Total expenses

     74.5 %     77.2 %     75.9 %     85.1 %     78.7 %     106.8 %     85.3 %     79.5 %               500     500  

Earnings/(Loss) Before Minority Interest and Income Taxes

     25.5 %     22.8 %     24.1 %     14.9 %     21.3 %     -6.8 %     14.7 %     20.5 %               (500)     (500)  

Net Earnings/(Loss)

     15.3 %     13.7 %     14.5 %     8.1 %     12.5 %     -3.2 %     8.8 %     15.4 %               10     10  

Other Ratios

                                

Effective Tax Rate

     27.5 %     23.1 %     25.4 %     31.3 %     26.6 %     58.6 %     23.1 %     9.4 %                
                                                                               
    2006     2007   % 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

   $ 116     $ 124     $ 240     $ 130     $ 370     $ 128     $ 498     $ 109                 -6 %   -6 %

Interest income

     (62)       (65)       (127)       (74)       (201)       (73)       (274)       (53)                 15 %   15 %

Foreign exchange transaction (gains)/losses

     (12)       23       11       (11)       —         6       6       8                 167 %   167 %

Other, net

     (5)       (26)       (31)       (79)       (110)       179       69       (42)                 *     *  
                                                                                       
  $ 37     $ 56     $ 93     $ (34)     $ 59     $ 240     $ 299     $ 22                 -41 %   -41 %
                                                                                       
* in excess of +/- 200%
** amounts may not calculate due to rounding differences between continuing and discontinued operations.
(1) as a result of the Q4 2006 net loss, Diluted Average Common Shares Outstanding and Loss per Common Share are equal to Basic Average Common Shares Outstanding and Loss per Common Share.
(2) assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is anti-dilutive.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

    2006   2007   % 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

   $ 4,676   $ 4,871   $ 9,547   $ 4,154   $ 13,701   $ 4,213   $ 17,914   $ 4,476               -4 %   -4 %

PHARMACEUTICALS

     3,700     3,859     7,559     3,154     10,713     3,148     13,861     3,457               -7 %   -7 %

Cardiovascular

     1,917     1,907     3,824     1,239     5,063     1,093     6,156     1,475               -23 %   -23 %

Plavix

     986     1,145     2,131     630     2,761     496     3,257     938               -5 %   -5 %

Pravachol

     536     323     859     192     1,051     146     1,197     135               -75 %   -75 %

Avapro/ Avalide

     233     280     513     277     790     307     1,097     270               16 %   16 %

Coumadin

     55     55     110     53     163     57     220     46               -16 %   -16 %

Virology

     468     524     992     532     1,524     580     2,104     590               26 %   26 %

Reyataz

     207     236     443     233     676     255     931     263               27 %   27 %

Sustiva Franchise***

     175     193     368     201     569     222     791     226               29 %   29 %

Baraclude

     11     14     25     22     47     36     83     45               *     *  

Oncology

     361     401     762     399     1,161     394     1,555     355               -2 %   -2 %

Erbitux

     138     172     310     175     485     167     652     160               16 %   16 %

Taxol

     147     149     296     137     433     130     563     111               -24 %   -24 %

Sprycel

     —       —       —       11     11     14     25     21               —       —    

Affective (Psychiatric) Disorders

     323     376     699     354     1,053     404     1,457     408               26 %   26 %

Abilify**

     283     324     607     313     920     362     1,282     366               29 %   29 %

Immunoscience

     5     18     23     34     57     32     89     41               *     *  

Orencia

     5     18     23     34     57     32     89     41               *     *  

Other Pharmaceuticals

                                

Efferalgan

     68     62     130     62     192     74     266     81               19 %   19 %

NUTRITIONALS

     565     582     1,147     582     1,729     618     2,347     606               7 %   7 %

Enfamil

     237     253     490     246     736     271     1,007     254               7 %   7 %

Enfagrow

     67     59     126     69     195     67     262     72               7 %   7 %

OTHER HEALTH CARE

     411     430     841     418     1,259     447     1,706     413               —       —    

CONVATEC

     230     262     492     265     757     291     1,048     254               10 %   10 %

Ostomy

     123     141     264     139     403     151     554     130               6 %   6 %

Wound Therapeutics

     98     107     205     113     318     123     441     107               9 %   9 %

MEDICAL IMAGING

     181     168     349     153     502     156     658     159               -12 %   -12 %

Cardiolite

     103     105     208     97     305     103     408     99               -4 %   -4 %
* In excess of +/- 200%
** Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
*** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC* NET SALES BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

    2006   2007   % Change    

% Change in U.S.

