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 26, 2007

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 26, 2007, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second quarter of 2007. 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 26, 2007

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 26, 2007	By:	/s/ Sandra Leung
	Name:	Sandra Leung
	Title:	Senior Vice President and General Counsel

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated July 26, 2007
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
	Communications
	212-546-4824
	jeffrey.macdonald@bms.com

BRISTOL-MYERS SQUIBB COMPANY REPORTS FINANCIAL RESULTS FOR THE

SECOND QUARTER AND FIRST HALF OF 2007

• Posts Second Quarter 2007 GAAP EPS Growth to $0.36 and Non-GAAP EPS Growth to $0.37

• Posts YTD 2007 GAAP EPS Growth to $0.71 and Non-GAAP EPS Growth to $0.74

• Raises 2007 Full-Year GAAP and Non-GAAP EPS Guidance to $1.35 to $1.45 Reflecting Strong Sales Growth of Key Products and Cost Controls

• Estimates Full-Year 2008 EPS of $1.60 to $1.70, Subject to Certain Assumptions

(NEW YORK, July 26, 2007) – Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the second quarter and six months ended June 30, 2007 and raised earnings guidance for the full year.

Bristol-Myers Squibb posted second quarter 2007 net sales of $4.9 billion, an increase of 1% over the same period in 2006. The company reported second quarter 2007 net earnings of $706 million, or $0.36 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $667 million, or $0.34 per diluted share for the same period in 2006. On a non-GAAP basis excluding specified items, second quarter 2007 net earnings were $726 million, or $0.37 per diluted share, compared to $680 million, or $0.35 per diluted share for the same period in 2006. Generic clopidogrel bisulfate in the distribution channels is substantially depleted as reflected in the second quarter results.

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“Since stepping into the role of chief executive 10 months ago, I have been struck by this organization’s desire to help patients prevail over serious disease, and encouraged by its continuing commitment to build shareholder value. The results of the past quarter have continued building that value,” said James M. Cornelius, chief executive officer, Bristol-Myers Squibb. “PLAVIX^® reached $1 billion in quarterly sales in the U.S., and the continuing outstanding work in our R&D organization resulted in five new or supplemental drug applications accepted for U.S. regulatory review, including three in oncology. Importantly, for both Bristol-Myers Squibb and the research-based pharmaceutical industry, the courts reinforced intellectual property rights by upholding the validity of the PLAVIX^® patent. And further enhancing our results, we continued to remain focused on cost savings and reinvesting in our business.”

For the six months ended June 30, 2007, net sales decreased 1%, including a 2% favorable foreign exchange impact, to $9.4 billion compared with net sales of $9.5 billion for the same period in 2006. On a GAAP basis, net earnings in the first six months of both 2007 and 2006 were $1.4 billion, while net earnings per diluted share in the first six months of 2007 were $0.71 compared to $0.70 for the same period in 2006. On a non-GAAP basis, excluding specified items, Bristol-Myers Squibb reported net earnings of $1.5 billion, or $0.74 per diluted share for the six months ended June 30, 2007, compared to $1.3 billion, or $0.67 per diluted share for the same period last year.

COMMITMENT TO SHAREHOLDER VALUE

Bristol-Myers Squibb increased its 2007 full-year GAAP and non-GAAP EPS guidance to $1.35 to $1.45, reflecting anticipated continued strong performance of several key products and continued focus on cost control. The GAAP guidance also reflects an expected gain on sale of product assets that will be classified as a specified item.

“An important component of our ongoing strategic review process is the transformation and streamlining of our company, which will help us maximize the resources that support delivering the full value of our pipeline and portfolio to shareholders. This transformation will include a comprehensive cost reduction program, incremental to current efforts that will include workforce reductions in some areas and the rationalization of some facilities. We will provide more details of our plans later this year,” said Mr. Cornelius. “We believe that our specialty pharmaceuticals focus, our growing investment in biologics and commitment to reducing our cost base will drive sales and earnings growth in the years ahead, and the strength of our business will help support the dividend.”

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The company will present a comprehensive overview of its strategy, operations and pipeline at an investor meeting in December.

Additional details and assumptions about the company’s 2007 and 2008 guidance can be found on pages 9 through 11 of this release.

NEW PRODUCT AND PIPELINE DEVELOPMENTS

The company submitted applications to the U.S. and European regulatory authorities seeking to change the recommended starting dose of SPRYCEL^™ to 100 mg once daily, from 70 mg twice daily, for patients with chronic-phase chronic myeloid leukemia with resistance or intolerance to prior therapy including imatinib. In July, the U.S. Food and Drug Administration (FDA) accepted the SPRYCEL^™ supplemental New Drug Application (sNDA) for priority review, and the Committee for Human Medicinal Products of the European Medicines Agency (EMEA) granted a positive opinion on the company’s submission. The target action date for the SPRYCEL^™ sNDA is mid-November, and a final EMEA decision is expected by September.

Two sNDAs for the atypical antipsychotic ABILIFY^® were accepted by the FDA for priority review for the treatment of pediatric patients (13-17 years old) with schizophrenia in June and for the treatment of adults with major depressive disorder as adjunctive to antidepressant therapy in July.

In June, the FDA accepted a New Drug Application (NDA) for the investigational compound ixabepilone. The proposed indications for ixabepilone are as a monotherapy to treat patients with metastatic or locally advanced breast cancer after failure of an anthracycline, a taxane, and capecitabine and in combination with capecitabine to treat patients with metastatic or locally advanced breast cancer after failure of an anthracycline and a taxane. The NDA has been granted priority review, with a target action date in late October 2007.

In June, the FDA accepted a supplemental Biologics License Application (sBLA) for ERBITUX^®. With this application, the company and ImClone Systems Incorporated (ImClone) seek to

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include evidence of improved overall survival in the product labeling for ERBITUX^® in the third-line treatment of patients with metastatic colorectal cancer (mCRC). If the sBLA is approved, ERBITUX^® would be the only biologic therapy to demonstrate overall survival as a single agent in patients with mCRC. The ERBITUX^® sBLA has been granted a priority review, with a likely action date of early October 2007.

ORENCIA^® was approved by the European Commission in May, and has received approval and/or reimbursement in several European markets, including the United Kingdom, Germany, Austria, Sweden, the Netherlands and Denmark.

The company and its partner AstraZeneca PLC (AstraZeneca) have decided to move the investigational compound dapagliflozin, a selective inhibitor of the sodium-glucose transporter 2 being studied for the treatment of diabetes, into Phase III testing based on results of Phase II clinical trials.

SECOND QUARTER RESULTS

• Second quarter 2007 net sales increased 1% to $4.9 billion, including a 2% favorable foreign exchange impact compared to the same period in 2006. U.S. net sales increased 1% to $2.8 billion for the quarter compared to 2006, due to the continued growth of our key products and sales of newer products, mostly offset by the impact of generic clopidogrel bisulfate and increased generic competition for PRAVACHOL. International net sales increased 2% to $2.1 billion, including a 5% favorable foreign exchange impact.

