8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 22, 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 October 22, 2009, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the third quarter of 2009. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release of Bristol-Myers Squibb Company dated October 22, 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: October 22, 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 October 22, 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

Bristol-Myers Squibb Achieves Strong Sales, Earnings Performance in Third Quarter

• Launches ONGLYZA® in the U.S. and Europe

• Posts Strong BioPharmaceuticals Growth Led By 12% Increase in U.S. Sales

• Continues Gross Margin Improvements and Execution of Productivity Initiatives

• GAAP EPS Increases 66% Compared to Third Quarter 2008; Non-GAAP EPS Increases 16%

• Raises 2009 GAAP EPS Guidance to $1.72 to $1.77; Refines 2009 Non-GAAP EPS Guidance to $2.00 to $2.05; Reiterates Minimum Expected 15% Non-GAAP 2007-2010 EPS CAGR

(NEW YORK, October 22, 2009) — Bristol-Myers Squibb Company (NYSE:BMY) today reported strong sales and earnings growth for the third quarter 2009.

“The performance in the third quarter of 2009 clearly shows the results of our outstanding business performance, disciplined financial management and overall strategic execution,” said James M. Cornelius, chairman and chief executive officer. “We are transforming Bristol-Myers Squibb into a BioPharma leader and the recent approval and launch of ONGLYZA for the treatment of type 2 diabetes is a great example of what we do best: discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

“As part of our transformation, we are continuing to advance our String of Pearls strategy and I’m pleased to see that we’ve rapidly integrated Medarex into our R&D organization. Since formally acquiring Medarex in September, its scientific leadership, clinical assets and platform technologies have been a welcome addition as we work toward becoming a leader in immuno-oncology.”

Third Quarter Performance
	2009		2008		Change
Net Sales	$	5,487	$	5,254	4	%
Net Earnings from Continuing Operations	$	966	$	588	64	%
GAAP Diluted EPS from Continuing Operations		0.48		0.29	66	%
Non-GAAP Diluted EPS from Continuing Operations		0.52		0.45	16	%
($ amounts in millions, except per share amounts)

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THIRD QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted third quarter 2009 net sales from continuing operations of $5.5 billion, an increase of 4%, or 7% excluding foreign exchange impact, compared to the same period in 2008.

• Gross profit improved to 71.5% of net sales in the third quarter 2009 compared to 68.9% in 2008. The improvement was driven by higher biopharmaceutical average prices, realized manufacturing efficiencies, including savings from continuous improvement efforts, favorable foreign exchange impact and favorable worldwide product mix.

• Marketing, selling and administrative expenses decreased by 8%, or 5% excluding foreign exchange impact, to $1.1 billion in the third quarter of 2009 compared to the same period in 2008, primarily due to a continued reduction in general and administrative expenses through continuous improvement initiatives.

• Advertising and product promotion spending was flat or increased 3% excluding foreign exchange impact, to $361 million in the third quarter of 2009 compared to 2008.

• Research and development expenses were relatively flat or increased 2% excluding foreign exchange impact, to $838 million in the third quarter of 2009 compared to the same period in 2008.

• The effective tax rate on earnings from continuing operations was 25.2% for the third quarter compared to 26.7% in 2008.

• The company reported third quarter net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $966 million or $0.48 per diluted share, compared to $588 million or $0.29 per diluted share for the same period in 2008.

• The company reported third quarter non-GAAP net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $1,046 million or $0.52 per diluted share, compared to $910 million or $0.45 per diluted share for the same period in 2008. An overview of specified items is discussed under “Use of Non-GAAP Financial Information.”

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• Cash, cash equivalents and marketable securities were $7.9 billion as of September 30, 2009. The company maintains a strong net cash position of $1.3 billion. This takes into account the $2.1 billion net impact of the Medarex acquisition. Cash flow from operating activities amounted to $1.5 billion during the third quarter of 2009 and the company remains focused on strengthening its balance sheet and maintaining financial flexibility. Based on Mead Johnson Nutrition Company’s announcement today that it is considering options to refinance its outstanding intercompany debt, Bristol-Myers Squibb expects to receive approximately $1.75 billion in cash upon closing of the refinancing.

SEGMENT RESULTS

BioPharmaceuticals

• BioPharmaceuticals net sales totaled $4.8 billion in the third quarter of 2009, representing an increase of 6%, or 9% excluding foreign exchange impact, compared to the same period in 2008. U.S. BioPharmaceuticals net sales increased 12% to $3.0 billion in the third quarter of 2009 compared to 2008. International BioPharmaceuticals net sales decreased 2%, or increased 5% excluding foreign exchange impact, to $1.8 billion.

• Sales growth in the third quarter was led by continued sales increases for PLAVIX® (+8%) and strong global sales growth for ABILIFY® (+16%).

• The virology portfolio continues to demonstrate worldwide sales growth, led by BARACLUDE® for hepatitis B (+33%), the Sustiva franchise (+7%) and REYATAZ® for HIV (+5%).

• ORENCIA® and SPRYCEL® grew worldwide 36% and 30%, respectively as compared to the same period in 2008.

• ERBITUX® sales were down 3% compared to the third quarter 2008.

• ONGLYZA® has been launched in the U.S. and Europe and contributed approximately $20 million in sales in the third quarter.

• BioPharmaceuticals realized a 170 basis point increase in gross margin compared to the third quarter of 2008. Key drivers of the improvement were higher biopharmaceutical average price, cost savings, including those related to continuous improvement initiatives, foreign exchange favorability and product mix.

• BioPharmaceuticals pre-tax earnings increased 19% to $1.2 billion in the third quarter of 2009 compared to the same period in 2008. The increase in earnings was driven by increased sales, improved gross margins as well as reductions in marketing, selling and administrative expenses from the company’s continuous improvement initiatives.

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Mead Johnson Nutrition Company

• Mead Johnson’s net sales totaled $699 million in the third quarter of 2009, representing a 6% decrease, or 2% excluding foreign exchange impact, compared to the same period in 2008.

• Bristol-Myers Squibb’s share of Mead Johnson’s earnings decreased by 20% to $127 million primarily due to the impact of items attributed to the February 2009 initial public offering, including the 17% reduction in ownership.

THIRD QUARTER PRODUCT AND PIPELINE UPDATE

Metabolics/Cardiovascular

• Bristol-Myers Squibb and AstraZeneca announced on July 31 that the U.S. Food and Drug Administration (FDA) approved ONGLYZA® (saxagliptin), a dipeptidyl peptidase-4 (DPP4) inhibitor, for the treatment of type 2 diabetes mellitus in adults. The companies also announced on October 5 that the European Commission granted marketing authorization for ONGLYZA.

• In October, the company announced results of a 18-week Phase IIIb study in adults with type 2 diabetes with inadequate glycemic control on metformin therapy alone. The study showed that the addition of treatment with ONGLYZA 5mg per day achieved the primary objective of demonstrating non-inferiority compared to addition of treatment with JANUVIA (sitagliptin) 100mg per day in reducing glycosylated hemoglobin level (HbA1c) from baseline.

• In October, the company also announced results from a 24-week Phase III clinical study of the investigational drug dapagliflozin. The study showed that dapagliflozin, added to metformin, demonstrated significant mean reductions in the primary endpoint, HbA1c, and in the secondary endpoint, fasting plasma glucose in patients with type 2 diabetes inadequately controlled with metformin alone, as compared to placebo plus metformin. The study also showed that individuals receiving dapagliflozin had statistically greater mean reductions in body weight compared to individuals taking placebo.

• Bristol-Myers Squibb and sanofi-aventis announced results of the CURRENT OASIS-7 study at the European Society of Cardiology. The study provided information about an intensified dose-regimen of PLAVIX® in acute coronary syndrome (ACS) patients intended to undergo angioplasty.

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• While the study showed no added benefit on the composite primary end-point (cardiovascular death, heart attack or stroke at 30 days) with the higher dose when the entire ACS study population was considered, potentially medically relevant differences in patient outcomes were observed in relevant subgroups pre-specified for preliminary analysis, such as the percutaneous coronary intervention group.

• In July, the results of the apixaban ADVANCE-2 study were presented at a late-breaking clinical trial session at the Congress of the International Society of Thrombosis and Hemostasis. The study demonstrated that apixaban was superior to the European regimen of enoxaparin (standard of care) for reducing the risk of venous thromboembolism in patients undergoing total knee replacement surgery and showed lower observed bleeding rates compared to enoxaparin. The study also showed that the overall safety profile for apixaban was similar to enoxaparin.