Total Prescription****

  
    1st Qtr   2nd Qtr   6 Months   3rd Qtr   9 Months   4th Qtr   Year   1st Qtr   2nd Qtr   6 Months   3rd Qtr   9 Months   4th Qtr   Year   Qtr vs. Qtr     YTD vs. YTD     Qtr vs. Qtr     YTD vs. YTD  

Total Company

   $ 2,638   $ 2,806   $ 5,444   $ 2,170   $ 7,614   $ 2,115   $ 9,729   $ 2,505               -5 %   -5 %    

PHARMACEUTICALS

     2,076     2,205     4,281     1,619     5,900     1,517     7,417     1,944               -6 %   -6 %    

Cardiovascular

     1,341     1,330     2,671     752     3,423     616     4,039     1,045               -22 %   -22 %    

Plavix

     850     988     1,838     474     2,312     343     2,655     787               -7 %   -7 %   -28 %   -28 %

Pravachol

     302     128     430     73     503     50     553     57               -81 %   -81 %   -86 %   -86 %

Avapro/ Avalide

     139     167     306     159     465     182     647     163               17 %   17 %   -1 %   -1 %

Coumadin

     47     46     93     45     138     48     186     38               -19 %   -19 %   -17 %   -17 %

Virology

     259     270     529     292     821     327     1,148     319               23 %   23 %    

Reyataz

     119     122     241     129     370     144     514     143               20 %   20 %   17 %   17 %

Sustiva Franchise*****

     108     115     223     128     351     144     495     144               33 %   33 %   25 %   25 %

Baraclude

     9     9     18     14     32     18     50     17               89 %   89 %   127 %   127 %

Oncology

     159     187     346     201     547     195     742     182               14 %   14 %    

Erbitux

     136     172     308     173     481     165     646     158               16 %   16 %   N/A     N/A  

Taxol

     4     4     8     2     10     2     12     4               —       —       N/A     N/A  

Sprycel

     —       —       —       11     11     11     22     10               —       —       N/A     N/A  

Affective (Psychiatric) Disorders

     237     286     523     266     789     302     1,091     305               29 %   29 %    

Abilify**

     231     267     498     260     758     294     1,052     293               27 %   27 %   14 %   14 %

Immunoscience

     5     18     23     34     57     31     88     40               * **   * **    

Orencia

     5     18     23     34     57     31     88     40               * **   * **   N/A     N/A  

Other Pharmaceuticals

                                    

Efferalgan

     —       —       —       —       —       —       —       —                 —       —       N/A     N/A  

NUTRITIONALS

     247     282     529     267     796     295     1,091     274               11 %   11 %    

Enfamil

     155     174     329     169     498     190     688     171               10 %   10 %   N/A     N/A  

Enfagrow

     —       —       —       —       —       —       —       —                 —       —       N/A     N/A  

OTHER HEALTH CARE

     231     226     457     215     672     232     904     214               -7 %   -7 %    

CONVATEC

     73     85     158     84     242     101     343     78               7 %   7 %    

Ostomy

     34     41     75     39     114     45     159     34               —       —       N/A     N/A  

Wound Therapeutics

     30     34     64     36     100     43     143     32               7 %   7 %   N/A     N/A  

MEDICAL IMAGING

     158     141     299     131     430     131     561     136               -14 %   -14 %    

Cardiolite

     91     91     182     86     268     90     358     87               -4 %   -4 %   N/A     N/A  
* 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 change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) version 2.0 data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.
***** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL* NET SALES BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

