Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT

($ in millions)

Net Sales	2008														2009								% 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
Bio Pharmaceuticals	$	4,188	$	4,475	$	8,663	$	4,510	$	13,173	$	4,542	$	17,715	$	4,322							3	%	3	%	-5	%	-5	%
US Pharmaceuticals		2,451		2,610		5,061		2,695		7,756		2,809		10,565		2,766							13	%	13	%	N/A		N/A
CV/Metabolics		1,407		1,483		2,890		1,517		4,407		1,552		5,959		1,554							10	%	10	%	N/A		N/A
Oncology/Virology		619		633		1,252		641		1,893		655		2,548		627							1	%	1	%	N/A		N/A
Neuroscience		352		407		759		440		1,199		497		1,696		486							38	%	38	%	N/A		N/A
Immunoscience		73		87		160		97		257		105		362		99							36	%	36	%	N/A		N/A
Europe and Middle East Medicines		1,077		1,135		2,212		1,091		3,303		1,034		4,337		931							-14	%	-14	%	-14	%	-14	%
Latin America/Canada		316		333		649		342		991		311		1,302		274							-13	%	-13	%	-18	%	-18	%
Asia/Pacific Medicines		323		365		688		352		1,040		364		1,404		310							-4	%	-4	%	-4	%	-4	%
Mead Johnson		703		728		1,431		744		2,175		707		2,882		693							-1	%	-1	%	-7	%	-7	%
Continuing Operations		4,891		5,203		10,094		5,254		15,348		5,249		20,597		5,015							3	%	3	%	-5	%	-5	%
Discontinued Operations		308		330		638		127		765		5		770		—							-100	%	-100	%	0	%	0	%
Total Company	$	5,199	$	5,533	$	10,732	$	5,381	$	16,113	$	5,254	$	21,367	$	5,015							-4	%	-4	%	-5	%	-5	%

% of Total Sales	2008														2009								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
Bio Pharmaceuticals	80.6	%	80.9	%	80.7	%	83.8	%	81.8	%	86.4	%	82.9	%	86.2	%							560		560
US Pharmaceuticals	47.2	%	47.2	%	47.2	%	50.1	%	48.1	%	53.5	%	49.4	%	55.2	%							800		800
CV/Metabolics	27.1	%	26.8	%	26.9	%	28.2	%	27.4	%	29.5	%	27.9	%	31.0	%							390		390
Oncology/Virology	11.9	%	11.4	%	11.7	%	11.9	%	11.7	%	12.5	%	11.9	%	12.5	%							60		60
Neuroscience	6.8	%	7.4	%	7.1	%	8.2	%	7.4	%	9.5	%	7.9	%	9.7	%							290		290
Immunoscience	1.4	%	1.6	%	1.5	%	1.8	%	1.6	%	2.0	%	1.7	%	2.0	%							60		60
Europe and Middle East Medicines	20.7	%	20.5	%	20.6	%	20.3	%	20.5	%	19.7	%	20.3	%	18.6	%							(210	)	(210	)
Latin America/Canada	6.1	%	6.0	%	6.0	%	6.4	%	6.2	%	5.9	%	6.1	%	5.5	%							(60	)	(60	)
Asia/Pacific Medicines	6.2	%	6.6	%	6.4	%	6.5	%	6.5	%	6.9	%	6.6	%	6.2	%							—		—
Mead Johnson	13.5	%	13.1	%	13.3	%	13.8	%	13.5	%	13.5	%	13.5	%	13.8	%							30		30
Continuing Operations	94.1	%	94.0	%	94.0	%	97.6	%	95.3	%	99.9	%	96.4	%	100.0	%							590		590
Discontinued Operations	5.9	%	6.0	%	6.0	%	2.4	%	4.7	%	0.1	%	3.6	%	—								(590	)	(590	)
Total Company	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2009

($ in millions)

