8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act Of 1934

Date of Report (Date of earliest event reported): April 24, 2008

BRISTOL-MYERS SQUIBB COMPANY

(Exact Name of Registrant as Specified in its Charter)

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

345 Park Avenue

New York, NY, 10154

(Address of Principal Executive Office)

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

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

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

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

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

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

Item 2.02. Results of Operations and Financial Condition.

On April 24, 2008, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2008. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release of Bristol-Myers Squibb Company dated April 24, 2008
99.2.	Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release

SIGNATURES

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

		BRISTOL-MYERS SQUIBB COMPANY
Dated:	April 24, 2008	By:	/s/ Sandra Leung
		Name:	Sandra Leung
		Title:	Senior Vice President, General Counsel and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated April 24, 2008
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

STRONG DOUBLE-DIGIT NET SALES GROWTH AND SOLID EARNINGS GROWTH

HIGHLIGHT FIRST QUARTER FOR BRISTOL-MYERS SQUIBB COMPANY

• Reports Broad-Based Net Sales Growth of 20% from Continuing Operations Driven by Strong Performance of Pharmaceutical Business

• Records Pre-Tax Earnings from Continuing Operations of $1.3 Billion Representing an Increase of 51% From First Quarter 2007

• Posts First Quarter 2008 GAAP EPS from Continuing Operations of $0.35 compared to $0.33 in 2007 and Double-Digit non-GAAP EPS Growth from Continuing Operations of $0.42 compared to $0.36 in 2007

• Reaffirms 2008 EPS Guidance and 2007-2010 Expected 15% Non-GAAP EPS CAGR

• Announces Plan to File Initial Public Offering of Approximately 10% of Mead Johnson Nutritionals

(NEW YORK, April 24, 2008) – Bristol-Myers Squibb Company (NYSE:BMY) today reported strong double-digit net sales growth and solid earnings growth for the first quarter 2008 and reaffirmed 2008 earnings guidance.

“Our medicines are performing well, as was evident this quarter, and our pipeline is steadily advancing. This is good news for patients and healthcare professionals who count on us, as well as shareholders who invest in us,” said James M. Cornelius, chairman and chief executive officer, Bristol-Myers Squibb. “As we have pledged to patients and investors, we remain focused on discovering and developing medicines that will help people prevail in their fight against serious disease. We continue to review options within our “String of Pearls” strategy, to further complement our existing pipeline, technology and talent pool.

“We also continue to invest in our business as we embed a mindset of continuous improvement, which is helping us grow our profit margins. Our strong first quarter performance and our focus on execution put us on the right track for continued growth in 2008.”

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UPDATE ON STRATEGIC REVIEW OF NON-PHARMACEUTICAL BUSINESSES

Bristol-Myers Squibb completed the sale of Bristol-Myers Squibb Medical Imaging to Avista Capital Partners in January 2008 for approximately $525 million.

The company has made significant progress on a strategic direction for ConvaTec and expects to provide updates in the near future.

Bristol-Myers Squibb currently plans to file a registration statement by year-end to sell approximately 10% and no more than 20% of Mead Johnson Nutritionals to the public through an initial public offering and to retain at least an 80% equity interest in Mead Johnson Nutritionals as part of the overall business portfolio for the foreseeable future. After extensively considering strategic options, management believes this plan will allow Mead Johnson Nutritionals to implement its growth plans, increase shareholder value and maintain its important financial contributions to Bristol-Myers Squibb. The execution of the plan is dependent upon and subject to a number of factors and uncertainties including business and market conditions.

FIRST QUARTER RESULTS

• Bristol-Myers Squibb posted first quarter 2008 net sales from continuing operations of $5.2 billion, an increase of 20% compared to the same period in 2007, driven by increased pharmaceuticals net sales which totaled $4.2 billion in the first quarter of 2008. The net sales growth included a 9% increase from product performance and a 5% favorable foreign exchange impact. Sales growth was also estimated to be 6% favorably impacted by the residual sales of generic clopidogrel bisulfate in the first quarter of 2007, after which time the generic inventory in the distribution channels was substantially depleted. U.S. net sales from continuing operations increased 23% to $2.9 billion for the quarter compared to first quarter 2007, primarily due to the continued growth of ABILIFY^® and increased sales of PLAVIX^®, as well as strong results from the HIV and hepatitis portfolio and increased contribution from recent launches. International net sales from continuing operations increased 16% to $2.3 billion, including a 12% favorable foreign exchange impact.

• The company recorded earnings from continuing operations before minority interest and income taxes of $1,290 million in the first quarter of 2008, an increase of 51% compared to $852 million in the same period in 2007. The increase was driven by strong product performance in the pharmaceuticals business.

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• On a GAAP basis, the company reported first quarter 2008 net earnings from continuing operations of $701 million, or $0.35 per diluted share, compared to net earnings from continuing operations of $643 million or $0.33 per diluted share for the same period in 2007. The 2008 operating results include charges of $113 million associated with the implementation of the previously announced Productivity Transformation Initiative (PTI), while the 2007 results included a lower tax rate of 8.0% reflecting a tax benefit due to a favorable resolution of certain tax matters. On a non-GAAP basis excluding specified items, first quarter 2008 net earnings from continuing operations were $842 million, or $0.42 per diluted share, compared to $697 million, or $0.36 per diluted share for the same period in 2007.

• Cost of products sold, as a percentage of net sales, increased to 32.0% in the first quarter of 2008 compared to 31.0% in the same period in 2007. Costs of products sold include manufacturing rationalization charges of $96 million, or 1.9% of net sales, related to implementation of the PTI in 2008, compared to $16 million, or 0.4% of net sales, in 2007. Excluding these charges, gross margin improved due to a favorable pharmaceutical product mix.

• Marketing, selling and administrative expenses increased by 8% to $1.2 billion in the first quarter of 2008 compared to the same period in 2007, primarily due to unfavorable foreign exchange impact and higher selling expenses in support of key products. General and administrative expenses decreased from 2007 levels resulting from the company’s ongoing productivity initiatives, offset by implementation costs of the initiatives.

• Advertising and product promotion spending increased by 23% to $330 million in the first quarter of 2008 from $268 million in the same period in 2007, primarily due to increased promotion of new indications for ABILIFY^® in the U.S. and Europe and increased investment to support PLAVIX^® and ORENCIA^®.

• Research and development expenses increased 1% to $795 million in the first quarter of 2008 from $791 million in the same period in 2007. The increase primarily reflects increased development spending for pipeline compounds partially offset by higher licensing upfront payments in 2007.

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INCOME TAX

The effective tax rate on earnings from continuing operations before minority interest and income taxes was 27.8% for the three months ended March 31, 2008, compared with 8.0% in the first quarter of 2007. The first quarter 2007 effective tax rate included $105 million of benefit due to a favorable resolution of certain tax matters, including a $39 million benefit related to a 2006 specified item. The company expects the full year 2008 non-GAAP effective tax rate from continuing operations to be in line with the previously issued guidance of approximately 24%.

