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): January 27, 2009

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 January 27, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months 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 January 27, 2009
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: January 27, 2009	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 January 27, 2009
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 Fourth Quarter Supports Excellent 2008 for Bristol-Myers Squibb

• Key Franchises and Products Drive Solid Top-Line Growth

• Financial Results Supported by Significant Improvement in Gross Profit and Improved Cost Management Driven Largely By Productivity Initiatives

• Provides 2009 GAAP EPS Guidance Range of $1.58 to $1.73; Non-GAAP EPS Guidance Range of $1.85 to $2.00

(NEW YORK, January 27, 2009) – Bristol-Myers Squibb Company (NYSE: BMY) today announced strong fourth quarter sales and earnings growth completing the company’s excellent overall 2008 financial performance.

“In the quarter, and in the past year, we’ve taken decisive action as a BioPharma leader to become leaner and more agile,” said James M. Cornelius, chairman and chief executive officer. “I’m particularly pleased by our global commercial teams in presenting our value proposition to customers and payers. We’ve executed with speed and rigor against our strategy. Results this quarter continued to be strong, capping off an outstanding year.

“We are reaching our objectives in all areas. Our favorable cash position expedites our business development efforts. Our ‘String of Pearls’ grows more valuable with each asset and alliance we add. And we’re becoming more productive, as seen in our growing profit margins.

“In 2009, we expect to deliver on our promises to advance our innovative pipeline, execute our business development plans, grow margins and meet our productivity goals. We are well on-track to fulfill our commitments to patients and shareholders, and to navigate the challenges of coming years.”

	Fourth Quarter
$ amounts in millions, except per share amounts
	2008		2007			Change
Net Sales	$	5,249	$	5,058		4	%
Net Earnings/(Loss) Per Common Share – Diluted		0.63		(0.05	)	*
GAAP Diluted EPS From Continuing Operations		0.61		(0.10	)	*
Non-GAAP Diluted EPS From Continuing Operations		0.46		0.30		53	%
	Full Year
	2008		2007			Change
Net Sales	$	20,597	$	18,193		13	%
Net Earnings Per Common Share – Diluted		2.63		1.09		141	%
GAAP Diluted EPS From Continuing Operations		1.59		0.88		81	%
Non-GAAP Diluted EPS From Continuing Operations		1.74		1.27		37	%
* in excess of +/-200%

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FOURTH QUARTER RESULTS

• Bristol-Myers Squibb posted fourth quarter 2008 net sales from continuing operations of $5.2 billion, an increase of 4%, or 8% excluding foreign exchange impact, compared to the same period in 2007. Pharmaceutical net sales totaled $4.5 billion and sales from Mead Johnson Nutrition Company totaled $707 million in the fourth quarter of 2008, representing increases of 4% and 6%, respectively, compared to 2007.

• U.S. pharmaceutical net sales increased 13% to $2.8 billion in the fourth quarter of 2008 compared to the same period in 2007. International pharmaceutical net sales decreased 9% to $1.7 billion. This decrease was due primarily to an 8% unfavorable foreign exchange impact and the divestiture and erosion of some mature brands in Latin America, Middle East and Japan.

• Gross profit as a percentage of net sales improved to 71.0% in the fourth quarter 2008 compared to 66.1% in 2007. This improvement was mostly driven by higher manufacturing rationalization charges in 2007, cost improvements, favorable product mix and price increases.

• Marketing, selling and administrative expenses increased by 2%, or 7% excluding foreign exchange impact, to $1.3 billion in the fourth quarter of 2008 compared to the same period in 2007.

• Advertising and product promotion spending decreased by 3%, or was flat excluding foreign exchange impact, to $449 million in the fourth quarter of 2008, compared to the same period in 2007.

• Research and development expenses increased by 29%, or 31% excluding foreign exchange impact, to $1.1 billion in the fourth quarter of 2008 compared to the same period in 2007. The increase was due to upfront and milestone payments to Exelixis in 2008 as part of an expansion of the collaboration between the companies.

• The effective tax rate on earnings from continuing operations before minority interest and income taxes was 22.5% for the fourth quarter of 2008, and includes the full-year impact of the research and development tax credit.

• The company reported fourth quarter net earnings from continuing operations of $1.2 billion or $0.61 per diluted share, compared to net loss of $192 million or $0.10 per diluted share for the same period in 2007. The fourth quarter 2008 net earnings include a $582 million after tax gain, or $0.29 per

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diluted share, mainly attributed to the proceeds from the sale of our stake in ImClone Systems. An overview of the specified items is discussed under “Use of Non-GAAP Financial Information.”

PRODUCT AND PIPELINE UPDATE

• Bristol-Myers Squibb’s top-line growth in the fourth quarter was led by key drivers including steady growth for PLAVIX in the U.S. and strong sales increases for ABILIFY across all indications and regions. ORENCIA and SPRYCEL sales continued to grow, fueled by additional indications and country approvals. The company’s virology portfolio, led by the SUSTIVA franchise for HIV and BARACLUDE for hepatitis B also demonstrated consistent growth worldwide.

• In December, the company and its marketing partner, sanofi-aventis, announced that the U.S. Court of Appeals for the Federal Circuit upheld the June 19, 2007 decision by the U.S. District Court for the Southern District of New York holding the U.S. patent 4,847,265 covering clopidogrel bisulphate, the active ingredient in PLAVIX, valid and enforceable. As a result of this ruling, the ‘265 patent protection for this product is maintained in the United States until November 2011, subject to any further legal proceedings.

• In the fourth quarter, the company submitted a supplemental biologics licensing application (sBLA) which was accepted for filing by the FDA for the use of ORENCIA for patients with early rheumatoid arthritis.

• The company announced new data in November from two separate cohort evaluations, which suggest that long-term treatment with BARACLUDE may reduce liver damage caused by chronic hepatitis B. Long-term treatment with BARACLUDE was associated with improved liver histology, including improvement in fibrosis, in chronic hepatitis B patients.

• On October 1, the FDA approved the use of REYATAZ 300 milligram once-daily boosted with ritonavir 100 milligram as part of combination therapy in previously untreated (treatment-naïve) HIV-1 infected patients.

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• In November, the Committee for Medicinal Products for Human Use (CHMP) in Europe issued a negative opinion on the marketing authorization application for IXEMPRA (ixabepilone) in the treatment of patients with metastatic breast cancer. Bristol-Myers Squibb submitted a request for re-examination of the opinion and will continue to work closely with the agency.

• In January 2009, the company announced the approval of SPRYCEL in Japan.

SELECTED BALANCE SHEET AND CASH UPDATE

Bristol-Myers Squibb continues to make significant progress in strengthening its balance sheet and cash position. The company launched a new working capital initiative during the quarter with the goal of improving cash flows by approximately $1 billion by 2010. This will help provide greater flexibility for future strategic investments.

The company’s cash and cash equivalents were $8.0 billion as of December 31, 2008 of which a significant majority was invested in U.S. Treasury Bills and Treasury-backed securities. The company’s net cash position improved to $1.5 billion from $1.2 billion as of September 30. The company received $1.0 billion in the fourth quarter from the sale of its shares of ImClone Systems and also received proceeds from the sale of a non-core businesses.

PRODUCTIVITY TRANSFORMATION UPDATE

In December 2007 and July 2008, Bristol-Myers Squibb announced parts of its overall Productivity Transformation Initiative (PTI) designed to create a total of $2.5 billion in productivity cost savings and avoidance by 2012. The company has identified projects to deliver the entire $2.5 billion and by the end of 2008, had executed actions against projects to deliver approximately $1.2 billion in annual productivity savings.

