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): October 23, 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 October 23, 2008, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third 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 October 23, 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: October 23, 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 October 23, 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

Bristol-Myers Squibb Continues Excellent Financial Performance

Led By Double-Digit Global Net Sales Growth and Strong Earnings Results

• Reports Broad-Based Net Sales Growth of 14% from Continuing Operations

• Records Growth in GAAP Diluted EPS of $1.29 Compared to $0.43 in 2007; Includes After-Tax Gain of $0.99 Per Share From Sale of ConvaTec

• Posts 2008 GAAP Diluted EPS from Continuing Operations of $0.30 Compared to $0.38 in 2007

• Posts Non-GAAP Diluted EPS Growth from Continuing Operations of $0.46 Compared to $0.33 in 2007

• Raises 2008 GAAP EPS Guidance to $1.61 to $1.66, Subject to Receipt of Cash for ImClone Shares, and Refines 2008 Non-GAAP EPS Guidance to $1.65 to $1.70, Representing Upper Range of Previous Guidance

• Strengthens Cash Position to $7.2 Billion From $4.0 Billion on June 30, 2008

(NEW YORK, October 23, 2008) — Consistent with recent performance, Bristol-Myers Squibb Company (NYSE:BMY) today reported strong sales growth and earnings performance for the third quarter 2008.

“Bristol-Myers Squibb continues to deliver excellent operating results. With double-digit sales growth in the third quarter and with strong financial results for the first nine months of 2008, we are refining our 2008 non-GAAP earnings-per-share guidance to be between $1.65 to $1.70, which is the upper range of our prior guidance” said James M. Cornelius, chairman and chief executive officer.

“Our recent success gives us confidence that our BioPharma strategy is the right one to help us fulfill our commitments to patients and shareholders,” Cornelius added. “As we continue to demonstrate strong performance in the marketplace, we’re moving forward to attain our goals, both commercially and with the advancement of our new product pipeline. The strength of our balance sheet and cash position enables us to execute our strategy, including our ongoing business development activity.”

Third Quarter 2008

	2008		2007		Change
Net Sales	$	5,254	$	4,601	14	%
Net Earnings	$	2,578	$	858	200	%
Net Earnings From Continuing Operations	$	588	$	753	(22	)%
Net Earnings Per Common Share		1.29		0.43	200	%
GAAP Diluted EPS From Continuing Operations		0.30		0.38	(21	)%
Non-GAAP Diluted EPS From Continuing Operations		0.46		0.33	39	%
($ amounts in millions, except per share amounts)

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THIRD QUARTER RESULTS

• Bristol-Myers Squibb posted third quarter 2008 net sales from continuing operations of $5.3 billion, an increase of 14%, including a 3% favorable foreign exchange impact, compared to the same period in 2007. Pharmaceutical net sales totaled $4.5 billion and sales of Nutritionals totaled $744 million in the third quarter of 2008, representing increases of 15% and 10%, respectively, compared to 2007.

• U.S. pharmaceutical net sales increased 18% to $2.7 billion in the third quarter of 2008 compared to the same period in 2007, primarily due to strong performance from PLAVIX^® and ABILIFY^® , and strong results from the HIV and hepatitis portfolio as well as ORENCIA^®.

• International pharmaceutical net sales increased 11%, including a 7% favorable foreign exchange impact, to $1.8 billion in the third quarter of 2008 compared to the same period in 2007. The increase was primarily due to the strong performance of BARACLUDE^®, ABILIFY^®, SPRYCEL™ and the HIV portfolio.

• Gross profit as a percentage of net sales improved to 68.9% in the third quarter 2008 compared to 67.9% in 2007. This increase of 1.0% was driven by favorable product mix, cost improvement from productivity initiatives and favorable foreign exchange, partially offset by higher manufacturing rationalization charges in 2008, which accounted for a 0.7% decrease.

• Marketing, selling and administrative expenses increased by 9%, including an unfavorable 3% foreign exchange impact, to $1.2 billion in the third quarter of 2008 compared to the same period in 2007.

• Advertising and product promotion spending increased by 7%, including an unfavorable 2% foreign exchange impact, to $362 million in the third quarter of 2008 compared to the same period in 2007.

• Research and development expenses increased 4%, including an unfavorable 1% foreign exchange impact, to $834 million in the third quarter of 2008 compared to the same period in 2007.

• The effective tax rate on earnings from continuing operations before minority interest and income taxes was 26.7% for the third quarter of 2008, compared with 23.2% in the third quarter of 2007. 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%.

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• The company reported third quarter net earnings of $2.6 billion or $1.29 per diluted share, compared to net earnings of $858 million or $0.43 per diluted share for the same period in 2007. The third quarter 2008 net earnings includes a $2.0 billion after-tax gain, or $0.99 per share, attributed to the sale of the company’s ConvaTec business which is recorded in discontinued operations. In addition, the third quarter of 2008 and 2007 net earnings include the impact of specified items as discussed under “Use of Non-GAAP Financial Information.”

• The company reported earnings from continuing operations of $588 million or $0.30 per diluted share which represented a 21% decrease from prior year primarily due to the impact of specified items.

• Non-GAAP earnings from continuing operations excluding specified items amounted to $910 million, or $0.46 per diluted share, which represents a 39% increase from the prior year. This increase is driven by higher sales growth, improved gross margins and execution of cost-containment measures.

SELECTED BALANCE SHEET AND CASH UPDATES

• The company’s financial condition improved significantly during the quarter as a result of $1.4 billion of cash generated from operating activities as well as $4.1 billion in proceeds from the sale of ConvaTec. Cash and cash equivalents were $7.2 billion as of September 30, 2008 of which a significant majority was invested in U.S. Treasury Bills and Treasury-backed securities, consistent with the more conservative approach the company announced it would take earlier in 2008.

• Net debt, which is defined as short-term borrowings and long-term debt less cash and cash equivalents and marketable securities, was reduced by $4.6 billion to a net cash position of $1.2 billion.

• An impairment charge of $224 million, $184 million net of tax, related to certain auction rate securities (ARS) was recognized during the three months ended September 30, 2008. The charge was required after an analysis of other-than-temporary impairment factors, including the severity of decline in the securities and current financial market conditions. The carrying value of the $811

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million of principal invested in ARS as of December 31, 2007 has been reduced to a remaining amount of $213 million as of September 30, 2008.

BUSINESS DEVELOPMENT UPDATE

Eli Lilly commenced a tender offer to acquire ImClone on October 14, 2008. Based on Bristol-Myers Squibb’s ownership of 14.4 million shares of ImClone, the company expects to receive approximately $1.0 billion in cash upon the closing of the transaction. Bristol-Myers Squibb continues to have long-term marketing rights to ERBITUX in the U.S. and Canada and believes it has rights to ImClone’s investigational compound IMC-11F8.

The company is executing on its strategic priorities for its healthcare group. On August 1, the company announced that it had completed the divestiture of the ConvaTec business unit to Nordic Capital Fund VII and Avista Capital Partners. On September 25, the company announced that Mead Johnson Nutrition Company had filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its Class A common stock.

