Certain supplemental information posted on Bristol-Myers Squibb's website

EX-99.2 3 dex992.htm CERTAIN SUPPLEMENTAL INFORMATION POSTED ON BRISTOL-MYERS SQUIBB'S WEBSITE Certain supplemental information posted on Bristol-Myers Squibb's website

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales


	2009														2010								% 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
Total	$	4,322	$	4,665	$	8,987	$	4,788	$	13,775	$	5,033	$	18,808	$	4,807							11	%	11	%	3	%	3	%
US Pharmaceuticals		2,766		2,974		5,740		3,012		8,752		3,115		11,867		3,089							12	%	12	%	N/A		N/A
CV/Metabolics		1,554		1,699		3,253		1,707		4,960		1,737		6,697		1,815							17	%	17	%	N/A		N/A
Oncology/Virology		627		638		1,265		659		1,924		689		2,613		678							8	%	8	%	N/A		N/A
Neuroscience		486		520		1,006		521		1,527		563		2,090		470							-3	%	-3	%	N/A		N/A
Immunoscience		99		117		216		125		341		126		467		126							27	%	27	%	N/A		N/A
Intercon Pharmaceuticals		309		341		650		354		1,004		376		1,380		376							22	%	22	%	12	%	12	%
EMAP Pharmaceuticals		379		420		799		457		1,256		482		1,738		424							12	%	12	%	10	%	10	%
Europe Pharmaceuticals		827		883		1,710		911		2,621		1,004		3,625		886							7	%	7	%	6	%	6	%

% of Total Sales


	2009														2010								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
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%							—		—
US Pharmaceuticals	64.0	%	63.8	%	63.9	%	62.9	%	63.5	%	61.9	%	63.1	%	64.3	%							30		30
CV/Metabolics	36.0	%	36.4	%	36.2	%	35.6	%	36.0	%	34.5	%	35.6	%	37.8	%							180		180
Oncology/Virology	14.5	%	13.7	%	14.1	%	13.8	%	14.0	%	13.7	%	13.9	%	14.1	%							(40	)	(40	)
Neuroscience	11.2	%	11.2	%	11.2	%	10.9	%	11.1	%	11.2	%	11.1	%	9.8	%							(140	)	(140	)
Immunoscience	2.3	%	2.5	%	2.4	%	2.6	%	2.4	%	2.5	%	2.5	%	2.6	%							30		30
Intercon Pharmaceuticals	7.1	%	7.3	%	7.2	%	7.4	%	7.3	%	7.5	%	7.3	%	7.8	%							70		70
EMAP Pharmaceuticals	8.8	%	9.0	%	8.9	%	9.5	%	9.1	%	9.6	%	9.2	%	8.8	%							—		—
Europe Pharmaceuticals	19.1	%	18.9	%	19.0	%	19.0	%	19.0	%	19.9	%	19.3	%	18.4	%							(70	)	(70	)

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2010

($ in millions)

QUARTER-TO-DATE


	US			Non-US			Total
Price Increases/(Decreases)		6	%		—			4	%
Foreign Exchange		—			8	%		3	%
Volume		5	%		3	%		4	%

Total Change		11	%		11	%		11	%

Total 2010 Period to Date Sales	$	3,099		$	1,708		$	4,807
Total 2009 Period to Date Sales	$	2,784		$	1,538		$	4,322

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS

($ in millions, except per share amounts)


	2009																					2010									% 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	$	4,322		$	4,665		$	8,987		$	4,788		$	13,775		$	5,033		$	18,808		$	4,807								11	%	11	%

Cost of products sold		1,165			1,225			2,390			1,317			3,707			1,433			5,140			1,306								12	%	12	%
Marketing, selling and administrative		901			922			1,823			953			2,776			1,170			3,946			900								—		—
Advertising and product promotion		248			298			546			256			802			334			1,136			212								-15	%	-15	%
Research and development		908			811			1,719			820			2,539			1,108			3,647			910								—		—
Provision for restructuring, net		19			19			38			51			89			47			136			11								-42	%	-42	%
Litigation expense, net		104			28			132			—			132			—			132			—								-100	%	-100	%
Equity in net income of affiliates		(146	)		(150	)		(296	)		(139	)		(435	)		(115	)		(550	)		(97	)							-34	%	-34	%
Other (income)/expense, net		(72	)		(10	)		(82	)		(35	)		(117	)		(264	)		(381	)		113								*		*

Total expenses		3,127			3,143			6,270			3,223			9,493			3,713			13,206			3,355								7	%	7	%