Oncology

• On September 23 at the European Cancer Organisation/European Society of Medical Oncology Multidisciplinary Congress (ECCO/ESMO), data were presented on two Phase III ERBITUX® studies in first-line metastatic colorectal cancer patients.

• A retrospective analysis of the Phase III CRYSTAL study demonstrated that ERBITUX®, when added to a FOLFIRI chemotherapy regimen, was shown to increase median overall survival in first-line metastatic colorectal cancer (mCRC) patients compared to those receiving FOLFIRI alone. In a subset of patients with wild-type K-ras tumors, median overall survival was increased to 23.5 months in patients who received ERBITUX plus FOLFIRI compared to 20 months for those taking FOLFIRI alone.

• Another Phase III study of ERBITUX plus chemotherapy (primarily capecitabine plus oxaliplatin) in first-line mCRC, known as COIN, was conducted in the UK by the Medical Research Council. The COIN study did not meet its primary endpoint of overall survival.

• On July 20, the FDA approved revisions to the U.S. prescribing information for ERBITUX® concerning treatment of patients with epidermal growth factor receptor (EGFR)-expressing mCRC.

Immunology

• The company announced on September 3 that the FDA had accepted, for filing and review, the company’s submission of a biologic license application for belatacept, which is in ongoing Phase III development for use in kidney transplantation. The Prescription Drug User Fee Act (PDUFA) goal date for the FDA is May 1, 2010.

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• On August 26, the company announced that clinical data added to the labeling for ORENCIA® support use of ORENCIA for patients with moderate to severe rheumatoid arthritis of less than or equal to two years duration. The efficacy and safety data further support use of ORENCIA in new-to-biologic patients with moderate to severe rheumatoid arthritis.

STRATEGIC UPDATE

Bristol-Myers Squibb completed its tender offer for the acquisition of Medarex, Inc. on September 1. The acquisition positions Bristol-Myers Squibb for long-term leadership in biologics; gives the company full rights to a promising Phase III compound, ipilimumab; significantly expands the company’s oncology and immunology pipeline and provides access to novel antibody discovery technology.

On September 15, Bristol-Myers Squibb announced the sale of its OTC assets in Asia Pacific, excluding China and Japan, and shares in PT Bristol-Myers Squibb Indonesia Tbk to Taisho Pharmaceutical Company Ltd. for $310 million, due in the fourth quarter.

On October 1, the company sold its mature pharmaceutical brands and a manufacturing facility in Australia to Sigma Pharmaceuticals Limited for $62 million, also due in the fourth quarter.

2009 GUIDANCE

Bristol-Myers Squibb is raising its 2009 GAAP EPS from continuing operations guidance to $1.72 to $1.77 and refining its non-GAAP EPS from continuing operations guidance to $2.00 to $2.05. Key 2009 guidance assumptions include mid single-digit revenue growth (high single digit growth excluding foreign exchange); a full-year gross margin improvement of approximately 200 basis points; 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 25%.

The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations attributable to the company to grow at a minimum 15 percent compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified.

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The financial guidance for 2009 and the three-year compound annual growth rate include the impact of the company’s acquisition of Medarex and exclude any potential future strategic acquisitions and divestitures. The acquisition of Medarex is expected to decrease the company’s earnings per share by $0.02 to $0.03 in 2009 and $0.07 to $0.09 in 2010.

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; upfront and milestone payments for licensing arrangements; debt retirement costs; impairments to investments; and significant tax events.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from the purchase or sale of businesses and product lines, including Medarex; 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; in-process research and development charges prior to 2009; 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, competitive product development and approvals,

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pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its 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 String of Pearls strategy and 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.

Company and Conference Call Information

Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases.

There will be a conference call on October 22, 2009 at 10:30 a.m. (ET) 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 http://investor.bms.com or by dialing 913-312-1296, confirmation code 4883550. 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 LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.

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BRISTOL-MYERS SQUIBB COMPANY

NET SALES AND EARNINGS BY OPERATING SEGMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, dollars in millions)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2009			2008			% Change		2009			2008			% Change
Net Sales
BioPharmaceuticals	$	4,788		$	4,510		6	%	$	13,775		$	13,173		5	%
Mead Johnson		699			744		(6	)%		2,111			2,175		(3	)%
Net Sales	$	5,487		$	5,254		4	%	$	15,886		$	15,348		4	%
Earnings
BioPharmaceuticals	$	1,216		$	1,022		19	%	$	3,556		$	2,702		32	%
Mead Johnson*		127			159		(20	)%		437			555		(21	)%
Reconciling items
Specified items		(88	)		(409	)	(78	)%		(500	)		(756	)	(34	)%
Noncontrolling interest		469			383		22	%		1,356			1,082		25	%
Earnings from continuing operations before income taxes	$	1,724		$	1,155		49	%	$	4,849		$	3,583		35	%

* Mead Johnson earnings reflect approximately 83% of its pretax income after completion of its IPO during February 2009.

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BRISTOL-MYERS SQUIBB COMPANY

Analysis of Biopharmaceuticals segment results

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, dollars in millions)

	Three months										Nine months
	2009			% of Sales		2008			% of Sales		2009			% of Sales		2008			% of Sales
Net Sales	$	4,788				$	4,510				$	13,775				$	13,173
Gross Profit		3,500		73.1	%		3,218		71.4	%		10,154		73.7	%		9,318		70.7	%
Selling, General and Administrative		1,189		24.8	%		1,271		28.2	%		3,514		25.5	%		3,803		28.9	%
R&D		820		17.1	%		779		17.3	%		2,364		17.2	%		2,303		17.5	%
Equity in net income of affiliates		(138	)	(2.8	)%		(164	)	(3.6	)%		(433	)	(3.1	)%		(478	)	(3.6	)%
Other		(34	)	(0.7	)%		(71	)	(1.6	)%		(125	)	(0.9	)%		(88	)	(0.7	)%
Noncontrolling interest		447		9.3	%		381		8.4	%		1,278		9.2	%		1,076		8.1	%
Earnings from Continuing Operations Before Income Taxes	$	1,216		25.4	%	$	1,022		22.7	%	$	3,556		25.8	%	$	2,702		20.5	%

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for selected products for the three and nine months ended September 30, 2009 compared to the three and nine months ended September 30, 2008. 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					% Change in U.S. Total Prescriptions vs. 2008
	2009		2008		% Change	2009		2008		% Change
Three Months Ended September 30, BioPharmaceuticals
Cardiovascular
Plavix	$	1,554	$	1,439	8%	$	1,406	$	1,263	11%	4%
Avapro/Avalide		329		334	(1)%		186		189	(2)%	(10)%
Virology
Reyataz		360		342	5%		186		176	6%	6%
Sustiva Franchise (total revenue)		315		294	7%		195		185	5%	10%
Baraclude		191		144	33%		41		36	14%	7%
Oncology
Erbitux		179		184	(3)%		175		182	(4)%	N/A
Sprycel		107		82	30%		28		21	33%	23%
Ixempra		28		25	12%		26		24	8%	N/A
Neuroscience
Abilify (total revenue)		653		564	16%		520		435	20%	25%
Immunoscience
Orencia		162		119	36%		126		97	30%	N/A
Metabolics
Onglyza		20		—	N/A		20		—	N/A	N/A
	Worldwide Net Sales					U.S. Net Sales					% Change in U.S. Total Prescriptions vs. 2008
	2009		2008		% Change	2009		2008		% Change
Nine Months Ended September 30, BioPharmaceuticals
Cardiovascular
Plavix	$	4,528	$	4,134	10%	$	4,095	$	3,609	13%	4%
Avapro/Avalide		944		974	(3)%		538		547	(2)%	(9)%
Virology
Reyataz		1,013		963	5%		531		495	7%	7%
Sustiva Franchise (total revenue)		919		849	8%		579		531	9%	9%
Baraclude		522		388	35%		116		100	16%	12%
Oncology
Erbitux		516		567	(9)%		508		560	(9)%	N/A
Sprycel		302		224	35%		91		62	47%	20%
Ixempra		81		76	7%		74		75	(1)%	N/A
Neuroscience
Abilify (total revenue)		1,885		1,547	22%		1,519		1,186	28%	28%
Immunoscience
Orencia		434		312	39%		341		257	33%	N/A
Metabolics
Onglyza		20		—	N/A		20		—	N/A	N/A