SPECIFIED ITEMS

In the three months ended March 31, 2008 and 2007, the company recorded specified income and expense items that affected the comparability of the results. This included first quarter 2008 charges of $113 million in connection with the execution of the previously announced PTI and $25 million related to an additional impairment of the company’s investments in auction rate securities that were previously impaired.

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

PHARMACEUTICALS BUSINESS PERFORMANCE

U.S. pharmaceuticals sales increased 26% to $2.5 billion in the first quarter of 2008 compared to the same period in 2007, primarily due to the continued growth of ABILIFY^® and increased sales of PLAVIX^®, as well as strong results from the HIV and hepatitis portfolio and increased contribution from recent launches.

International pharmaceuticals sales increased 14%, including a 12% favorable foreign exchange impact, to $1.7 billion in the first quarter of 2008 compared to the same period in 2007. The increase was primarily due to strong results from ABILIFY^® and increased contribution from recent launches including BARACLUDE^® and SPRYCEL^™, partially offset by continued generic erosion of PRAVACHOL^® and TAXOL^®. 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 first quarter of 2008.

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• Sales of PLAVIX^®, a platelet aggregation inhibitor that is part of the company’s alliance with sanofi-aventis increased 39% to $1,308 million in the first quarter of 2008, from $938 million in the same period in 2007. Sales of PLAVIX^® increased in the U.S. to $1,139 million in the first quarter of 2008 from $787 million in the same period in 2007. The comparison to the first quarter 2007 sales reflects the adverse impact of generic competition for PLAVIX^® in 2007, which the company estimates to be in the range of $200 million to $250 million. Estimated total U.S. prescription demand for clopidogrel bisulfate (branded and generic) increased by 4% in the first quarter of 2008 compared to 2007. Estimated total U.S. prescription demand for branded PLAVIX^® increased by 78% in the same period.

• Total revenue for ABILIFY^®, an agent for the treatment of schizophrenia, bipolar disorders and major depressive disorders, increased 24% to $454 million in the first quarter of 2008 from $366 million in the same period in 2007. U.S. sales increased 19% to $348 million in the first quarter 2008 from $293 million in the same period in 2007, primarily due to higher demand. Estimated total U.S. prescription demand increased approximately 14% compared to the same period last year. International sales increased 45%, including a 16% favorable foreign exchange impact, to $106 million in the first quarter of 2008 from $73 million in the same period in 2007, 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 AVAPRO^®/AVALIDE^®, an angiotensin II receptor blocker for the treatment of hypertension, also part of the sanofi-aventis alliance, increased 13%, including a 6% favorable foreign exchange impact, to $305 million in the first quarter of 2008 from $270 million in the same period in 2007. U.S. sales increased 7% to $174 million in the first quarter of 2008 from $163 million in the same period in 2007 primarily due to higher average net selling prices, partially offset by lower demand. Estimated total U.S. prescription demand decreased approximately 7% compared to 2007. International sales increased 22%, including a 14% favorable foreign exchange impact, to $131 million compared to $107 million in the same period in 2007.

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• Sales of REYATAZ^®, a protease inhibitor for the treatment of HIV, increased 13% to $297 million in the first quarter of 2008 from $263 million in the same period in 2007. U.S. sales increased 12% to $160 million in the first quarter of 2008 from $143 million in the same period in 2007, primarily due to higher demand. Estimated total U.S. prescription demand increased approximately 12% compared to the same period in 2007. International sales increased 14%, including an 11% favorable foreign exchange impact, to $137 million in the first quarter of 2008 from $120 million in the same period in 2007.

• Sales of the SUSTIVA^® Franchise, a non-nucleoside reverse transcriptase inhibitor for the treatment of HIV, increased 21% to $273 million in the first quarter of 2008 from $226 million in the same period in 2007. U.S. sales increased 22% to $175 million in the first quarter of 2008 from $144 million in the same period in 2007, primarily due to higher demand for ATRIPLA^TM. Estimated total U.S. prescription demand increased approximately 15% compared to 2007. International sales increased 20%, including an 11% favorable foreign exchange impact, to $98 million in the first quarter of 2008 from $82 million in the same period in 2007. Total revenue for the SUSTIVA^® Franchise includes sales of SUSTIVA^®, as well as revenue from bulk efavirenz included in the combination therapy ATRIPLA^TM, which is sold through a joint venture in the U.S., Canada and Europe with Gilead Sciences, Inc.

• Sales of BARACLUDE^®, an oral antiviral agent for the treatment of chronic hepatitis B, increased 140% to $108 million in the first quarter of 2008 from $45 million in the same period in 2007, due to continued growth across all markets.

• Sales of ORENCIA^®, a fusion protein indicated for rheumatoid arthritis, increased 112% to $87 million in the first quarter of 2008 from $41 million in the same period in 2007, primarily due to strong growth in the U.S.

• Sales of ERBITUX^®, which is sold by the company almost exclusively in the U.S., increased 17% to $187 million in the first quarter of 2008 from $160 million in the same period in 2007, due to growth in the use for head and neck and colorectal cancer. ERBITUX^® is marketed by the company under a distribution and copromotion agreement with ImClone Systems Incorporated.

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• Sales for SPRYCEL^™, an oral inhibitor of multiple tyrosine kinases and indicated for treatment of chronic myeloid leukemia, increased to $66 million in the first quarter of 2008 from $21 million in the same period in 2007. This growth was driven by additional launches in various international markets as well as growth in the U.S.

• Sales of IXEMPRA™, a microtubule inhibitor for the treatment of patients with metastatic or locally advanced breast cancer, were $25 million in the first quarter of 2008. IXEMPRA™ was launched in the U.S. in October 2007.

MEAD JOHNSON NUTRITIONALS, CONVATEC PERFORMANCE

MEAD JOHNSON NUTRITIONALS

• Worldwide Nutritionals sales increased 16%, including a 5% favorable foreign exchange impact, to $703 million in the first quarter of 2008 from $606 million in the same period in 2007. U.S. Nutritionals sales increased 5% to $288 million in the first quarter of 2008 from $274 million in the same period in 2007 primarily due to increased sales of ENFAMIL^®. International Nutritionals sales increased 25% to $415 million in the first quarter of 2008, including a 10% favorable foreign exchange impact, due to growth in both infant formulas and children’s nutritionals.

CONVATEC

• Worldwide ConvaTec sales increased 14%, including a 7% favorable foreign exchange impact, to $290 million in the first quarter of 2008 from $254 million in the same period in 2007 due to growth in both the wound therapeutics and ostomy businesses.

PIPELINE DEVELOPMENTS

The company continues to advance a robust pipeline and expects to submit a U.S. regulatory filing for the diabetes medicine, saxagliptin, in mid-2008. New scientific data on marketed products and compounds in development are scheduled to be presented at upcoming meetings of the American Diabetes Association and the American Society of Clinical Oncology.