Earnings from Continuing Operations Before Income Taxes	$	1,195		$	1,522		$	2,717		$	1,565		$	4,282		$	1,320		$	5,602		$	1,452								22	%	22	%
Provision for income taxes		275			353			628			366			994			188			1,182			351								28	%	28	%

Net Earnings from Continuing Operations	$	920		$	1,169		$	2,089		$	1,199		$	3,288		$	1,132		$	4,420		$	1,101								20	%	20	%
Net Earnings Attributable to Noncontrolling Interest		271			289			560			307			867			314			1,181			358								32	%	32	%

Net Earnings from Continuing Operations Attributable to BMS Company	$	649		$	880		$	1,529		$	892		$	2,421		$	818		$	3,239		$	743								14	%	14	%

Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)		(5	)		(8	)		(5	)		(13	)		(4	)		(17	)		(3	)							-25	%	-25	%

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to BMS Company	$	645		$	875		$	1,521		$	887		$	2,408		$	814		$	3,222		$	740								15	%	15	%

Diluted Earnings Attributable to BMS Company per Common Share - Continuing Operations**	$	0.33		$	0.44		$	0.77		$	0.45		$	1.21		$	0.41		$	1.63		$	0.43								30	%	30	%
Average Common Shares Outstanding - Diluted		1,981			1,983			1,982			1,984			1,982			1,967			1,978			1,725								-13	%	-13	%
Dividends declared per common share	$	0.31		$	0.31		$	0.62		$	0.31		$	0.93		$	0.32		$	1.25		$	0.32								3	%	3	%

% of Net Sales

	2009																					2010									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		73.0	%		73.7	%		73.4	%		72.5	%		73.1	%		71.5	%		72.7	%		72.8	%							(20	)	(20	)

Cost of products sold		27.0	%		26.3	%		26.6	%		27.5	%		26.9	%		28.5	%		27.3	%		27.2	%							20		20
Marketing, selling and administrative		20.8	%		19.8	%		20.3	%		19.9	%		20.2	%		23.2	%		21.0	%		18.7	%							(210	)	(210	)
Advertising and product promotion		5.7	%		6.4	%		6.1	%		5.3	%		5.8	%		6.6	%		6.0	%		4.4	%							(130	)	(130	)
Research and development		21.0	%		17.4	%		19.1	%		17.1	%		18.4	%		22.0	%		19.4	%		18.9	%							(210	)	(210	)
Total expenses		72.4	%		67.4	%		69.8	%		67.3	%		68.9	%		73.8	%		70.2	%		69.8	%							(260	)	(260	)
Earnings from Continuing Operations Before Income Taxes		27.6	%		32.6	%		30.2	%		32.7	%		31.1	%		26.2	%		29.8	%		30.2	%							260		260
Net Earnings from Continuing Operations Attributable to BMS Company		15.0	%		18.9	%		17.0	%		18.6	%		17.6	%		16.3	%		17.2	%		15.5	%							50		50

Other Ratios
Effective Tax Rate		23.0	%		23.2	%		23.1	%		23.4	%		23.2	%		14.2	%		21.1	%		24.2	%							120		120

Other (Income)/Expense, net
	2009																					2010									% 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	$	52		$	42		$	94		$	47		$	141		$	43		$	184		$	33								-37	%	-37	%
Interest income		(13	)		(14	)		(27	)		(13	)		(40	)		(14	)		(54	)		(15	)							15	%	15	%
Impairment of manufacturing operations		—			—			—			—			—			—			—			200								—		—
(Gain)/Loss on debt buyback and termination of interest rate swap agreements		—			(11	)		(11	)		4			(7	)		—			(7	)		—								—		—
Foreign exchange transaction losses/(gains)		(13	)		17			4			13			17			(15	)		2			(16	)							23	%	23	%
Gain on sale of product lines, businesses and assets		(44	)		(11	)		(55	)		(17	)		(72	)		(288	)		(360	)		(10	)							-77	%	-77	%
Medarex acquisition		—			—			—			(10	)		(10	)		—			(10	)		—								—		—
Net royalty income and amortization of upfront licensing and milestone payments received from alliance partners		(35	)		(34	)		(69	)		(50	)		(119	)		(29	)		(148	)		(50	)							43	%	43	%
Pension settlements/ curtailments		—			25			25			—			25			18			43			—								—		—
Other, net		(19	)		(24	)		(43	)		(9	)		(52	)		21			(31	)		(29	)							53	%	53	%