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Net Sales	$	5,487		$	5,254		$	15,886		$	15,348
Cost of products sold		1,562			1,634			4,436			4,874
Marketing, selling and administrative		1,117			1,208			3,258			3,507
Advertising and product promotion		361			362			1,085			1,101
Research and development		838			834			2,590			2,442
Acquired in-process research and development		—			—			—			32
Provision for restructuring, net		54			26			101			67
Litigation expense, net		—			30			132			32
Equity in net income of affiliates		(139	)		(164	)		(435	)		(478	)
Other (income)/expense, net (a)		(30	)		169			(130	)		188
Total expenses		3,763			4,099			11,037			11,765
Earnings from Continuing Operations Before Income Taxes		1,724			1,155			4,849			3,583
Provision for income taxes		434			308			1,340			896
Net Earnings from Continuing Operations		1,290			847			3,509			2,687
Net Earnings from Discontinued Operations		—			1990			—			2,046
Net Earnings		1,290			2,837			3,509			4,733
Net Earnings Attributable to Noncontrolling Interest		324			259			922			730
Net Earnings Attributable to Bristol-Myers Squibb Company	$	966		$	2,578		$	2,587		$	4,003
Earnings per Common Share from Continuing Operations Attributable to Bristol-Myers Squibb Company :
Basic	$	0.49		$	0.30		$	1.30		$	0.99
Diluted	$	0.48		$	0.29		$	1.30		$	0.98
Earnings per Common Share Attributable to Bristol-Myers Squibb Company:
Basic	$	0.49		$	1.30		$	1.30		$	2.02
Diluted	$	0.48		$	1.28		$	1.30		$	2.00
Average Common Shares Outstanding:
Basic		1,980			1,977			1,979			1,976
Diluted		1,984			2,002			1,982			2,004
(a)      Other (income)/expense, net
Interest expense	$	47		$	84		$	141		$	237
Interest income		(13	)		(37	)		(40	)		(111	)
Loss/(Gain) on debt buyback and termination of interest rate swap agreements		4			—			(7	)		—
ARS impairment charge		—			224			—			247
Foreign exchange transaction losses/(gains)		13			(51	)		17			(34	)
Gain on sale of product lines, businesses and assets		(17	)		—			(84	)		(9	)
Medarex acquisition		(10	)		—			(10	)		—
Net royalty income and amortization of upfront and milestone payments received from alliance partners		(50	)		(42	)		(119	)		(124	)
Pension curtailment charge		—			—			25			—
Other, net		(4	)		(9	)		(53	)		(18	)
Other (income)/expense, net	$	(30	)	$	169		$	(130	)	$	188

12

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, dollars in millions)

Three months ended September 30, 2009

	Cost of products sold		Marketing, selling and administrative		Provision for restructuring, net	Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$    51	$	—		$	51
Accelerated depreciation and other shutdown costs		30		—	3		—			33
Process standardization implementation costs		—		21	—		—			21
Gain on sale of product lines, businesses and assets		—		—	—		(17	)		(17	)
Total PTI		30		21	54		(17	)		88
Other:
Mead Johnson separation costs		—		6	—		—			6
Medarex acquisition		—		—	—		(10	)		(10	)
Debt buyback and swap terminations		—		—	—		4			4
Total	$	30	$	27	$    54	$	(23	)		88
Income taxes on items above										(29	)
Income taxes attributable to Mead Johnson separation										21
Decrease to Net Earnings									$	80

Three months ended September 30, 2008

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

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, dollars in millions)

Nine months ended September 30, 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	$	—	$	—	$	—	$	92	$	—	$	—		$	92
Accelerated depreciation, asset impairment and other shutdown costs		80		—		—		9		—		—			89
Pension curtailment charge		—		—		—		—		—		25			25
Process standardization implementation costs		—		65		—		—		—		—			65
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(72	)		(72	)
Total PTI		80		65		—		101		—		(47	)		199
Other:
Litigation charges		—		—		—		—		132		(10	)		122
Mead Johnson separation costs		—		31		—		—		—		—			31
Mead Johnson gain on sale of trademark		—		—		—		—		—		(12	)		(12	)
Upfront and milestone payments		—		—		174		—		—		—			174
Medarex acquisition		—		—		—		—		—		(10	)		(10	)
Debt buyback and swap terminations		—		—		—		—		—		(7	)		(7	)
Product liability		8		—		—		—		—		(5	)		3
Total	$	88	$	96	$	174	$	101	$	132	$	(91	)		500
Income taxes on items above															(168	)
Income taxes attributable to Mead Johnson separation															194
Decrease to Net Earnings														$	526

Nine months ended September 30, 2008

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	67	$	—	$	—		$	67
Accelerated depreciation and other shutdown costs		207		—		—		—		—		—			207
Process standardization implementation costs		—		64		—		—		—		—			64
Gain on sale and leaseback of properties		—		—		—		—		—		(9	)		(9	)
Total PTI		207		64		—		67		—		(9	)		329
Other:
Litigation charges		—		—		—		—		32		—			32
Mead Johnson separation costs		—		10		—		—		—		—			10
Product liability		—		—		—		—		—		18			18
Upfront and milestone payments		—		—		88		—		—		—			88
Acquired in-process research and development		—		—		32		—		—		—			32
ARS impairment charge		—		—		—		—		—		247			247
Total	$	207	$	74	$	120	$	67	$	32	$	256			756
Income taxes on items above															(154	)
Decrease to Net Earnings														$	602

14

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

	GAAP			Q3 2009 Specified Items*		Non GAAP			GAAP			Q3 2008 Specified Items*		Non GAAP
Net Sales	$	5,487				$	5,487		$	5,254				$	5,254
Cost of Products Sold		1,562		(30	)		1,532			1,634		(53	)		1,581
Gross Profit		3,925		30			3,955			3,620		53			3,673
Gross Margin as% of Sales		71.5	%	0.6	%		72.1	%		68.9	%	1.0	%		69.9	%
Marketing Selling and Admin		1,117		(27	)		1,090			1,208		(37	)		1,171
Advertising and Product Promotion		361		—			361			362		—			362
Total SGA		1,478		(27	)		1,451			1,570		(37	)		1,533
SG&A as % of Sales		26.9	%	(0.5	)%		26.4	%		29.9	%	(0.7	)%		29.2	%
R&D		838		—			838			834		(37	)		797
R&D as % of Sales		15.3	%	—			15.3	%		15.9	%	(0.7	)%		15.2	%
Acquired in-process research and development		—								—		—			—
Provision for restructuring, net		54		(54	)		—			26		(26	)		—
Litigation expense, net		—		—			—			30		(30	)		—
Equity in Net Income of Affiliates		(139	)	—			(139	)		(164	)	—			(164	)
Other (income)/expense, net		(30	)	23			(7	)		169		(226	)		(57	)
Earnings from Continuing Operations Before Income Taxes	$	1,724		88		$	1,812		$	1,155		409		$	1,564
Provision for income taxes		434		8			442			308		87			395
Net Earnings - Continuing Operations	$	1,290		80		$	1,370		$	847		322		$	1,169
Net Earnings - Discontinued Ops		—					—			1,990					1,990
Net Earnings	$	1,290		80		$	1,370		$	2,837		322		$	3,159
Net Earnings Attributable to Noncontrolling Interest		324					324			259					259
Net Earnings Attributable to Bristol-Myers Squibb Company	$	966		80		$	1,046		$	2,578		322		$	2,900
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	$	966		80		$	1,046		$	588		322		$	910
Contingently convertible debt interest expense and dividends attributable to unvested shares		(5	)				(5	)		(9	)				(9	)
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	$	961		80		$	1,041		$	579		322		$	901
Avg Shares (Diluted)		1,984					1,984			2,002					2,002
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	$	0.48		0.04		$	0.52		$	0.29		0.16		$	0.45
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales		17.6	%	1.5	%		19.1	%		11.2	%	6.1	%		17.3	%
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales		17.6	%	1.5	%		19.1	%		49.1	%	6.1	%		55.2	%
Effective Tax Rate		25.2	%	(0.8	)%		24.4	%		26.7	%	(1.4	)%		25.3	%