Bristol-Myers Squibb is focusing on supplementing its internal research and development portfolio with strategic partnerships and acquisitions. In August, the company announced a global alliance with PDL BioPharma to develop and commercialize elotuzumab, an anti-CS1 antibody currently in Phase I development for multiple myeloma.

NEW PRODUCT PIPELINE UPDATE

Bristol-Myers Squibb and its partner AstraZeneca announced on July 23 that the regulatory submissions for ONGLYZA (saxagliptin) were made in both the United States and in Europe on June 30 and July 1, respectively. On September 2, the U.S. Food and Drug Administration (FDA) announced it had accepted the filing.

The following regulatory and data milestones occurred in the third quarter or in October:

• On October 1, the FDA approved the use of REYATAZ^® (atazanavir sulfate) 300 milligram once-daily boosted with ritonavir 100 milligram as part of combination therapy in previously untreated (treatment-naïve) HIV-1 infected patients. This use of once-daily REYATAZ/ritonavir in HIV-1 infected treatment-naïve adult patients is based upon 48-week results from the CASTLE study, which demonstrated similar antiviral efficacy of REYATAZ/ritonavir to twice-daily lopinavir/ritonavir, each as part of HIV combination therapy in treatment-naïve HIV-1

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infected adult patients. Data from the CASTLE study were published in the August 23 issue of The Lancet.

• Bristol-Myers Squibb and its development partner Pfizer announced in August that the primary endpoint was not met in a Phase III study of apixaban – a novel anticoagulant – for prevention of venous thromboembolism (VTE) in patients undergoing total knee replacement. The rate of the primary efficacy endpoint on apixaban was numerically similar to that observed with enoxaparin, but did not meet the pre-specified statistical criteria for non-inferiority compared to enoxaparin. The results of the trial do not necessitate any changes in protocols of any other ongoing apixaban studies. The companies are considering further studies in preventing VTE in knee surgery and will not submit the U.S. filing for VTE prevention in the second half of 2009, as had been previously communicated. Programs directed toward prevention of VTE including EMEA registrational studies, treatment of VTE, and in the prevention of stroke in atrial fibrillation continue as planned.

• A Phase II study of apixaban (APPRAISE-1) provided encouraging trends suggesting that anticoagulation with apixaban on top of current standards of care and continued beyond the initial hospitalization for acute coronary syndrome may reduce the risk of a second heart attack, stroke or death.

• The company and its development partner AstraZeneca announced results of phase 3 studies of ONGLYZA™ (saxagliptin), a potential treatment for type 2 diabetes, in September at the European Association for the Study of Diabetes. Data showed ONGLYZA, used in combination with metformin as initial therapy, when added to a sulfonylurea or thiazolidinedione in patients with inadequately controlled type 2 diabetes significantly lowered A1C and demonstrated significant improvements across key measures of glucose control.

• Bristol-Myers Squibb and its development partner ImClone Systems announced ERBITUX® five-year data showing significant improvement in overall survival for patients with locally or regionally advanced head and neck cancer. In the September 10 issue of the New England Journal of Medicine, the EXTREME study was published and it showed that ERBITUX improved survival in first-line recurrent and/or metastatic head and neck cancer.

• Bristol-Myers Squibb and its development partner Medarex, Inc. announced in September updated survival data from three phase 2 studies of ipilimumab in patients with advanced metastatic melanoma (stage III or IV) who had been previously treated. Study results showed

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that approximately half of patients who received ipilimumab (10 mg/kg) remained alive beyond one year.

2008 GUIDANCE

Bristol-Myers Squibb is raising its 2008 earnings guidance for fully diluted earnings per share from continuing operations on a GAAP basis to between $1.61 and $1.66, reflecting an estimated $900 million pre-tax gain ($0.29 per share after tax) from Eli Lilly’s acceptance of the company’s tender of its ImClone shares. If the company does not receive such cash from the tender, the company expects to lower 2008 guidance on a GAAP basis to between $1.32 to $1.37 per share. The company is also refining its 2008 fully diluted earnings per share from continuing operations guidance on a non-GAAP basis to be between $1.65 and $1.70, which is the upper end of its previous guidance. The non-GAAP guidance excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling the GAAP and non-GAAP bases are provided in supplemental materials available on the company’s website.

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 without rebasing for the agreement to sell the ConvaTec business, excluding costs associated with the Productivity Transformation Initiative and other specified items that have not yet been identified and quantified.

The non-GAAP 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 U.S. 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

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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 and the company’s strategy for Mead Johnson Nutritionals; 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. 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 and approvals, 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 Initiative, the expiration of patents or data protection on certain products (including the expiration of data protection for PLAVIX^® in the European Union), 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

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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.

Statement on Mead Johnson Nutrition Company Registration Statement

A registration statement relating to the securities of Mead Johnson Nutrition Company has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Company and Conference Call Information

Bristol-Myers Squibb is a global biopharmaceutical and company whose mission is to extend and enhance human life.

There will be a conference call on October 23, 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 913-312-9330, confirmation code 7242577. 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, Tracy Furey, 609-252-3208, 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 BY OPERATING SEGMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, dollars in millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2008		2007		2008		2007
Pharmaceuticals	$	4,510	$	3,926	$	13,173	$	11,234
Nutritionals		744		675		2,175		1,901
Net Sales	$	5,254	$	4,601	$	15,348	$	13,135

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2008 compared to the three and nine months ended September 30, 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 September 30,
Pharmaceuticals
Cardiovascular
Plavix	$	1,439	$	1,254	15	%	$	1,263		$	1,080	17	%	7	%
Avapro/Avalide		334		309	8	%		189			176	7	%	(7)	%
Pravachol		34		86	(60	)%		(18	)		17	*		(52)	%
Virology
Reyataz		342		273	25	%		176			141	25	%	18	%
Sustiva Franchise (total revenue)		294		237	24	%		185			151	23	%	15	%
Baraclude		144		72	100	%		36			22	64	%	59	%
Oncology
Erbitux		184		185	(1	)%		182			183	(1	)%	N/A
Taxol		91		102	(11	)%		(1	)		1	(200	)%	N/A
Sprycel		82		46	78	%		21			17	24	%	29	%
Ixempra		25		—	—			24			—	—		N/A
Affective (Psychiatric) Disorders
Abilify		564		420	34	%		435			329	32	%	26	%
Immunoscience
Orencia		119		60	98	%		97			57	70	%	N/A
Nutritionals
Enfamil		295		281	5	%		178			195	(9	)%	N/A

* In excess of +/- 200%

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(Continued)