In February, a supplemental New Drug Application for ABILIFY^® was approved by the U.S. Food and Drug Administration

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(FDA) for the acute treatment of manic and mixed episodes associated with Bipolar I Disorder, with or without psychotic features in pediatric patients (10 to 17 years old). In March, the European Commission authorized marketing of ABILIFY^® in the treatment of moderate to severe manic episodes in Bipolar I Disorder and for the prevention of a new manic episode in patients who experienced predominantly manic episodes and whose manic episodes responded to ABILIFY^® treatment.

At the Asian Pacific Association for the Study of the Liver meeting in March, new data demonstrated a continued low incidence of resistance to BARACLUDE^® in nucleoside-naive patients through five years of treatment, which is important for many chronic hepatitis B patients requiring long-term treatment. BARACLUDE^® is indicated for the treatment of chronic hepatitis B.

In April, ORENCIA^® was approved by the FDA for treatment of juvenile rheumatoid arthritis. Additionally, the U.S. label for ORENCIA^® was revised with an indication that means ORENCIA^® is an appropriate option for patients with moderate-to-severe rheumatoid arthritis, regardless of prior treatment received.

The European Committee for Medicinal Products for Human Use (CHMP) in March issued a positive opinion recommending approval of the 300 milligram loading dose tablet of PLAVIX^®. This positive opinion was ratified by the European Commission in April.

The first data comparing boosted REYATAZ^® (REYATAZ plus ritonavir) and lopinavir/ritonavir was presented at the Congress on Retroviruses and Opportunistic Infections in February. The CASTLE study showed similar efficacy between once-daily REYATAZ (atazanavir sulfate)/ritonavir and twice-daily lopinavir/ritonavir at 48 weeks in previously untreated HIV-infected adult patients. Data also showed differences in gastrointestinal and lipid effects between REYATAZ/ritonavir and lopinavir/ritonavir among the study population.

2008 GUIDANCE

Bristol-Myers Squibb reaffirms its 2008 earnings guidance for fully diluted earnings per share from continuing operations on a GAAP basis to be between $1.36 and $1.46. The company also reaffirms its 2008 fully diluted earnings per share from continuing operations guidance on a non-GAAP basis to be between $1.60 and $1.70. 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.

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The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15 percent compounded annual growth rate, from the 2007 base through 2010, excluding costs associated with the Productivity Transformation Initiative and other specified items that have not yet been identified and quantified.

The 2008 guidance and the three-year compound annual growth rate exclude 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 and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; payments for in-process research and development; debt retirement costs; impairments to investments; and significant tax events.

The financial guidance for 2008 and the three-year compound annual growth rate exclude the impact of any potential strategic acquisitions and divestitures and further assume that the company and its product partner, sanofi-aventis, maintain exclusivity for the PLAVIX^® patent through at least 2010.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including 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 measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from sale and leaseback of properties and from discontinuations of operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; payments for in-process research and development; impairments to investments; 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, non-GAAP earnings and 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 net earnings or 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.

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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, (including whether uncertainties in the credit and capital markets or a further deterioration of these markets will lead to future impairments to the company’s investment portfolio) 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, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or 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 productivity transformation initiatives, the expiration of patents or data protection on certain 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 the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Company and Conference Call Information

Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.

There will be a conference call on April 24, 2008 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 913-312-0861, confirmation code 4556649. Materials related to the call will be available at the same website prior to the call.

For more information, contact: Brian Henry, 609-252-3337, Communications, Rebecca Goldsmith, 212-546-2793, Communications, John Elicker, 212-546-3775, Investor Relations, or Suketu Desai, 609-252-5796, 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 FROM CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

(Unaudited, dollars in millions)

BY OPERATING SEGMENT:	Three Months Ended March 31,
	2008		2007		% Change
Pharmaceuticals	$	4,188	$	3,457	21	%
Nutritionals		703		606	16	%
ConvaTec		290		254	14	%
Net Sales	$	5,181	$	4,317	20	%

FOR SELECTED PRODUCTS:

The following table sets forth worldwide and U.S. reported net sales for selected products for the three months ended March 31, 2008 compared to the three months ended March 31, 2007. 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
	2008		2007		% Change		2008		2007		% Change		% Change in U.S. Total Prescriptions vs. 2007
Three Months Ended March 31,
Pharmaceuticals
Cardiovascular
Plavix	$	1,308	$	938	39	%	$	1,139	$	787	45	%	78%
Avapro/Avalide		305		270	13	%		174		163	7	%	(7)%
Pravachol		73		135	(46	)%		15		57	(74	)%	(82)%
Virology
Reyataz		297		263	13	%		160		143	12	%	12%
Sustiva Franchise (total revenue)		273		226	21	%		175		144	22	%	15%
Baraclude		108		45	140	%		29		17	71	%	59%
Oncology
Erbitux		187		160	17	%		185		158	17	%	N/A
Taxol		94		111	(15	)%		—		4	(100	)%	N/A
Sprycel		66		21		**		20		10	100	%	49%
Ixempra		25		—	—			25		—	—		N/A
Affective (Psychiatric) Disorders
Abilify (total revenue)		454		366	24	%		348		293	19	%	14%
Immunoscience
Orencia		87		41	112	%		73		40	83	%	N/A
Nutritionals
Enfamil		290		254	14	%		183		171	7	%	N/A
ConvaTec
Ostomy		143		130	10	%		32		34	(6	)%	N/A
Wound Therapeutics		122		107	14	%		34		32	6	%	N/A

** Change is in excess of 200%.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	Three Months Ended March 31,
	2008			2007			% Change
Net Sales	$	5,181		$	4,317		20%
Cost of products sold		1,657			1,340		24%
Marketing, selling and administrative		1,223			1,133		8%
Advertising and product promotion		330			268		23%
Research and development		795			791		1%
Provision for restructuring, net		11			37		(70)%
Equity in net income of affiliates		(164	)		(126	)	(30)%
Other expense, net (a)		39			22		77%
		3,891			3,465		12%
Earnings from Continuing Operations
Before Minority Interest and Income Taxes		1,290			852		51%
Provision for income taxes		359			68		**
Minority interest, net of taxes		230			141		63%
Net Earnings from Continuing Operations		701			643		9%
Discontinued Operations:
Earnings, net of taxes		3			47
Loss on Disposal, net of taxes		(43	)		—
		(40	)		47
Net Earnings	$	661		$	690
Earnings per Common Share
Basic:
Net Earnings from Continuing Operations	$	.35		$	.33		6%
Discontinued Operations
Earnings, net of taxes		—			.02
Loss on Disposal, net of taxes		(.02	)		—
Net Earnings per Common Share	$	.33		$	.35
Diluted:
Net Earnings from Continuing Operations	$	.35		$	.33		6%
Discontinued Operations
Earnings, net of taxes		—			.02
Loss on Disposal, net of taxes		(.02	)		—
Net Earnings per Common Share	$	.33		$	.35
Average Common Shares Outstanding:
Basic		1,975			1,962
Diluted		2,008			1,997
(a) Other expense, net
Interest expense	$	73		$	109
Interest income		(43	)		(53	)
Foreign exchange transaction losses		26			8
Other income, net		(17	)		(42	)
	$	39		$	22