• Cost of products sold, as a percentage of net sales, decreased to 31.4% in the second quarter of 2007 compared to 32.2% in the same period in 2006. In the second quarter of 2006, the company reclassified into cost of product sold, $24 million or 0.5% as a percentage of sales, certain costs which were reported in marketing, selling and administrative expenses in the first quarter of 2006. In addition to the reclassification, the decrease was due primarily to sales growth of higher margin products.

• Marketing, selling and administrative expenses increased by 2% to $1.2 billion in the second quarter of 2007 compared to the same period in 2006, due to a 2% increase resulting from the reclassification of certain costs in 2006 mentioned above.

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• Advertising and product promotion spending increased by 5% to $368 million in the second quarter of 2007 from $352 million in the same period in 2006, driven primarily by increased investments in the nutritional business as well as product introduction costs related to international pharmaceuticals.

• Research and development expenses increased by 5% to $778 million in the second quarter of 2007 from $740 million in the same period in 2006. This increase primarily reflects higher licensing up-front and milestone payments and continued investments in late-stage compounds, partially offset by sharing of co-development costs with alliance partners AstraZeneca and Pfizer Inc.

INCOME TAXES

The effective income tax rate on earnings before minority interest and income taxes was 22.2% in the second quarter of 2007 compared to 23.1% in the second quarter 2006.

SPECIFIED ITEMS

In the three months ended June 30, 2007 and 2006, the company recorded specified income and expense items that affected the comparability of the results.

The pre-tax specified items in 2007 included:

• $20 million of charges related to accelerated depreciation and downsizing and streamlining of worldwide operations

• $17 million in upfront and milestone payments

• $14 million charge for increase in reserves related to the settlement of a litigation

• $26 million gain on sale of product assets

The pre-tax specified items in 2006 included:

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

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

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

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PHARMACEUTICALS

Worldwide pharmaceutical sales remained relatively constant at $3.9 billion in the second quarter of 2007, including a 2% favorable foreign exchange impact, compared to the same period in 2006.

U.S. pharmaceutical sales increased 2% to $2.2 billion in the second quarter of 2007 compared to the same period in 2006, due to continued growth of key products and sales of newer products BARACLUDE^®, ORENCIA^® and SPRYCEL^™, partially offset by the impact of generic clopidogrel bisulfate and increased generic competition for PRAVACHOL^®.

International pharmaceutical sales decreased 3%, including a 5% favorable foreign exchange impact, to $1.6 billion for the second quarter of 2007 compared to the same period in 2006. The decrease was due primarily to a decline in PRAVACHOL^® and TAXOL^® sales resulting from increased generic competition in Europe, partially offset by increased sales of newer products including BARACLUDE^®, ABILIFY^® and SPRYCEL^™. 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 2007.

Product Sales

• Sales of PLAVIX^®, a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis, increased 4%, including a 1% favorable foreign exchange impact, to $1,189 million in the second quarter of 2007 from $1,145 million in the same period in 2006. Sales of PLAVIX^® increased 3% in the U.S. in the second quarter of 2007 to $1,015 million from $988 million in the same period in 2006 primarily due to increased demand. The company estimated the impact of the at-risk launch of generic clopidogrel bisulfate to be in the range of $50 million to $100 million for the second quarter of 2007 as inventory of generic clopidogrel bisulfate in the distribution channels was substantially depleted at June 30, 2007. Estimated total U.S. prescription demand for clopidogrel bisulfate (branded and generic) increased by 11% in the second quarter of 2007 compared to 2006, based on the revised methodology applied by IMS Health, which was issued on July 23, 2007. Estimated total U.S. prescription demand for branded PLAVIX^® increased by 1% in the same period.

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• Sales of AVAPRO^®/AVALIDE^®, an angiotensin II receptor blocker for the treatment of hypertension, also part of the sanofi-aventis alliance, increased 6%, including a 2% favorable foreign exchange impact, to $297 million in the second quarter of 2007 from $280 million in the same period in 2006. U.S. sales increased 2% to $170 million in the second quarter of 2007 from $167 million in the same period in 2006, primarily due to higher average net selling prices. Estimated total U.S. prescription demand decreased approximately 2% compared to 2006. International sales increased 12%, including a 6% favorable foreign exchange impact, to $127 million compared to $113 million in the same period in 2006.

• Total revenue for ABILIFY^®, an antipsychotic agent for the treatment of schizophrenia, acute bipolar mania and bipolar disorder, increased 27%, including a 2% favorable foreign exchange impact, to $412 million in the second quarter of 2007 from $324 million in the same period in 2006. U.S. sales increased 21% to $322 million in the second quarter 2007 from $267 million in the same period in 2006, primarily due to higher demand and higher average net selling prices. Estimated total U.S. prescription demand increased approximately 13% compared to the same period last year. International sales increased 58%, including an 11% favorable foreign exchange impact, to $90 million in the second quarter of 2007 from $57 million in the same period in 2006 due to continued growth across European markets. Total revenue for ABILIFY^® primarily consists of alliance revenue representing the company’s 65% share of net sales in countries where it copromotes with Otsuka Pharmaceutical Co., Ltd.

• Sales of REYATAZ^®, a protease inhibitor for the treatment of human immunodeficiency virus (HIV), increased 8%, including a 3% favorable foreign exchange impact, to $254 million in the second quarter of 2007 from $236 million in the same period in 2006. U.S. sales increased 13% to $138 million in the second quarter of 2007 from $122 million in the same period in 2006, primarily due to higher demand. Estimated total U.S. prescription demand increased approximately 13% compared to 2006. International sales increased 2%, including a 6% favorable foreign exchange impact, to $116 million in the second quarter of 2007 from $114 million in the same period in 2006.

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• Sales of ERBITUX^®, which is sold by the company almost exclusively in the U.S., decreased 6% to $162 million in the second quarter of 2007 from $172 million in the same period in 2006, due to increased competition in the colorectal cancer market. ERBITUX^® is marketed by the company under a distribution and copromotion agreement with ImClone.

• Sales of the SUSTIVA^® Franchise, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 21%, including a 3% favorable foreign exchange impact, to $233 million in the second quarter of 2007 from $193 million in the same period in 2006. U.S. sales increased 28% to $147 million in the second quarter of 2007 from $115 million in the same period in 2006, primarily due to higher demand. Estimated total U.S. prescription growth increased approximately 25% compared to 2006. International sales increased 10%, including a 7% favorable foreign exchange impact, to $86 million in the second quarter of 2007 from $78 million in the same period in 2006. Total revenue for the SUSTIVA^® Franchise includes sales of SUSTIVA^® as well as revenue from bulk efavirenz included in the combination therapy ATRIPLA^™, which is sold through a joint venture with Gilead Sciences, Inc.

• Sales of BARACLUDE^®, an oral antiviral agent for the treatment of chronic hepatitis B, increased to $59 million in the second quarter of 2007 from $14 million in the same period in 2006, due to continued growth across all markets.