	Worldwide Net Sales						U.S. Net Sales
	2008		2007		% Change		2008		2007		% Change		% Change in U.S. Total Prescriptions vs. 2007
Nine Months Ended September 30,
Pharmaceuticals
Cardiovascular
Plavix	$	4,134	$	3,381	22	%	$	3,609	$	2,882	25	%	26	%
Avapro/Avalide		974		876	11	%		547		509	7	%	(7)	%
Pravachol		176		353	(50)	%		7		121	(94)	%	(78)	%
Virology
Reyataz		963		790	22	%		495		422	17	%	15	%
Sustiva Franchise (total revenue)		849		696	22	%		531		442	20	%	14	%
Baraclude		388		176	120	%		100		59	69	%	60	%
Oncology
Erbitux		567		507	12	%		560		501	12	%	N/A
Taxol		286		308	(7)	%		2		9	(78)	%	N/A
Sprycel		224		102	120	%		62		41	51	%	42	%
Ixempra		76		—	—			75		—	—		N/A
Affective (Psychiatric) Disorders
Abilify		1,547		1,198	29	%		1,186		944	26	%	20	%
Immunoscience
Orencia		312		156	100	%		257		150	71	%	N/A
Nutritionals
Enfamil		872		802	9	%		536		543	(1)	%	N/A

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2008			2007			2008			2007
Net Sales	$	5,254		$	4,601		$	15,348		$	13,135
Cost of products sold		1,634			1,478			4,874			4,152
Marketing, selling and administrative		1,208			1,105			3,507			3,260
Advertising and product promotion		362			338			1,101			950
Research and development		834			802			2,442			2,338
Acquired in-process research and development		—			—			32			—
Provision for restructuring, net		26			—			67			44
Litigation expense, net		30			—			32			14
Gain on sale of product assets		—			(247	)		—			(273	)
Equity in net income of affiliates		(164	)		(139	)		(478	)		(393	)
Other expense, net (a)		169			8			188			29
Total expenses		4,099			3,345			11,765			10,121
Earnings from Continuing Operations Before Minority Interest and Income Taxes		1,155			1,256			3,583			3,014
Provision for income taxes		308			292			896			535
Minority interest, net of taxes		259			211			730			546
Net Earnings from Continuing Operations		588			753			1,957			1,933
Discontinued Operations:
Earnings, net of taxes		8			105			107			321
Gain on Disposal, net of taxes		1,982			—			1,939			—
		1,990			105			2,046			321
Net Earnings	$	2,578		$	858		$	4,003		$	2,254
Earnings per Common Share
Basic:
Net Earnings from Continuing Operations	$	0.30		$	0.38		$	0.99		$	0.98
Discontinued Operations:
Earnings, net of taxes		—			0.05			0.06			0.17
Gain on Disposal, net of taxes		1.00			—			0.98			—
Net Earnings per Common Share	$	1.30		$	0.43		$	2.03		$	1.15
Diluted:
Net Earnings from Continuing Operations	$	0.30		$	0.38		$	0.98		$	0.98
Discontinued Operations:
Earnings, net of taxes		—			0.05			0.05			0.16
Gain on Disposal, net of taxes		0.99			—			0.97			—
Net Earnings per Common Share	$	1.29		$	0.43		$	2.00		$	1.14
Average Common Shares Outstanding:
Basic		1,977			1,974			1,976			1,968
Diluted		2,004			2,012			2,006			2,005
(a) Other expense, net
Interest expense	$	84		$	109		$	237		$	325
Interest income		(37	)		(69	)		(111	)		(184	)
Impairment charge of marketable securities		224			—			247			—
Foreign exchange transaction (gains)/losses		(51	)		21			(34	)		24
Other, net		(51	)		(53	)		(151	)		(136	)
	$	169		$	8		$	188		$	29

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, dollars in millions)

Three months ended September 30, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net		Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	26	$	—	$	—	$	26
Accelerated depreciation and other shutdown costs		53		—		—		—		—		—		53
Process standardization implementation costs		—		28		—		—		—		—		28
		53		28		—		26		—		—		107
Litigation Matters:
Litigation settlement		—		—		—		—		30		—		30
Other:
Mead Johnson Nutritionals charges		—		9		—		—		—		—		9
Product liability		—		—		—		—		—		2		2
Upfront and milestone payments		—		—		37		—		—		—		37
Auction rate securities impairment		—		—		—		—		—		224		224
	$	53	$	37	$	37	$	26	$	30	$	226		409
Income taxes on items above														(87	)
(Increase)/Decrease to Net Earnings from Continuing Operations													$	322

Three months ended September 30, 2007

	Cost of products sold		Research and development		Gain on sale of product assets			Other (income)/ expense, net			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—		$	(11	)	$	(11	)
Product liability		—		—		—			5			5
		—		—		—			(6	)		(6	)
Other:
Upfront and milestone payments		—		60		—			—			60
Accelerated depreciation and asset impairment		17				—			—			17
Gain on sale of product assets		—		—		(247	)		—			(247	)
	$	17	$	60	$	(247	)	$	(6	)		(176	)
Income taxes on items above												82
(Increase)/Decrease to Net Earnings from Continuing Operations											$	(94	)

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, dollars in millions)

Nine months ended September 30, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	67	$	—		$	—		$	67
Accelerated depreciation and other shutdown costs		207		—		—		—		—			—			207
Process standardization implementation costs		—		64		—		—		—			—			64
Gain on sale and leaseback of properties		—		—		—		—		—			(9	)		(9	)
		207		64		—		67		—			(9	)		329
Litigation Matters:
Litigation settlement		—		—		—		—		32			—			32
Other:
Mead Johnson Nutritionals charges		—		10		—		—		—			—			10
Product liability		—		—		—		—		—			18			18
Upfront and milestone payments		—		—		88		—		—			—			88
Acquired in-process research & development		—		—		32		—		—			—			32
Auction rate securities impairment		—		—		—		—		—			247			247
	$	207	$	74	$	120	$	67	$	32		$	256			756
Income taxes on items above																(154	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	602
Nine months ended September 30, 2007
	Cost of products sold		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	—		$	14
Insurance recovery		—		—		—		—		(11	)		—			(11	)
Product liability		—		—		—		—		5			—			5
		—		—		—		14		(6	)		—			8
Other:
Upfront and milestone payments		—		157		—		—		—			—			157
Downsizing and streamlining of worldwide operations		—		—		44		—		—			—			44
Accelerated depreciation and asset impairment		46		—		—		—		—			—			46
Gain on sale of product assets		—		—		—		—		—			(273	)		(273	)
	$	46	$	157	$	44	$	14	$	(6	)	$	(273	)		(18	)
Income taxes on items above																37
Change in estimate for taxes on prior year items																(39	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	(20	)