** Change is in excess of 200%.

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APPENDIX 1

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

(Unaudited, dollars in millions)

Three months ended March 31, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	11	$	—		$	11
Accelerated depreciation and other shutdown costs		96		—		—		—		—			96
Process standardization implementation costs		—		15		—		—		—			15
Gain on sale and leaseback of properties		—				—		—		(9	)		(9	)
		96		15		—		11		(9	)		113
Other:
Product liability		—		—		—		—		16			16
Milestone payments		—		—		20		—		—			20
Auction rate securities impairment		—		—		—		—		25			25
	$	96	$	15	$	20	$	11	$	32			174
Income taxes on items above													(33	)
(Increase)/Decrease to Net Earnings from Continuing Operations												$	141

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	)
(Increase)/Decrease to Net Earnings from Continuing Operations							$	54

13

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT

($ in millions)

Net Sales	2007																					2008									% 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	$	3,457		$	3,851		$	7,308		$	3,926		$	11,234		$	4,388		$	15,622		$	4,188								21	%	21	%
US Pharmaceuticals		1,932			2,235			4,167			2,295			6,462			2,496			8,958			2,451								27	%	27	%
Primary Care		1,090			1,344			2,434			1,363			3,797			1,460			5,257			1,407								29	%	29	%
Oncology/Virology		504			511			1,015			539			1,554			602			2,156			619								23	%	23	%
Neuroscience		298			327			625			336			961			368			1,329			352								18	%	18	%
Immunoscience		40			53			93			57			150			66			216			73								83	%	83	%
Europe and Middle East Medicines		916			939			1,855			944			2,799			1,086			3,885			1,077								18	%	18	%
Latin America/Canada		297			311			608			331			939			396			1,335			316								6	%	6	%
Asia/Pacific Medicines		289			333			622			319			941			377			1,318			323								12	%	12	%
Nutritionals		606			620			1,226			675			1,901			670			2,571			703								16	%	16	%
ConvaTec		254			286			540			292			832			323			1,155			290								14	%	14	%
Continuing Operations		4,317			4,757			9,074			4,893			13,967			5,381			19,348			5,181								20	%	20	%
Discontinued Operations		159			171			330			157			487			142			629			18								-89	%	-89	%
Total Company	$	4,476		$	4,928		$	9,404		$	5,050		$	14,454		$	5,523		$	19,977		$	5,199								16	%	16	%
	2007																					2008									Basis Point Change
% of Total Sales	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Pharmaceuticals		77.2	%		78.1	%		77.7	%		77.7	%		77.7	%		79.4	%		78.2	%		80.6	%							340		340
US Pharmaceuticals		43.2	%		45.4	%		44.3	%		45.4	%		44.7	%		45.2	%		44.8	%		47.2	%							400		400
Primary Care		24.4	%		27.3	%		25.9	%		26.9	%		26.3	%		26.4	%		26.3	%		27.1	%							270		270
Oncology/Virology		11.3	%		10.4	%		10.8	%		10.7	%		10.8	%		10.9	%		10.8	%		11.9	%							60		60
Neuroscience		6.7	%		6.6	%		6.6	%		6.7	%		6.6	%		6.7	%		6.7	%		6.8	%							10		10
Immunoscience		0.8	%		1.1	%		1.0	%		1.1	%		1.0	%		1.2	%		1.0	%		1.4	%							60		60
Europe and Middle East Medicines		20.5	%		19.1	%		19.7	%		18.7	%		19.4	%		19.7	%		19.4	%		20.7	%							20		20
Latin America/Canada		6.6	%		6.3	%		6.5	%		6.6	%		6.5	%		7.2	%		6.7	%		6.1	%							(50	)	(50	)
Asia/Pacific Medicines		6.5	%		6.8	%		6.6	%		6.3	%		6.5	%		6.8	%		6.6	%		6.2	%							(30	)	(30	)
Nutritionals		13.5	%		12.6	%		13.0	%		13.4	%		13.2	%		12.2	%		12.9	%		13.5	%							—		—
ConvaTec		5.7	%		5.8	%		5.8	%		5.8	%		5.7	%		5.8	%		5.8	%		5.6	%							(10	)	(10	)
Continuing Operations		96.4	%		96.5	%		96.5	%		96.9	%		96.6	%		97.4	%		96.9	%		99.7	%							330		330
Discontinued Operations		3.6	%		3.5	%		3.5	%		3.1	%		3.4	%		2.6	%		3.1	%		0.3	%							(330	)	(330	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2008

($ in millions)

YEAR-TO-DATE

	Pharmaceuticals			Nutritionals			ConvaTec			Continuing Operations
Price Increases		4	%		8	%		—			4	%
Foreign Exchange		5	%		5	%		7	%		5	%
Volume		12	%		3	%		7	%		11	%
Total Change		21	%		16	%		14	%		20	%
Total 2008 Period to Date Sales	$	4,188		$	703		$	290		$	5,181
Total 2007 Period to Date Sales	$	3,457		$	606		$	254		$	4,317

2

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

($ in millions, except per share amounts)