• Sales of ORENCIA^®, a fusion protein indicated for adult patients with moderate to severe rheumatoid arthritis launched in 2006, increased to $55 million in the second quarter of 2007 from $18 million in the same period in 2006.

• Sales for SPRYCEL^™, an oral inhibitor of multiple tyrosine kinases, were $35 million in the second quarter of 2007, compared to $21 million in first quarter of 2007. SPRYCEL^™ was launched in the U.S. in July 2006 and in certain European markets beginning in the fourth quarter of 2006.

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HEALTH CARE GROUP

The combined second quarter 2007 revenues from the Health Care Group increased 6%, including a 3% favorable foreign exchange impact, to $1.1 billion compared to the same period in 2006.

Nutritionals

• Worldwide Nutritional sales increased 7%, including a 3% favorable foreign exchange impact, to $620 million in the second quarter of 2007 from $582 million in the same period in 2006. U.S. Nutritional sales decreased 2% to $275 million in the second quarter of 2007, primarily due to decreased sales of infant formula and other pediatric nutritionals. International Nutritional sales increased 15% to $345 million in the second quarter of 2007, including a 6% favorable foreign exchange impact, primarily due to increased sales of toddlers and children’s nutritional products and ENFAMIL^®, the company’s best-selling infant formula.

Other Health Care

• Worldwide ConvaTec sales increased 9%, including a 5% favorable foreign exchange impact, to $286 million in the second quarter of 2007 from $262 million in the same period in 2006. Sales of wound therapeutic products increased 11%, including a 5% favorable foreign exchange impact, to $119 million in the second quarter of 2007 from $107 million in the same period in 2006, primarily due to continued growth of AQUACEL^®.

• Worldwide Medical Imaging sales increased 2% to $171 million in the second quarter of 2007 from $168 million in the same period in 2006.

OUTLOOK FOR 2007 AND 2008

Bristol-Myers Squibb raises its 2007 earnings guidance for fully diluted earnings per share on a GAAP basis to be between $1.35 and $1.45 from the previous guidance of $1.24 to $1.34. The company also raises its 2007 fully diluted earnings per share guidance on a non-GAAP basis to be between $1.35 and $1.45 from the previous guidance of $1.30 to $1.40, reflecting anticipated continued strong performance of several key products and continued focus on cost control. In addition to these factors, the GAAP guidance also reflects an expected gain on sale of product assets that will be classified as a specified item.

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The non-GAAP guidance excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.

The company estimates its 2008 earnings per share guidance for fully diluted earnings per share on a fully diluted basis to be between $1.60 and $1.70, subject to certain assumptions and specified items discussed below. This guidance assumes, compared to 2007:

• mid to high single-digit revenue growth primarily from new and in-line products, partially offset by the decline of mature brands;

• slight improvement in gross margin;

• mid single-digit growth in research and development costs;

• all other operating expenses flat to 2007; and

• effective tax rate will increase to the range of 22% to 24% in part due to a one-time benefit in 2007.

The financial guidance for 2008 further assumes no significant acquisitions or divestitures and that the company and its product partner, sanofi-aventis, maintain exclusivity for the PLAVIX^® patent through at least 2008.

The guidance does not include restructuring charges that cannot be reasonably estimated at this time in connection with the company’s comprehensive cost reduction programs, including charges related to workforce reductions and the rationalization of some facilities. Further, the guidance excludes other specified items such as gains or losses from sale of businesses and product lines; from sale 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

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products that have not achieved regulatory approval that are immediately expensed; co-promotion 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.

As previously disclosed, the composition of matter patent for PLAVIX^®, which expires in 2011, is subject to litigation in the U.S. with Apotex Inc. and Apotex Corp. (Apotex). On June 19, 2007, the U.S. District Court for the Southern District of New York (District court) issued an opinion and order upholding the validity and enforceability of the patent, maintaining the main patent protection for PLAVIX^® in the United States until November 2011. The District court also ruled that Apotex’s generic clopidogrel bisulfate product infringed the patent and permanently enjoined Apotex from engaging in any activity that infringes the patent, including marketing its generic product in the United States until after the patent expires. The amount of damages will be set at a later time. Apotex has appealed the decision to the U.S. Court of Appeals for the Federal Circuit

If Apotex were to prevail on appeal, the company could expect to face renewed generic competition for PLAVIX^® promptly thereafter. There are other pending PLAVIX^® patent litigations in the United States and in other less significant markets for the product. The company continues to believe that the PLAVIX^® patents are valid and infringed, and with its alliance partner, sanofi-aventis, is vigorously pursuing these cases.

It is not possible at this time reasonably to assess the ultimate outcome of the appeal by Apotex of the patent litigation or of the other PLAVIX^® patent litigations, or the timing of any renewed generic competition for PLAVIX^® from Apotex or additional generic competition for PLAVIX^® from other generic pharmaceutical companies. Loss of market exclusivity of PLAVIX^® and/or the development of sustained generic competition would be material to the company’s sales of PLAVIX^®, results of operations and cash flows, and could be material to the company’s financial condition and liquidity. PLAVIX^® is the company’s largest product by net sales, and U.S. net sales for PLAVIX^® were $2.7 billion and $3.2 billion in 2006 and 2005, respectively.

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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; co promotion 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; costs of early debt retirement; and significant tax events. 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, a non-GAAP earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP.

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, changes in, variability in data provided by third parties, 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 the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appeal of the District court’s decision in the PLAVIX^® patent litigation. These factors also include the company’s ability to execute successfully its strategic plans, including its cost reduction programs, the expiration of

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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; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. 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 26, 2007 at 10:30 a.m. (EDT) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at www.bms.com/ir or by dialing 913-981-4911. 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, Communications, Jeff Macdonald, 212-546-4824, Communications, or John Elicker, 212-546-3775, Investor Relations.

# # #

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

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

AVAPRO^®, AVALIDE^® and PLAVIX^® are trademarks of sanofi-aventis

ERBITUX^® is a trademark of ImClone Systems Incorporated

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BRISTOL-MYERS SQUIBB COMPANY

NET SALES BY OPERATING SEGMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(Unaudited, dollars in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2007		2006		2007		2006
Pharmaceuticals	$	3,851	$	3,859	$	7,308	$	7,559
Nutritionals		620		582		1,226		1,147
Other Health Care		457		430		870		841
Health Care Group		1,077		1,012		2,096		1,988
Net Sales	$	4,928	$	4,871	$	9,404	$	9,547