    2006   2007   % 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

   $ 2,038    $ 2,065    $ 4,103    $ 1,984    $ 6,087    $ 2,098    $ 8,185    $ 1,971               -3 %   -3 %

PHARMACEUTICALS

     1,624      1,654      3,278      1,535      4,813      1,631      6,444      1,513               -7 %   -7 %

Cardiovascular

     576      577      1,153      487      1,640      477      2,117      430               -25 %   -25 %

Plavix

     136      157      293      156      449      153      602      151               11 %   11 %

Pravachol

     234      195      429      119      548      96      644      78               -67 %   -67 %

Avapro/ Avalide

     94      113      207      118      325      125      450      107               14 %   14 %

Coumadin

     8      9      17      8      25      9      34      8               —       —    

Virology

     209      254      463      240      703      253      956      271               30 %   30 %

Reyataz

     88      114      202      104      306      111      417      120               36 %   36 %

Sustiva Franchise****

     67      78      145      73      218      78      296      82               22 %   22 %

Baraclude

     2      5      7      8      15      18      33      28                    ***        ***

Oncology

     202      214      416      198      614      199      813      173               -14 %   -14 %

Erbitux

     2      —        2      2      4      2      6      2               —       —    

Taxol

     143      145      288      135      423      128      551      107               -25 %   -25 %

Sprycel

     —        —        —        —        —        3      3      11               —       —    

Affective (Psychiatric) Disorders

     86      90      176      88      264      102      366      103               20 %   20 %

Abilify**

     52      57      109      53      162      68      230      73               40 %   40 %

Immunoscience

     —        —        —        —        —        1      1      1               —       —    

Orencia

     —        —        —        —        —        1      1      1               —       —    

Other Pharmaceuticals

                                       

Efferalgan

     68      62      130      62      192      74      266      81               19 %   19 %

NUTRITIONALS

     318      300      618      315      933      323      1,256      332               4 %   4 %

Enfamil

     82      79      161      77      238      81      319      83               1 %   1 %

Enfagrow

     67      59      126      69      195      67      262      72               7 %   7 %

OTHER HEALTH CARE

     180      204      384      203      587      215      802      199               11 %   11 %

CONVATEC

     157      177      334      181      515      190      705      176               12 %   12 %

Ostomy

     89      100      189      100      289      106      395      96               8 %   8 %

Wound Therapeutics

     68      73      141      77      218      80      298      75               10 %   10 %

MEDICAL IMAGING

     23      27      50      22      72      25      97      23               —       —    

Cardiolite

     12      14      26      11      37      13      50      12               —       —    
* 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%
**** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.

BRISTOL-MYERS SQUIBB COMPANY

U.S. PHARMACEUTICALS NET SALES

EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE

($ in millions)

 

     2007    2006    % Change
     Q1    Q1    Qtr vs. Qtr
U.S Pharmaceuticals Net Sales         

U.S Pharmaceuticals Net Sales as Reported

    $1,932    $2,064    -6%

Estimated Impact of Launch of Generic Clopidogrel Bisulfate

    300 to 350    —      —  

U.S Pharmaceuticals Net Sales Excluding the Estimated

         
              

Impact of Launch of Generic Clopidogrel Bisulfate

    $2,232 to $2,282    $2,064    8% to 11%
              

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN

EXCLUDING SPECIFIED ITEMS

($ in millions)

 

     2007  
     Q1                       TOTAL YEAR  

Net Sales

    $ 4,476           $ 4,476  
                      

Gross Profit

           

Gross Profit

    $ 3,084           $ 3,084  

Specified items*

      16             16  
                      

Gross Profit Excluding Specified Items

    $ 3,100           $ 3,100  
                      

Gross Margin %

      68.9 %           68.9 %

Specified items*

      0.4 %           0.4 %
                      

Gross Margin Excluding Specified Items

      69.3 %           69.3 %
                      
     2006  
     Q1     Q2     Q3     Q4     TOTAL YEAR  

Net Sales

    $ 4,676     $ 4,871     $ 4,154     $ 4,213     $ 17,914  
                                        

Gross Profit

           