These successful continuous improvement initiatives encompass all areas of the company including procurement, research and development, supply chain optimization and commercial operations. As planned, the company has streamlined the organization, which has included the reduction of headcount, in alignment with the new BioPharma model. The total charges associated with both previously-announced waves of PTI are estimated to be in the range of $1.3 billion to $1.6 billion, which includes approximately $700 million of costs already incurred.

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BUSINESS DEVELOPMENT UPDATE

Bristol-Myers Squibb continued to move forward with the previously-announced initial public offering of Mead Johnson Nutrition Company and intends to complete the transaction in the first half of 2009.

The company is focused on supplementing its internal research and development portfolio with strategic partnerships and acquisitions. In December, the company announced a global collaboration with Exelixis, Inc. covering two novel molecules for cancer: XL184, a small molecule inhibitor of MET, VEGFR2 and RET, which is currently in Phase III development for medullary thyroid cancer and XL281, a small molecule inhibitor of RAF kinase, which is currently in Phase I development for the treatment of patients with advanced solid tumor malignancies.

The company and its partner AstraZeneca announced the expansion of the companies’ worldwide collaboration to develop and commercialize dapagliflozin in Japan. Dapagliflozin is currently being studied in Phase III clinical trials to assess its efficacy and safety as a once-daily treatment for type 2 diabetes.

On January 12, 2009 the company announced a global collaboration with ZymoGenetics for a PEG-interferon lambda, a novel type 3 interferon currently in Phase Ib development for the treatment of Hepatitis C, and its related development program.

2009 GUIDANCE

Bristol-Myers Squibb has provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 24%.

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 sale of the ConvaTec business, excluding costs associated with the PTI and other specified items that have not yet been identified and quantified.

The non-GAAP 2009 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 discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings;

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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 2009 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 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 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 the sale of businesses and product lines; the sale and leaseback of properties; discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; 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 or further deterioration of the credit and capital 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

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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 appealing of the Circuit 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 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 company whose mission is to extend and enhance human life.

There will be a conference call on January 27, 2009 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 913-312-1265, confirmation code 8272493. 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, 609-252-4611, 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 TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, dollars in millions)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2008		2007		2008		2007
Pharmaceuticals	$	4,542	$	4,388	$	17,715	$	15,622
Nutritionals		707		670		2,882		2,571
Net Sales	$	5,249	$	5,058	$	20,597	$	18,193

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 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 twelve months ended December 31, 2008 compared to the three and twelve months ended December 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 December 31,
Pharmaceuticals
Cardiovascular
Plavix	$	1,469	$	1,374	7	%	$	1,311		$	1,178	11	%	3	%
Avapro/Avalide		316		328	(4	)%		188			183	3	%	(8	)%
Pravachol		27		90	(70	)%		(17	)*		18	(194	)%	(47	)%
Virology
Reyataz		329		334	(1	)%		172			165	4	%	14	%
Sustiva Franchise (total revenue)		300		260	15	%		193			162	19	%	14	%
Baraclude		153		99	55	%		40			29	38	%	43	%
Oncology
Erbitux		182		185	(2	)%		179			182	(2	)%	N/A
Taxol		99		114	(13	)%		4			5	(20	)%	N/A
Sprycel		86		56	54	%		30			17	76	%	18	%
Ixempra		25		15	67	%		23			15	53	%	N/A
Affective (Psychiatric) Disorders
Abilify		606		462	31	%		490			361	36	%	31	%
Immunoscience
Orencia		129		75	72	%		106			66	61	%	N/A
Nutritionals
Enfamil		285		280	2	%		179			179	—		N/A

* Negative sales attributed to increased returns reserve.

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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
Twelve Months Ended December 31
Pharmaceuticals
Cardiovascular
Plavix	$	5,603	$	4,755	18	%	$	4,920		$	4,060	21	%	19	%
Avapro/Avalide		1,290		1,204	7	%		735			692	6	%	(7	)%
Pravachol		203		443	(54	)%		(10	)**		139	(107	)%	(75	)%
Virology
Reyataz		1,292		1,124	15	%		667			587	14	%	14	%
Sustiva Franchise (total revenue)		1,149		956	20	%		724			604	20	%	14	%
Baraclude		541		275	97	%		140			88	59	%	55	%
Oncology
Erbitux		749		692	8	%		739			683	8	%	N/A
Taxol		385		422	(9	)%		6			14	(57	)%	N/A
Sprycel		310		158	96	%		92			58	59	%	36	%
Ixempra		101		15	*			98			15	*		N/A
Affective (Psychiatric) Disorders
Abilify		2,153		1,660	30	%		1,676			1,305	28	%	23	%
Immunoscience
Orencia		441		231	91	%		363			216	68	%	N/A
Nutritionals
Enfamil		1,157		1,082	7	%		715			722	(1	)%	N/A

* In excess of +/- 200%

** Negative sales attributed to increased returns reserve.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2008			2007			2008			2007
Net Sales	$	5,249		$	5,058		$	20,597		$	18,193
Cost of products sold		1,522			1,716			6,396			5,868
Marketing, selling and administrative		1,285			1,256			4,792			4,516
Advertising and product promotion		449			465			1,550			1,415
Research and development		1,143			889			3,585			3,227
Acquired in-process research and development		—			230			32			230
Provision for restructuring, net		151			139			218			183
Litigation expense, net		1			—			33			14
Gain on sale of product lines and businesses		(159	)		—			(159	)		(273	)
Equity in net income of affiliates		(139	)		(131	)		(617	)		(524	)
Other (income)/expense, net(a)		(892	)		322			(704	)		351
Total expenses		3,361			4,886			15,126			15,007
Earnings from Continuing Operations Before Minority Interest and Income Taxes		1,888			172			5,471			3,186
Provision for income taxes		424			147			1,320			682
Minority interest, net of taxes		266			217			996			763
Net Earnings/(Loss) from Continuing Operations		1,198			(192	)		3,155			1,741
Discontinued Operations:
Earnings, net of taxes		6			103			113			424
Gain on Disposal, net of taxes		40			—			1,979			—
		46			103			2,092			424
Net Earnings/(Loss)	$	1,244		$	(89	)	$	5,247		$	2,165
Earnings per Common Share
Basic:
Net Earnings/(Loss) from Continuing Operations	$	0.61		$	(0.10	)	$	1.60		$	0.88
Discontinued Operations:
Earnings, net of taxes		—			0.05			0.05			0.22
Gain on Disposal, net of taxes		0.02			—			1.00			—
Net Earnings/(Loss) per Common Share	$	0.63		$	(0.05	)	$	2.65		$	1.10
Diluted:
Net Earnings/(Loss) from Continuing Operations	$	0.61		$	(0.10	)	$	1.59		$	0.88
Discontinued Operations:
Earnings, net of taxes		—			0.05			0.05			0.21
Gain on Disposal, net of taxes		0.02			—			0.99			—
Net Earnings/(Loss) per Common Share	$	0.63		$	(0.05	)	$	2.63		$	1.09
Average Common Shares Outstanding:
Basic		1,978			1,975			1,977			1,970
Diluted		1,982			1,975			2,001			1,980
(a) Other (income)/expense, net
Interest expense	$	73		$	96		$	310		$	421
Interest income		(19	)		(57	)		(130	)		(241	)
Impairment charge of marketable securities		77			275			324			275
Sale of ImClone shares		(895	)		—			(895	)		—
Foreign exchange transaction (gains)/losses		(42	)		(9	)		(76	)		15
Other, net		(86	)		17			(237	)		(119	)
	$	(892	)	$	322		$	(704	)	$	351