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006

(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, 2007 compared to the three and six months ended June 30, 2006. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company’s U.S. pharmaceutical products based on third-party data. A significant portion of the company’s U.S. 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
	2007		2006		% Change		2007		2006		% Change		% Change in U.S. Total Prescriptions vs. 2006
Three Months Ended June 30,
Pharmaceuticals
Cardiovascular
Plavix	$	1,189	$	1,145	4	%	$	1,015	$	988	3	%	1	%
Pravachol		132		323	(59	)%		47		128	(63	)%	(74	)%
Avapro/Avalide		297		280	6	%		170		167	2	%	(2	)%
Coumadin		52		55	(5	)%		43		46	(7	)%	(16	)%
Virology
Reyataz		254		236	8	%		138		122	13	%	13	%
Sustiva Franchise (total revenue)		233		193	21	%		147		115	28	%	25	%
Baraclude		59		14	*	*		20		9	122	%	77	%
Oncology
Erbitux		162		172	(6	)%		160		172	(7	)%	N/A
Taxol		95		149	(36	)%		4		4	—		N/A
Sprycel		35		—	—			14		—	—		N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		412		324	27	%		322		267	21	%	13	%
Immunoscience
Orencia		55		18	*	*		53		18	194	%	N/A
Other Pharmaceuticals
Efferalgan		69		62	11	%		—		—	—		N/A
Nutritionals
Enfamil		267		253	6	%		177		174	2	%	N/A
Enfagrow		70		59	19	%		—		—	—		N/A
Other Health Care
Ostomy		150		141	6	%		41		41	—		N/A
Wound Therapeutics		119		107	11	%		36		34	6	%	N/A
Cardiolite		106		105	1	%		92		91	1	%	N/A

15

(Continued)

	Worldwide Net Sales						U.S. Net Sales
	2007		2006		% Change		2007		2006		% Change		% Change in U.S. Total Prescriptions vs. 2006
Six Months Ended June 30,
Pharmaceuticals
Cardiovascular
Plavix	$	2,127	$	2,131	—		$	1,802	$	1,838	(2	)%	(18	)%
Pravachol		267		859	(69	)%		104		430	(76	)%	(82	)%
Avapro/Avalide		567		513	11	%		333		306	9	%	(2	)%
Coumadin		98		110	(11	)%		81		93	(13	)%	(16	)%
Virology
Reyataz		517		443	17	%		281		241	17	%	15	%
Sustiva Franchise (total revenue)		459		368	25	%		291		223	30	%	25	%
Baraclude		104		25	*	*		37		18	106	%	98	%
Oncology
Erbitux		322		310	4	%		318		308	3	%	N/A
Taxol		206		296	(30	)%		8		8	—		N/A
Sprycel		56		—	—			24		—	—		N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		778		607	28	%		615		498	23	%	13	%
Immunoscience
Orencia		96		23	*	*		93		23	*	*	N/A
Other Pharmaceuticals
Efferalgan		150		130	15	%		—		—	—		N/A
Nutritionals
Enfamil		521		490	6	%		348		329	6	%	N/A
Enfagrow		142		126	13	%		—		—	—		N/A
Other Health Care
Ostomy		280		264	6	%		75		75	—		N/A
Wound Therapeutics		226		205	10	%		68		64	6	%	N/A
Cardiolite		205		208	(1	)%		179		182	(2	)%	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, 2007 AND 2006

(Unaudited, amounts in millions except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Net Sales	$	4,928		$	4,871		$	9,404		$	9,547
Cost of products sold		1,549			1,568			2,941			3,044
Marketing, selling and administrative		1,209			1,181			2,367			2,419
Advertising and product promotion		368			352			637			647
Research and development		778			740			1,585			1,490
Provision for restructuring, net		7			3			44			4
Litigation expense/(income), net		14			(14	)		14			(35	)
Gain on sale of product assets		(26	)		—			(26	)		(200	)
Equity in net income of affiliates		(128	)		(125	)		(254	)		(218	)
Other expense, net (a)		—			56			22			93
		3,771			3,761			7,330			7,244
Earnings Before Minority Interest and Income Taxes		1,157			1,110			2,074			2,303
Provision for income taxes		257			256			343			584
Minority interest, net of taxes		194			187			335			338
Net Earnings	$	706		$	667		$	1,396		$	1,381
Earnings per Common Share
Basic	$	.36		$	.34		$	.71		$	.71
Diluted	$	.36		$	.34		$	.71		$	.70
Average Common Shares Outstanding:
Basic		1,968			1,960			1,965			1,959
Diluted		2,006			1,994			2,002			1,992
(a) Other expense, net
Interest expense	$	107		$	124		$	216		$	240
Interest income		(62	)		(65	)		(115	)		(127	)
Foreign exchange transaction (gains)/losses		(5	)		23			3			11
Other, net		(40	)		(26	)		(82	)		(31	)
	$	—		$	56		$	22		$	93

17

APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006

(Unaudited, dollars in millions)

Three months ended June 30, 2007

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense, net		Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	14
Other:
Upfront and milestone payments		—		17		—		—		—			17
Accelerated depreciation		13		—		—		—		—			13
Downsizing and streamlining of worldwide operations		—		—		7		—		—			7
Gain on sale of product assets		—		—		—		—		(26	)		(26	)
	$	13	$	17	$	7	$	14	$	(26	)		25
Income taxes on items above													(5	)
Reduction to Net Earnings												$	20

Three months ended June 30, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation income, net			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										$	13

18

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE, 2007 AND 2006

(Unaudited, dollars in millions)

Six months ended June 30, 2007

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense, net		Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	14
Other:
Upfront and milestone payments		—		97		—		—		—			97
Downsizing and streamlining of worldwide operations		—		—		44		—		—			44
Accelerated depreciation		29		—		—		—		—			29
Gain on sale of product assets		—		—		—		—		(26	)		(26	)
	$	29	$	97	$	44	$	14	$	(26	)		158
Income taxes on items above													(45	)
Change in estimate for taxes on a prior year specified item													(39	)
Reduction to Net Earnings												$	74

Six months ended June 30, 2006

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

19

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES

QUARTERLY SALES TREND ANALYSIS

($ in millions)