QUARTER-TO-DATE
CONTINUING OPERATIONS
	US*			Non-US*			Total
Price Increases/(Decreases)		5	%		2	%		4	%
Foreign Exchange		—			-12	%		-5	%
Volume		5	%		3	%		4	%
Total Change		10	%		-7	%		3	%
Total 2009 Period to Date Sales	$	3,031		$	1,984		$	5,015
Total 2008 Period to Date Sales	$	2,747		$	2,144		$	4,891
BIO PHARMACEUTICALS
	US			Non-US			Total
Price Increases/(Decreases)		6	%		-1	%		3	%
Foreign Exchange		—			-13	%		-5	%
Volume		7	%		3	%		5	%
Total Change		13	%		-11	%		3	%
Total 2009 Period to Date Sales	$	2,784		$	1,538		$	4,322
Total 2008 Period to Date Sales	$	2,459		$	1,729		$	4,188
MEAD JOHNSON
							Total
Price Increases/(Decreases)								9	%
Foreign Exchange								-7	%
Volume								-3	%
Total Change								-1	%
Total 2009 Period to Date Sales							$	693
Total 2008 Period to Date Sales							$	703

* This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.

2

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

($ in millions, except per share amounts)

	2008																					2009									% 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	$	4,891		$	5,203		$	10,094		$	5,254		$	15,348		$	5,249		$	20,597		$	5,015								3	%	3	%
Cost of products sold		1,570			1,670			3,240			1,634			4,874			1,522			6,396			1,413								-10	%	-10	%
Marketing, selling and administrative		1,134			1,165			2,299			1,208			3,507			1,285			4,792			1,064								-6	%	-6	%
Advertising and product promotion		319			420			739			362			1,101			449			1,550			324								2	%	2	%
Research and development		782			826			1,608			834			2,442			1,143			3,585			923								18	%	18	%
Acquired in-process research and development		—			32			32			—			32			—			32			—								—		—
Provision for restructuring, net		11			30			41			26			67			151			218			27								145	%	145	%
Litigation expense, net		—			2			2			30			32			1			33			104								—		—
Equity in net income of affiliates		(164	)		(150	)		(314	)		(164	)		(478	)		(139	)		(617	)		(146	)							11	%	11	%
Gain on sale of Imclone shares		—			—			—			—			—			(895	)		(895	)		—								—		—
Other (income)/expense, net		32			(13	)		19			169			188			(156	)		32			(78	)							*		*
Total expenses		3,684			3,982			7,666			4,099			11,765			3,361			15,126			3,631								-1	%	-1	%
Earnings from Continuing Operations Before Income Taxes	$	1,207		$	1,221		$	2,428		$	1,155		$	3,583		$	1,888		$	5,471		$	1,384								15	%	15	%
Provision for income taxes		330			258			588			308			896			424			1,320			463								40	%	40	%
Net Earnings from Continuing Operations	$	877		$	963		$	1,840		$	847		$	2,687		$	1,464		$	4,151		$	921								5	%	5	%
Net Earnings from Discontinued Operations		14			42			56			1,990			2,046			46			2,092			—								-100	%	-100	%
Net Earnings	$	891		$	1,005		$	1,896		$	2,837		$	4,733		$	1,510		$	6,243		$	921								3	%	3	%
Net Earnings Attributable to Noncontrolling Interest		230			241			471			259			730			266			996			283								23	%	23	%
Net Earnings Attributable to Shareholders	$	661		$	764		$	1,425		$	2,578		$	4,003		$	1,244		$	5,247		$	638								-3	%	-3	%
Net Earnings from Continuing Operations Attributable to Shareholders	$	647		$	722		$	1,369		$	588		$	1,957		$	1,198		$	3,155		$	638								-1	%	-1	%
Contingently convertible debt interest expense and dividends attributable to unvested shares		6			2			8			2			10			(2	)		8			(2	)							-133	%	-133	%
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Shareholders	$	653		$	724		$	1,377		$	590		$	1,967		$	1,196		$	3,163		$	636								-3	%	-3	%
Diluted Earnings Attributable to Shareholders per Common Share** - Continuing Operations	$	0.32		$	0.36		$	0.69		$	0.30		$	0.98		$	0.61		$	1.59		$	0.32								—		—
Diluted Earnings Attributable to Shareholders per Common Share** - Discontinued Operations		0.01			0.02			0.03			0.99			1.02			0.02			1.04			—								-100	%	-100	%
Diluted Earnings Attributable to Shareholders per Common Share**	$	0.33		$	0.38		$	0.72		$	1.29		$	2.00		$	0.63		$	2.63		$	0.32								-3	%	-3	%
Average Common Shares Outstanding - Diluted		2,008			2,008			2,007			2,004			2,006			1,982			2,001			1,983								-1	%	-1	%
Dividends declared per common share	$	0.31		$	0.31		$	0.62		$	0.31		$	0.93		$	0.31		$	1.24		$	0.31								—		—
% of Net Sales	2008																					2009									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		67.9	%		67.9	%		67.9	%		68.9	%		68.2	%		71.0	%		68.9	%		71.8	%							390		390
Cost of products sold		32.1	%		32.1	%		32.1	%		31.1	%		31.8	%		29.0	%		31.1	%		28.2	%							(390	)	(390	)
Marketing, selling and administrative		23.2	%		22.4	%		22.8	%		23.0	%		22.8	%		24.5	%		23.3	%		21.2	%							(200	)	(200	)
Advertising and product promotion		6.5	%		8.1	%		7.3	%		6.9	%		7.2	%		8.6	%		7.5	%		6.5	%							0		0
Research and development		16.0	%		15.9	%		15.9	%		15.9	%		15.9	%		21.8	%		17.4	%		18.4	%							240		240
Acquired in-process research and development		—			—			0.3	%		—			0.2	%		—			0.2	%		—								0		0
Total expenses		75.3	%		76.5	%		75.9	%		78.0	%		76.7	%		64.0	%		73.4	%		72.4	%							(290	)	(290	)
Earnings from Continuing Operations Before Income Taxes		24.7	%		23.5	%		24.1	%		22.0	%		23.3	%		36.0	%		26.6	%		27.6	%							290		290
Net Earnings from Continuing Operations Attributable to Shareholders		13.2	%		13.9	%		13.6	%		11.2	%		12.8	%		22.8	%		15.3	%		12.7	%							(50	)	(50	)
Other Ratios
Effective Tax Rate		27.3	%		21.1	%		24.2	%		26.7	%		25.0	%		22.5	%		24.1	%		33.5	%							620		620
Other (Income) /Expense, net	2008																					2009									% 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	$	73		$	80		$	153		$	84		$	237		$	73		$	310		$	52								-29	%	-29	%
Interest income		(43	)		(31	)		(74	)		(37	)		(111	)		(19	)		(130	)		(13	)							70	%	70	%
ARS impairment charge		25			(2	)		23			224			247			58			305			—								-100	%	-100	%
(Gain)/loss on debt buyback and termination of interest rate swap agreements		—			—			—			—			—			(57	)		(57	)		—								—		—
Foreign exchange transaction (gains)/losses		19			(2	)		17			(51	)		(34	)		(42	)		(76	)		(13	)							-168	%	-168	%
Gain on sale of product lines, businesses and assets		(9	)		—			(9	)		—			(9	)		(159	)		(168	)		(44	)							*		*
Other , net		(33	)		(58	)		(91	)		(51	)		(142	)		(10	)		(152	)		(60	)							-82	%	-82	%
	$	32		($	13	)	$	19		$	169		$	188		($	156	)	$	32		($	78	)							*		*