	2007																					2008									% 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	$	4,317		$	4,757		$	9,074		$	4,893		$	13,967		$	5,381		$	19,348		$	5,181								20	%	20	%
Cost of products sold		1,340			1,492			2,832			1,569			4,401			1,817			6,218			1,657								24	%	24	%
Marketing, selling and administrative		1,133			1,187			2,320			1,192			3,512			1,343			4,855			1,223								8	%	8	%
Advertising and product promotion		268			365			633			349			982			483			1,465			330								23	%	23	%
Research and development		791			767			1,558			816			2,374			908			3,282			795								1	%	1	%
Acquired in-process research and development		—			—			—			—			—			230			230			—								—		—
Provision for restructuring, net		37			7			44			—			44			139			183			11								-70	%	-70	%
Litigation expense, net		—			14			14			—			14			—			14			—								—		—
Gain on sale of product assets		—			(26	)		(26	)		(247	)		(273	)		—			(273	)		—								—		—
Equity in net income of affiliates		(126	)		(128	)		(254	)		(139	)		(393	)		(131	)		(524	)		(164	)							-30	%	-30	%
Other expense, net		22			—			22			11			33			331			364			39								77	%	77	%
Total expenses		3,465			3,678			7,143			3,551			10,694			5,120			15,814			3,891								12	%	12	%
Earnings Before Minority Interest and Income Taxes	$	852		$	1,079		$	1,931		$	1,342		$	3,273		$	261		$	3,534		$	1,290								51	%	51	%
Provision for income taxes		68			235			303			323			626			177			803			359									*		*
Minority interest, net of taxes		141			194			335			211			546			217			763			230								63	%	63	%
Net Earnings/(Loss) - Continuing Operations	$	643		$	650		$	1,293		$	808		$	2,101		$	(133	)	$	1,968		$	701								9	%	9	%
Discontinued Operations		47			56			103			50			153			44			197			(40	)
Net Earnings/(Loss)	$	690		$	706		$	1,396		$	858		$	2,254		$	(89	)	$	2,165		$	661								-4	%	-4	%
Net Earnings/(Loss) - Continuing Operations	$	643		$	650		$	1,293		$	808		$	2,101		$	(133	)	$	1,968		$	701								9	%	9	%
Interest expense on conversion of convertible debt bonds, net of tax		9			9			18			10			28			—	(a)		—	(b)		8
Net Earnings/(Loss) used for diluted earnings per common share calculation - Continuing Operations	$	652		$	659		$	1,311		$	818		$	2,129		$	(133	)(a)	$	1,968	(b)	$	709
Diluted Earnings/(Loss) per Common Share** - Continuing Operations	$	0.33		$	0.33		$	0.66		$	0.41		$	1.06		$	(0.07	)(a)	$	0.99	(b)	$	0.35								6	%	6	%
Diluted Earnings per Common Share** - Discontinued Operations		0.02			0.03			0.05			0.02			0.08			0.02			0.10			(0.02	)							-200	%	-200	%
Diluted Earnings/(Loss) per Common Share**	$	0.35		$	0.36		$	0.71		$	0.43		$	1.14		$	(0.05	)(a)	$	1.09	(b)	$	0.33								-6	%	-6	%
Average Common Shares Outstanding - Diluted		1,997			2,006			2,002			2,012			2,005			1,975	(a)		1,980	(b)		2,008								1	%	1	%
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.31		$	1.15		$	0.31								11	%	11	%
	2007																					2008									Basis Point Change
% of Net Sales	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Gross Margin		69.0	%		68.6	%		68.8	%		67.9	%		68.5	%		66.2	%		67.9	%		68.0	%							(100	)	(100	)
Cost of products sold		31.0	%		31.4	%		31.2	%		32.1	%		31.5	%		33.8	%		32.1	%		32.0	%							100		100
Marketing, selling and administrative		26.2	%		25.0	%		25.6	%		24.4	%		25.1	%		25.0	%		25.1	%		23.6	%							(260	)	(260	)
Advertising and product promotion		6.2	%		7.7	%		7.0	%		7.1	%		7.0	%		9.0	%		7.6	%		6.4	%							20		20
Research and development		18.3	%		16.1	%		17.2	%		16.7	%		17.0	%		16.9	%		17.0	%		15.3	%							(300	)	(300	)
Acquired in-process research and development		—			—			—			—			—			4.3	%		1.2	%		—								—		—
Total expenses		80.3	%		77.3	%		78.7	%		72.6	%		76.6	%		95.1	%		81.7	%		75.1	%							(520	)	(520	)
Earnings Before Minority Interest and Income Taxes		19.7	%		22.7	%		21.3	%		27.4	%		23.4	%		4.9	%		18.3	%		24.9	%							520		520
Net Earnings/(Loss) - Continuing Operations		14.9	%		13.7	%		14.2	%		16.5	%		15.0	%		-2.5	%		10.2	%		13.5	%							(140	)	(140	)
Other Ratios
Effective Tax Rate		8.0	%		21.8	%		15.7	%		24.1	%		19.1	%		67.8	%		22.7	%		27.8	%							1,980		1,980
	2007																					2008									% Change
Other (Income)/ Expense, net	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Interest expense	$	109		$	107		$	216		$	109		$	325		$	97		$	422		$	73								-33	%	-33	%
Interest income		(53	)		(62	)		(115	)		(69	)		(184	)		(57	)		(241	)		(43	)							19	%	19	%
Foreign exchange transaction (gains)/losses		8			(5	)		3			24			27			1			28			26									*		*
Other, net		(42	)		(40	)		(82	)		(53	)		(135	)		290			155			(17	)							60	%	60	%
	$	22		$	—		$	22		$	11		$	33		$	331		$	364		$	39								77	%	77	%

* in excess of +/- 200%

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

(a) as a result of the Q4 2007 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.

(b) 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

SEGMENT GROSS MARGIN AND PRETAX EARNINGS FROM CONTINUING OPERATIONS

($ in millions)

	2007																					2008									% Change
Gross Profit	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	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886								19	%	19	%
Pharmaceuticals Excluding Specified Items		2,434			2,691			5,125			2,732			7,857			3,089			10,946			2,982								23	%	23	%
Nutritionals **		391			392			783			427			1,210			415			1,625			452								16	%	16	%
ConvaTec **		179			203			382			201			583			223			806			203								13	%	13	%
	2007																					2008									Basis Point Change
Gross Margin %	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		69.9	%		69.5	%		69.7	%		69.2	%		69.5	%		67.4	%		68.9	%		68.9	%							(100	)	(100	)
Pharmaceuticals Excluding Specified Items		70.4	%		69.9	%		70.1	%		69.6	%		69.9	%		70.4	%		70.1	%		71.2	%							80		80
Nutritionals **		64.5	%		63.2	%		63.9	%		63.3	%		63.7	%		61.9	%		63.2	%		64.3	%							(20	)	(20	)
ConvaTec **		70.5	%		71.0	%		70.7	%		68.8	%		70.1	%		69.0	%		69.8	%		70.0	%							(50	)	(50	)
	2007																					2008									% Change
Earnings Before Minority Interest and Income Taxes	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	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,229								49	%	49	%
Pharmaceuticals Excluding Specified Items		921			1,035			1,956			1,054			3,010			1,040			4,050			1,347								46	%	46	%
Nutritionals **		173			167			340			196			536			172			708			231								34	%	34	%
ConvaTec **		79			94			173			86			259			89			348			83								5	%	5	%
	2007																					2008									Basis Point Change
Net Margin %	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		23.9	%		26.1	%		25.0	%		24.9	%		25.0	%		15.1	%		22.2	%		29.3	%							540		540
Pharmaceuticals Excluding Specified Items		26.6	%		26.9	%		26.8	%		26.8	%		26.8	%		23.7	%		25.9	%		32.2	%							560		560
Nutritionals **		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%		32.9	%							440		440
ConvaTec **		31.1	%		32.9	%		32.0	%		29.5	%		31.1	%		27.6	%		30.1	%		28.6	%							(250	)	(250	)
	2007																					2008									% Change
Pharmaceuticals	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 Profit	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886								19	%	19	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			102			102			96								—		—
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—								-100	%	-100	%
Subtotal		16			13			29			17			46			133			179			96								*		*
Gross Profit Excluding Specified Items	$	2,434		$	2,691		$	5,125		$	2,732		$	7,857		$	3,089		$	10,946		$	2,982								23	%	23	%
	2007																					2008									% Change
Pharmaceuticals	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
Earnings Before Minority Interest and Income Taxes	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,229								49	%	49	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			110			110			98								—		—
Upfront and milestone payments and acquired in-process research and development		80			17			97			60			157			235			392			20								-75	%	-75	%
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—								-100	%	-100	%
Subtotal		96			30			126			77			203			376			579			118								23	%	23	%
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	921		$	1,035		$	1,956		$	1,054		$	3,010		$	1,040		$	4,050		$	1,347								46	%	46	%