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, dollars in millions)

Three months ended December 31, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	122	$	—	$	—		$	—		$	122
Accelerated depreciation, asset impairment and other shutdown costs		6		—		—		20		—		—			8			34
Pension settlements/curtailments		9		—		—		—		—		—			8			17
Process standardization implementation costs		—		45		—		—		—		—			—			45
Termination of lease contracts		—		—		—		9		—		—			6			15
Gain on sale of product lines and businesses		—		—		—		—		—		(159	)		—			(159	)
		15		45		—		151		—		(159	)		22			74
Litigation Matters:
Litigation settlement		—		—		—		—		1		—			—			1
Insurance recovery		—		—		—		—		—		—			(20	)		(20	)
Other:
Mead Johnson Nutritionals charges		—		31		—		—		—		—			3			34
Upfront and milestone payments		—		—		260		—		—		—			—			260
Asset impairment		27		—		13		—		—		—			—			40
Auction rate securities impairment and (gains)/losses		—		—		—		—		—		—			77			77
Debt buyback and swap terminations		—		—		—		—		—		—			(57	)		(57	)
Gain on sale of ImClone shares		—		—		—		—		—		—			(895	)		(895	)
	$	42	$	76	$	273	$	151	$	1	$	(159	)	$	(870	)		(486	)
Income taxes on items above																		193
Increase to Net Earnings from Continuing Operations																	$	(293	)

12

Three months ended December 31, 2007

	Cost of products sold		Marketing, selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—			110
Process standardization implementation costs		—		5		—		—		—		32			37
		102		13		—		—		139		38			292
Other:
Product liability		—		—		—		—		—		10			10
Upfront and milestone payments and acquired in-process research and development		—		—		5		230		—		—			235
Auction rate securities impairment		—		—		—		—		—		275			275
Accelerated depreciation, asset impairment and contract termination		31		—		—		—		—		23			54
Gain on sale of properties		—		—		—				—		(9	)		(9	)
	$	133	$	13	$	5	$	230	$	139	$	337			857
Income taxes on items above															(70	)
Decrease to Net Earnings from Continuing Operations												$787

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, dollars in millions)

Twelve months ended December 31, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	189	$	—	$	—		$	—		$	189
Accelerated depreciation, asset impairment and other shutdown costs		213		—		—		—		20		—		—			8			241
Pension settlements/curtailments		9		—		—		—		—		—		—			8			17
Process standardization implementation costs		—		109		—		—		—		—		—			—			109
Gain on sale and leaseback of properties		—		—		—		—		—		—		—			(9	)		(9	)
Termination of lease contracts		—		—		—		—		9		—		—			6			15
Gain on sale of product lines and businesses		—		—		—		—		—		—		(159	)		—			(159	)
		222		109		—		—		218		—		(159	)		13			403
Litigation Matters:
Litigation settlement		—		—		—		—		—		33		—			—			33
Insurance recovery		—		—		—		—		—		—		—			(20	)		(20	)
Other:
Mead Johnson Nutritionals charges		—		41		—		—		—		—		—			3			44
Product liability		—		—		—		—		—		—		—			18			18
Upfront and milestone payments and acquired in-process research & development		—		—		348		32		—		—		—			—			380
Asset impairment		27		—		13		—		—		—		—			—			40
Auction rate securities impairment and (gains)/losses		—		—		—		—		—		—		—			324			324
Debt buyback and swap terminations		—		—		—		—		—		—		—			(57	)		(57	)
Gain on sale of ImClone shares		—		—		—		—		—		—		—			(895	)		(895	)
	$	249	$	150	$	361	$	32	$	218	$	33	$	(159	)	$	(614	)		270
Income taxes on items above																				39
Decrease to Net Earnings from Continuing Operations																			$	309

14

Twelve months ended December 31, 2007

	Cost of products sold		Marketing, selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	—	$	—		$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—		—			—			110
Process standardization implementation costs		—		5		—		—		—		—		—			32			37
		102		13		—		—		139		—		—			38			292
Other:
Litigation settlement		—		—		—		—		—		14		—			—			14
Insurance recovery		—		—		—		—		—		—		—			(11	)		(11	)
Product liability		—		—		—		—		—		—		—			15			15
Upfront and milestone payments and acquired in-process research and development		—		—		162		230		—		—		—			—			392
Auction rate securities impairment		—		—		—		—		—		—		—			275			275
Downsizing and streamlining of worldwide operations		—		—		—		—		44		—		—			—			44
Accelerated depreciation, asset impairment and contract termination		77		—		—		—		—		—		—			23			100
Gain on sale of properties and product lines and businesses		—		—		—		—		—		—		(273	)		(9	)		(282	)
	$	179	$	13	$	162	$	230	$	183	$	14	$	(273	)	$	331			839
Income taxes on items above																				(33	)
Change in estimate for taxes on a prior year item																				(39	)
Decrease to Net Earnings from Continuing Operations																			$	767

15

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	GAAP			Q4 2008 Specified Items*		Non GAAP			GAAP			Q4 2007 Specified Items*		Non GAAP
Net Sales	$	5,249				$	5,249		$	5,058				$	5,058
Cost of Products Sold		1,522		(42	)		1,480			1,716		(133	)		1,583
Gross Profit		3,727		42			3,769			3,342		133			3,475
Gross Margin as a % of Sales		71.0	%	0.8	%		71.8	%		66.1	%	2.6	%		68.7	%
Marketing Selling and Admin		1,285		(76	)		1,209			1,256		(13	)		1,243
Advertising and Product Promotion		449		—			449			465		—			465
Total SGA		1,734		(76	)		1,658			1,721		(13	)		1,708
SG&A as a % of Sales		33.0	%	(1.4	)%		31.6	%		34.0	%	(0.2	)%		33.8	%
R&D		1,143		(273	)		870			889		(5	)		884
R&D as a % of Sales		21.8	%	(5.2	)%		16.6	%		17.6	%	(0.1	)%		17.5	%
Acquired in-process research and development		—		—			—			230		(230	)		—
Provision for restructuring, net		151		(151	)		—			139		(139	)		—
Litigation expense, net		1		(1	)		—			—		—			—
Gain on sale of product lines and businesses		(159	)	159			—			—		—			—
Equity in Net Income of Affiliates		(139	)	—			(139	)		(131	)	—			(131	)
Other (income)/expense, net		(892	)	870			(22	)		322		(337	)		(15	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	1,888		(486	)	$	1,402		$	172		857		$	1,029
Provision for income taxes		424		(193	)		231			147		70			217
Minority Interest, net of taxes		266		—			266			217		—			217
Net Earnings/(Loss) – Continuing Operations		1,198		(293	)		905			(192	)	787			595
Net Earnings – Discontinued Ops		46		—			46			103		—			103
Net Earnings/(Loss)	$	1,244		(293	)	$	951		$	(89	)	787		$	698
Interest Exp on Conv. Of Conv Debt Bonds		—					—			—					10
Net Earnings/(Loss) used for Diluted EPS Calc – Continuing Operations.	$	1,198		(293	)	$	905		$	(192	)			$	605
Avg Shares (Diluted)		1,982					1,982			1,975					2,014
Diluted EPS – Continuing Operations	$	0.61		(0.15	)	$	0.46		$	(0.10	)	0.40		$	0.30
Net Earnings – Continuing Operations as a % Of sales		22.8	%	(5.6	)%		17.2	%		(3.8	)%	15.6	%		11.8	%
Effective Tax Rate		22.5	%	(6.0	)%		16.5	%		85.5	%	(64.4	)%		21.1	%