* in excess of +/- 200%

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

3

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED MARCH 31, 2009

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	2009	2008		Growth $		Favorable / (Unfavorable) FX Impact $		2009 Excluding FX	Growth %		Favorable / (Unfavorable) FX Impact %		Growth % Excluding FX
Net sales	5,015	$	4,891	124		(265	)	5,280	3	%	-5	%	8	%
Marketing, selling and administrative (a)	1,064		1,134	(70	)	61		1,125	-6	%	5	%	-1	%
Marketing, selling and administrative excluding specified items (b)	1,027		1,119	(92	)	61		1,088	-8	%	5	%	-3	%
Advertising and product promotion	324		319	5		15		339	2	%	4	%	6	%
Advertising and product promotion excluding specified items (b)	324		319	5		15		339	2	%	4	%	6	%
Research and development	923		782	141		26		949	18	%	3	%	21	%
Research and development excluding specified items (b)	778		762	16		26		804	2	%	3	%	5	%
(a) General and administrative	416		440	(24	)	17		433	-5	%	4	%	-1	%
General and administrative excluding specified items (c)	379		425	(46	)	17		396	-11	%	4	%	-7	%
(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.
(c) The following table provides a reconciliation of General and administrative GAAP to Non-GAAP figures:
	2009	2008
General and administrative	416		440
Specified Items:
Process standardization implementation costs	20		15
Mead Johnson separation costs	17		—
General and administrative excluding specified items	379		425