Net Sales	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
Pharmaceuticals	$	3,700		$	3,859		$	7,559		$	3,154		$	10,713		$	3,148		$	13,861		$	3,457		$	3,851		$	7,308						—		-3	%
US Pharmaceuticals		2,064			2,197			4,261			1,609			5,870			1,501			7,371			1,932			2,235			4,167						2	%	-2	%
Primary Care		1,409			1,441			2,850			819			3,669			648			4,317			1,090			1,344			2,434						-7	%	-15	%
Oncology/Virology		419			458			877			494			1,371			525			1,896			504			511			1,015						12	%	16	%
Neuroscience		231			280			511			262			773			297			1,070			298			327			625						17	%	22	%
Immunoscience		5			18			23			34			57			31			88			40			53			93						194	%	*
Europe and Middle East Medicines		1,024			1,000			2,024			886			2,910			934			3,844			916			939			1,855						-6	%	-8	%
																																			—
Latin America/Canada		288			303			591			300			891			306			1,197			297			311			608						3	%	3	%
Asia/Pacific Medicines		279			320			599			318			917			349			1,266			289			333			622						4	%	4	%
Nutritionals		565			582			1,147			582			1,729			618			2,347			606			620			1,226						7	%	7	%
Other Health Care		411			430			841			418			1,259			447			1,706			413			457			870						6	%	3	%
ConvaTec		230			262			492			265			757			291			1,048			254			286			540						9	%	10	%
Medical Imaging		181			168			349			153			502			156			658			159			171			330						2	%	-5	%
Total Company	$	4,676		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		$	4,476		$	4,928		$	9,404						1	%	-1	%
% of Total Sales	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
Pharmaceuticals		79.1	%		79.2	%		79.2	%		75.9	%		78.2	%		74.7	%		77.4	%		77.2	%		78.1	%		77.7	%					(110	)	(150	)
US Pharmaceuticals		44.1	%		45.1	%		44.6	%		38.7	%		42.8	%		35.6	%		41.1	%		43.2	%		45.4	%		44.3	%					30		(30	)
Primary Care		30.1	%		29.6	%		29.9	%		19.7	%		26.8	%		15.4	%		24.1	%		24.4	%		27.3	%		25.9	%					(230	)	(400	)
Oncology/Virology		9.0	%		9.4	%		9.2	%		11.9	%		10.0	%		12.5	%		10.5	%		11.3	%		10.4	%		10.8	%					100		160
Neuroscience		4.9	%		5.7	%		5.3	%		6.3	%		5.6	%		7.0	%		6.0	%		6.7	%		6.6	%		6.6	%					90		130
Immunoscience		0.1	%		0.4	%		0.2	%		0.8	%		0.4	%		0.7	%		0.5	%		0.8	%		1.1	%		1.0	%					70		80
Europe and Middle East Medicines		21.9	%		20.5	%		21.2	%		21.3	%		21.2	%		22.2	%		21.5	%		20.5	%		19.1	%		19.7	%					(140	)	(150	)
Latin America/Canada		6.2	%		6.2	%		6.2	%		7.2	%		6.5	%		7.3	%		6.7	%		6.6	%		6.3	%		6.5	%					10		30
Asia/Pacific Medicines		6.0	%		6.6	%		6.3	%		7.7	%		6.7	%		8.3	%		7.1	%		6.5	%		6.8	%		6.6	%					20		30
Nutritionals		12.1	%		12.0	%		12.0	%		14.0	%		12.6	%		14.7	%		13.1	%		13.5	%		12.6	%		13.0	%					60		100
Other Health Care		8.8	%		8.8	%		8.8	%		10.1	%		9.2	%		10.6	%		9.5	%		9.3	%		9.3	%		9.3	%					50		50
ConvaTec		4.9	%		5.4	%		5.2	%		6.4	%		5.5	%		6.9	%		5.8	%		5.7	%		5.8	%		5.8	%					40		60
Medical Imaging		3.9	%		3.4	%		3.6	%		3.7	%		3.7	%		3.7	%		3.7	%		3.6	%		3.5	%		3.5	%					10		(10	)
																																			—		—
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

* In Excess of +/- 200%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR TOTAL COMPANY

FOR THE PERIOD ENDED JUNE 30, 2007

($ in millions)

QUARTER-TO-DATE
	Pharmaceuticals			Nutritionals			Convatec			Medical Imaging			Total Company
Price Increases/(Decreases)		1	%		2	%		—			—			1	%
Foreign Exchange		2	%		3	%		4	%		1	%		2	%
Volume		-3	%		2	%		5	%		1	%		-2	%
Total Change		—			7	%		9	%		2	%		1	%
Total 2007 Period to Date Sales	$	3,851		$	620		$	286		$	171		$	4,928
Total 2006 Period to Date Sales	$	3,859		$	582		$	262		$	168		$	4,871
YEAR-TO-DATE
	Pharmaceuticals			Nutritionals			Convatec			Medical Imaging			Total Company
Price Increases/(Decreases)		1	%		2	%		-1	%		-2	%		1	%
Foreign Exchange		2	%		2	%		5	%		1	%		2	%
Volume		-6	%		3	%		6	%		-4	%		-4	%
Total Change		-3	%		7	%		10	%		-5	%		-1	%
Total 2007 Period to Date Sales	$	7,308		$	1,226		$	540		$	330		$	9,404
Total 2006 Period to Date Sales	$	7,559		$	1,147		$	492		$	349		$	9,547

2

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		$	4,928		$	9,404						1	%	-1	%
Cost of products sold		1,476			1,568			3,044			1,465			4,509			1,447			5,956			1,392			1,549			2,941						-1	%	-3	%
Marketing, selling and administrative		1,238			1,181			2,419			1,189			3,608			1,311			4,919			1,158			1,209			2,367						2	%	-2	%
Advertising and product promotion		295			352			647			286			933			418			1,351			269			368			637						5	%	-2	%
Research and development		750			740			1,490			756			2,246			821			3,067			807			778			1,585						5	%	6	%
Provision for restructuring, net		1			3			4			2			6			53			59			37			7			44						133	%	*
Litigation (income)/expense, net		(21	)		(14	)		(35	)		(9	)		(44	)		346			302			—			14			14						200	%	140	%
Gain on sale of product assets		(200	)		—			(200	)		—			(200	)		—			(200	)		—			(26	)		(26	)					—		87	%
Equity in net income of affiliates		(93	)		(125	)		(218	)		(118	)		(336	)		(138	)		(474	)		(126	)		(128	)		(254	)					-2	%	-17	%
Other expense/(income), net		37			56			93			(34	)		59			240			299			22			—			22						-100	%	-76	%
Total expenses		3,483			3,761			7,244			3,537			10,781			4,498			15,279			3,559			3,771			7,330						0	%	1	%
Earnings/(Loss) Before Minority Interest and Income Taxes		1,193			1,110			2,303			617			2,920			(285	)		2,635			917			1,157			2,074						4	%	-10	%
Provision/(Benefit) for income taxes		328			256			584			193			777			(167	)		610			86			257			343						0	%	-41	%
Minority interest, net of taxes		151			187			338			86			424			16			440			141			194			335						4	%	-1	%
Net Earnings/(Loss)	$	714		$	667		$	1,381		$	338		$	1,719		$	(134	)	$	1,585		$	690		$	706		$	1,396						6	%	1	%
Interest expense on conversion of convertible debt bonds, net of tax		8			8			16			9			25			—	(1)		—	(2)		9			9			18
Net Earnings/(Loss) used for diluted earnings per common share calculation	$	722		$	675		$	1,397		$	347		$	1,744		$	(134	)(1)	$	1,585	(2)	$	699		$	715		$	1,414
Diluted Earnings/(Loss) per Common Share**	$	0.36		$	0.34		$	0.70		$	0.17		$	0.88		$	(0.07	)(1)	$	0.81	(2)	$	0.35		$	0.36		$	0.71						6	%	1	%
Average Common Shares Outstanding - Diluted		1,988			1,994			1,992			1,992			1,991			1,961	(1)		1,963	(2)		1,997			2,006			2,002						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						—		—
% of Net Sales	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
Gross Margin		68.4	%		67.8	%		68.1	%		64.7	%		67.1	%		65.7	%		66.8	%		68.9	%		68.6	%		68.7	%					80		60
Cost of products sold		31.6	%		32.2	%		31.9	%		35.3	%		32.9	%		34.3	%		33.2	%		31.1	%		31.4	%		31.3	%					(80	)	(60	)
Marketing, selling and administrative		26.5	%		24.2	%		25.3	%		28.6	%		26.3	%		31.1	%		27.5	%		25.9	%		24.5	%		25.2	%					30		(10	)
Advertising and product promotion		6.3	%		7.2	%		6.8	%		6.9	%		6.8	%		9.9	%		7.5	%		6.0	%		7.5	%		6.8	%					30		0
Research and development		16.0	%		15.2	%		15.6	%		18.2	%		16.4	%		19.5	%		17.1	%		18.0	%		15.8	%		16.9	%					60		130
Total expenses		74.5	%		77.2	%		75.9	%		85.1	%		78.7	%		106.8	%		85.3	%		79.5	%		76.5	%		77.9	%					(70	)	200
Earnings/(Loss) Before Minority Interest and Income Taxes		25.5	%		22.8	%		24.1	%		14.9	%		21.3	%		-6.8	%		14.7	%		20.5	%		23.5	%		22.1	%					70		(200	)
Net Earnings/(Loss)		15.3	%		13.7	%		14.5	%		8.1	%		12.5	%		-3.2	%		8.8	%		15.4	%		14.3	%		14.8	%					60		30
Other Ratios
Effective Tax Rate		27.5	%		23.1	%		25.4	%		31.3	%		26.6	%		58.6	%		23.1	%		9.4	%		22.2	%		16.5	%					(90	)	(890	)
Other (Income)/ Expense, net	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
Interest expense	$	116		$	124		$	240		$	130		$	370		$	128		$	498		$	109		$	107		$	216						-14	%	-10	%
Interest income		(62	)		(65	)		(127	)		(74	)		(201	)		(73	)		(274	)		(53	)		(62	)		(115	)					5	%	9	%
Foreign exchange transaction (gains)/losses		(12	)		23			11			(11	)		—			6			6			8			(5	)		3						-122	%	-73	%
Other, net		(5	)		(26	)		(31	)		(79	)		(110	)		179			69			(42	)		(40	)		(82	)					-54	%	-165	%
	$	37		$	56		$	93		($	34	)	$	59		$	240		$	299		$	22		$	0		$	22						-100	%	-76	%