14

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	GAAP			Q3 2008 Specified Items*		Non GAAP			GAAP			Q3 2007 Specified Items*		Non GAAP
Net Sales	$	5,254				$	5,254		$	4,601				$	4,601
Cost of Products Sold		1,634		(53	)		1,581			1,478		(17	)		1,461
Gross Profit		3,620		53			3,673			3,123		17			3,140
Gross Margin as % of Sales		68.9	%	1.0	%		69.9	%		67.9	%	0.3	%		68.2	%
Marketing Selling and Admin		1,208		(37	)		1,171			1,105					1,105
Advertising and Product Promotion		362					362			338					338
Total SGA		1,570		(37	)		1,533			1,443					1,443
SG&A as % of Sales		29.9	%	(0.7	)%		29.2	%		31.4	%				31.4	%
R&D		834		(37	)		797			802		(60	)		742
R&D as % of Sales		15.9	%	(0.7	)%		15.2	%		17.4	%	(1.3	)%		16.1	%
Provision for restructuring, net		26		(26	)		—			—		—			—
Litigation expense, net		30		(30	)		—			—		—			—
Gain on sale of Product Assets		—		—			—			(247	)	247			—
Equity in Net Income of Affiliates		(164	)	—			(164	)		(139	)	—			(139	)
Other expense/(income), net		169		(226	)		(57	)		8		6			14
Earnings from Continuing Operations Before Minority Interest & Taxes	$	1,155		409		$	1,564		$	1,256		(176	)	$	1,080
Provision for income taxes		308		87			395			292		(82	)		210
Minority Interest, net of taxes		259					259			211					211
Net Earnings – Continuing Operations		588		322			910			753		(94	)		659
Net Earnings – Discontinued Ops		1,990					1,990			105					105
Net Earnings	$	2,578		322		$	2,900		$	858		(94	)	$	764
Interest Exp on Conv. Of Conv Debt Bonds		4					4			10					10
Net Earnings used for Diluted EPS Calc – Continuing Operations.	$	592		322		$	914		$	763		(94	)	$	669
Avg Shares (Diluted)		2,004					2,004			2,012					2,012
Diluted EPS – Continuing Operations	$	0.30		0.16		$	0.46		$	0.38		(0.05	)	$	0.33
Net Earnings – Continuing Operations as a % of sales		11.2	%	6.1	%		17.3	%		16.4	%	(2.1	)%		14.3	%
Effective Tax Rate		26.7	%	(1.4	)%		25.3	%		23.2	%	(3.8	)%		19.4	%

* Please refer to the Specified Items schedules for further details.

15

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF SEPTEMBER 30, 2008 AND JUNE 30, 2008

(Unaudited, dollars in millions)

	September 30, 2008			June 30, 2008
Cash and cash equivalents	$	7,173		$	4,047
Marketable securities-current		258			355
Short-term borrowings		(135	)		(1,799	)
Long-term debt		(6,120	)		(6,021	)
Net cash / (debt)	$	1,176		$	(3,418	)

16

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		$	4,475		$	8,663		$	4,510		$	13,173				15	%	17	%
US Pharmaceuticals		1,932			2,235			4,167			2,295			6,462			2,496			8,958			2,451			2,610			5,061			2,695			7,756				17	%	20	%
Primary Care		1,090			1,344			2,434			1,363			3,797			1,460			5,257			1,407			1,483			2,890			1,517			4,407				11	%	16	%
Oncology/Virology		504			511			1,015			539			1,554			602			2,156			619			633			1,252			641			1,893				19	%	22	%
Neuroscience		298			327			625			336			961			368			1,329			352			407			759			440			1,199				31	%	25	%
Immunoscience		40			53			93			57			150			66			216			73			87			160			97			257				70	%	71	%
Europe and Middle East Medicines		916			939			1,855			944			2,799			1,086			3,885			1,077			1,135			2,212			1,091			3,303				16	%	18	%
Latin America/Canada		297			311			608			331			939			396			1,335			316			333			649			342			991				3	%	6	%
Asia/Pacific Medicines		289			333			622			319			941			377			1,318			323			365			688			352			1,040				10	%	11	%
Nutritionals		606			620			1,226			675			1,901			670			2,571			703			728			1,431			744			2,175				10	%	14	%
Continuing Operations		4,063			4,471			8,534			4,601			13,135			5,058			18,193			4,891			5,203			10,094			5,254			15,348				14	%	17	%
Discontinued Operations		413			457			870			449			1,319			465			1,784			308			330			638			127			765				-72	%	-42	%
Total Company	$	4,476		$	4,928		$	9,404		$	5,050		$	14,454		$	5,523		$	19,977		$	5,199		$	5,533		$	10,732		$	5,381		$	16,113				7	%	11	%
% of Total Sales	2007																					2008																	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		77.2	%		78.1	%		77.7	%		77.7	%		77.7	%		79.4	%		78.2	%		80.6	%		80.9	%		80.7	%		83.8	%		81.8	%			610		410
US Pharmaceuticals		43.2	%		45.4	%		44.3	%		45.4	%		44.7	%		45.2	%		44.8	%		47.2	%		47.2	%		47.2	%		50.1	%		48.1	%			470		340
Primary Care		24.4	%		27.3	%		25.9	%		26.9	%		26.3	%		26.4	%		26.3	%		27.1	%		26.8	%		26.9	%		28.2	%		27.4	%			130		110
Oncology/Virology		11.3	%		10.4	%		10.8	%		10.7	%		10.8	%		10.9	%		10.8	%		11.9	%		11.4	%		11.7	%		11.9	%		11.7	%			120		90
Neuroscience		6.7	%		6.6	%		6.6	%		6.7	%		6.6	%		6.7	%		6.7	%		6.8	%		7.4	%		7.1	%		8.2	%		7.4	%			150		80
Immunoscience		0.8	%		1.1	%		1.0	%		1.1	%		1.0	%		1.2	%		1.0	%		1.4	%		1.6	%		1.5	%		1.8	%		1.6	%			70		60
Europe and Middle East Medicines		20.5	%		19.1	%		19.7	%		18.7	%		19.4	%		19.7	%		19.4	%		20.7	%		20.5	%		20.6	%		20.3	%		20.5	%			160		110
Latin America/Canada		6.6	%		6.3	%		6.5	%		6.6	%		6.5	%		7.2	%		6.7	%		6.1	%		6.0	%		6.0	%		6.4	%		6.2	%			(20	)	(30	)
Asia/Pacific Medicines		6.5	%		6.8	%		6.6	%		6.3	%		6.5	%		6.8	%		6.6	%		6.2	%		6.6	%		6.4	%		6.5	%		6.5	%			20		—
Nutritionals		13.5	%		12.6	%		13.0	%		13.4	%		13.2	%		12.2	%		12.9	%		13.5	%		13.1	%		13.3	%		13.8	%		13.5	%			40		30
Continuing Operations		90.7	%		90.7	%		90.7	%		91.1	%		90.9	%		91.6	%		91.1	%		94.1	%		94.0	%		94.0	%		97.6	%		95.3	%			650		440
Discontinued Operations		9.3	%		9.3	%		9.3	%		8.9	%		9.1	%		8.4	%		8.9	%		5.9	%		6.0	%		6.0	%		2.4	%		4.7	%			(650	)	(440	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		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 SEPTEMBER 30, 2008

($ in millions)

QUARTER-TO-DATE
	Pharmaceuticals			Nutritionals			Continuing Operations
Price Increases/(Decreases)		2	%		9	%		3	%
Foreign Exchange		3	%		3	%		3	%
Volume		10	%		-2	%		8	%
Total Change		15	%		10	%		14	%
Total 2008 Period to Date Sales	$	4,510		$	744		$	5,254
Total 2007 Period to Date Sales	$	3,926		$	675		$	4,601
YEAR-TO-DATE
	Pharmaceuticals			Nutritionals			Continuing Operations
Price Increases		3	%		9	%		4	%
Foreign Exchange		4	%		4	%		4	%
Volume		10	%		1	%		9	%
Total Change		17	%		14	%		17	%
Total 2008 Period to Date Sales	$	13,173		$	2,175		$	15,348
Total 2007 Period to Date Sales	$	11,234		$	1,901		$	13,135