4

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT GROSS MARGIN AND PRETAX EARNINGS FROM CONTINUING OPERATIONS EXCLUDING SPECIFIED ITEMS

($ in millions)

Gross Profit	2008														2009								% 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
Bio Pharmaceuticals	2,982		3,166		6,148		3,242		9,390		3,334		12,724		3,191								7	%	7	%
Mead Johnson	452		460		912		458		1,370		438		1,808		445								-2	%	-2	%
Gross Margin %	2008														2009								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
Bio Pharmaceuticals	71.2	%	70.7	%	71.0	%	71.9	%	71.3	%	73.4	%	71.8	%	73.8	%							260		260
Mead Johnson	64.3	%	63.2	%	63.7	%	61.6	%	63.0	%	62.0	%	62.7	%	64.2	%							-10		-10
Earnings Before Income Taxes	2008														2009								% 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
Bio Pharmaceuticals	832		848		1,680		1,022		2,702		879		3,581		1,098								32	%	32	%
Mead Johnson	208		188		396		159		555		137		692		159								-24	%	-24	%
Net Margin %	2008														2009								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
Bio Pharmaceuticals	19.9	%	18.9	%	19.4	%	22.7	%	20.5	%	19.4	%	20.2	%	25.4	%							550		550
Mead Johnson	29.6	%	25.8	%	27.7	%	21.4	%	25.5	%	19.4	%	24.0	%	22.9	%							-670		-670

* In Excess of +/- 200%

5

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2008														2009								% 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	$	4,891	$	5,203	$	10,094	$	5,254	$	15,348	$	5,249	$	20,597	$	5,015							3	%	3	%	-5	%	-5	%
BIO PHARMACEUTICALS		4,188		4,475		8,663		4,510		13,173		4,542		17,715		4,322							3	%	3	%	-5	%	-5	%
Cardiovascular		1,824		1,927		3,751		1,943		5,694		1,937		7,631		1,888							4	%	4	%	-3	%	-3	%
Plavix		1,308		1,387		2,695		1,439		4,134		1,469		5,603		1,435							10	%	10	%	-2	%	-2	%
Avapro/Avalide		305		335		640		334		974		316		1,290		302							-1	%	-1	%	-7	%	-7	%
Virology		734		791		1,525		824		2,349		812		3,161		794							8	%	8	%	-8	%	-8	%
Reyataz		297		324		621		342		963		329		1,292		322							8	%	8	%	-7	%	-7	%
Sustiva Franchise (a)		273		282		555		294		849		300		1,149		292							7	%	7	%	-7	%	-7	%
Baraclude		108		136		244		144		388		153		541		152							41	%	41	%	-10	%	-10	%
Oncology		436		474		910		447		1,357		462		1,819		407							-7	%	-7	%	-3	%	-3	%
Erbitux		187		196		383		184		567		182		749		164							-12	%	-12	%	—		—
Sprycel		66		76		142		82		224		86		310		88							33	%	33	%	-15	%	-15	%
Ixempra		25		26		51		25		76		25		101		24							-4	%	-4	%	—		—
Affective (Psychiatric) Disorders		498		575		1,073		607		1,680		641		2,321		621							25	%	25	%	-5	%	-5	%
Abilify (b)		454		529		983		564		1,547		606		2,153		589							30	%	30	%	-4	%	-4	%
Immunoscience		87		106		193		119		312		129		441		124							43	%	43	%	-5	%	-5	%
Orencia		87		106		193		119		312		129		441		124							43	%	43	%	-5	%	-5	%