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

15

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

	GAAP			YTD 2009 Specified Items*		Non GAAP			GAAP			YTD 2008 Specified Items*		Non GAAP
Net Sales	$	15,886				$	15,886		$	15,348				$	15,348
Cost of Products Sold		4,436		(88	)		4,348			4,874		(207	)		4,667
Gross Profit		11,450		88			11,538			10,474		207			10,681
Gross Margin as% of Sales		72.1	%	0.5	%		72.6	%		68.2	%	1.4	%		69.6	%
Marketing Selling and Admin		3,258		(96	)		3,162			3,507		(74	)		3,433
Advertising and Product Promotion		1,085		—			1,085			1,101		—			1,101
Total SGA		4,343		(96	)		4,247			4,608		(74	)		4,534
SG&A as % of Sales		27.3	%	(0.6	)%		26.7	%		30.0	%	(0.5	)%		29.5	%
R&D		2,590		(174	)		2,416			2,442		(88	)		2,354
R&D as % of Sales		16.3	%	(1.1	)%		15.2	%		15.9	%	(0.6	)%		15.3	%
Acquired in-process research and development										32		(32	)		—
Provision for restructuring, net		101		(101	)		—			67		(67	)		—
Litigation expense, net		132		(132	)		—			32		(32	)		—
Equity in Net Income of Affiliates		(435	)	—			(435	)		(478	)	—			(478	)
Other (income)/expense, net		(130	)	91			(39	)		188		(256	)		(68	)
Earnings from Continuing Operations Before Income Taxes	$	4,849		500		$	5,349		$	3,583		756		$	4,339
Provision for income taxes		1,340		(26	)		1,314			896		154			1,050
Net Earnings - Continuing Operations	$	3,509		526		$	4,035		$	2,687		602		$	3,289
Net Earnings - Discontinued Ops		—					—			2,046					2,046
Net Earnings	$	3,509		526		$	4,035		$	4,733		602		$	5,335
Net Earnings Attributable to Noncontrolling Interest		922					922			730					730
Net Earnings Attributable to Bristol-Myers Squibb Company	$	2,587		526		$	3,113		$	4,003		602		$	4,605
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	$	2,587		526		$	3,113		$	1,957		602		$	2,559
Contingently convertible debt interest expense and dividends attributable to unvested shares		(14	)				(14	)		(3	)				(3	)
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	$	2,573		526		$	3,099		$	1,954		602		$	2,556
Avg Shares (Diluted)		1,982					1,982			2,004					2,004
Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company	$	1.30		0.26		$	1.56		$	0.98		0.30		$	1.28
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales		16.3	%	3.3	%		19.6	%		12.8	%	3.9	%		16.7	%
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales		16.3	%	3.3	%		19.6	%		26.1	%	3.9	%		30.0	%
Effective Tax Rate		27.6	%	(3.0	)%		24.6	%		25.0	%	(0.8	)%		24.2	%

* Please refer to the Specified Items schedules on previous pages for further details

16

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF SEPTEMBER 30, 2009 AND JUNE 30, 2009

(Unaudited, dollars in millions)

	September 30, 2009			June 30, 2009
Cash and cash equivalents	$	6,367		$	7,507
Marketable securities-current		302			613
Marketable securities – long term		1,202			983
Short-term borrowings		(286	)		(124	)
Long-term debt		(6,307	)		(6,235	)
Net cash	$	1,278		$	2,744

17

EX-99.2

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	$	4,665	$	8,987	$	4,788	$	13,775			6%	5%	-3%	-4%
US Pharmaceuticals		2,451		2,610		5,061		2,695		7,756		2,809		10,565		2,766		2,974		5,740		3,012		8,752			12%	13%	N/A	N/A
CV/Metabolics		1,407		1,483		2,890		1,517		4,407		1,552		5,959		1,554		1,699		3,253		1,707		4,960			13%	13%	N/A	N/A
Oncology/Virology		619		633		1,252		641		1,893		655		2,548		627		638		1,265		659		1,924			3%	2%	N/A	N/A
Neuroscience		352		407		759		440		1,199		497		1,696		486		520		1,006		521		1,527			18%	27%	N/A	N/A
Immunoscience		73		87		160		97		257		105		362		99		117		216		125		341			29%	33%	N/A	N/A
Intercon Pharmaceuticals		384		401		785		411		1,196		385		1,581		309		341		650		354		1,004			-14%	-16%	-7%	-11%
EMAP Pharmaceuticals		398		436		834		437		1,271		437		1,708		379		420		799		457		1,256			5%	-1%	-3%	-6%
Europe Pharmaceuticals		933		996		1,929		935		2,864		886		3,750		827		883		1,710		911		2,621			-3%	-8%	-8%	-12%
Mead Johnson		703		728		1,431		744		2,175		707		2,882		693		719		1,412		699		2,111			-6%	-3%	-4%	-6%
Continuing Operations		4,891		5,203		10,094		5,254		15,348		5,249		20,597		5,015		5,384		10,399		5,487		15,886			4%	4%	-3%	-4%
Discontinued Operations		308		330		638		127		765		5		770		-		-		-		-		-			-100%	-100%	-	-
Total Company	$	5,199	$	5,533	$	10,732	$	5,381	$	16,113	$	5,254	$	21,367	$	5,015	$	5,384	$	10,399	$	5,487	$	15,886			2%	-1%	-3%	-4%

% 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	%	86.6	%	86.4	%	87.3	%	86.7	%			350		490
US Pharmaceuticals	47.2	%	47.2	%	47.2	%	50.1	%	48.1	%	53.5	%	49.4	%	55.2	%	55.2	%	55.2	%	54.9	%	55.1	%			480		700
CV/Metabolics	27.1	%	26.8	%	26.9	%	28.2	%	27.4	%	29.5	%	27.9	%	31.0	%	31.5	%	31.3	%	31.1	%	31.2	%			290		380
Oncology/Virology	11.9	%	11.4	%	11.7	%	11.9	%	11.7	%	12.5	%	11.9	%	12.5	%	11.8	%	12.1	%	12.0	%	12.1	%			10		40
Neuroscience	6.8	%	7.4	%	7.1	%	8.2	%	7.4	%	9.5	%	7.9	%	9.7	%	9.7	%	9.7	%	9.5	%	9.6	%			130		220
Immunoscience	1.4	%	1.6	%	1.5	%	1.8	%	1.6	%	2.0	%	1.7	%	2.0	%	2.2	%	2.1	%	2.3	%	2.2	%			50		60
Intercon Pharmaceuticals	7.4	%	7.2	%	7.3	%	7.6	%	7.4	%	7.3	%	7.4	%	6.2	%	6.3	%	6.3	%	6.5	%	6.3	%			(110	)	(110	)
EMAP Pharmaceuticals	7.7	%	7.9	%	7.8	%	8.1	%	7.9	%	8.3	%	8.0	%	7.6	%	7.8	%	7.7	%	8.3	%	7.9	%			20		-
Europe Pharmaceuticals	17.9	%	18.0	%	18.0	%	17.4	%	17.8	%	16.9	%	17.6	%	16.5	%	16.4	%	16.4	%	16.6	%	16.5	%			(80	)	(130	)
Mead Johnson	13.5	%	13.1	%	13.3	%	13.8	%	13.5	%	13.5	%	13.5	%	13.8	%	13.4	%	13.6	%	12.7	%	13.3	%			(110	)	(20	)
Continuing Operations	94.1	%	94.0	%	94.0	%	97.6	%	95.3	%	99.9	%	96.4	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			240		470
Discontinued Operations	5.9	%	6.0	%	6.0	%	2.4	%	4.7	%	0.1	%	3.6	%	-		-		-		-		-				(240	)	(470	)
Total Company	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009

($ in millions)

QUARTER-TO-DATE

CONTINUING OPERATIONS

	US*			Non-US*			Total
Price Increases/(Decreases)		8	%		2	%		5	%
Foreign Exchange		-			-7	%		-3	%
Volume		1	%		3	%		2	%
Total Change		9	%		-2	%		4	%
Total 2009 Period to Date Sales	$	3,256		$	2,231		$	5,487
Total 2008 Period to Date Sales	$	2,983		$	2,271		$	5,254
BIO PHARMACEUTICALS
	US			Non-US			Total
Price Increases/(Decreases)		9	%		-			5	%
Foreign Exchange		-			-7	%		-3	%
Volume		3	%		5	%		4	%
Total Change		12	%		-2	%		6	%
Total 2009 Period to Date Sales	$	3,021		$	1,767		$	4,788
Total 2008 Period to Date Sales	$	2,708		$	1,802		$	4,510
MEAD JOHNSON
							Total
Price Increases/(Decreases)								5	%
Foreign Exchange								-4	%
Volume								-7	%
Total Change								-6	%
Total 2009 Period to Date Sales							$	699
Total 2008 Period to Date Sales							$	744