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	$	4,063		$	4,471		$	8,534		$	4,601		$	13,135		$	5,058		$	18,193		$	4,891		$	5,203		$	10,094		$	5,254		$	15,348				14	%	17	%
Cost of products sold		1,266			1,408			2,674			1,478			4,152			1,717			5,869			1,570			1,670			3,240			1,634			4,874				11	%	17	%
Marketing, selling and administrative		1,052			1,103			2,155			1,105			3,260			1,256			4,516			1,134			1,165			2,299			1,208			3,507				9	%	8	%
Advertising and product promotion		258			354			612			338			950			465			1,415			319			420			739			362			1,101				7	%	16	%
Research and development		781			755			1,536			802			2,338			889			3,227			782			826			1,608			834			2,442				4	%	4	%
Acquired in-process research and development		—			—			—			—			—			230			230			—			32			32			—			32				—		—
Provision for restructuring, net		37			7			44			—			44			139			183			11			30			41			26			67				—		52	%
Litigation expense, net		—			14			14			—			14			—			14			—			2			2			30			32				—		129	%
Gain on sale of product assets		—			(26	)		(26	)		(247	)		(273	)		—			(273	)		—			—			—			—			—				100	%	100	%
Equity in net income of affiliates		(126	)		(128	)		(254	)		(139	)		(393	)		(131	)		(524	)		(164	)		(150	)		(314	)		(164	)		(478	)			-18	%	-22	%
Other expense/(income), net		22			(1	)		21			8			29			322			351			32			(13	)		19			169			188				*		*
Total expenses		3,290			3,486			6,776			3,345			10,121			4,887			15,008			3,684			3,982			7,666			4,099			11,765				23	%	16	%
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	773		$	985		$	1,758		$	1,256		$	3,014		$	171		$	3,185		$	1,207		$	1,221		$	2,428		$	1,155		$	3,583				-8	%	19	%
Provision for income taxes		40			203			243			292			535			146			681			330			258			588			308			896				5	%	67	%
Minority interest, net of taxes		141			194			335			211			546			217			763			230			241			471			259			730				23	%	34	%
Net Earnings/(Loss) - Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)	$	1,741		$	647		$	722		$	1,369		$	588		$	1,957				-22	%	1	%
Discontinued Operations		98			118			216			105			321			103			424			14			42			56			1,990			2,046				*		*
Net Earnings/(Loss)	$	690		$	706		$	1,396		$	858		$	2,254		$	(89	)	$	2,165		$	661		$	764		$	1,425		$	2,578		$	4,003				*		78	%
Net Earnings/(Loss) - Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)	$	1,741		$	647		$	722		$	1,369		$	588		$	1,957
Interest expense on conversion of convertible debt bonds, net of tax		9			9			18			10			28			—	(a)		—	(b)		8			4			12			4			16
Net Earnings/(Loss) used for diluted earnings per common share calculation - Continuing Operations	$	601		$	597		$	1,198		$	763		$	1,961		$	(192	)(a)	$	1,741	(b)	$	655		$	726		$	1,381		$	592		$	1,973
Diluted Earnings/(Loss) per Common Share** - Continuing Operations	$	0.30		$	0.30		$	0.60		$	0.38		$	0.98		$	(0.10	)(a)	$	0.88	(b)	$	0.32		$	0.36		$	0.69		$	0.30		$	0.98				-21	%	—
Diluted Earnings per Common Share** - Discontinued Operations		0.05			0.06			0.11			0.05			0.16			0.05			0.21			0.01			0.02			0.03			0.99			1.02				*		*
Diluted Earnings/(Loss) per Common Share**	$	0.35		$	0.36		$	0.71		$	0.43		$	1.14		$	(0.05	)(a)	$	1.09	(b)	$	0.33		$	0.38		$	0.72		$	1.29		$	2.00				200	%	75	%
Average Common Shares Outstanding - Diluted		1,997			2,006			2,002			2,012			2,005			1,975	(a)		1,980	(b)		2,008			2,008			2,007			2,004			2,006				—		—
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.31		$	1.15		$	0.31		$	0.31		$	0.62		$	0.31		$	0.93				11	%	11	%
% of Net Sales	2007																					2008																	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		68.8	%		68.5	%		68.7	%		67.9	%		68.4	%		66.1	%		67.7	%		67.9	%		67.9	%		67.9	%		68.9	%		68.2	%			100		(20	)
Cost of products sold		31.2	%		31.5	%		31.3	%		32.1	%		31.6	%		33.9	%		32.3	%		32.1	%		32.1	%		32.1	%		31.1	%		31.8	%			(100	)	20
Marketing, selling and administrative		25.9	%		24.7	%		25.3	%		24.0	%		24.8	%		24.8	%		24.8	%		23.2	%		22.4	%		22.8	%		23.0	%		22.8	%			(100	)	(200	)
Advertising and product promotion		6.3	%		7.9	%		7.2	%		7.3	%		7.2	%		9.2	%		7.8	%		6.5	%		8.1	%		7.3	%		6.9	%		7.2	%			(40	)	—
Research and development		19.2	%		16.9	%		18.0	%		17.4	%		17.8	%		17.6	%		17.7	%		16.0	%		15.9	%		15.9	%		15.9	%		15.9	%			(150	)	(190	)
Acquired in-process research and development		—			—			—			—			—			4.5	%		1.3	%		—			0.6	%		0.3	%		—			0.2	%			—		20
Total expenses		81.0	%		78.0	%		79.4	%		72.7	%		77.1	%		96.6	%		82.5	%		75.3	%		76.5	%		75.9	%		78.0	%		76.7	%			530		(40	)
Earnings from Continuing Operations Before Minority Interest and Income Taxes		19.0	%		22.0	%		20.6	%		27.3	%		22.9	%		3.4	%		17.5	%		24.7	%		23.5	%		24.1	%		22.0	%		23.3	%			(530	)	40
Net Earnings/(Loss) - Continuing Operations		14.6	%		13.2	%		13.8	%		16.4	%		14.7	%		-3.8	%		9.6	%		13.2	%		13.9	%		13.6	%		11.2	%		12.8	%			(520	)	(190	)
Other Ratios
Effective Tax Rate		5.2	%		20.6	%		13.8	%		23.2	%		17.8	%		85.4	%		21.4	%		27.3	%		21.1	%		24.2	%		26.7	%		25.0	%			350		720
Other Expense/(Income), net	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
Interest expense	$	109		$	107		$	216		$	109		$	325		$	96		$	421		$	73		$	80		$	153		$	84		$	237				-23	%	-27	%
Interest income		(53	)		(62	)		(115	)		(69	)		(184	)		(57	)		(241	)		(43	)		(31	)		(74	)		(37	)		(111	)			46	%	40	%
Impairment charge of marketable securities		—			—			—			—			—			275			275			25			(2	)		23			224			247				—		—
Foreign exchange transaction (gains)/losses		8			(5	)		3			21			24			(9	)		15			19			(2	)		17			(51	)		(34	)			*		*
Other, net		(42	)		(41	)		(83	)		(53	)		(136	)		17			(119	)		(42	)		(58	)		(100	)		(51	)		(151	)			4	%	-11	%
	$	22		$	(1	)	$	21		$	8		$	29		$	322		$	351		$	32		$	(13	)	$	19		$	169		$	188				*		*