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

16

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

(Unaudited, amounts in millions except per share data)

	GAAP			YTD 2008 Specified Items*		Non GAAP			GAAP			YTD 2007 Specified Items*		Non GAAP
Net Sales	$	20,597				$	20,597		$	18,193				$	18,193
Cost of Products Sold		6,396		(249	)		6,147			5,868		(179	)		5,689
Gross Profit		14,201		249			14,450			12,325		179			12,504
Gross Margin as a % of Sales		68.9	%	1.3	%		70.2	%		67.7	%	1.0	%		68.7	%
Marketing Selling and Admin		4,792		(150	)		4,642			4,516		(13	)		4,503
Advertising and Product Promotion		1,550		—			1,550			1,415		—			1,415
Total SGA		6,342		(150	)		6,192			5,931		(13	)		5,918
SG&A as a % of Sales		30.8	%	(0.7	%)		30.1	%		32.6	%	(0.1	)%		32.5	%
R&D		3,585		(361	)		3,224			3,227		(162	)		3,065
R&D as a % of Sales		17.4	%	(1.7	%)		15.7	%		17.7	%	(0.9	)%		16.8	%
Acquired in-process research and development		32		(32	)		—			230		(230	)		—
Provision for restructuring, net		218		(218	)		—			183		(183	)		—
Litigation expense, net		33		(33	)		—			14		(14	)		—
Gain on sale of product lines and businesses		(159	)	159			—			(273	)	273			—
Equity in Net Income of Affiliates		(617	)	—			(617	)		(524	)	—			(524	)
Other (income)/expense, net		(704	)	614			(90	)		351		(331	)		20
Earnings from Continuing Operations Before Minority Interest & Taxes	$	5,471		270		$	5,741		$	3,186		839		$	4,025
Provision for income taxes		1,320		(39	)		1,281			682		72			754
Minority Interest, net of taxes		996		—			996			763		—			763
Net Earnings – Continuing Operations		3,155		309			3,464			1,741		767			2,508
Net Earnings – Discontinued Ops		2,092		—			2,092			424		—			424
Net Earnings	$	5,247		309		$	5,556		$	2,165		767		$	2,932
Interest Exp on Conv. Of Conv Debt Bonds		16		—			16			—		—			38
Net Earnings used for Diluted EPS Calc – Continuing Operations.	$	3,171		309		$	3,480		$	1,741				$	2,546
Avg Shares (Diluted)		2,001					2,001			1,980					2,009
Diluted EPS – Continuing Operations	$	1.59		0.15		$	1.74		$	0.88		0.39		$	1.27
Net Earnings – Continuing Operations as a % of sales		15.3	%	1.5	%		16.8	%		9.6	%	4.2	%		13.8	%
Effective Tax Rate		24.1	%	(1.8	%)		22.3	%		21.4	%	(2.7	)%		18.7	%

* Please refer to the Specified Items schedules for further details

17

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF DECEMBER 31, 2008 AND SEPTEMBER 30, 2008

(Unaudited, dollars in millions)

	December 31, 2008			September 30, 2008
Cash and cash equivalents	$	7,976		$	7,173
Marketable securities-current		289			258
Short-term borrowings		(154	)		(135	)
Long-term debt		(6,585	)		(6,120	)
Net cash	$	1,526		$	1,176

18

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT

($ in millions)

Net Sales	2007														2008														% Change		FX Impact
	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
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	$	4,542	$	17,715	4%	13%	-4%	2%
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		2,809		10,565	13%	18%	N/A	N/A
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		1,552		5,959	6%	13%	N/A	N/A
Oncology/Virology		504		511		1,015		539		1,554		602		2,156		619		633		1,252		641		1,893		655		2,548	9%	18%	N/A	N/A
Neuroscience		298		327		625		336		961		368		1,329		352		407		759		440		1,199		497		1,696	35%	28%	N/A	N/A
Immunoscience		40		53		93		57		150		66		216		73		87		160		97		257		105		362	59%	68%	N/A	N/A
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		1,034		4,337	-5%	12%	-10%	6%
Latin America/Canada		297		311		608		331		939		396		1,335		316		333		649		342		991		311		1,302	-21%	-2%	-12%	1%
Asia/Pacific Medicines		289		333		622		319		941		377		1,318		323		365		688		352		1,040		364		1,404	-3%	7%	—	6%
Nutritionals		606		620		1,226		675		1,901		670		2,571		703		728		1,431		744		2,175		707		2,882	6%	12%	-5%	2%
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		5,249		20,597	4%	13%	-4%	2%
Discontinued Operations		413		457		870		449		1,319		465		1,784		308		330		638		127		765		5		770	-99%	-57%	—	3%
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	$	5,254	$	21,367	-5%	7%	-3%	2%

% 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%	86.4%	82.9%	700		470
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%	53.5%	49.4%	830		460
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%	29.5%	27.9%	310		160
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%	12.5%	11.9%	160		110
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%	9.5%	7.9%	280		120
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%	2.0%	1.7%	80		70
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%	19.7%	20.3%	—		90
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%	5.9%	6.1%	(130	)	(60	)
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%	6.9%	6.6%	10		—
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%	13.5%	13.5%	130		60
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%	99.9%	96.4%	830		530
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%	0.1%	3.6%	(830	)	(530	)
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%	100.0%	100.0%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008

($ in millions)

QUARTER-TO-DATE
CONTINUING OPERATIONS
	US*		Non-US*		Total
Price Increases/(Decreases)		7%		2%		5%
Foreign Exchange		—		-5%		-4%
Volume		4%		-3%		3%
Total Change		11%		-6%		4%
Total 2008 Period to Date Sales	$	3,189	$	2,060	$	5,249
Total 2007 Period to Date Sales	$	2,874	$	2,184	$	5,058
PHARMACEUTICALS
	US		Non-US		Total
Price Increases/(Decreases)		8%		—		5%
Foreign Exchange		—		-8%		-4%
Volume		5%		-1%		3%
Total Change		13%		-9%		4%
Total 2008 Period to Date Sales	$	2,819	$	1,723	$	4,542
Total 2007 Period to Date Sales	$	2,503	$	1,885	$	4,388
NUTRITIONALS
	US		Non-US		Total
Price Increases/(Decreases)		1%		12%		7%
Foreign Exchange		—		-8%		-5%
Volume		-2%		6%		4%
Total Change		-1%		10%		6%
Total 2008 Period to Date Sales	$	272	$	435	$	707
Total 2007 Period to Date Sales	$	275	$	395	$	670

* This table presents Continuing Operations sales on a legal entity basis and segment and product sales on a country management reported basis. As a result, the sum of the segment sales does not tie to Continuing Operations sales.