* 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

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED SEPTEMBER 30, 2009

($ in millions)

YEAR-TO-DATE

CONTINUING OPERATIONS

	US*			Non-US*			Total
Price Increases/(Decreases)		7	%		3	%		5	%
Foreign Exchange		-			-10	%		-4	%
Volume		4	%		2	%		3	%
Total Change		11	%		-5	%		4	%
Total 2009 Period to Date Sales	$	9,534		$	6,352		$	15,886
Total 2008 Period to Date Sales	$	8,628		$	6,720		$	15,348
BIO PHARMACEUTICALS
	US			Non-US			Total
Price Increases/(Decreases)		7	%		-			5	%
Foreign Exchange		-			-10	%		-4	%
Volume		6	%		3	%		4	%
Total Change		13	%		-7	%		5	%
Total 2009 Period to Date Sales	$	8,782		$	4,993		$	13,775
Total 2008 Period to Date Sales	$	7,792		$	5,381		$	13,173
MEAD JOHNSON
							Total
Price Increases/(Decreases)								6	%
Foreign Exchange								-6	%
Volume								-3	%
Total Change								-3	%
Total 2009 Period to Date Sales							$	2,111
Total 2008 Period to Date Sales							$	2,175

* 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.

3

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		$	5,384		$	10,399		$	5,487		$	15,886				4	%	4	%
Cost of products sold		1,570			1,670			3,240			1,634			4,874			1,522			6,396			1,413			1,461			2,874			1,562			4,436				-4	%	-9	%
Marketing, selling and administrative		1,134			1,165			2,299			1,208			3,507			1,285			4,792			1,064			1,077			2,141			1,117			3,258				-8	%	-7	%
Advertising and product promotion		319			420			739			362			1,101			449			1,550			324			400			724			361			1,085				-		-1	%
Research and development		782			826			1,608			834			2,442			1,143			3,585			923			829			1,752			838			2,590				-		6	%
Acquired in-process research and development		-			32			32			-			32			-			32			-			-			-			-			-				-		-100	%
Provision for restructuring, net		11			30			41			26			67			151			218			27			20			47			54			101				108	%	51	%
Litigation expense, net		-			2			2			30			32			1			33			104			28			132			-			132				-100	%		*
Equity in net income of affiliates		(164	)		(150	)		(314	)		(164	)		(478	)		(139	)		(617	)		(146	)		(150	)		(296	)		(139	)		(435	)			-15	%	-9	%
Gain on sale of Imclone shares		-			-			-			-			-			(895	)		(895	)		-			-			-			-			-				-		-
Other (income)/ expense, net		32			(13	)		19			169			188			(156	)		32			(78	)		(22	)		(100	)		(30	)		(130	)			-118	%	-169	%
Total expenses		3,684			3,982			7,666			4,099			11,765			3,361			15,126			3,631			3,643			7,274			3,763			11,037				-8	%	-6	%
Earnings from Continuing Operations Before Income Taxes	$	1,207		$	1,221		$	2,428		$	1,155		$	3,583		$	1,888		$	5,471		$	1,384		$	1,741		$	3,125		$	1,724		$	4,849				49	%	35	%
Provision for income taxes		330			258			588			308			896			424			1,320			463			443			906			434			1,340				41	%	50	%
Net Earnings from Continuing Operations	$	877		$	963		$	1,840		$	847		$	2,687		$	1,464		$	4,151		$	921		$	1,298		$	2,219		$	1,290		$	3,509				52	%	31	%
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		$	1,298		$	2,219		$	1,290		$	3,509				-55	%	-26	%
Net Earnings Attributable to Noncontrolling Interest		230			241			471			259			730			266			996			283			315			598			324			922				25	%	26	%
Net Earnings Attributable to Bristol-Myers Squibb Company	$	661		$	764		$	1,425		$	2,578		$	4,003		$	1,244		$	5,247		$	638		$	983		$	1,621		$	966		$	2,587				-63	%	-35	%
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	$	647		$	722		$	1,369		$	588		$	1,957		$	1,198		$	3,155		$	638		$	983		$	1,621		$	966		$	2,587				64	%	32	%
Contingently convertible debt interest expense and dividends attributable to unvested shares		4			-			5			(9	)		(3	)		(5	)		(6	)		(5	)		(6	)		(9	)		(5	)		(14	)			44	%		*
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company	$	651		$	722		$	1,374		$	579		$	1,954		$	1,193		$	3,149		$	633		$	977		$	1,612		$	961		$	2,573				66	%	32	%
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Continuing Operations	$	0.32		$	0.36		$	0.68		$	0.29		$	0.98		$	0.60		$	1.58		$	0.32		$	0.49		$	0.81		$	0.48		$	1.30				66	%	33	%
Diluted Earnings Attributable to Bristol-Myers Squibb Company 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 Bristol-Myers Squibb Company per Common Share**	$	0.33		$	0.38		$	0.71		$	1.28		$	2.00		$	0.62		$	2.62		$	0.32		$	0.49		$	0.81		$	0.48		$	1.30				-63	%	-35	%
Average Common Shares Outstanding - Diluted		2,006			2,006			2,005			2,002			2,004			1,980			1,999			1,981			1,983			1,982			1,984			1,982				-1	%	-1	%
Dividends declared per common share	$	0.31		$	0.31		$	0.62		$	0.31		$	0.93		$	0.31		$	1.24		$	0.31		$	0.31		$	0.62		$	0.31		$	0.93				-		-
% 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	%		72.9	%		72.4	%		71.5	%		72.1	%			260		390
Cost of products sold		32.1	%		32.1	%		32.1	%		31.1	%		31.8	%		29.0	%		31.1	%		28.2	%		27.1	%		27.6	%		28.5	%		27.9	%			(260	)	(390	)
Marketing, selling and administrative		23.2	%		22.4	%		22.8	%		23.0	%		22.8	%		24.5	%		23.3	%		21.2	%		20.0	%		20.6	%		20.4	%		20.5	%			(260	)	(230	)
Advertising and product promotion		6.5	%		8.1	%		7.3	%		6.9	%		7.2	%		8.6	%		7.5	%		6.5	%		7.4	%		7.0	%		6.6	%		6.8	%			(30	)	(40	)
Research and development		16.0	%		15.9	%		15.9	%		15.9	%		15.9	%		21.8	%		17.4	%		18.4	%		15.4	%		16.8	%		15.3	%		16.3	%			(60	)	40
Acquired in-process research and development		-			0.6	%		0.3	%		-			0.2	%		-			0.2	%		-			-			-			-			-				-		(20	)
Total expenses		75.3	%		76.5	%		75.9	%		78.0	%		76.7	%		64.0	%		73.4	%		72.4	%		67.7	%		69.9	%		68.6	%		69.5	%			(940	)	(720	)
Earnings from Continuing Operations Before Income Taxes		24.7	%		23.5	%		24.1	%		22.0	%		23.3	%		36.0	%		26.6	%		27.6	%		32.3	%		30.1	%		31.4	%		30.5	%			940		720
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company		13.2	%		13.9	%		13.6	%		11.2	%		12.8	%		22.8	%		15.3	%		12.7	%		18.3	%		15.6	%		17.6	%		16.3	%			640		350
Other Ratios
Effective Tax Rate		27.3	%		21.1	%		24.2	%		26.7	%		25.0	%		22.5	%		24.1	%		33.5	%		25.4	%		29.0	%		25.2	%		27.6	%			(150	)	260
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		$	42		$	94		$	47		$	141				-44	%	-41	%
Interest income		(43	)		(31	)		(74	)		(37	)		(111	)		(19	)		(130	)		(13	)		(14	)		(27	)		(13	)		(40	)			65	%	64	%
ARS impairment charge		25			-			25			224			247			58			305			-			-			-			-			-				-100	%	-100	%
(Gain)/Loss on debt buyback and termination of interest rate swap agreements		-			-			-			-			-			(57	)		(57	)		-			(11	)		(11	)		4			(7	)			-		-
Foreign exchange transaction losses/(gains)		19			(2	)		17			(51	)		(34	)		(42	)		(76	)		(13	)		17			4			13			17				125	%	150	%
Gain on sale of product lines, businesses and assets		(9	)		-			(9	)		-			(9	)		(159	)		(168	)		(44	)		(23	)		(67	)		(17	)		(84	)			-			*
Medarex acquisition		-			-			-			-			-			-			-			-			-			-			(10	)		(10	)			-		-
Net royalty income and amortization of upfront and milestone payments received from alliance partners		(41	)		(41	)		(82	)		(42	)		(124	)		(17	)		(141	)		(35	)		(34	)		(69	)		(50	)		(119	)			-19	%	4	%
Pension curtailment charge		-			-			-			-			-			8			8			-			25			25			-			25				-		-
Other, net		8			(19	)		(11	)		(9	)		(18	)		(1	)		(19	)		(25	)		(24	)		(49	)		(4	)		(53	)			56	%	-194	%
	$	32		$	(13	)	$	19		$	169		$	188		$	(156	)	$	32		$	(78	)	$	(22	)	$	(100	)	$	(30	)	$	(130	)			-118	%	-169	%