* in excess of +/- 200%

** quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

(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.

3

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	$	4,928	$	9,404					1	%	-1	%
PHARMACEUTICALS		3,700		3,859		7,559		3,154		10,713		3,148		13,861		3,457		3,851		7,308					—		-3	%
Cardiovascular		1,917		1,907		3,824		1,239		5,063		1,093		6,156		1,475		1,763		3,238					-8	%	-15	%
Plavix		986		1,145		2,131		630		2,761		496		3,257		938		1,189		2,127					4	%	—
Pravachol		536		323		859		192		1,051		146		1,197		135		132		267					-59	%	-69	%
Avapro/ Avalide		233		280		513		277		790		307		1,097		270		297		567					6	%	11	%
Coumadin		55		55		110		53		163		57		220		46		52		98					-5	%	-11	%
Virology		468		524		992		532		1,524		580		2,104		590		608		1,198					16	%	21	%
Reyataz		207		236		443		233		676		255		931		263		254		517					8	%	17	%
Sustiva Franchise***		175		193		368		201		569		222		791		226		233		459					21	%	25	%
Baraclude		11		14		25		22		47		36		83		45		59		104					*		*
Oncology		361		401		762		399		1,161		394		1,555		355		360		715					-10	%	-6	%
Erbitux		138		172		310		175		485		167		652		160		162		322					-6	%	4	%
Taxol		147		149		296		137		433		130		563		111		95		206					-36	%	-30	%
Sprycel		—		—		—		11		11		14		25		21		35		56					—		—
Affective (Psychiatric) Disorders		323		376		699		354		1,053		404		1,457		408		458		866					22	%	24	%
Abilify**		283		324		607		313		920		362		1,282		366		412		778					27	%	28	%
Immunoscience		5		18		23		34		57		32		89		41		55		96					*		*
Orencia		5		18		23		34		57		32		89		41		55		96					*		*
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81		69		150					11	%	15	%
NUTRITIONALS		565		582		1,147		582		1,729		618		2,347		606		620		1,226					7	%	7	%
Enfamil		237		253		490		246		736		271		1,007		254		267		521					6	%	6	%
Enfagrow		67		59		126		69		195		67		262		72		70		142					19	%	13	%
OTHER HEALTH CARE		411		430		841		418		1,259		447		1,706		413		457		870					6	%	3	%
CONVATEC		230		262		492		265		757		291		1,048		254		286		540					9	%	10	%
Ostomy		123		141		264		139		403		151		554		130		150		280					6	%	6	%
Wound Therapeutics		98		107		205		113		318		123		441		107		119		226					11	%	10	%
MEDICAL IMAGING		181		168		349		153		502		156		658		159		171		330					2	%	-5	%
Cardiolite		103		105		208		97		305		103		408		99		106		205					1	%	-1	%

* 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.

4

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	$	2,830	$	5,335					1	%	-2	%
PHARMACEUTICALS		2,076		2,205		4,281		1,619		5,900		1,517		7,417		1,944		2,243		4,187					2	%	-2	%
Cardiovascular		1,341		1,330		2,671		752		3,423		616		4,039		1,045		1,279		2,324					-4	%	-13	%
Plavix		850		988		1,838		474		2,312		343		2,655		787		1,015		1,802					3	%	-2	%	1	%	-18	%
Pravachol		302		128		430		73		503		50		553		57		47		104					-63	%	-76	%	-74	%	-82	%
Avapro/ Avalide		139		167		306		159		465		182		647		163		170		333					2	%	9	%	-2	%	-2	%
Coumadin		47		46		93		45		138		48		186		38		43		81					-7	%	-13	%	-16	%	-16	%
Virology		259		270		529		292		821		327		1,148		319		323		642					20	%	21	%
Reyataz		119		122		241		129		370		144		514		143		138		281					13	%	17	%	13	%	15	%
Sustiva Franchise*****		108		115		223		128		351		144		495		144		147		291					28	%	30	%	25	%	25	%
Baraclude		9		9		18		14		32		18		50		17		20		37					122	%	106	%	77	%	98	%
Oncology		159		187		346		201		547		195		742		182		187		369					—		7	%
Erbitux		136		172		308		173		481		165		646		158		160		318					-7	%	3	%	N/A		N/A
Taxol		4		4		8		2		10		2		12		4		4		8					—		—		N/A		N/A
Sprycel		—		—		—		11		11		11		22		10		14		24					—		—		N/A		N/A
Affective (Psychiatric) Disorders		237		286		523		266		789		302		1,091		305		333		638					16	%	22	%
Abilify**		231		267		498		260		758		294		1,052		293		322		615					21	%	23	%	13	%	13	%
Immunoscience		5		18		23		34		57		31		88		40		53		93					194	%	*	**
Orencia		5		18		23		34		57		31		88		40		53		93					194	%	*	**	N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—		—		—					—		—		N/A		N/A
NUTRITIONALS		247		282		529		267		796		295		1,091		274		275		549					-2	%	4	%
Enfamil		155		174		329		169		498		190		688		171		177		348					2	%	6	%	N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—		—		—					—		—		N/A		N/A
OTHER HEALTH CARE		231		226		457		215		672		232		904		214		236		450					4	%	-2	%
CONVATEC		73		85		158		84		242		101		343		78		93		171					9	%	8	%
Ostomy		34		41		75		39		114		45		159		34		41		75					—		—		N/A		N/A
Wound Therapeutics		30		34		64		36		100		43		143		32		36		68					6	%	6	%	N/A		N/A
MEDICAL IMAGING		158		141		299		131		430		131		561		136		143		279					1	%	-7	%
Cardiolite		91		91		182		86		268		90		358		87		92		179					1	%	-2	%	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.