* 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.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2008														2009								% 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	$	2,747	$	2,898	$	5,645	$	2,983	$	8,628	$	3,091	$	11,719	$	3,031							10	%	10	%
BIO PHARMACEUTICALS		2,459		2,625		5,084		2,708		7,792		2,819		10,611		2,784							13	%	13	%
Cardiovascular		1,367		1,437		2,804		1,474		4,278		1,522		5,800		1,514							11	%	11	%
Plavix		1,139		1,207		2,346		1,263		3,609		1,311		4,920		1,296							14	%	14	%	4	%	4	%
Avapro/Avalide		174		184		358		189		547		188		735		173							-1	%	-1	%	-9	%	-9	%
Virology		378		376		754		405		1,159		407		1,566		406							7	%	7	%
Reyataz		160		159		319		176		495		172		667		176							10	%	10	%	7	%	7	%
Sustiva Franchise (a)		175		171		346		185		531		193		724		190							9	%	9	%	9	%	9	%
Baraclude		29		35		64		36		100		40		140		36							24	%	24	%	19	%	19	%
Oncology		237		254		491		234		725		246		971		218							-8	%	-8	%
Erbitux		185		193		378		182		560		179		739		162							-12	%	-12	%	N/A		N/A
Sprycel		20		21		41		21		62		30		92		30							50	%	50	%	20	%	20	%
Ixempra		25		26		51		24		75		23		98		22							-12	%	-12	%	N/A		N/A
Affective (Psychiatric) Disorders		359		413		772		449		1,221		502		1,723		491							37	%	37	%
Abilify (b)		348		403		751		435		1,186		490		1,676		481							38	%	38	%	31	%	31	%
Immunoscience		73		87		160		97		257		106		363		99							36	%	36	%
Orencia		73		87		160		97		257		106		363		99							36	%	36	%	N/A		N/A

* In excess of +/- 200%

** This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.

*** In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Klumer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. 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 WK mail order prescription data by a factor that approximates three and adding to this the WK 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.

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2008														2009								% 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	$	2,144	$	2,305	$	4,449	$	2,271	$	6,720	$	2,158	$	8,878	$	1,984							-7	%	-7	%	-12	%	-12	%
BIO PHARMACEUTICALS		1,729		1,850		3,579		1,802		5,381		1,723		7,104		1,538							-11	%	-11	%	-13	%	-13	%
Cardiovascular		457		490		947		469		1,416		415		1,831		374							-18	%	-18	%	-13	%	-13	%
Plavix		169		180		349		176		525		158		683		139							-18	%	-18	%	-14	%	-14	%
Avapro/Avalide		131		151		282		145		427		128		555		129							-2	%	-2	%	-16	%	-16	%
Virology		356		415		771		419		1,190		405		1,595		388							9	%	9	%	-15	%	-15	%
Reyataz		137		165		302		166		468		157		625		146							7	%	7	%	-16	%	-16	%
Sustiva Franchise (a)		98		111		209		109		318		107		425		102							4	%	4	%	-20	%	-20	%
Baraclude		79		101		180		108		288		113		401		116							47	%	47	%	-13	%	-13	%
Oncology		199		220		419		213		632		216		848		189							-5	%	-5	%	-6	%	-6	%
Erbitux		2		3		5		2		7		3		10		2							—		—		-7	%	-7	%
Sprycel		46		55		101		61		162		56		218		58							26	%	26	%	-21	%	-21	%
Ixempra		—		—		—		1		1		2		3		2							—		—		—		—
Affective (Psychiatric) Disorders		139		162		301		158		459		139		598		130							-6	%	-6	%	-17	%	-17	%
Abilify (b)		106		126		232		129		361		116		477		108							2	%	2	%	-18	%	-18	%
Immunoscience		14		19		33		22		55		23		78		25							79	%	79	%	-31	%	-31	%
Orencia		14		19		33		22		55		23		78		25							79	%	79	%	-31	%	-31	%

* In excess of +/- 200%

** This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer.

(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.

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2009

(Unaudited, amounts in millions except per share data)

	Q1 2009
	GAAP			Specified Items*			Non GAAP
Net Sales	$	5,015			—		$	5,015
Cost of products sold		1,413			(34	)		1,379
Gross Profit		3,602			34			3,636
Gross margin as a % of sales		71.8	%		0.7	%		72.5	%
Marketing, selling and administrative		1,064			(37	)		1,027
Advertising and product promotion		324			—			324
Total SGA		1,388			(37	)		1,351
SG&A as a % of sales		27.7	%		(0.8	)%		26.9	%
Research and development		923			(145	)		778
R&D as a % of sales		18.4	%		(2.9	)%		15.5	%
Provision for restructuring, net		27			(27	)		—
Litigation expense, net		104			(104	)		—
Equity in net income of affiliates		(146	)		—			(146	)
Other income, net		(78	)		59			(19	)
Earnings from Continuing Operations Before Income Taxes	$	1,384			288		$	1,672
Provision for income taxes		463			(32	)		431
Net Earnings - Continuing Operations	$	921			320		$	1,241
Net Earnings - Discontinued Operations		—						—
Net Earnings Attributable to Noncontrolling Interest		283						283
Net Earnings Attributable to Shareholders	$	638			320		$	958
Net Earnings from Continuing Operations Attributable to Shareholders	$	638			320		$	958
Contingently convertible debt interest expense and dividends attributable to unvested shares		(2	)					(2	)
Net Earnings used for Diluted EPS Calc - Continuing Operations -Attributable to Shareholders	$	636		$	320		$	956
Average Common Shares Outstanding - Diluted		1,983						1,983
Diluted Earnings per Common Share - Continuing Operations	$	0.32			0.16		$	0.48
Net Earnings from Continuing Operations Attributable to Shareholders as a % of sales		12.7	%		6.4	%		19.1	%
Net Earnings Attributable to Shareholders as a % of sales		12.7	%		6.4	%		19.1	%
Effective Tax Rate		33.5	%		(7.7	)%		25.8	%