2

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED DECEMBER 31, 2008

($ in millions)

YEAR-TO-DATE
CONTINUING OPERATIONS
	US*		Non-US*		Total
Price Increases/(Decreases)		7%		1%		4%
Foreign Exchange		—		6%		2%
Volume		9%		3%		7%
Total Change		16%		10%		13%
Total 2008 Period to Date Sales	$	12,042	$	8,555	$	20,597
Total 2007 Period to Date Sales	$	10,422	$	7,771	$	18,193
PHARMACEUTICALS
	US		Non-US		Total
Price Increases/(Decreases)		7%		-1%		3%
Foreign Exchange		—		5%		2%
Volume		11%		3%		8%
Total Change		18%		7%		13%
Total 2008 Period to Date Sales	$	10,611	$	7,104	$	17,715
Total 2007 Period to Date Sales	$	8,992	$	6,630	$	15,622
NUTRITIONALS
	US		Non-US		Total
Price Increases/(Decreases)		4%		12%		8%
Foreign Exchange		—		3%		2%
Volume		-6%		8%		2%
Total Change		-2%		23%		12%
Total 2008 Period to Date Sales	$	1,108	$	1,774	$	2,882
Total 2007 Period to Date Sales	$	1,128	$	1,443	$	2,571

* This table presents Continuing Operations sales on a legal entity basis and segment and product sales on a country management reported basis. As a result, the sum of the segment sales does not tie to Continuing Operations sales.

3

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		$	5,249		$	20,597		4%	13%
Cost of products sold		1,266			1,408			2,674			1,478			4,152			1,716			5,868			1,570			1,670			3,240			1,634			4,874			1,522			6,396		-11%	9%
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			1,285			4,792		2%	6%
Advertising and product promotion		258			354			612			338			950			465			1,415			319			420			739			362			1,101			449			1,550		-3%	10%
Research and development		781			755			1,536			802			2,338			889			3,227			782			826			1,608			834			2,442			1,143			3,585		29%	11%
Acquired in-process research and development		—			—			—			—			—			230			230			—			32			32			—			32			—			32		-100%	-86%
Provision for restructuring, net		37			7			44			—			44			139			183			11			30			41			26			67			151			218		9%	19%
Litigation expense, net		—			14			14			—			14			—			14			—			2			2			30			32			1			33		—	136%
Gain on sale of product lines and businesses		—			(26	)		(26	)		(247	)		(273	)		—			(273	)		—			—			—			—			—			(159	)		(159	)	—	42%
Equity in net income of affiliates		(126	)		(128	)		(254	)		(139	)		(393	)		(131	)		(524	)		(164	)		(150	)		(314	)		(164	)		(478	)		(139	)		(617	)	-6%	-18%
Other expense/(income), net		22			(1	)		21			8			29			322			351			32			(13	)		19			169			188			(892	)		(704	)	*	*
Total expenses		3,290			3,486			6,776			3,345			10,121			4,886			15,007			3,684			3,982			7,666			4,099			11,765			3,361			15,126		-31%	1%
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	773		$	985		$	1,758		$	1,256		$	3,014		$	172		$	3,186		$	1,207		$	1,221		$	2,428		$	1,155		$	3,583		$	1,888		$	5,471		*	72%
Provision for income taxes		40			203			243			292			535			147			682			330			258			588			308			896			424			1,320		188%	94%
Minority interest, net of taxes		141			194			335			211			546			217			763			230			241			471			259			730			266			996		23%	31%
Net Earnings/(Loss)—Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)	$	1,741		$	647		$	722		$	1,369		$	588		$	1,957		$	1,198		$	3,155		*	81%
Discontinued Operations		98			118			216			105			321			103			424			14			42			56			1,990			2,046			46			2,092		-55%	*
Net Earnings/(Loss)	$	690		$	706		$	1,396		$	858		$	2,254		$	(89	)	$	2,165		$	661		$	764		$	1,425		$	2,578		$	4,003		$	1,244		$	5,247		*	142%
Net Earnings/(Loss)—Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)(a)	$	1,741	(b)	$	647		$	722		$	1,369		$	588		$	1,957		$	1,198		$	3,155		*	81%
Interest expense on conversion of convertible debt bonds, net of tax		9			9			18			10			28			—			—			8			4			12			4			16			—			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		$	1,198		$	3,171		*	82%
Diluted Earnings/(Loss) per Common Share**—Continuing Operations	$	0.30		$	0.30		$	0.60		$	0.38		$	0.98		$	(0.10	)	$	0.88		$	0.32		$	0.36		$	0.69		$	0.30		$	0.98		$	0.61		$	1.59		*	81%
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			0.02			1.04		-60%	*
Diluted Earnings/(Loss) per Common Share**	$	0.35		$	0.36		$	0.71		$	0.43		$	1.14		$	(0.05	)	$	1.09		$	0.33		$	0.38		$	0.72		$	1.29		$	2.00		$	0.63		$	2.63		*	141%
Average Common Shares Outstanding—Diluted		1,997			2,006			2,002			2,012			2,005			1,975			1,980			2,008			2,008			2,007			2,004			2,006			1,982			2,001		—	1%
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		$	0.31		$	1.24		—	8%

% 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%	71.0%	68.9%	490		120
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%	29.0%	31.1%	(490	)	(120	)
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%	24.5%	23.3%	(30	)	(150	)
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%	8.6%	7.5%	(60	)	(30	)
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%	21.8%	17.4%	420		(30	)
Acquired in-process research and development	—	—	—	—	—	4.5%	1.3%	—	—	0.3%	—	0.2%	—	0.2%	(450	)	(110	)
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%	64.0%	73.4%	(3,260	)	(910	)
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%	36.0%	26.6%	3,260		910
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%	22.8%	15.3%	2,660		570
Other Ratios
Effective Tax Rate	5.2%	20.6%	13.8%	23.2%	17.8%	85.5%	21.4%	27.3%	21.1%	24.2%	26.7%	25.0%	22.5%	24.1%	(6,300	)	270

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		$	73		$	310		-24%	-26%
Interest income		(53	)		(62	)		(115	)		(69	)		(184	)		(57	)		(241	)		(43	)		(31	)		(74	)		(37	)		(111	)		(19	)		(130	)	67%	46%
Impairment charge of marketable securities		—			—			—			—			—			275			275			25			(2	)		23			224			247			77			324		-72%	18%
Sale of ImClone shares		—			—			—			—			—			—			—			—			—			—			—			—			(895	)		(895	)	—	—
Foreign exchange transaction (gains)/losses		8			(5	)		3			21			24			(9	)		15			19			(2	)		17			(51	)		(34	)		(42	)		(76	)	*	*
Other, net		(42	)		(41	)		(83	)		(53	)		(136	)		17			(119	)		(42	)		(58	)		(100	)		(51	)		(151	)		(86	)		(237	)	*	-99%
	$	22		$	(1	)	$	21		$	8		$	29		$	322		$	351		$	32		$	(13	)	$	19		$	169		$	188		$	(892	)	$	(704	)	*	*

* 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.