5

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	$	2,098	$	4,069					2	%	-1	%
PHARMACEUTICALS		1,624		1,654		3,278		1,535		4,813		1,631		6,444		1,513		1,608		3,121					-3	%	-5	%
Cardiovascular		576		577		1,153		487		1,640		477		2,117		430		484		914					-16	%	-21	%
Plavix		136		157		293		156		449		153		602		151		174		325					11	%	11	%
Pravachol		234		195		429		119		548		96		644		78		85		163					-56	%	-62	%
Avapro/ Avalide		94		113		207		118		325		125		450		107		127		234					12	%	13	%
Coumadin		8		9		17		8		25		9		34		8		9		17					—		—
Virology		209		254		463		240		703		253		956		271		285		556					12	%	20	%
Reyataz		88		114		202		104		306		111		417		120		116		236					2	%	17	%
Sustiva Franchise****		67		78		145		73		218		78		296		82		86		168					10	%	16	%
Baraclude		2		5		7		8		15		18		33		28		39		67					*	**	*	**
Oncology		202		214		416		198		614		199		813		173		173		346					-19	%	-17	%
Erbitux		2		—		2		2		4		2		6		2		2		4					—		100	%
Taxol		143		145		288		135		423		128		551		107		91		198					-37	%	-31	%
Sprycel		—		—		—		—		—		3		3		11		21		32					—		—
Affective (Psychiatric) Disorders		86		90		176		88		264		102		366		103		125		228					39	%	30	%
Abilify**		52		57		109		53		162		68		230		73		90		163					58	%	50	%
Immunoscience		—		—		—		—		—		1		1		1		2		3					—		—
Orencia		—		—		—		—		—		1		1		1		2		3					—		—
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81		69		150					11	%	15	%
NUTRITIONALS		318		300		618		315		933		323		1,256		332		345		677					15	%	10	%
Enfamil		82		79		161		77		238		81		319		83		90		173					14	%	7	%
Enfagrow		67		59		126		69		195		67		262		72		70		142					19	%	13	%
OTHER HEALTH CARE		180		204		384		203		587		215		802		199		221		420					8	%	9	%
CONVATEC		157		177		334		181		515		190		705		176		193		369					9	%	10	%
Ostomy		89		100		189		100		289		106		395		96		109		205					9	%	8	%
Wound Therapeutics		68		73		141		77		218		80		298		75		83		158					14	%	12	%
MEDICAL IMAGING		23		27		50		22		72		25		97		23		28		51					4	%	2	%
Cardiolite		12		14		26		11		37		13		50		12		14		26					—		—

* 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.

6

BRISTOL-MYERS SQUIBB COMPANY

U.S. PHARMACEUTICALS NET SALES

EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE

($ in millions)

	2007		2006		% Change
	Q2		Q2		Qtr vs. Qtr
U.S Pharmaceuticals Net Sales
U.S Pharmaceuticals Net Sales as Reported	$	2,235	$	2,197	2	%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		50 to 100		—	—
U.S Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	2,285 to $2,335	$	2,197	4% to 6%

7

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2									TOTAL YEAR
Net Sales	$	4,476		$	4,928								$	9,404
Gross Profit
Gross Profit	$	3,084		$	3,379								$	6,463
Specified items*		16			13									29
Gross Profit Excluding Specified Items	$	3,100		$	3,392								$	6,492
Gross Margin %
Gross Margin %		68.9	%		68.6	%								68.7	%
Specified items*		0.4	%		0.2	%								0.3	%
Gross Margin % Excluding Specified Items		69.3	%		68.8	%								69.0	%
	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.

8

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1		Q2						TOTAL YEAR
Research and Development Expenses	$	807	$	778					$	1,585
Specified items*		80		17						97
Research and Development Expenses Excluding Specified Items	$	727	$	761					$	1,488
	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.

9

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2									TOTAL YEAR
Provision for Income Taxes
Provision for Income Taxes	$	86		$	257								$	343
Specified items*		79			5									84
Provision for Income Taxes Excluding Specified Items	$	165		$	262								$	427
Earnings Before Minority Interest and Provision for Income Taxes	$	917		$	1,157								$	2,074
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,050		$	1,182								$	2,232
Effective Tax Rate
Effective Tax Rate		9.4	%		22.2	%								16.5	%
Effective Tax Rate Excluding Specified Items		15.7	%		22.2	%								19.1	%
	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.

10

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2									TOTAL YEAR
Earnings Before Minority Interest and Provision for Income Taxes	$	917		$	1,157								$	2,074
Specified items:
Upfront and milestone payments		80			17									97
Downsizing and streamlining of worldwide operations		53			20									73
Litigation matters		—			14									14
Gain on sale of product assets		—			(26	)								(26	)
Subtotal		133			25									158
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,050		$	1,182								$	2,232
	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		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

11

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE

EXCLUDING SPECIFIED ITEMS

	2007
	Q1			Q2									TOTAL YEAR *
Diluted Earnings per Common Share	$	0.35		$	0.36								$	0.71
Specified items:
Upfront and milestone payments		0.03			0.01									0.03
Downsizing and streamlining of worldwide operations		0.02			0.01									0.03
Gain on sale of product assets		—			(0.01	)								(0.01	)
Tax item		(0.02	)		—									(0.02	)
Subtotal		0.03			0.01									0.03
Diluted Earnings per Common Share Excluding Specified Items	$	0.38		$	0.37								$	0.74
	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.