* In Excess of +/- 200%

** There are no specified items relating to ConvaTec and Nutritionals in 2007 and 2008.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008								% 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
Continuing Operations	$	4,317	$	4,757	$	9,074	$	4,893	$	13,967	$	5,381	$	19,348	$	5,181							20	%	20	%
PHARMACEUTICALS		3,457		3,851		7,308		3,926		11,234		4,388		15,622		4,188							21	%	21	%
Cardiovascular		1,475		1,763		3,238		1,793		5,031		1,938		6,969		1,824							24	%	24	%
Plavix		938		1,189		2,127		1,254		3,381		1,374		4,755		1,308							39	%	39	%
Avapro/ Avalide		270		297		567		309		876		328		1,204		305							13	%	13	%
Pravachol		135		132		267		86		353		90		443		73							-46	%	-46	%
Virology		590		608		1,198		647		1,845		752		2,597		734							24	%	24	%
Reyataz		263		254		517		273		790		334		1,124		297							13	%	13	%
Sustiva Franchise (a)		226		233		459		237		696		260		956		273							21	%	21	%
Baraclude		45		59		104		72		176		99		275		108							140	%	140	%
Oncology		355		360		715		402		1,117		445		1,562		436							23	%	23	%
Erbitux		160		162		322		185		507		185		692		187							17	%	17	%
Taxol		111		95		206		102		308		114		422		94							-15	%	-15	%
Sprycel		21		35		56		46		102		56		158		66								*		*
Ixempra		—		—		—		—		—		15		15		25							—		—
Affective (Psychiatric) Disorders		408		458		866		467		1,333		511		1,844		498							22	%	22	%
Abilify (b)		366		412		778		420		1,198		462		1,660		454							24	%	24	%
Immunoscience		41		55		96		60		156		75		231		87							112	%	112	%
Orencia		41		55		96		60		156		75		231		87							112	%	112	%
NUTRITIONALS		606		620		1,226		675		1,901		670		2,571		703							16	%	16	%
Enfamil		254		267		521		281		802		280		1,082		290							14	%	14	%
CONVATEC		254		286		540		292		832		323		1,155		290							14	%	14	%
Ostomy		130		150		280		147		427		167		594		143							10	%	10	%
Wound Therapeutics		107		119		226		126		352		136		488		122							14	%	14	%

* In excess of +/- 200%

(a) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

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

5

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008								% 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
Continuing Operations	$	2,363	$	2,679	$	5,042	$	2,781	$	7,823	$	2,985	$	10,808	$	2,913							23	%	23	%
PHARMACEUTICALS		1,944		2,243		4,187		2,302		6,489		2,503		8,992		2,459							26	%	26	%
Cardiovascular		1,045		1,279		2,324		1,316		3,640		1,426		5,066		1,367							31	%	31	%
Plavix		787		1,015		1,802		1,080		2,882		1,178		4,060		1,139							45	%	45	%	78	%	78	%
Avapro/ Avalide		163		170		333		176		509		183		692		174							7	%	7	%	-7	%	-7	%
Pravachol		57		47		104		17		121		18		139		15							-74	%	-74	%	-82	%	-82	%
Virology		319		323		642		328		970		371		1,341		378							18	%	18	%
Reyataz		143		138		281		141		422		165		587		160							12	%	12	%	12	%	12	%
Sustiva Franchise (a)		144		147		291		151		442		162		604		175							22	%	22	%	15	%	15	%
Baraclude		17		20		37		22		59		29		88		29							71	%	71	%	59	%	59	%
Oncology		182		187		369		208		577		230		807		237							30	%	30	%
Erbitux		158		160		318		183		501		182		683		185							17	%	17	%	N/A		N/A
Taxol		4		4		8		1		9		5		14		—							-100	%	-100	%	N/A		N/A
Sprycel		10		14		24		17		41		17		58		20							100	%	100	%	49	%	49	%
Ixempra		—		—		—		—		—		15		15		25							—		—		N/A		N/A
Affective (Psychiatric) Disorders		305		333		638		346		984		373		1,357		359							18	%	18	%
Abilify (b)		293		322		615		329		944		361		1,305		348							19	%	19	%	14	%	14	%
Immunoscience		40		53		93		57		150		66		216		73							83	%	83	%
Orencia		40		53		93		57		150		66		216		73							83	%	83	%	N/A		N/A
NUTRITIONALS		274		275		549		304		853		275		1,128		288							5	%	5	%
Enfamil		171		177		348		195		543		179		722		183							7	%	7	%	N/A		N/A
CONVATEC		78		93		171		94		265		106		371		87							12	%	12	%
Ostomy		34		41		75		42		117		47		164		32							-6	%	-6	%	N/A		N/A
Wound Therapeutics		32		36		68		38		106		43		149		34							6	%	6	%	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.

*** The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) 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.

(a) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.

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

6

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008								% 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
Continuing Operations	$	1,954	$	2,078	$	4,032	$	2,112	$	6,144	$	2,396	$	8,540	$	2,268							16	%	16	%
PHARMACEUTICALS		1,513		1,608		3,121		1,624		4,745		1,885		6,630		1,729							14	%	14	%
Cardiovascular		430		484		914		477		1,391		512		1,903		457							6	%	6	%
Plavix		151		174		325		174		499		196		695		169							12	%	12	%
Avapro/ Avalide		107		127		234		133		367		145		512		131							22	%	22	%
Pravachol		78		85		163		69		232		72		304		58							-26	%	-26	%
Virology		271		285		556		319		875		381		1,256		356							31	%	31	%
Reyataz		120		116		236		132		368		169		537		137							14	%	14	%
Sustiva Franchise (a)		82		86		168		86		254		98		352		98							20	%	20	%
Baraclude		28		39		67		50		117		70		187		79							182	%	182	%
Oncology		173		173		346		194		540		215		755		199							15	%	15	%
Erbitux		2		2		4		2		6		3		9		2							—		—
Taxol		107		91		198		101		299		109		408		94							-12	%	-12	%
Sprycel		11		21		32		29		61		39		100		46								*		*
Ixempra		—		—		—		—		—		—		—		—							—		—
Affective (Psychiatric) Disorders		103		125		228		121		349		138		487		139							35	%	35	%
Abilify (b)		73		90		163		91		254		101		355		106							45	%	45	%
Immunoscience		1		2		3		3		6		9		15		14								*		*
Orencia		1		2		3		3		6		9		15		14								*		*
NUTRITIONALS		332		345		677		371		1,048		395		1,443		415							25	%	25	%
Enfamil		83		90		173		86		259		101		360		107							29	%	29	%
CONVATEC		176		193		369		198		567		217		784		203							15	%	15	%
Ostomy		96		109		205		105		310		120		430		111							16	%	16	%
Wound Therapeutics		75		83		158		88		246		93		339		88							17	%	17	%