4

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP GROWTH PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED DECEMBER 31, 2008

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	Growth %		FX Impact		Growth % Excluding FX
Net Sales	4	%	-4	%	8	%
Marketing, selling and administrative	2	%	5	%	7	%
Advertising and product promotion	-3	%	3	%	—
Research and development	29	%	2	%	31	%
YEAR-TO-DATE
	Growth %		FX Impact		Growth % Excluding FX
Net Sales	13	%	2	%	11	%
Marketing, selling and administrative	6	%	-2	%	4	%
Advertising and product promotion	10	%	-2	%	8	%
Research and development	11	%	-1	%	10	%

5

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	$	3,301	$	12,484	12%	16%
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		3,334		12,724	8%	16%
Nutritionals		391		392		783		427		1,210		415		1,625		452		460		912		458		1,370		438		1,808	6%	11%
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%		72.7%		70.5%	530	160
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%		73.4%		71.8%	300	170
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%		62.0%		62.7%	10	-50
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	$	1,139	$	4,988	72%	44%
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		1,479		5,661	42%	40%
Nutritionals		173		167		340		196		536		172		708		231		214		445		200		645		185		830	8%	17%
Nutritionals Excluding Specified Items **		173		167		340		196		536		172		708		231		214		445		204		649		198		847	15%	20%
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%		25.1%		28.2%	1000	600
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%		32.6%		32.0%	890	610
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%		26.2%		28.8%	50	130
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%		28.0%		29.4%	230	190

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	$	3,301	$	12,484	12%	16%
Specified Items:
Productivity Transformation Initiative		—		—		—		—		—		102		102		96		58		154		53		207		6		213	-94%	109%
Downsizing and streamlining of worldwide operations		16		13		29		17		46		31		77		—		—		—		—		—		—		—	-100%	-100%
Asset impairment		—		—		—		—		—		—		—		—		—		—		—		—		27		27	—	—
Subtotal		16		13		29		17		46		133		179		96		58		154		53		207		33		240	-75%	34%
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	$	3,334	$	12,724	8%	16%
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	$	1,139	$	4,988	72%	44%
Specified Items:
Productivity Transformation Initiative		—		—		—		—		—		110		110		98		59		157		56		213		40		253	-64%	130%
Upfront and milestone payments and acquired in-process research and development		80		17		97		60		157		235		392		20		63		83		37		120		260		380	11%	-3%
Asset Impairment		—		—		—		—		—		—		—		—		—		—		—		—		40		40	—	—
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		340		673	-10%	16%
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		1,479	$	5,661	42%	40%
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	$	185	$	830	8%	17%
Specified Items:
Mead Johnson Nutritionals charges		—		—		—		—		—		—		—		—		—		—		4		4		13		17	—	—
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	173	$	167	$	340	$	196	$	536	$	172	$	708	$	231	$	214	$	445	$	204	$	649	$	198	$	847	15%	20%

* In Excess of +/- 200%

** There were no specified items relating to Nutritionals 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.

6

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008														% Change		FX Impact
	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	$	4,063	$	4,471	$	8,534	$	4,601	$	13,135	$	5,058	$	18,193	$	4,891	$	5,203	$	10,094	$	5,254	$	15,348	$	5,249	$	20,597	4%	13%	-4%	2%
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		4,542		17,715	4%	13%	-4%	2%
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		1,937		7,631	—	9%
Plavix		938		1,189		2,127		1,254		3,381		1,374		4,755		1,308		1,387		2,695		1,439		4,134		1,469		5,603	7%	18%	-2%	1%
Avapro/ Avalide		270		297		567		309		876		328		1,204		305		335		640		334		974		316		1,290	-4%	7%	-6%	2%
Pravachol		135		132		267		86		353		90		443		73		69		142		34		176		27		203	-70%	-54%	-5%	2%
Virology		590		608		1,198		647		1,845		752		2,597		734		791		1,525		824		2,349		812		3,161	8%	22%
Reyataz		263		254		517		273		790		334		1,124		297		324		621		342		963		329		1,292	-1%	15%	-5%	2%
Sustiva Franchise(a)		226		233		459		237		696		260		956		273		282		555		294		849		300		1,149	15%	20%	-4%	2%
Baraclude		45		59		104		72		176		99		275		108		136		244		144		388		153		541	55%	97%	-5%	6%
Oncology		355		360		715		402		1,117		445		1,562		436		474		910		447		1,357		462		1,819	4%	16%
Erbitux		160		162		322		185		507		185		692		187		196		383		184		567		182		749	-2%	8%	—	—
Taxol		111		95		206		102		308		114		422		94		101		195		91		286		99		385	-13%	-9%	5%	8%
Sprycel		21		35		56		46		102		56		158		66		76		142		82		224		86		310	54%	96%	-13%	5%
Ixempra		—		—		—		—		—		15		15		25		26		51		25		76		25		101	67%	*	—	*
Affective (Psychiatric) Disorders		408		458		866		467		1,333		511		1,844		498		575		1,073		607		1,680		641		2,321	25%	26%
Abilify(b)		366		412		778		420		1,198		462		1,660		454		529		983		564		1,547		606		2,153	31%	30%	-3%	1%
Immunoscience		41		55		96		60		156		75		231		87		106		193		119		312		129		441	72%	91%
Orencia		41		55		96		60		156		75		231		87		106		193		119		312		129		441	72%	91%	-4%	1%
NUTRITIONALS		606		620		1,226		675		1,901		670		2,571		703		728		1,431		744		2,175		707		2,882	6%	12%	-5%	2%
Enfamil		254		267		521		281		802		280		1,082		290		287		577		295		872		285		1,157	2%	7%	-3%	1%

* 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.

7

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	$	3,189		$	12,042		11%	16%
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		2,819			10,611		13%	18%
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		1,522			5,800		7%	14%
Plavix		787		1,015		1,802		1,080		2,882		1,178		4,060		1,139		1,207		2,346		1,263			3,609		1,311			4,920		11%	21%	3%	19%
Avapro/ Avalide		163		170		333		176		509		183		692		174		184		358		189			547		188			735		3%	6%	-8%	-7%
Pravachol		57		47		104		17		121		18		139		15		10		25		(18	)(c)		7		(17	)(c)		(10	)(c)	-194%	-107%	-47%	-75%
Virology		319		323		642		328		970		371		1,341		378		376		754		405			1,159		407			1,566		10%	17%
Reyataz		143		138		281		141		422		165		587		160		159		319		176			495		172			667		4%	14%	14%	14%
Sustiva Franchise(a)		144		147		291		151		442		162		604		175		171		346		185			531		193			724		19%	20%	14%	14%
Baraclude		17		20		37		22		59		29		88		29		35		64		36			100		40			140		38%	59%	43%	55%
Oncology		182		187		369		208		577		230		807		237		254		491		234			725		246			971		7%	20%
Erbitux		158		160		318		183		501		182		683		185		193		378		182			560		179			739		-2%	8%	N/A	N/A
Taxol		4		4		8		1		9		5		14		—		3		3		(1	)(c)		2		4			6		-20%	-57%	N/A	N/A
Sprycel		10		14		24		17		41		17		58		20		21		41		21			62		30			92		76%	59%	18%	36%
Ixempra		—		—		—		—		—		15		15		25		26		51		24			75		23			98		53%	*	N/A	N/A
Affective (Psychiatric) Disorders		305		333		638		346		984		373		1,357		359		413		772		449			1,221		502			1,723		35%	27%
Abilify(b)		293		322		615		329		944		361		1,305		348		403		751		435			1,186		490			1,676		36%	28%	31%	23%
Immunoscience		40		53		93		57		150		66		216		73		87		160		97			257		106			363		61%	68%
Orencia		40		53		93		57		150		66		216		73		87		160		97			257		106			363		61%	68%	N/A	N/A
NUTRITIONALS		274		275		549		304		853		275		1,128		288		273		561		275			836		272			1,108		-1%	-2%
Enfamil		171		177		348		195		543		179		722		183		175		358		178			536		179			715		—	-1%	N/A	N/A

* In excess of +/-200%.