* in excess of +/- 200%

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

4

BRISTOL-MYERS SQUIBB COMPANY

Biopharmaceuticals segment results

($ 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	$	4,188		$	4,475		$	8,663		$	4,510		$	13,173		$	4,542		$	17,715		$	4,322		$	4,665		$	8,987		$	4,788		$	13,775				6%	5%
Gross Profit		2,965			3,135			6,100			3,218			9,318			3,329			12,647			3,191			3,463			6,654			3,500			10,154				9%	9%
Gross Margin as a % of Sales		70.8	%		70.1	%		70.4	%		71.4	%		70.7	%		73.3	%		71.4	%		73.8	%		74.2	%		74.0	%		73.1	%		73.7	%			170	300
Total SGA		1,215			1,317			2,532			1,271			3,803			1,409			5,212			1,129			1,196			2,325			1,189			3,514				-6%	-8%
SG&A as a % of Sales		29.0	%		29.4	%		29.2	%		28.2	%		28.9	%		31.0	%		29.4	%		26.1	%		25.6	%		25.9	%		24.8	%		25.5	%			-340	-340
R&D		746			778			1,524			779			2,303			848			3,151			763			781			1,544			820			2,364				5%	3%
R&D as a % of Sales		17.8	%		17.4	%		17.6	%		17.3	%		17.5	%		18.7	%		17.8	%		17.7	%		16.7	%		17.2	%		17.1	%		17.2	%			-20	-30
Equity in net income of affiliates		(164	)		(150	)		(314	)		(164	)		(478	)		(139	)		(617	)		(146	)		(149	)		(295	)		(138	)		(433	)			-16%	-9%
Other		(3	)		(14	)		(17	)		(71	)		(88	)		(53	)		(141	)		(51	)		(40	)		(91	)		(34	)		(125	)			-52%	42%
Noncontrolling Interest		339			356			695			381			1,076			385			1,461			398			433			831			447			1,278				17%	19%
Earnings from Continuing Operations Before Income Taxes	$	832		$	848		$	1,680		$	1,022		$	2,702		$	879		$	3,581		$	1,098		$	1,242		$	2,340		$	1,216			3,556				19%	32%

5

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 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	5,487	5,254	233		(176	)	5,663	4	%	-3	%	7	%
Marketing, selling and administrative (a)	1,117	1,208	(91	)	40		1,157	-8	%	3	%	-5	%
Marketing, selling and administrative excluding specified items (b)	1,090	1,171	(81	)	38		1,128	-7	%	2	%	-5	%
Advertising and product promotion	361	362	(1	)	11		372	-		3	%	3	%
Advertising and product promotion excluding specified items (b)	361	362	(1	)	11		372	-		3	%	3	%
Research and development	838	834	4		17		855	-		2	%	2	%
Research and development excluding specified items (b)	838	797	41		17		855	5	%	2	%	7	%
(a) General and administrative	432	472	(40	)	11		443	-8	%	1	%	-7	%
General and administrative excluding specified items (c)	405	435	(30	)	9		414	-7	%	1	%	-6	%
(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 table of General and administrative GAAP to Non-GAAP figures:

	2009	2008
General and administrative	432	472
Specified Items:
Process standardization implementation costs	21	28
Mead Johnson separation costs	6	9
General and administrative excluding specified items	405	435

YEAR-TO-DATE

	2009	2008	Growth $		Favorable / (Unfavorable) FX Impact $		2009 Excluding FX	Growth %		Favorable / (Unfavorable) FX Impact %		Growth % Excluding FX
Net sales	15,886	15,348	538		(730	)	16,616	4	%	-4	%	8	%
Marketing, selling and administrative (a)	3,258	3,507	(249	)	171		3,429	-7	%	4	%	-3	%
Marketing, selling and administrative excluding specified items (b)	3,162	3,433	(271	)	169		3,331	-8	%	4	%	-4	%
Advertising and product promotion	1,085	1,101	(16	)	46		1,131	-1	%	4	%	3	%
Advertising and product promotion excluding specified items (b)	1,085	1,101	(16	)	46		1,131	-1	%	4	%	3	%
Research and development	2,590	2,442	148		70		2,660	6	%	3	%	9	%
Research and development excluding specified items (b)	2,416	2,354	62		70		2,486	3	%	3	%	6	%
(a) General and administrative	1,261	1,352	(91	)	49		1,310	-7	%	3	%	-4	%
General and administrative excluding specified items (c)	1,165	1,278	(113	)	46		1,211	-9	%	3	%	-6	%
(b) Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:

	2009	2008
General and administrative	1,261	1,352
Specified Items:
Process standardization implementation costs	65	64
Mead Johnson separation costs	31	10
General and administrative excluding specified items	1,165	1,278

6

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED SEPTEMBER 30, 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
Plavix	1,554	1,439	115		(14	)	1,568	8%	-1%	9%
Avapro/Avalide	329	334	(5	)	(12	)	341	-1%	-2%	1%
Abilify	653	564	89		(15	)	668	16%	-2%	18%
Reyataz	360	342	18		(18	)	378	5%	-4%	9%
Sustiva Franchise	315	294	21		(13	)	328	7%	-4%	11%
Baraclude	191	144	47		(7	)	198	33%	-4%	37%
Orencia	162	119	43		(4	)	166	36%	-2%	38%
Erbitux	179	184	(5	)	-		179	-3%	-	-3%
Sprycel	107	82	25		(8	)	115	30%	-8%	38%
Ixempra	28	25	3		(1	)	29	12%	-1%	13%
Onglyza	20	-	20		-		20	N/A	N/A	N/A
YEAR-TO-DATE
	2009	2008	Growth $		Favorable / (Unfavorable) FX Impact $		2009 Excluding FX	Growth %	Favorable / (Unfavorable) FX Impact %	Growth % Excluding FX
Plavix	4,528	4,134	394		(62	)	4,590	10%	-1%	11%
Avapro/Avalide	944	974	(30	)	(56	)	1,000	-3%	-5%	2%
Abilify	1,885	1,547	338		(62	)	1,947	22%	-3%	25%
Reyataz	1,013	963	50		(69	)	1,082	5%	-7%	12%
Sustiva Franchise	919	849	70		(57	)	976	8%	-6%	14%
Baraclude	522	388	134		(34	)	556	35%	-7%	42%
Orencia	434	312	122		(14	)	448	39%	-4%	43%
Erbitux	516	567	(51	)	-		516	-9%	-	-9%
Sprycel	302	224	78		(31	)	333	35%	-12%	47%
Ixempra	81	76	5		(1	)	82	7%	-1%	8%
Onglyza	20	-	20		-		20	N/A	N/A	N/A

7

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	2,965		3,135		6,100		3,218		9,318		3,329		12,647		3,191		3,463		6,654		3,500		10,154				9	%	9	%
Mead Johnson	452		456		908		455		1,363		440		1,803		445		484		929		455		1,384				-		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	70.8	%	70.1	%	70.4	%	71.4	%	70.7	%	73.3	%	71.4	%	73.8	%	74.2	%	74.0	%	73.1	%	73.7	%			170		300
Mead Johnson	64.3	%	62.6	%	63.5	%	61.2	%	62.7	%	62.2	%	62.6	%	64.2	%	67.3	%	65.8	%	65.1	%	65.6	%			390		290
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		1,242		2,340		1,216		3,556				19	%	32	%
Mead Johnson	208		188		396		159		555		137		692		159		151		310		127		437				-20	%	-21	%
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	%	26.6	%	26.0	%	25.4	%	25.8	%			270		530
Mead Johnson	29.6	%	25.8	%	27.7	%	21.4	%	25.5	%	19.4	%	24.0	%	22.9	%	21.0	%	22.0	%	18.2	%	20.7	%			-320		-480