* 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)

Gross Profit	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	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886		$	3,108		$	5,994		$	3,189		$	9,183				17	%	18	%
Pharmaceuticals Excluding Specified Items		2,434			2,691			5,125			2,732			7,857			3,089			10,946			2,982			3,166			6,148			3,242			9,390				19	%	20	%
Nutritionals		391			392			783			427			1,210			415			1,625			452			460			912			458			1,370				7	%	13	%
Gross Margin %	2007																					2008																	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		69.9	%		69.5	%		69.7	%		69.2	%		69.5	%		67.4	%		68.9	%		68.9	%		69.5	%		69.2	%		70.7	%		69.7	%			150		20
Pharmaceuticals Excluding Specified Items		70.4	%		69.9	%		70.1	%		69.6	%		69.9	%		70.4	%		70.1	%		71.2	%		70.7	%		71.0	%		71.9	%		71.3	%			230		140
Nutritionals		64.5	%		63.2	%		63.9	%		63.3	%		63.7	%		61.9	%		63.2	%		64.3	%		63.2	%		63.7	%		61.6	%		63.0	%			(170	)	(70	)
Earnings Before Minority Interest and Income Taxes	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	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,227		$	1,219		$	2,446		$	1,403		$	3,849				44	%	37	%
Pharmaceuticals Excluding Specified Items		921			1,035			1,956			1,054			3,010			1,040			4,050			1,345			1,341			2,686			1,496			4,182				42	%	39	%
Nutritionals		173			167			340			196			536			172			708			231			214			445			200			645				2	%	20	%
Nutritionals Excluding Specified Items **		173			167			340			196			536			172			708			231			214			445			204			649				4	%	21	%
Net Margin %	2007																					2008																	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		23.9	%		26.1	%		25.0	%		24.9	%		25.0	%		15.1	%		22.2	%		29.3	%		27.2	%		28.2	%		31.1	%		29.2	%			620		420
Pharmaceuticals Excluding Specified Items		26.6	%		26.9	%		26.8	%		26.8	%		26.8	%		23.7	%		25.9	%		32.1	%		30.0	%		31.0	%		33.2	%		31.7	%			640		490
Nutritionals		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%		32.9	%		29.4	%		31.1	%		26.9	%		29.7	%			(210	)	150
Nutritionals Excluding Specified Items **		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%		32.9	%		29.4	%		31.1	%		27.4	%		29.8	%			(160	)	160
Pharmaceuticals	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
Gross Profit	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886		$	3,108		$	5,994		$	3,189		$	9,183				17	%	18	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			102			102			96			58			154			53			207				—		—
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—			—			—			—			—				-100	%	-100	%
Subtotal		16			13			29			17			46			133			179			96			58			154			53			207				*		*
Gross Profit Excluding Specified Items	$	2,434		$	2,691		$	5,125		$	2,732		$	7,857		$	3,089		$	10,946		$	2,982		$	3,166		$	6,148		$	3,242		$	9,390				19	%	20	%
Pharmaceuticals	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
Earnings Before Minority Interest and Income Taxes	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,227		$	1,219		$	2,446		$	1,403		$	3,849				44	%	37	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			110			110			98			59			157			56			213				—		—
Upfront and milestone payments and acquired in-process research and development		80			17			97			60			157			235			392			20			63			83			37			120				-38	%	-24	%
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—			—			—			—			—				-100	%	-100	%
Subtotal		96			30			126			77			203			376			579			118			122			240			93			333				21	%	64	%
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	921		$	1,035		$	1,956		$	1,054		$	3,010		$	1,040		$	4,050		$	1,345		$	1,341		$	2,686		$	1,496		$	4,182				42	%	39	%
Nutritionals	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
Earnings Before Minority Interest and Income Taxes	$	173		$	167		$	340		$	196		$	536		$	172		$	708		$	231		$	214		$	445		$	200		$	645				2	%	20	%
Specified Items:
Mead Johnson Nutritionals charges		—			—			—			—			—			—			—			—			—			—			4			4				—		—
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	173		$	167		$	340		$	196		$	536		$	172		$	708		$	231		$	214		$	445		$	204		$	649				4	%	21	%

* In Excess of +/- 200%

** There were no specified items relating to Nutrionals in 2007 and the first quarter of 2008. In the second quarter of 2008, specified items for the Nutritionals segment were not material and did not have an impact on Gross Margin or Earnings Before Minority Interest and Income Taxes.

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	$	4,063	$	4,471	$	8,534	$	4,601	$	13,135	$	5,058	$	18,193	$	4,891	$	5,203	$	10,094	$	5,254	$	15,348			14	%	17	%
PHARMACEUTICALS		3,457		3,851		7,308		3,926		11,234		4,388		15,622		4,188		4,475		8,663		4,510		13,173			15	%	17	%
Cardiovascular		1,475		1,763		3,238		1,793		5,031		1,938		6,969		1,824		1,927		3,751		1,943		5,694			8	%	13	%
Plavix		938		1,189		2,127		1,254		3,381		1,374		4,755		1,308		1,387		2,695		1,439		4,134			15	%	22	%
Avapro/ Avalide		270		297		567		309		876		328		1,204		305		335		640		334		974			8	%	11	%
Pravachol		135		132		267		86		353		90		443		73		69		142		34		176			-60	%	-50	%
Virology		590		608		1,198		647		1,845		752		2,597		734		791		1,525		824		2,349			27	%	27	%
Reyataz		263		254		517		273		790		334		1,124		297		324		621		342		963			25	%	22	%
Sustiva Franchise (a)		226		233		459		237		696		260		956		273		282		555		294		849			24	%	22	%
Baraclude		45		59		104		72		176		99		275		108		136		244		144		388			100	%	120	%
Oncology		355		360		715		402		1,117		445		1,562		436		474		910		447		1,357			11	%	21	%
Erbitux		160		162		322		185		507		185		692		187		196		383		184		567			-1	%	12	%
Taxol		111		95		206		102		308		114		422		94		101		195		91		286			-11	%	-7	%
Sprycel		21		35		56		46		102		56		158		66		76		142		82		224			78	%	120	%
Ixempra		—		—		—		—		—		15		15		25		26		51		25		76			—		—
Affective (Psychiatric) Disorders		408		458		866		467		1,333		511		1,844		498		575		1,073		607		1,680			30	%	26	%
Abilify (b)		366		412		778		420		1,198		462		1,660		454		529		983		564		1,547			34	%	29	%
Immunoscience		41		55		96		60		156		75		231		87		106		193		119		312			98	%	100	%
Orencia		41		55		96		60		156		75		231		87		106		193		119		312			98	%	100	%
NUTRITIONALS		606		620		1,226		675		1,901		670		2,571		703		728		1,431		744		2,175			10	%	14	%
Enfamil		254		267		521		281		802		280		1,082		290		287		577		295		872			5	%	9	%