Gross Profit

    $ 3,200     $ 3,303     $ 2,689     $ 2,766     $ 11,958  

Specified items*

      46       20       72       29       167  
                                        

Gross Profit Excluding Specified Items

    $ 3,246     $ 3,323     $ 2,761     $ 2,795     $ 12,125  
                                        

Gross Margin %

           

Gross Margin %

      68.4 %     67.8 %     64.7 %     65.6 %     66.8 %

Specified items*

      1.0 %     0.4 %     1.7 %     0.7 %     0.9 %
                                        

Gross Margin Excluding Specified Items

      69.4 %     68.2 %     66.4 %     66.3 %     67.7 %
                                        
* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES

EXCLUDING SPECIFIED ITEMS

($ in millions)

 

     2007
     Q1                   TOTAL YEAR

Research and Development Expenses

    $             807             $ 807

Specified items*

      80               80
                      

Research and Development Expenses Excluding Specified Items

    $ 727             $ 727
                      
     2006
     Q1    Q2    Q3    Q4    TOTAL YEAR

Research and Development Expenses

    $ 750    $             740    $             756    $             821    $ 3,067

Specified items*

      18      1      17      49      85
                                  

Research and Development Expenses Excluding Specified Items

    $ 732    $ 739    $ 739    $ 772    $ 2,982
                                  
* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE

EXCLUDING SPECIFIED ITEMS

($ in millions)

 

     2007  
     Q1                       TOTAL YEAR  

Provision for Income Taxes

           

Provision for Income Taxes

    $ 86           $ 86  

Specified items*

      79             79  
                      

Provision for Income Taxes Excluding Specified Items

    $ 165           $ 165  
                      

Earnings Before Minority Interest and Provision for Income Taxes

    $ 917           $ 917  

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items

    $ 1,050           $ 1,050  

Effective Tax Rate

           

Effective Tax Rate

      9.4 %           9.4 %

Effective Tax Rate Excluding Specified Items

      15.7 %           15.7 %
     2006  
     Q1     Q2     Q3     Q4     TOTAL YEAR  

Provision for Income Taxes

           

Provision/(Benefit) for Income Taxes

    $ 328     $ 256     $ 193     $ (167 )   $ 610  

Specified items*

      (49 )     (3 )     (34 )     196       110  
                                        

Provision for Income Taxes Excluding Specified Items

    $ 279     $ 253     $ 159     $ 29     $ 720  
                                        

Earnings/(Loss) Before Minority Interest and Provision for Income Taxes

    $ 1,193     $ 1,110     $ 617     $ (285 )   $ 2,635  

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items

    $ 1,081     $ 1,120     $ 670     $ 425     $ 3,296  

Effective Tax Rate

           

Effective Tax Rate

      27.5 %     23.1 %     31.3 %     58.6 %     23.1 %

Effective Tax Rate Excluding Specified Items

      25.8 %     22.6 %     23.7 %     6.8 %     21.8 %
* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

 

     2007  
     Q1                       TOTAL YEAR  

Earnings Before Minority Interest and Provision for Income Taxes

    $ 917           $ 917  

Specified items:

           

Upfront and milestone payments

      80             80  

Downsizing and streamlining of worldwide operations

      37             37  

Accelerated depreciation

      16             16  
                      

Subtotal

      133             133  
                      

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items

    $ 1,050           $ 1,050  
                      
     2006  
     Q1     Q2     Q3     Q4     TOTAL YEAR  

Earnings / (Loss) Before Minority Interest and Provision for Income Taxes

    $ 1,193     $ 1,110     $ 617     $ (285 )   $ 2,635  

Specified items:

           

Gain on sale of product asset

      (200 )     —         —         —         (200 )

Litigation matters

      40       (14 )     (29 )     353       350  

Insurance recoveries

      (21 )     —         (9 )     (7 )     (37 )

Downsizing and streamlining of worldwide operations / other

      69       24       91       131       315  

Debt retirement costs

      —         —         —         220       220  

Claim for damages

      —         —         —         13       13  
                                        

Subtotal

      (112 )     10       53       710       661  
                                        

Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items

    $ 1,081     $ 1,120     $ 670     $ 425     $ 3,296  
                                        

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE

EXCLUDING SPECIFIED ITEMS

 