* In Excess of +/- 200%

8

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	$	5,384	$	10,399	$	5,487	$	15,886			4%	4%	-3%	-4%
BIO PHARMACEUTICALS		4,188		4,475		8,663		4,510		13,173		4,542		17,715		4,322		4,665		8,987		4,788		13,775			6%	5%	-3%	-4%
Cardiovascular		1,828		1,933		3,761		1,948		5,709		1,942		7,651		1,892		2,050		3,942		2,055		5,997			5%	5%	-1%	-3%
Plavix		1,308		1,387		2,695		1,439		4,134		1,469		5,603		1,435		1,539		2,974		1,554		4,528			8%	10%	-1%	-1%
Avapro/Avalide		305		335		640		334		974		316		1,290		302		313		615		329		944			-1%	-3%	-2%	-5%
Virology		734		791		1,525		824		2,349		812		3,161		794		848		1,642		890		2,532			8%	8%	-4%	-6%
Reyataz		297		324		621		342		963		329		1,292		322		331		653		360		1,013			5%	5%	-4%	-7%
Sustiva Franchise (a)		273		282		555		294		849		300		1,149		292		312		604		315		919			7%	8%	-4%	-6%
Baraclude		108		136		244		144		388		153		541		152		179		331		191		522			33%	35%	-4%	-7%
Oncology		436		474		910		447		1,357		462		1,819		407		450		857		447		1,304			-	-4%	-	-2%
Erbitux		187		196		383		184		567		182		749		164		173		337		179		516			-3%	-9%	-	-
Sprycel		66		76		142		82		224		86		310		88		107		195		107		302			30%	35%	-8%	-12%
Ixempra		25		26		51		25		76		25		101		24		29		53		28		81			12%	7%	-1%	-1%
Neuroscience		498		575		1,073		607		1,680		641		2,321		621		660		1,281		668		1,949			10%	16%	-2%	-4%
Abilify (b)		454		529		983		564		1,547		606		2,153		589		643		1,232		653		1,885			16%	22%	-2%	-3%
Immunoscience		87		106		193		119		312		129		441		124		148		272		162		434			36%	39%	-2%	-4%
Orencia		87		106		193		119		312		129		441		124		148		272		162		434			36%	39%	-2%	-4%
Metabolics		25		27		52		30		82		22		104		25		36		61		52		113			73%	38%	1%	1%
Onglyza		-		-		-		-		-		-		-		-		-		-		20		20			N/A	N/A	N/A	N/A

* 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.

9

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	$	3,247	$	6,278	$	3,256	$	9,534			9%	11%
BIO PHARMACEUTICALS		2,459		2,625		5,084		2,708		7,792		2,819		10,611	2,784		2,977		5,761		3,021		8,782			12%	13%
Cardiovascular		1,366		1,437		2,803		1,474		4,277		1,521		5,798	1,515		1,652		3,167		1,650		4,817			12%	13%
Plavix		1,139		1,207		2,346		1,263		3,609		1,311		4,920	1,296		1,393		2,689		1,406		4,095			11%	13%	4%	4%
Avapro/Avalide		174		184		358		189		547		188		735	173		179		352		186		538			-2%	-2%	-10%	-9%
Virology		378		376		754		405		1,159		407		1,566	406		404		810		424		1,234			5%	6%
Reyataz		160		159		319		176		495		172		667	176		169		345		186		531			6%	7%	6%	7%
Sustiva Franchise (a)		175		171		346		185		531		193		724	190		194		384		195		579			5%	9%	10%	9%
Baraclude		29		35		64		36		100		40		140	36		39		75		41		116			14%	16%	7%	12%
Oncology		237		254		491		234		725		246		971	218		233		451		233		684			-	-6%
Erbitux		185		193		378		182		560		179		739	162		171		333		175		508			-4%	-9%	N/A	N/A
Sprycel		20		21		41		21		62		30		92	30		33		63		28		91			33%	47%	23%	20%
Ixempra		25		26		51		24		75		23		98	22		26		48		26		74			8%	-1%	N/A	N/A
Neuroscience		359		413		772		449		1,221		502		1,723	491		513		1,004		520		1,524			16%	25%
Abilify (b)		348		403		751		435		1,186		490		1,676	481		518		999		520		1,519			20%	28%	25%	28%
Immunoscience		73		87		160		97		257		106		363	99		116		215		126		341			30%	33%
Orencia		73		87		160		97		257		106		363	99		116		215		126		341			30%	33%	N/A	N/A
Metabolics		15		16		31		17		48		9		57	11		21		32		36		68			112%	42%
Onglyza		-		-		-		-		-		-		-	-		-		-		20		20			N/A	N/A	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.

10

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	$	2,137	$	4,121	$	2,231	$	6,352			-2%	-5%	-7%	-10%
BIO PHARMACEUTICALS		1,729		1,850		3,579		1,802		5,381		1,723		7,104		1,538		1,688		3,226		1,767		4,993			-2%	-7%	-7%	-10%
Cardiovascular		462		496		958		474		1,432		421		1,853		377		398		775		405		1,180			-15%	-18%	-6%	-10%
Plavix		169		180		349		176		525		158		683		139		146		285		148		433			-16%	-18%	-5%	-10%
Avapro/Avalide		131		151		282		145		427		128		555		129		134		263		143		406			-1%	-5%	-6%	-11%
Virology		356		415		771		419		1,190		405		1,595		388		444		832		466		1,298			11%	9%	-8%	-13%
Reyataz		137		165		302		166		468		157		625		146		162		308		174		482			5%	3%	-9%	-13%
Sustiva Franchise (a)		98		111		209		109		318		107		425		102		118		220		120		340			10%	7%	-10%	-16%
Baraclude		79		101		180		108		288		113		401		116		140		256		150		406			39%	41%	-6%	-10%
Oncology		199		220		419		213		632		216		848		189		217		406		214		620			-	-2%	-	-4%
Erbitux		2		3		5		2		7		3		10		2		2		4		4		8			100%	14%	-5%	-6%
Sprycel		46		55		101		61		162		56		218		58		74		132		79		211			30%	30%	-11%	-17%
Ixempra		-		-		-		1		1		2		3		2		3		5		2		7			100%	*	N/A	N/A
Neuroscience		139		162		301		158		459		139		598		130		147		277		148		425			-6%	-7%	-9%	-14%
Abilify (b)		106		126		232		129		361		116		477		108		125		233		133		366			3%	1%	-9%	-15%
Immunoscience		14		19		33		22		55		23		78		25		32		57		36		93			64%	69%	-11%	-22%
Orencia		14		19		33		22		55		23		78		25		32		57		36		93			64%	69%	-11%	-22%
Metabolics		10		11		21		13		34		13		47		14		15		29		16		45			23%	32%	-	2%
Onglyza		-		-		-		-		-		-		-		-		-		-		-		-			N/A	N/A	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.

(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.

11

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009

(Unaudited, amounts in millions except per share data)

	Q3 2009
	GAAP			Specified Items*		Non GAAP
Net Sales	$	5,487		-		$	5,487
Cost of products sold		1,562		(30	)		1,532
Gross Profit		3,925		30			3,955
Gross margin as a % of sales		71.5	%	0.6	%		72.1	%
Marketing, selling and administrative		1,117		(27	)		1,090
Advertising and product promotion		361		-			361
Total SGA		1,478		(27	)		1,451
SG&A as a % of sales		26.9	%	(0.5	)%		26.4	%
Research and development		838		-			838
R&D as a % of sales		15.3	%	-			15.3	%
Provision for restructuring, net		54		(54	)		-
Litigation expense, net		-		-			-
Equity in net income of affiliates		(139	)	-			(139	)
Other income, net		(30	)	23			(7	)
Earnings from Continuing Operations Before Income Taxes	$	1,724		88		$	1,812
Provision for income taxes		434		8			442
Net Earnings - Continuing Operations	$	1,290		80		$	1,370
Net Earnings - Discontinued Operations		-					-
Net Earnings Attributable to Noncontrolling Interest		324					324
Net Earnings Attributable to Bristol-Myers Squibb Company	$	966		80		$	1,046
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	$	966		80		$	1,046
Contingently convertible debt interest expense and dividends attributable to unvested shares		(5	)				(5	)
Net Earnings used for Diluted EPS Calc - Continuing Operations
- Attributable to Bristol-Myers Squibb Company	$	961		80		$	1,041
Average Common Shares Outstanding - Diluted		1,984					1,984
Diluted Earnings per Common Share - Continuing Operations	$	0.48		0.04		$	0.52
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales		17.6	%	1.5	%		19.1	%
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales		17.6	%	1.5	%		19.1	%
Effective Tax Rate		25.2	%	(0.8	)%		24.4	%