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

9

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008

($ in millions)

Three months ended March 31, 2009

	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	$	—	$	—	$	—	$	23	$	—	$	—		$	23
Accelerated depreciation, asset impairment, and other shutdown costs		26		—		—		3		—		—			29
Process standardization implementation costs		—		20		—		—		—		—			20
Termination of leased contracts		—		—		—		1		—		—			1
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(44	)		(44	)
Total PTI		26		20		—		27		—		(44	)		29
Other:
Litigation charges		—		—		—		—		104		(10	)		94
Mead Johnson separation costs		—		17		—		—		—		—			17
Upfront payments		—		—		145		—		—		—			145
Product liability		8		—		—		—		—		(5	)		3
Total	$	34	$	37	$	145	$	27	$	104	$	(59	)		288
Income taxes on items above															(98	)
Income Tax Attributable to Mead Johnson separation															130
Decrease to Net Earnings														$	320

Three months ended March 31, 2008

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

10

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2008			June 30, 2008			September 30, 2008		December 31, 2008		March 31, 2009		June 30, 2009		September 30, 2009		December 31, 2009
Cash and cash equivalents	$	2,443		$	4,047		$	7,173	$	7,976	$	7,832
Marketable securities - current		194			355			258		289		1,088
Short-term borrowings		1,781			1,799			135		154		156
Long-term debt		4,660			6,021			6,120		6,585		6,492
Net (debt) / cash	$	(3,804	)	$	(3,418	)	$	1,176	$	1,526	$	2,272	$	—	$	—	$	—
Receivables, net of allowances	$	4,082		$	3,838		$	3,555	$	3,644	$	3,600
Total equity		10,567			10,766			12,934		12,208		13,129
Capital expenditures and capitalized software (for the quarter ended)		250			210			196		285		201

11

BRISTOL-MYERS SQUIBB COMPANY

2009 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2009
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	1.58 to $1.73	*
Projected Specified Items:
Productivity Transformation Initiative		0.17
Upfront and milestone payments		0.08
Mead Johnson charges		0.01
Gain on Sale of Assets		(0.01	)
Litigation Charges		0.03
Change in Estimate for Taxes		0.07
Total		0.35
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	1.85 to $2.00	*

* The projected specified items increased in the first quarter of 2009 but the Company is confirming its 2009 GAAP and Non-GAAP guidance.

Revenue growth is projected in the low single digit range, which based on historical trends in 2008 and the first quarter of 2009 would be in the mid to high single digit range, excluding foreign exchange.

Gross margin on a GAAP basis for the three months ended March 31, 2009 was 71.8%, which included specified items of $34 million and had a 0.7% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2009 gross margin was 72.5%. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 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 - March QTD tab.

Research and development expenses on a GAAP basis for the three months ended March 31, 2009 were $923 million, which included specified items of $145 million. On a non-GAAP basis, for the three months ended March 31, 2009 research and development expenses were $778 million. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 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 - March QTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2009 were $1,064 million, which included specified items of $37 million. On a non-GAAP basis, for the three months ended March 31, 2009 marketing, selling and administrative expenses were $1,027 million. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 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 - March QTD tab.

The effective tax rate on a GAAP basis for the three months ended March 31, 2009 was 33.5%, which included specified items of $32 million in the tax provision, and had a 7.7% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the three months ended March 31, 2009 effective tax rate was 25.8%. On a non-GAAP basis, based on historical trends in 2008 and the first quarter of 2009 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 - March QTD 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 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 First Quarter of 2009, April 28, 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.

12