     2007  
     Q1                      TOTAL YEAR *  

Diluted Earnings per Common Share

    $ 0.35            $ 0.35  

Specified items:

            

Upfront payments

      0.03              0.03  

Downsizing and streamlining of worldwide operations

      0.01              0.01  

Accelerated depreciation

      0.01              0.01  

Change in estimate for taxes on a prior year specified item

      (0.02 )            (0.02 )
                       

Subtotal

      0.03              0.03  
                       

Diluted Earnings per Common Share Excluding Specified Items

    $ 0.38            $ 0.38  
                       
     2006  
     Q1     Q2    Q3     Q4     TOTAL YEAR *  

Diluted Earnings / (Loss) per Common Share

    $ 0.36     $ 0.34    $ 0.17     $ (0.07 )   $ 0.81  

Specified items:

            

Gain on sale of product asset

      (0.06 )     —        —         —         (0.06 )

Litigation matters

      0.01       —        (0.01 )     0.14       0.14  

Insurance recoveries

      (0.01 )     —        —         —         (0.01 )

Downsizing and streamlining of worldwide operations / other

      0.02       0.01      0.04       0.05       0.12  

Debt retirement costs

      —         —        —         0.07       0.07  

Tax item

      —         —        0.02       —         0.02  
                                       

Subtotal

      (0.04 )     0.01      0.05       0.26       0.28  
                                       

Diluted Earnings per Common Share Excluding Specified Items

    $ 0.32     $ 0.35    $ 0.22     $ 0.19     $ 1.09  
                                       
* 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, 2007 AND 2006

($ in millions)

Three months ended March 31, 2007

 

     Cost of
products sold		    Research and
development		    Provision for
restructuring, net		    Total                         

Upfront payments

    $ —      $ 80    $ —      $ 80           

Downsizing and streamlining of worldwide operations

      —        —        37      37           

Accelerated depreciation

      16      —        —        16           
                                      
   $ 16    $ 80    $ 37      133           
                                

Income taxes on items above

               (40 )         

Change in estimate for taxes on a prior year specified item

               (39 )         
                          

Reduction to Net Earnings

             $ 54           
                          

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 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 and asset impairment

      46      —        4      —         —         —        —         50  

Upfront and milestone payments

      —        18      —        —         —         —        —         18  

Downsizing and streamlining of worldwide operations

      —        —        —        1       —         —        —         1  

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

                      $ (77 )
                          

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

 

     March 31,
2006		    June 30,
2006		    September 30,
2006		    December 31,
2006		     March 31,
2007		    June 30,
2007		    September 30,
2007		    December 31,
2007

Cash, cash equivalents and marketable debt securities

    $ 5,281    $ 5,357    $ 5,505    $ 4,013     $ 4,012    $ —      $ —      $ —  

Short-term borrowings

      234      189      630      187       241      —        —        —  

Long-term debt

      8,278      8,239      7,837      7,248       7,132      —        —        —  
                                                        

Net debt

    $ 3,231    $ 3,071    $ 2,962    $ 3,422     $ 3,361    $ —      $ —      $ —  
                                                        

Receivables, net of allowances

    $ 3,236    $ 3,326    $ 2,945    $ 3,247     $ 3,381    $ —      $ —      $ —  

Stockholders’ equity

      11,556      11,712      11,589      9,991  (1)     10,261      —        —        —  

Capital expenditures and capitalized software (for the quarter ended)

      202      160      199      224       202         
(1) Includes the impact of the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106 and 132(R)”

BRISTOL-MYERS SQUIBB COMPANY

2007 FULL YEAR PROJECTED DILUTED EPS

EXCLUDING PROJECTED SPECIFIED ITEMS

 

     Full Year 2007  

Projected Diluted Earnings per Common Share

    $ 1.24 to $1.34  

Projected Specified Items:

   

Upfront and milestone payments

      0.05  

Downsizing and streamlining of worldwide operations

      0.03  

Change in estimate for taxes on a prior year specified item

      (0.02 )
        

Total

      0.06  
        

Projected Diluted Earnings per Common Share Excluding Specified Items

    $ 1.30 to $1.40  
        

Gross Margin/Research and Development/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the three months ended March 31, 2007 was 68.9%, which included specified items of $16 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2007 gross margin was 69.3%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See Gross Margin non comparable tab.