* 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	$	2,282	$	2,583	$	4,865	$	2,683	$	7,548	$	2,874	$	10,422	$	2,823	$	2,966	$	5,789	$	3,064		$	8,853			14	%	17	%
PHARMACEUTICALS		1,944		2,243		4,187		2,302		6,489		2,503		8,992		2,459		2,625		5,084		2,708			7,792			18	%	20	%
Cardiovascular		1,045		1,279		2,324		1,316		3,640		1,426		5,066		1,367		1,437		2,804		1,474			4,278			12	%	18	%
Plavix		787		1,015		1,802		1,080		2,882		1,178		4,060		1,139		1,207		2,346		1,263			3,609			17	%	25	%	7	%	26	%
Avapro/ Avalide		163		170		333		176		509		183		692		174		184		358		189			547			7	%	7	%	-7	%	-7	%
Pravachol		57		47		104		17		121		18		139		15		10		25		(18	)		7			*		-94	%	-52	%	-78	%
Virology		319		323		642		328		970		371		1,341		378		376		754		405			1,159			23	%	19	%
Reyataz		143		138		281		141		422		165		587		160		159		319		176			495			25	%	17	%	18	%	15	%
Sustiva Franchise (a)		144		147		291		151		442		162		604		175		171		346		185			531			23	%	20	%	15	%	14	%
Baraclude		17		20		37		22		59		29		88		29		35		64		36			100			64	%	69	%	59	%	60	%
Oncology		182		187		369		208		577		230		807		237		254		491		234			725			13	%	26	%
Erbitux		158		160		318		183		501		182		683		185		193		378		182			560			-1	%	12	%	N/A		N/A
Taxol		4		4		8		1		9		5		14		—		3		3		(1	)		2			-200	%	-78	%	N/A		N/A
Sprycel		10		14		24		17		41		17		58		20		21		41		21			62			24	%	51	%	29	%	42	%
Ixempra		—		—		—		—		—		15		15		25		26		51		24			75			—		—		N/A		N/A
Affective (Psychiatric) Disorders		305		333		638		346		984		373		1,357		359		413		772		449			1,221			30	%	24	%
Abilify (b)		293		322		615		329		944		361		1,305		348		403		751		435			1,186			32	%	26	%	26	%	20	%
Immunoscience		40		53		93		57		150		66		216		73		87		160		97			257			70	%	71	%
Orencia		40		53		93		57		150		66		216		73		87		160		97			257			70	%	71	%	N/A		N/A
NUTRITIONALS		274		275		549		304		853		275		1,128		288		273		561		275			836			-10	%	-2	%
Enfamil		171		177		348		195		543		179		722		183		175		358		178			536			-9	%	-1	%	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	$	1,781	$	1,888	$	3,669	$	1,918	$	5,587	$	2,184	$	7,771	$	2,068	$	2,237	$	4,305	$	2,190	$	6,495			14	%	16	%
PHARMACEUTICALS		1,513		1,608		3,121		1,624		4,745		1,885		6,630		1,729		1,850		3,579		1,802		5,381			11	%	13	%
Cardiovascular		430		484		914		477		1,391		512		1,903		457		490		947		469		1,416			-2	%	2	%
Plavix		151		174		325		174		499		196		695		169		180		349		176		525			1	%	5	%
Avapro/ Avalide		107		127		234		133		367		145		512		131		151		282		145		427			9	%	16	%
Pravachol		78		85		163		69		232		72		304		58		59		117		52		169			-25	%	-27	%
Virology		271		285		556		319		875		381		1,256		356		415		771		419		1,190			31	%	36	%
Reyataz		120		116		236		132		368		169		537		137		165		302		166		468			26	%	27	%
Sustiva Franchise (a)		82		86		168		86		254		98		352		98		111		209		109		318			27	%	25	%
Baraclude		28		39		67		50		117		70		187		79		101		180		108		288			116	%	146	%
Oncology		173		173		346		194		540		215		755		199		220		419		213		632			10	%	17	%
Erbitux		2		2		4		2		6		3		9		2		3		5		2		7			—		17	%
Taxol		107		91		198		101		299		109		408		94		98		192		92		284			-9	%	-5	%
Sprycel		11		21		32		29		61		39		100		46		55		101		61		162			110	%	166	%
Ixempra		—		—		—		—		—		—		—		—		—		—		1		1			—		—
Affective (Psychiatric) Disorders		103		125		228		121		349		138		487		139		162		301		158		459			31	%	32	%
Abilify (b)		73		90		163		91		254		101		355		106		126		232		129		361			42	%	42	%
Immunoscience		1		2		3		3		6		9		15		14		19		33		22		55			*		*
Orencia		1		2		3		3		6		9		15		14		19		33		22		55			*		*
NUTRITIONALS		332		345		677		371		1,048		395		1,443		415		455		870		469		1,339			26	%	28	%
Enfamil		83		90		173		86		259		101		360		107		112		219		117		336			36	%	30	%

* 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

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited, amounts in millions except per share data)

	Q3 2008
				Specified		Non
	GAAP			Items*		GAAP
Net Sales	$	5,254		—		$	5,254
Cost of products sold		1,634		(53	)		1,581
Gross Profit		3,620		53			3,673
Gross margin as a % of sales		68.9	%	1.0	%		69.9	%
Marketing, selling and administrative		1,208		(37	)		1,171
Advertising and product promotion		362		—			362
Total SGA		1,570		(37	)		1,533
SG&A as a % of sales		29.9	%	(0.7	)%		29.2	%
Research and development		834		(37	)		797
R&D as a % of sales		15.9	%	(0.7	)%		15.2	%
Provision for restructuring, net		26		(26	)		—
Litigation expense, net		30		(30	)		—
Equity in net income of affiliates		(164	)	—			(164	)
Other expense / (income), net		169		(226	)		(57	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	1,155		409		$	1,564
Provision for income taxes		308		87			395
Minority Interest, net of taxes		259		—			259
Net Earnings - Continuing Operations	$	588		322		$	910
Net Earnings - Discontinued Operations		1,990					1,990
Net Earnings	$	2,578		322		$	2,900
Net Earnings - Continuing Operations	$	588		322		$	910
Interest expense on conversion of convertible debt bonds, net of tax		4					4
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	$	592		322		$	914
Average Common Shares Outstanding - Diluted		2,004					2,004
Diluted Earnings per Common Share - Continuing Operations	$	0.30		0.16		$	0.46
Net Earnings - Continuing Operations as a % of sales		11.2	%	6.1	%		17.3	%
Effective Tax Rate		26.7	%	(1.4	)%		25.3	%

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

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited, amounts in millions except per share data)