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

12

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009

(Unaudited, amounts in millions except per share data)

	SEPTEMBER YTD 2009
	GAAP			Specified Items*		Non GAAP
Net Sales	$	15,886		-		$	15,886
Cost of products sold		4,436		(88	)		4,348
Gross Profit		11,450		88			11,538
Gross margin as a % of sales		72.1	%	0.5	%		72.6	%
Marketing, selling and administrative		3,258		(96	)		3,162
Advertising and product promotion		1,085		-			1,085
Total SGA		4,343		(96	)		4,247
SG&A as a % of sales		27.3	%	(0.6	)%		26.7	%
Research and development		2,590		(174	)		2,416
R&D as a % of sales		16.3	%	(1.1	)%		15.2	%
Provision for restructuring, net		101		(101	)		-
Litigation expense, net		132		(132	)		-
Equity in net income of affiliates		(435	)	-			(435	)
Other income, net		(130	)	91			(39	)
Earnings from Continuing Operations Before Income Taxes	$	4,849		500		$	5,349
Provision for income taxes		1,340		(26	)		1,314
Net Earnings - Continuing Operations	$	3,509		526		$	4,035
Net Earnings - Discontinued Operations		-					-
Net Earnings Attributable to Noncontrolling Interest		922					922
Net Earnings Attributable to Bristol-Myers Squibb Company	$	2,587		526		$	3,113
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company	$	2,587		526		$	3,113
Contingently convertible debt interest expense and dividends attributable to unvested shares		(14	)				(14	)
Net Earnings used for Diluted EPS Calc - Continuing Operations
- Attributable to Bristol-Myers Squibb Company	$	2,573		526		$	3,099
Average Common Shares Outstanding - Diluted		1,982					1,982
Diluted Earnings per Common Share - Continuing Operations	$	1.30		0.26		$	1.56
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales		16.3	%	3.3	%		19.6	%
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales		16.3	%	3.3	%		19.6	%
Effective Tax Rate		27.6	%	(3.0	)%		24.6	%

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

13

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

($ in millions)

Three months ended September 30, 2009

					Cost of products sold		Marketing selling and administrative		Provision for restructuring, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations					$	-	$	-	$	51	$	-		$	51
Accelerated depreciation and other shutdown costs						30		-		3		-			33
Process standardization implementation costs						-		21		-		-			21
Gain on sale of product lines, businesses and assets						-		-		-		(17	)		(17	)
Total PTI						30		21		54		(17	)		88
Other:
Mead Johnson separation costs						-		6		-		-			6
Medarex acquisition						-		-		-		(10	)		(10	)
Debt buyback and swap terminations						-		-		-		4			4
Total					$	30	$	27	$	54	$	(23	)		88
Income taxes on items above															(29	)
Income taxes attributable to Mead Johnson separation															21
Decrease to Net Earnings														$	80
Three months ended September 30, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	-	$	-	$	-	$	26	$	-	$	-		$	26
Accelerated depreciation and other shutdown costs		53		-		-		-		-		-			53
Process standardization implementation costs		-		28		-		-		-		-			28
		53		28		-		26		-		-			107
Other:
Litigation charges		-		-		-		-		30		-			30
Mead Johnson separation costs		-		9		-		-		-		-			9
Product liability		-		-		-		-		-		2			2
Upfront and milestone payments		-		-		37		-		-		-			37
ARS impairment charge		-		-		-		-		-		224			224
	$	53	$	37	$	37	$	26	$	30	$	226			409
Income taxes on items above															(87	)
Decrease to Net Earnings														$	322

14

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

($ in millions)

Nine months ended September 30, 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	$	-	$	-	$	-	$	92	$	-	$	-		$	92
Accelerated depreciation, asset impairment, and other shutdown costs		80		-		-		9		-		-			89
Pension curtailment charge		-		-		-		-		-		25			25
Process standardization implementation costs		-		65		-		-		-		-			65
Gain on sale of product lines, businesses and assets		-		-		-		-		-		(72	)		(72	)
Total PTI		80		65		-		101		-		(47	)		199
Other:
Litigation charges		-		-		-		-		132		(10	)		122
Mead Johnson separation costs		-		31		-		-		-		-			31
Mead Johnson gain on sale of trademark		-		-		-		-		-		(12	)		(12	)
Upfront and milestone payments		-		-		174		-		-		-			174
Medarex acquisition		-		-		-		-		-		(10	)		(10	)
Debt buyback and swap terminations		-		-		-		-		-		(7	)		(7	)
Product liability		8		-		-		-		-		(5	)		3
Total	$	88	$	96	$	174	$	101	$	132	$	(91	)		500
Income taxes on items above															(168	)
Income taxes attributable to Mead Johnson separation															194
Decrease to Net Earnings														$	526
Nine months ended September 30, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	-	$	-	$	-	$	67	$	-	$	-		$	67
Accelerated depreciation and other shutdown costs		207		-		-		-		-		-			207
Process standardization implementation costs		-		64		-		-		-		-			64
Gain on sales and leaseback of properties		-		-		-		-		-		(9	)		(9	)
		207		64		-		67		-		(9	)		329
Other:
Litigation charges		-		-		-		-		32		-			32
Mead Johnson separation costs		-		10		-		-		-		-			10
Product liability		-		-		-		-		-		18			18
Upfront and milestone payments		-		-		88		-		-		-			88
Acquired in-process research and development		-		-		32		-		-		-			32
ARS impairment charge		-		-		-		-		-		247			247
	$	207	$	74	$	120	$	67	$	32	$	256			756
Income taxes on items above															(154	)
Decrease to Net Earnings														$	602

15

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	$	7,507	$	6,367
Marketable securities - current		194			355			258		289		1,088		613		302
Marketable securities - long term		455			386			297		188		184		983		1,202
Short-term borrowings		1,781			1,799			135		154		156		124		286
Long-term debt		4,660			6,021			6,120		6,585		6,492		6,235		6,307
Net (debt) / cash	$	(3,349	)	$	(3,032	)	$	1,473	$	1,714	$	2,456	$	2,744	$	1,278	$	-
Receivables, net of allowances	$	4,082		$	3,838		$	3,555	$	3,644	$	3,600	$	3,619	$	3,699
Total equity		10,567			10,766			12,934		12,208		13,129		13,936		14,371
Capital expenditures and capitalized software (for the quarter ended)		250			210			196		285		201		164		169

16

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	$	1.72 to $1.77
Projected Specified Items:
Productivity Transformation Initiative		0.13
Productivity Transformation Initiative Gain on Sale of Assets		(0.11	)
Upfront and milestone payments		0.10
Mead Johnson charges		0.02
Litigation Charges		0.04
Additional Taxes Related to Mead Johnson IPO		0.10
Total		0.28
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.00 to $2.05

Revenue growth is projected in the mid single digit range, which based on historical trends in 2008 and the nine months ended September 30, 2009 would be in the high single digit range, excluding foreign exchange.

Gross margin on a GAAP basis for the nine months ended September 30, 2009 was 72.1%, which included specified items of $88 million and had a 0.5% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 gross margin was 72.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects gross margin for the full year 2009 to improve approximately 200 basis points 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 - September YTD tab.

Research and development expenses on a GAAP basis for the nine months ended September 30, 2009 were $2,590 million, which included specified items of $174 million. On a non-GAAP basis, for the nine months ended September 30, 2009 research and development expenses were $2,416 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 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 - September YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2009 were $3,258 million, which included specified items of $96 million. On a non-GAAP basis, for the nine months ended September 30, 2009 marketing, selling and administrative expenses were $3,162 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 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, excluding foreign exchange. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.

The effective tax rate on a GAAP basis for the nine months ended September 30, 2009 was 27.6%, which included specified items of $26 million in the tax provision, and had a 3.0% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 effective tax rate was 24.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects effective tax rate for the full year 2009 to be approximately 25%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.

The GAAP results for the full year 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 is expected to generate approximately $2.5 billion in cost reductions and avoidance on a pre-tax basis by 2012. Costs associated with the Productivity Transformation Initiatives are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. This amount does not include gains realized due to sales of assets. 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 Third Quarter of 2009, October 22, 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, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

17