** This table presents Continuing Operations 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 Continuing Operations 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.

(c) Negative net sales attributed to increased returns reserve.

8

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008														% Change		FX Impact
	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	$	1,781	$	1,888	$	3,669	$	1,918	$	5,587	$	2,184	$	7,771	$	2,068	$	2,237	$	4,305	$	2,190	$	6,495	$	2,060	$	8,555	-6%	10%	-5%	6%
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		1,723		7,104	-9%	7%	-8%	5%
Cardiovascular		430		484		914		477		1,391		512		1,903		457		490		947		469		1,416		415		1,831	-19%	-4%
Plavix		151		174		325		174		499		196		695		169		180		349		176		525		158		683	-19%	-2%	-12%	3%
Avapro/ Avalide		107		127		234		133		367		145		512		131		151		282		145		427		128		555	-12%	8%	-13%	4%
Pravachol		78		85		163		69		232		72		304		58		59		117		52		169		44		213	-39%	-30%	-6%	4%
Virology		271		285		556		319		875		381		1,256		356		415		771		419		1,190		405		1,595	6%	27%
Reyataz		120		116		236		132		368		169		537		137		165		302		166		468		157		625	-7%	16%	-9%	5%
Sustiva Franchise(a)		82		86		168		86		254		98		352		98		111		209		109		318		107		425	9%	21%	-9%	4%
Baraclude		28		39		67		50		117		70		187		79		101		180		108		288		113		401	61%	114%	-7%	9%
Oncology		173		173		346		194		540		215		755		199		220		419		213		632		216		848	—	12%
Erbitux		2		2		4		2		6		3		9		2		3		5		2		7		3		10	—	11%	-4%	—
Taxol		107		91		198		101		299		109		408		94		98		192		92		284		95		379	-13%	-7%	6%	8%
Sprycel		11		21		32		29		61		39		100		46		55		101		61		162		56		218	44%	118%	-19%	8%
Ixempra		—		—		—		—		—		—		—		—		—		—		1		1		2		3	—	—	—	—
Affective (Psychiatric) Disorders		103		125		228		121		349		138		487		139		162		301		158		459		139		598	1%	23%
Abilify(b)		73		90		163		91		254		101		355		106		126		232		129		361		116		477	15%	34%	-13%	7%
Immunoscience		1		2		3		3		6		9		15		14		19		33		22		55		23		78	156%	*
Orencia		1		2		3		3		6		9		15		14		19		33		22		55		23		78	156%	*	-31%	20%
NUTRITIONALS		332		345		677		371		1,048		395		1,443		415		455		870		469		1,339		435		1,774	10%	23%	-8%	3%
Enfamil		83		90		173		86		259		101		360		107		112		219		117		336		106		442	5%	23%	-8%	4%

* In excess of +/- 200%

** This table presents Continuing Operations 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 Continuing Operations 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.

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008

(Unaudited, amounts in millions except per share data)

	Q4 2008
	GAAP			Specified Items*			Non GAAP
Net Sales	$	5,249			—		$	5,249
Cost of products sold		1,522			(42	)		1,480
Gross Profit		3,727			42			3,769
Gross margin as a % of sales		71.0	%		0.8	%		71.8	%
Marketing, selling and administrative		1,285			(76	)		1,209
Advertising and product promotion		449			—			449
Total SGA		1,734			(76	)		1,658
SG&A as a % of sales		33.0	%		(1.4	%)		31.6	%
Research and development		1,143			(273	)		870
R&D as a % of sales		21.8	%		(5.2	%)		16.6	%
Provision for restructuring, net		151			(151	)		—
Litigation expense, net		1			(1	)		—
Gain on sale of product lines and businesses		(159	)		159			—
Equity in net income of affiliates		(139	)		—			(139	)
Other income, net		(892	)		870			(22	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	1,888			(486	)	$	1,402
Provision for income taxes		424			(193	)		231
Minority Interest, net of taxes		266			—			266
Net Earnings—Continuing Operations	$	1,198			(293	)	$	905
Net Earnings—Discontinued Operations		46						46
Net Earnings	$	1,244			(293	)	$	951
Net Earnings—Continuing Operations	$	1,198			(293	)	$	905
Interest expense on conversion of convertible debt bonds, net of tax		—						—
Net Earnings used for diluted earnings per common share calculation—Continuing Operations	$	1,198		$	(293	)	$	905
Average Common Shares Outstanding—Diluted		1,982						1,982
Diluted Earnings per Common Share—Continuing Operations	$	0.61			(0.15	)	$	0.46
Net Earnings—Continuing Operations as a % of sales		22.8	%		(5.6	%)		17.2	%
Effective Tax Rate		22.5	%		(6.0	%)		16.5	%

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

10

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008

(Unaudited, amounts in millions except per share data)

	DECEMBER YTD 2008
	GAAP			Specified Items*			Non GAAP
Net Sales	$	20,597			—		$	20,597
Cost of products sold		6,396			(249	)		6,147
Gross Profit		14,201			249			14,450
Gross margin as a % of sales		68.9	%		1.3	%		70.2	%
Marketing, selling and administrative		4,792			(150	)		4,642
Advertising and product promotion		1,550			—			1,550
Total SGA		6,342			(150	)		6,192
SG&A as a % of sales		30.8	%		(0.7	%)		30.1	%
Research and development		3,585			(361	)		3,224
R&D as a % of sales		17.4	%		(1.7	%)		15.7	%
Acquired in-process research and development		32			(32	)		—
Provision for restructuring, net		218			(218	)		—
Litigation expense, net		33			(33	)		—
Gain on sale of product lines and businesses		(159	)		159			—
Equity in net income of affiliates		(617	)		—			(617	)
Other income, net		(704	)		614			(90	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	5,471			270		$	5,741
Provision for income taxes		1,320			(39	)		1,281
Minority Interest, net of taxes		996			—			996
Net Earnings—Continuing Operations	$	3,155			309		$	3,464
Net Earnings—Discontinued Operations		2,092						2,092
Net Earnings	$	5,247			309		$	5,556
Net Earnings—Continuing Operations	$	3,155			309		$	3,464
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	$	3,171		$	309		$	3,480
Average Common Shares Outstanding—Diluted		2,001						2,001
Diluted Earnings per Common Share—Continuing Operations	$	1.59			0.15		$	1.74
Net Earnings—Continuing Operations as a % of sales		15.3	%		1.5	%		16.8	%
Effective Tax Rate		24.1	%		(1.8	%)		22.3	%

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

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008 AND 2007

($ in millions)