	SEPTEMBER YTD 2008
				Specified		Non
	GAAP			Items*		GAAP
Net Sales	$	15,348		—		$	15,348
Cost of products sold		4,874		(207	)		4,667
Gross Profit		10,474		207			10,681
Gross margin as a % of sales		68.2	%	1.4	%		69.6	%
Marketing, selling and administrative		3,507		(74	)		3,433
Advertising and product promotion		1,101		—			1,101
Total SGA		4,608		(74	)		4,534
SG&A as a % of sales		30.0	%	(0.5	)%		29.5	%
Research and development		2,442		(88	)		2,354
R&D as a % of sales		15.9	%	(0.6	)%		15.3	%
Acquired in-process research and development		32		(32	)		—
Provision for restructuring, net		67		(67	)		—
Litigation expense, net		32		(32	)		—
Equity in net income of affiliates		(478	)	—			(478	)
Other expense / (income), net		188		(256	)		(68	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	3,583		756		$	4,339
Provision for income taxes		896		154			1,050
Minority Interest, net of taxes		730		—			730
Net Earnings - Continuing Operations	$	1,957		602		$	2,559
Net Earnings - Discontinued Operations		2,046					2,046
Net Earnings	$	4,003		602		$	4,605
Net Earnings - Continuing Operations	$	1,957		602		$	2,559
Interest expense on conversion of convertible debt bonds, net of tax		16					16
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	$	1,973		602		$	2,575
Average Common Shares Outstanding - Diluted		2,006					2,006
Diluted Earnings per Common Share - Continuing Operations	$	0.98		0.30		$	1.28
Net Earnings - Continuing Operations as a % of sales		12.8	%	3.9	%		16.7	%
Effective Tax Rate		25.0	%	(0.8	)%		24.2	%

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

9

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

($ in millions)

Three months ended September 30, 2008

	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net		Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	26	$	—	$	—	$	26
Accelerated depreciation and other shutdown costs		53		—		—		—		—		—		53
Process standardization implementation costs		—		28		—		—		—		—		28
		53		28		—		26		—		—		107
Litigation Matters:
Litigation settlement		—		—		—		—		30		—		30
Other:
Mead Johnson Nutritionals charges		—		9		—		—		—		—		9
Product liability		—		—		—		—		—		2		2
Upfront and milestone payments		—		—		37		—		—		—		37
Auction rate securities impairment		—		—		—		—		—		224		224
	$	53	$	37	$	37	$	26	$	30	$	226		409
Income taxes on items above														(87	)
(Increase)/Decrease to Net Earnings from Continuing Operations													$	322

Three months ended September 30, 2007
	Cost of products sold		Research and development		Gain on sale of product assets			Other (income)/ expense, net			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—		$	(11	)	$	(11	)
Product liability		—		—		—			5			5
		—		—		—			(6	)		(6	)
Other:
Upfront and milestone payments		—		60		—			—			60
Accelerated depreciation and asset impairment		17		—		—			—			17
Gain on sale of product assets		—		—		(247	)		—			(247	)
	$	17	$	60	$	(247	)	$	(6	)		(176	)
Income taxes on items above												82
(Increase)/Decrease to Net Earnings from Continuing Operations											$	(94	)

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

($ in millions)

Nine months ended September 30, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	67	$	—		$	—		$	67
Accelerated depreciation and other shutdown costs		207		—		—		—		—			—			207
Process standardization implementation costs		—		64		—		—		—			—			64
Gain on sales and leaseback of properties		—		—		—		—		—			(9	)		(9	)
		207		64		—		67		—			(9	)		329
Litigation Matters:
Litigation settlement		—		—		—		—		32			—			32
Other:
Mead Johnson Nutritionals charges		—		10		—		—		—			—			10
Product liability		—		—		—		—		—			18			18
Upfront and milestone payments		—		—		88		—		—			—			88
Acquired in-process research and development		—		—		32		—		—			—			32
Auction rate securities impairment		—		—		—		—		—			247			247
	$	207	$	74	$	120	$	67	$	32		$	256			756
Income taxes on items above																(154	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	602
Nine months ended September 30, 2007
	Cost of products sold		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	—		$	14
Insurance recovery		—		—		—		—		(11	)		—			(11	)
Product liability		—		—		—		—		5			—			5
		—		—		—		14		(6	)		—			8
Other:
Upfront and milestone payments		—		157		—		—		—			—			157
Accelerated depreciation and asset impairment		46		—		—		—		—			—			46
Downsizing and streamlining of worldwide operations		—		—		44		—		—			—			44
Gain on sale of product assets		—		—		—		—		—			(273	)		(273	)
	$	46	$	157	$	44	$	14	$	(6	)	$	(273	)		(18	)
Income taxes on items above																37
Change in estimate for taxes on a prior year specified item																(39	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	(20	)

11

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		$	4,402		$	7,431
Short-term borrowings		241			256			1,879			1,891			1,781			1,799			135
Long-term debt		7,132			6,978			4,248			4,381			4,660			6,021			6,120
Net (debt) / cash	$	(3,361	)	$	(2,588	)	$	(2,545	)	$	(4,047	)	$	(3,804	)	$	(3,418	)	$	1,176
Receivables, net of allowances	$	3,381		$	3,632		$	3,704		$	4,240		$	4,541		$	4,469		$	4,224
Stockholders’ equity		10,261			10,762			11,153			10,562			10,561			10,779			12,938
Capital expenditures and capitalized software (for the quarter ended)		202			206			185			248			250			210			196

12

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 - GAAP	$	1.61 to $1.66	*
Projected Specified Items:
Productivity Transformation Initiative		0.21
Auction rate securities impairment		0.10
Upfront and milestone payments		0.03
Acquired in-process research and development		0.02
Mead Johnson Nutritionals charges		0.01
Littigation Settlement		0.01
Product Liability		0.01
Gain on Sale of Imclone Shares		(0.29	)*
Gain on Sale of Assets		(0.06	)
Total		0.04
Projected Diluted Earnings per Common Share - Non-GAAP	$	1.65 to $1.70

* If the Company does not receive cash from tendering its Imclone shares, Projected Diluted Earnings per Common Share - GAAP is expected to be $1.32 to $1.37 per share.

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

Gross margin on a GAAP basis for the nine months ended September 30, 2008 was 68.2%, which included specified items of $207 million and had a 1.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 gross margin was 69.6%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects gross margin for the full year 2008 to increase approximately 100 basis points 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

Research and development expenses on a GAAP basis for the nine months ended September 30, 2008 were $2,474 million, which included specified items of $120 million. On a non-GAAP basis, for the nine months ended September 30, 2008 research and development expenses were $2,354 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2008 were $3,507 million, which included specified items of $74 million. On a non-GAAP basis, for the nine months ended September 30, 2008 marketing, selling and administrative expenses were $3,433 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

The effective tax rate on a GAAP basis for the nine months ended September 30, 2008 was 25.0%, which included specified items of $154 million in the tax provision, and had a .8% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 effective tax rate was 24.2%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 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 GAAP to Non-GAAP PL Reconciliation - September YTD 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, announced in December 2007 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 this 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. Costs associated with the expansion of the Productivity Transformation Initiative announced in July 2008, which is expected to generate an additional $1.0 billion in cost savings, are not estimable at this point. 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 Third Quarter of 2008, October 23, 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 without rebasing 2007 for the agreement to sell the ConvaTec business. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

13