* In excess of +/- 200%

** 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.

(a) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

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

7

BRISTOL-MYERS SQUIBB COMPANY

NET SALES EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE

($ in millions)

	TOTAL SALES				PLAVIX SALES
	2008		2007	% Change	2008		2007	% Change
	Q1		Q1	Qtr vs. Qtr	Q1		Q1	Qtr vs. Qtr
Worldwide Net Sales from Continuing Operations
Worldwide Net Sales from Continuing Operations as Reported	$	5,181	$4,317	20%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—	200 to 250	—
Worldwide Net Sales from Continuing Operations Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	5,181	$4,517 to $4,567	13% to 15%
Worldwide Pharmaceuticals Net Sales
Worldwide Pharmaceuticals Net Sales as Reported	$	4,188	$3,457	21%	$	1,308	$938	39%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—	200 to 250	—		—	200 to 250	—
Worldwide Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	4,188	$3,657 to $3,707	13% to 15%	$	1,308	$1,138 to $1,188	10% to 15%
U.S Pharmaceuticals Net Sales
U.S Pharmaceuticals Net Sales as Reported	$	2,451	$1,932	27%	$	1,139	$787	45%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—	200 to 250	—		—	200 to 250	—
U.S Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	2,451	$2,132 to $2,182	12% to 15%	$	1,139	$987 to $ 1,037	10% to 15%

8

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1												TOTAL YEAR
Net Sales	$	5,181											$	5,181
Gross Profit
Gross Profit	$	3,524											$	3,524
Specified items*		96												96
Gross Profit Excluding Specified Items	$	3,620											$	3,620
Gross Margin%
Gross Margin%		68.0	%											68.0	%
Specified items*		1.9	%											1.9	%
Gross Margin% Excluding Specified Items		69.9	%											69.9	%
	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Sales	$	4,317		$	4,757		$	4,893		$	5,381		$	19,348
Gross Profit
Gross Profit	$	2,977		$	3,265		$	3,324		$	3,564		$	13,130
Specified items*		16			13			17			133			179
Gross Profit Excluding Specified Items	$	2,993		$	3,278		$	3,341		$	3,697		$	13,309
Gross Margin%
Gross Margin%		69.0	%		68.6	%		67.9	%		66.2	%		67.9	%
Specified items*		0.3	%		0.3	%		0.4	%		2.5	%		0.9	%
Gross Margin% Excluding Specified Items		69.3	%		68.9	%		68.3	%		68.7	%		68.8	%

* Please refer to the Specified Item tab for detail of specified items.

9

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1								TOTAL YEAR
Research and Development Expenses	$	795							$	795
Specified items*		20								20
Research and Development Expenses Excluding Specified Items	$	775							$	775
	2007
	Q1		Q2		Q3		Q4		TOTAL YEAR
Research and Development Expenses	$	791	$	767	$	816	$	1,138	$	3,512
Specified items*		80		17		60		235		392
Research and Development Expenses Excluding Specified Items	$	711	$	750	$	756	$	903	$	3,120

* Please refer to the Specified Item tab for detail of specified items.

10

BRISTOL-MYERS SQUIBB COMPANY

MARKETING, SELLING AND ADMINISTRATIVE EXPENSES FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1								TOTAL YEAR
Marketing, Selling and Administrative Expenses	$	1,223							$	1,223
Specified items*		15								15
Marketing, Selling and Administrative Expenses Excluding Specified Items	$	1,208							$	1,208
	2007
	Q1		Q2		Q3		Q4		TOTAL YEAR
Marketing, Selling and Administrative Expenses	$	1,133	$	1,187	$	1,192	$	1,343	$	4,855
Specified items*		—		—		—		13		13
Marketing, Selling and Administrative Expenses Excluding Specified Items	$	1,133	$	1,187	$	1,192	$	1,330	$	4,842

* Please refer to the Specified Item tab for detail of specified items.

11

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1												TOTAL YEAR
Provision for Income Taxes
Provision for Income Taxes	$	359											$	359
Specified items*		33												33
Provision for Income Taxes Excluding Specified Items	$	392											$	392
Earnings Before Minority Interest and Provision for Income Taxes	$	1,290											$	1,290
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,464											$	1,464
Effective Tax Rate
Effective Tax Rate		27.8	%											27.8	%
Effective Tax Rate Excluding Specified Items		26.8	%											26.8	%
	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Provision for Income Taxes
Provision for Income Taxes	$	68		$	235		$	323		$	177		$	803
Specified items*		79			5			(82	)		70		$	72
Provision for Income Taxes Excluding Specified Items	$	147		$	240		$	241		$	247		$	875
Earnings Before Minority Interest and Provision for Income Taxes	$	852		$	1,079		$	1,342		$	261		$	3,534
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	985		$	1,104		$	1,166		$	1,118		$	4,373
Effective Tax Rate
Effective Tax Rate		8.0	%		21.8	%		24.1	%		67.8	%		22.7	%
Effective Tax Rate Excluding Specified Items		14.9	%		21.7	%		20.7	%		22.1	%		20.0	%

* Please refer to the Specified Item tab for detail of specified items.

12

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1											TOTAL YEAR
Earnings Before Minority Interest and Provision for Income Taxes	$	1,290										$	1,290
Specified items:
Productivity Transformation Initiative		113											113
Milestone payments		20											20
Litigation matters		16											16
Auction rate securities impairment		25											25
Subtotal		174											174
Earnings Before Minority Interest and Provision for Income Taxes
Excluding Specified Items	$	1,464										$	1,464
	2007
	Q1		Q2			Q3			Q4			TOTAL YEAR
Earnings Before Minority Interest and Provision for Income Taxes	$	852	$	1,079		$	1,342		$	261		$	3,534
Specified items:
Productivity Transformation Initiative		—		—			—			292			292
Auction rate securities impairment		—		—			—			275			275
Upfront and milestone payments and acquired in-process research and development		80		17			60			235			392
Litigation matters		—		14			(6	)		10			18
Downsizing and streamlining of worldwide operations		53		20			17			54			144
Gain on sale of properties and product assets		—		(26	)		(247	)		(9	)		(282	)
Subtotal		133		25			(176	)		857			839
Earnings Before Minority Interest and Provision for Income Taxes
Excluding Specified Items	$	985	$	1,104		$	1,166		$	1,118		$	4,373