Three months ended December 31, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	122	$	—	$	—		$	—		$	122
Accelerated depreciation, asset impairment, and other shutdown costs		6		—		—		—		20		—		—			8			34
Pension settlements/curtailments		9		—		—		—		—		—		—			8			17
Process standardization implementation costs		—		45		—		—		—		—		—			—			45
Termination of lease contracts		—		—		—		—		9		—		—			6			15
Gain on sale of product lines and businesses		—		—		—		—		—		—		(159	)		—			(159	)
		15		45		—		—		151		—		(159	)		22			74
Litigation Matters:
Litigation settlement		—		—		—		—		—		1					—			1
Insurance Recovery		—		—		—		—		—		—		—			(20	)		(20	)
Other:
Mead Johnson Nutritionals charges		—		31		—		—		—		—		—			3			34
Upfront and milestone payments		—		—		260		—		—		—		—			—			260
Asset impairment		27		—		13		—		—		—		—			—			40
Auction rate securities impairment and (gains)/losses		—		—		—		—		—		—		—			77			77
Debt buyback and swap terminations		—		—		—		—		—		—		—			(57	)		(57	)
Gain on sale of ImClone shares		—		—		—		—		—		—		—			(895	)		(895	)
	$	42	$	76	$	273	$	—	$	151	$	1	$	(159	)	$	(870	)		(486	)
Income taxes on items above																				193
Increase to Net Earnings from Continuing Operations																			$	(293	)
Three months ended December 31, 2007
	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	—	$	—		$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—		—			—			110
Process standardization implementation costs		—		5		—		—		—		—		—			32			37
		102		13		—		—		139		—		—			38			292
Other:
Product liability		—		—		—		—		—		—		—			10			10
Upfront and milestone payments and acquired in-process research and development		—		—		5		230		—		—		—			—			235
Auction rate securities impairment		—		—		—		—		—		—		—			275			275
Accelerated depreciation, asset impairment and contract termination		31		—		—		—		—		—		—			23			54
Gain on sale of properties		—		—		—		—		—		—		—			(9	)		(9	)
	$	133	$	13	$	5	$	230	$	139	$	—	$	—		$	337			857
Income taxes on items above																				(70	)
Decrease to Net Earnings from Continuing Operations																			$	787

12

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007

($ in millions)

Twelve months ended December 31, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	189	$	—	$	—		$	—		$	189
Accelerated depreciation, asset impairment, and other shutdown costs		213		—		—		—		20		—		—			8			241
Pension settlements/curtailments		9		—		—		—		—		—		—			8			17
Process standardization implementation costs		—		109		—		—		—		—		—			—			109
Gain on sale and leaseback of properties		—		—		—		—		—		—		—			(9	)		(9	)
Termination of lease contracts		—		—		—		—		9		—		—			6			15
Gain on sale of product lines and businesses		—		—		—		—		—		—		(159	)		—			(159	)
		222		109		—		—		218		—		(159	)		13			403
Litigation Matters:
Litigation settlement		—		—		—		—		—		33		—			—			33
Insurance Recovery		—		—		—		—		—		—		—			(20	)		(20	)
Other:
Mead Johnson Nutritionals charges		—		41		—		—		—		—		—			3			44
Product liability		—		—		—		—		—		—		—			18			18
Upfront and milestone payments and acquired in-process research and development		—		—		348		32		—		—		—			—			380
Asset impairment		27		—		13		—		—		—		—			—			40
Auction rate securities impairment and (gains)/losses		—		—		—		—		—		—		—			324			324
Debt buyback and swap terminations		—		—		—		—		—		—		—			(57	)		(57	)
Gain on sale of ImClone shares		—		—		—		—		—		—		—			(895	)		(895	)
	$	249	$	150	$	361	$	32	$	218	$	33	$	(159	)	$	(614	)		270
Income taxes on items above																				39
Decrease to Net Earnings from Continuing Operations																			$	309
Twelve months ended December 31, 2007
	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		Gain on sale of product lines and businesses			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	—	$	—		$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—		—			—			110
Process standardization implementation costs		—		5		—		—		—		—		—			32			37
		102		13		—		—		139		—		—			38			292
Other:
Litigation settlement		—		—		—		—		—		14		—			—			14
Insurance recovery		—		—		—		—		—		—		—			(11	)		(11	)
Product liability		—		—		—		—		—		—		—			15			15
Upfront and milestone payments and acquired in-process research and development		—		—		162		230		—		—		—			—			392
Auction rate securities impairment		—		—		—		—		—		—		—			275			275
Downsizing and streamlining of worldwide operations		—		—		—		—		44		—		—			—			44
Accelerated depreciation, asset impairment and contract termination		77		—		—		—		—		—		—			23			100
Gain on sale of properties and product lines and businesses		—		—		—		—		—		—		(273	)		(9	)		(282	)
	$	179	$	13	$	162	$	230	$	183	$	14	$	(273	)	$	331			839
Income taxes on items above																				(33	)
Change in estimate for taxes on a prior year specified item																				(39	)
Decrease to Net Earnings from Continuing Operations																			$	767

13

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	$	8,265
Short-term borrowings		241			256			1,879			1,891			1,781			1,799			135		154
Long-term debt		7,132			6,978			4,248			4,381			4,660			6,021			6,120		6,585
Net (debt) / cash	$	(3,361	)	$	(2,588	)	$	(2,545	)	$	(4,047	)	$	(3,804	)	$	(3,418	)	$	1,176	$	1,526
Receivables, net of allowances	$	3,381		$	3,632		$	3,704		$	4,240		$	4,541		$	4,469		$	4,224	$	4,276
Stockholders’ equity		10,261			10,762			11,153			10,562			10,561			10,779			12,938		12,241
Capital expenditures and capitalized software (for the quarter ended)		202			206			185			248			250			210			196		285

14

BRISTOL-MYERS SQUIBB COMPANY

2009 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2009
Projected Diluted Earnings per Common Share—GAAP	$	1.58 to $1.73
Projected Specified Items:
Productivity Transformation Initiative		0.18
Upfront and milestone payments		0.07
Mead Johnson Nutritionals charges		0.01
Gain on Sale of Assets		(0.01	)
Change in Estimate for Taxes		0.02
Total		0.27
Projected Diluted Earnings per Common Share—Non-GAAP	$	1.85 to $2.00

Revenue growth is projected in the low single digit range, which based on historical trends in 2008 would be in the mid to high single digit range, excluding foreign exchange.

Gross margin on a GAAP basis for the full year 2008 was 68.9%, which included specified items of $249 million and had a 1.3% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2008 gross margin was 70.2%. On a non-GAAP basis, based on historical trends in 2008 the Company projects gross margin for the full year 2009 to improve slightly compared to 2008. 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—December YTD tab.

Research and development expenses on a GAAP basis for the full year 2008 were $3,617 million, which included specified items of $393 million. On a non-GAAP basis, for the full year 2008 research and development expenses were $3,224 million. On a non-GAAP basis, based on historical trends in 2008 the Company projects research and development expenses for the full year 2009 to increase in the mid single digit range compared to 2008. 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—December YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the full year 2008 were $4,792 million, which included specified items of $150 million. On a non-GAAP basis, for the full year 2008 marketing, selling and administrative expenses were $4,642 million. On a non-GAAP basis, based on historical trends in 2008 the Company projects marketing, selling and administrative expenses, for the full year 2009 to be down in low to mid single digit range compared to 2008. 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—December YTD tab.

The effective tax rate on a GAAP basis for the full year 2008 was 24.1%, which included specified items of $39 million in the tax provision, and had a 1.8% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the full year 2008 effective tax rate was 22.3%. On a non-GAAP basis, based on historical trends in 2008 the Company projects effective tax rate for the full year 2009 to be approximately 24%. 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—December YTD tab.

The GAAP results for the full year 2009 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 (Wave One) 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. Productivity Transformation Initiative Wave Two announced in July 2008, is expected to generate an additional $1.0 billion in cost savings by 2011. Costs associated with the Productivity Transformation Initiatives Wave One and Wave Two are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. 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 2009 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 Fourth Quarter, and Twelve Months of 2008, January 27, 2009, including “2009 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.

15