Research and development expenses on a GAAP basis for the three months ended March 31, 2007 were $807 million, which included specified items of $80 million. On a non-GAAP basis, for the three months ended March 31, 2007 research and development expenses were $727 million. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects research and development expenses for the full year 2007 to increase in the mid to upper single digit range compared to 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.

The effective tax rate on a GAAP basis for the three months ended March 31, 2007 was 9.4%, which included specified items of $79 million in the tax provision, and had a 6.3% favorable impact on the effective tax rate in aggregate. On a non-GAAP basis, the three months ended March 31, 2007 effective tax rate was 15.7%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects effective tax rate for the full year 2007 to be in the 20% range. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.

The GAAP results for the full year 2007 would include specified items that may occur and impact results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, restructuring activities and significant tax events. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The First Quarter of 2007, April 26, 2007, including “2007 Guidance” and “Use of Non-GAAP Financial Information” therein.

BRISTOL-MYERS SQUIBB COMPANY

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

IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

The following tables sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) 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 the quarters ended March 31, 2007 and 2006 and December 31, 2006 and 2005.

 

    March 31, 2007   December 31, 2006   March 31, 2006   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)    

Abilify (total revenue)

   $ 293   0.4   $ 294   0.5   $ 231   0.5   $ 175   0.6

Avapro/Avalide

     163   0.4     182   0.5     139   0.4     168   0.6

Baraclude

     17   0.6     18   0.7     9   1.0     4   0.7

Coumadin

     38   0.7     48   0.8     47   0.6     50   0.8

Erbitux (a)

     158   0.3     165   0.4     136   —       121   —  

Glucophage Franchise

     21   0.6     16   0.7     25   0.7     29   0.7

Kenalog

     18   0.5     24   0.8     23   0.7     23   0.9

Orencia (b)

     40   0.3     31   0.4     5   0.9     —     —  

Paraplatin

     5   13.8     6   5.8     7   1.2     5   0.9

Plavix

     787   0.6     343   0.6     850   0.4     906   0.6

Pravachol

     57   0.6     50   0.6     302   0.4     366   0.6

Reyataz

     143   0.7     144   0.7     119   0.6     110   0.5

Sprycel

     10   0.7     11   1.4     —     —       —     —  

Sustiva Franchise (c) (total revenue)

     144   0.7     144   0.7     108   0.5     102   0.6

Zerit

     12   0.6     19   0.9     19   0.7     21   0.8

For all products other than Erbitux and Orencia, 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.

(a) In the first and second quarter of 2006, the Company sold Erbitux to intermediaries (such as wholesalers and specialty oncology distributors) and shipped Erbitux directly to the end-users of the product who are the customers of those intermediaries. Beginning in the third quarter of 2006, the Company expanded its distribution model to include two distributors who then held Erbitux inventory. One additional distributor was added for Erbitux in the first quarter of 2007. The Company recognizes revenue upon such shipment consistent with its revenue recognition policy. The above estimate of months on hand was calculated by dividing the inventories of Erbitux held by the distributors for their own accounts as reported by the distributors as of the end of the quarter by the out-movements of the product reported by the distributors over the last 31 day period. The inventory levels reported by the distributors are a product of their record-keeping process.

(b) Orencia was launched in February 2006. From launch through the second quarter, the Company distributed Orencia through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application (sBLA) that allows a third party to manufacture Orencia at an additional site, the exclusive distribution arrangement terminated on July 17, 2006 and the Company expanded its distribution network for ORENCIA to multiple distributors. The above estimates of months on hand was calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the out-movement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and out-movements reported by these distributors are a product of the distributors’ own record-keeping process.

(c) Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.