13

BRISTOL-MYERS SQUIBB COMPANY

NET EARNINGS FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2008
	Q1												TOTAL YEAR
Net Earnings from Continuing Operations	$	701											$	701
Specified items:
Productivity Transformation Initiative		113												113
Milestone payments		20												20
Litigation matters		16												16
Auction rate securities impairment		25												25
		174												174
Income taxes on items above		(33	)											(33	)
Subtotal		141												141
Net Earnings from Continuing Operations Excluding Specified Items	$	842											$	842
	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Earnings/(Loss) from Continuing Operations	$	643		$	650		$	808		$	(133	)	$	1,968
Specified items:
Productivity Transformation Initiative		—			—			—			292			292
Auction rate securities impairment		—			—			—			275			275
Upfront and milestone payments and acquired in-process research and development		80			17			60			235			392
Litigation matters		—			14			(6	)		10			18
Downsizing and streamlining of worldwide operations		53			20			17			54			144
Gain on sale of properties and product assets		—			(26	)		(247	)		(9	)		(282	)
		133			25			(176	)		857			839
Income taxes on items above		(79	)		(5	)		82			(70	)		(72	)
Subtotal		54			20			(94	)		787			767
Net Earnings from Continuing Operations Excluding Specified Items	$	697		$	670		$	714		$	654		$	2,735

14

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE

EXCLUDING SPECIFIED ITEMS

	2008
	Q1												TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.35											$	0.35
Specified items:
Productivity Transformation Initiative		0.05												0.05
Milestone payments		0.01												0.01
Auction rate securities impairment		0.01												0.01
Subtotal		0.07												0.07
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.42											$	0.42
	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings/(Loss) per Common Share from Continuing Operations	$	0.33		$	0.33		$	0.41		$	(0.07	)	$	0.99
Specified items:
Productivity Transformation Initiative		—			—			—			0.12			0.12
Auction rate securities impairment		—			—			—			0.14			0.14
Upfront and milestone payments and acquired in-process research and development		0.03			0.01			0.01			0.12			0.17
Downsizing and streamlining of worldwide operations		0.02			0.01			0.01			0.02			0.06
Gain on sale of properties and product assets		—			(0.01	)		(0.07	)		—			(0.08	)
Tax item		(0.02	)		—			—			—			(0.02	)
Subtotal		0.03			0.01			(0.05	)		0.40			0.39
Diluted Earnings per Common Share Excluding Specified Items	$	0.36		$	0.34		$	0.36		$	0.33		$	1.38

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

15

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

($ in millions)

Three months ended March 31, 2008

	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net			Other (income)/expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	11		$	—		$	11
Accelerated depreciation and other shutdown costs		96		—		—		—			—			96
Process standardization implementation costs		—		15		—		—			—			15
Gain on sale and leaseback of properties		—		—		—		—			(9	)		(9	)
		96		15		—		11			(9	)		113
Other:
Product liability		—		—		—		—			16			16
Milestone payments		—		—		20		—			—			20
Auction rate securities impairment		—		—		—		—			25			25
	$	96	$	15	$	20	$	11		$	32			174
Income taxes on items above														(33	)
(Increase)/Decrease to Net Earnings from Continuing Operations													$	141
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	)
(Increase)/Decrease to Net Earnings from Continuing Operations							$	54

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BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2007		June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2008		June 30, 2008	September 30, 2008	December 31, 2008
Cash, cash equivalents and marketable debt securities	$	4,012	$	4,646	$	3,582	$	2,225	$	2,637
Short-term borrowings		241		256		1,879		1,891		1,781
Long-term debt		7,132		6,978		4,248		4,381		4,660
Net debt	$	3,361	$	2,588	$	2,545	$	4,047	$	3,804
Receivables, net of allowances	$	3,381	$	3,632	$	3,704	$	4,240	$	4,541
Stockholders’ equity		10,261		10,762		11,153		10,562		10,561
Capital expenditures and capitalized software (for the quarter ended)		202		206		185		248		250

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BRISTOL-MYERS SQUIBB COMPANY

2008 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2008
Projected Diluted Earnings per Common Share	$	1.36 to $1.46
Projected Specified Items:
Productivity Transformation Initiative		0.20
Upfront and milestone payments		0.02
Auction rate securities impairment		0.01
Product Liability		0.01
Total		0.24
Projected Diluted Earnings per Common Share Excluding Specified Items	$	1.60 to $1.70

Gross Margin/Research and Development/Marketing, Selling and Administrative/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the three months ended March 31, 2008 was 68.0%, which included specified items of $96 million and had a 1.9% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2008 gross margin was 69.9%. On a non-GAAP basis, based on historical trends in 2007 and the first quarter of 2008 the Company projects gross margin for the full year 2008 to be essentially flat compared to 2007, and continued improvement in its pharmaceutical margins for 2008 to 2010 driven by rationalization of its manufacturing network. 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, 2008 were $795 million, which included specified items of $20 million. On a non-GAAP basis, for the three months ended March 31, 2008 research and development expenses were $775 million. On a non-GAAP basis, based on historical trends in 2007 and the first quarter of 2008 the Company projects research and development expenses for the full year 2008 to increase in the mid single digit range compared to 2007. The Company projects 2008 to 2010 growth to also be in the mid single digit range. 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.

Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2008 were $1,223 million, which included specified items of $15 million. On a non-GAAP basis, for the three months ended March 31, 2008 marketing, selling and administrative expenses were $1,208 million. On a non-GAAP basis, based on historical trends in 2007 and the first quarter of 2008 the Company projects marketing, selling and administrative expenses, for the full year 2008 to be flat compared to 2007, and remain flat from 2008 to 2010. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See MS&A non comparable tab.

The effective tax rate on a GAAP basis for the three months ended March 31, 2008 was 27.8%, which included specified items of $33 million in the tax provision, and had a 1.0% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the three months ended March 31, 2008 effective tax rate was 26.8%. On a non-GAAP basis, based on historical trends in 2007 and the first quarter of 2008 the Company projects effective tax rate for the full year 2008 to increase to approximately 24%. The Company projects the effective tax rate for 2009 and 2010 to increase from 2008 levels. 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 2008 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative is expected to generate approximately $1.5 billion in cost reductions and avoidance on a pre-tax basis versus the company's previous strategic plan for 2010. Costs associated with the implementation of the Productivity Transformation Initiative are estimated to be between $0.9 billion to $1.1 billion on a pre-tax basis, with approximately $500 million expected to be incurred in 2008. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2008 could also 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, other restructuring activities, impairments to marketable securities 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 2008, April 24, 2008, including “2008 Guidance” and “Use of Non-GAAP Financial Information” therein.

On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

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