12

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006

($ in millions)

Three months ended June 30, 2007

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense, net		Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	14
Other:
Upfront and milestone payments		—		17		—		—		—			17
Accelerated depreciation		13		—		—		—		—			13
Downsizing and streamlining of worldwide operations		—		—		7		—		—			7
Gain on sale of product assets		—		—		—		—		(26	)		(26	)
	$	13	$	17	$	7	$	14	$	(26	)		25
Income taxes on items above													(5	)
Reduction to Net Earnings												$	20

Three months ended June 30, 2006

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

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006

($ in millions)

Six months ended June 30, 2007

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense, net		Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	14
Other:
Upfront and milestone payments		—		97		—		—		—			97
Downsizing and streamlining of worldwide operations		—		—		44		—		—			44
Accelerated depreciation		29		—		—		—		—			29
Gain on sale of product assets		—		—		—		—		(26	)		(26	)
	$	29	$	97	$	44	$	14	$	(26	)		158
Income taxes on items above													(45	)
Change in estimate for taxes on a prior year specified item													(39	)
Reduction to Net Earnings												$	74

Six months ended June 30, 2006

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

14

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	$	4,646
Short-term borrowings		234		189		630		187			241		256
Long-term debt		8,278		8,239		7,837		7,248			7,132		6,978
Net debt	$	3,231	$	3,071	$	2,962	$	3,422		$	3,361	$	2,588
Receivables, net of allowances	$	3,236	$	3,326	$	2,945	$	3,247		$	3,381	$	3,632
Stockholders’ equity		11,556		11,712		11,589		9,991	(1)		10,261		10,762
Capital expenditures and capitalized software (for the quarter ended)		202		160		199		224			202		206

(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)”

15

BRISTOL-MYERS SQUIBB COMPANY

2007 FULL YEAR PROJECTED DILUTED EPS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2007
Projected Diluted Earnings per Common Share	$	1.35 to $1.45
Projected Specified Items:
Upfront and milestone payments		0.06
Downsizing and streamlining of worldwide operations		0.05
Gain on sale of product assets		(0.09	)
Tax item		(0.02	)
Total		—
Projected Diluted Earnings per Common Share Excluding Specified Items	$	1.35 to $1.45

2007 and 2008 Gross Margin/Research and Development/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the six months ended June 30, 2007 was 68.7%, which included specified items of $29 million and had a 0.3% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the six months ended June 30, 2007 gross margin was 69.0%. On a non-GAAP basis, based on historical trends in 2006 and for the six months ended June 30, 2007 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006 and for the full year 2008 to improve slightly compared to the full year 2007 estimate. 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 six months ended June 30, 2007 were $1,585 million, which included specified items of $97 million. On a non-GAAP basis, for the six months ended June 30, 2007 research and development expenses were $1,488 million. On a non-GAAP basis, based on historical trends in 2006 and for the six months ended June 30, 2007 the Company projects research and development expenses for the full year 2007 to increase in the mid single digit range compared to 2006 and for the full year 2008 to increase in the mid single digit range compared to the full year 2007 estimate. 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 six months ended June 30, 2007 was 16.5%, which included specified items of $84 million in the tax provision, and had a 2.6% favorable impact on the effective tax rate in aggregate. On a non-GAAP basis, for the six months ended June 30, 2007 effective tax rate was 19.1%. On a non-GAAP basis, based on historical trends in 2006 and for the six months ended June 30, 2007 the Company projects effective tax rate for the full year 2007 to be in the 20% range and for the full year 2008 to be in the 22% to 24% 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 and 2008 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 Second Quarter of 2007, July 26, 2007, including “Outlook for 2007 and 2008” and “Use of Non-GAAP Financial Information” therein.

16

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 June 30, 2007 and 2006 and March 31, 2007 and 2006.

	June 30, 2007			June 30, 2006			March 31, 2007			March 31, 2006
	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)	$	322	0.4	$	267	0.5	$	293	0.4	$	231	0.5
Avapro/Avalide		170	0.4		167	0.5		163	0.4		139	0.4
Baraclude		20	0.7		9	0.7		17	0.6		9	1.0
Coumadin		43	0.7		46	0.8		38	0.7		47	0.6
Erbitux (a)		160	0.4		172	—		158	0.3		136	—
Glucophage Franchise		17	0.6		22	0.6		21	0.6		25	0.7
Kenalog		26	0.5		22	0.8		18	0.5		23	0.7
Orencia (b)		53	0.5		18	0.3		40	0.3		5	0.9
Paraplatin		1	17.5		2	1.7		5	13.8		7	1.2
Plavix		1,015	0.4		988	0.5		787	0.6		850	0.4
Pravachol		47	0.5		128	1.0		57	0.6		302	0.4
Reyataz		138	0.6		122	0.6		143	0.7		119	0.6
Sprycel		14	0.8		—	—		10	0.7		—	—
Sustiva Franchise (c) (total revenue)		147	0.7		115	0.5		144	0.7		108	0.5
Zerit		15	0.7		18	0.7		12	0.6		19	0.7

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 wholessalers 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 of 2006, the Company distributed Orencia through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application 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.

17

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 filed on Form 8-K on May 31, 2007, sets forth for each of the Company’s key products sold by the businesses listed below, the net sales of the applicable product for each of the quarters ended March 31, 2007, December 31, 2006, March 31, 2006 and December 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the business as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals business are based on data collected for all of the Company’s significant business units outside of the U.S. For the other non-Pharmaceuticals reporting segments, estimates are based on data collected for the U.S. and all significant business units outside of the U.S.

	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)
International Pharmaceuticals
Abilify (total revenue)	$	73	0.6	$	68	0.7	$	52	0.6	$	49	0.6
Avapro/Avalide		107	0.5		125	0.6		94	0.5		109	0.6
Baraclude		28	0.7		18	0.8		2	1.1		1	—
Bufferin		24	0.5		32	0.5		22	0.6		36	0.7
Capoten		26	0.8		31	0.8		35	0.8		38	0.8
Dafalgan		44	1.2		40	1.0		37	1.4		34	1.2
Efferalgan		81	1.1		74	0.7		68	1.2		74	1.0
Maxipime		29	0.5		33	0.6		40	0.8		48	0.8
Monopril		36	0.8		35	0.9		46	1.1		43	0.9
Perfalgan		58	0.5		54	0.5		46	0.6		43	0.6
Plavix		151	0.5		153	0.6		136	0.5		155	0.6
Pravachol		78	0.6		96	0.8		234	1.5		218	0.8
Reyataz		120	0.9		111	1.0		88	0.6		78	0.6
Sustiva Franchise (a)		82	0.5		78	0.5		67	0.5		68	0.6
Taxol		107	0.7		128	0.7		143	0.6		176	0.8
Videx/Videx EC		27	1.1		29	1.4		31	0.8		34	0.9
Nutritionals
Enfamil/Enfagrow		326	0.8		338	0.9		304	0.9		330	1.0
Nutramigen		52	0.9		54	1.0		48	1.0		48	1.1
Other Health Care
ConvaTec
Ostomy		130	0.9		151	1.0		123	0.9		145	1.0
Wound Therapeutics		107	0.9		123	1.0		98	0.9		112	0.9
Medical Imaging
Cardiolite		99	0.7		103	0.9		103	0.8		100	1.0

(a) 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 distribution channel only include branded SUSTIVA inventory.

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.

18