	$	(72	)	$	(10	)	$	(82	)	$	(35	)	$	(117	)	$	(264	)	$	(381	)		113								*		*

*	in excess of +/- 200%

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

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED MARCH 31, 2010

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE


	2010		2009		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2010 Excluding FX	Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	4,807	$	4,322	485		11	%	132		4,675	3	%	8	%
Marketing, selling and administrative ^(a)		900		901	(1	)	—		(28	)	872	-3	%	-3	%
Marketing, selling and administrative excluding specified items ^(b)		887		881	6		1	%	(28	)	859	-3	%	-2	%
Advertising and product promotion		212		248	(36	)	-15	%	(5	)	207	-2	%	-17	%
Research and development		910		908	2		—		(12	)	898	-1	%	-1	%
Research and development excluding specified items ^(b)		855		763	92		12	%	(14	)	841	-2	%	10	%
(a) General and administrative		343		332	11		3	%	(8	)	335	-2	%	1	%
General and administrative excluding specified items ^(c)		330		312	18		6	%	(8	)	322	-3	%	3	%
(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:

	2010		2009
General and administrative		343		332
Specified Items:
Process standardization implementation costs		13		20

General and administrative excluding specified items		330		312

*	The company calculates the foreign exchange (FX) impact by determining the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED MARCH 31, 2010

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE


	2010	2009	Growth $	Growth %		Favorable / (Unfavorable) FX Impact $ *	2010 Excluding FX	Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Plavix	1,666	1,435	231	16	%	18	1,648	1	%	15	%
Avapro/Avalide	314	302	12	4	%	14	300	5	%	-1	%
Abilify	617	589	28	5	%	9	608	2	%	3	%
Reyataz	373	322	51	16	%	12	361	4	%	12	%
Sustiva Franchise	335	292	43	15	%	8	327	3	%	12	%
Baraclude	216	152	64	42	%	10	206	7	%	35	%
Orencia	169	124	45	36	%	3	166	3	%	33	%
Erbitux	166	164	2	1	%	—	166	—		1	%
Sprycel	131	88	43	49	%	8	123	9	%	40	%
Ixempra	29	24	5	21	%	—	29	—		21	%
Onglyza	10	—	10	N/A		—	10	N/A		N/A

*	The company calculates the foreign exchange (FX) impact by determining the change in a product’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2009							2010							% 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
TOTAL	4,322	4,665	8,987	4,788	13,775	5,033	18,808	4,807							11	%	11	%	3	%	3	%

Cardiovascular	1,892	2,050	3,942	2,055	5,997	2,118	8,115	2,129							13	%	13	%	2	%	2	%
Plavix	1,435	1,539	2,974	1,554	4,528	1,618	6,146	1,666							16	%	16	%	1	%	1	%
Avapro/Avalide	302	313	615	329	944	339	1,283	314							4	%	4	%	5	%	5	%

Virology	794	848	1,642	890	2,532	981	3,513	945							19	%	19	%	4	%	4	%
Reyataz	322	331	653	360	1,013	388	1,401	373							16	%	16	%	4	%	4	%
Sustiva Franchise ^(a)	292	312	604	315	919	358	1,277	335							15	%	15	%	3	%	3	%
Baraclude	152	179	331	191	522	212	734	216							42	%	42	%	7	%	7	%

Oncology	407	450	857	447	1,304	437	1,741	435							7	%	7	%	3	%	3	%
Erbitux	164	173	337	179	516	167	683	166							1	%	1	%	—		—
Sprycel	88	107	195	107	302	119	421	131							49	%	49	%	9	%	9	%
Ixempra	24	29	53	28	81	28	109	29							21	%	21	%	—		—

Neuroscience	621	660	1,281	668	1,949	727	2,676	635							2	%	2	%	2	%	2	%
Abilify ^(b)	589	643	1,232	653	1,885	707	2,592	617							5	%	5	%	2	%	2	%

Immunoscience	124	148	272	162	434	168	602	169							36	%	36	%	3	%	3	%
Orencia	124	148	272	162	434	168	602	169							36	%	36	%	3	%	3	%

Metabolics	25	36	61	52	113	30	143	37							48	%	48	%	—		—
Onglyza	—	—	—	20	20	4	24	10							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.

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2009							2010							% 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
TOTAL	2,784	2,977	5,761	3,021	8,782	3,127	11,909	3,099							11	%	11	%

Cardiovascular	1,515	1,652	3,167	1,650	4,817	1,693	6,510	1,770							17	%	17	%
Plavix	1,296	1,393	2,689	1,406	4,095	1,461	5,556	1,531							18	%	18	%	2	%	2	%
Avapro/Avalide	173	179	352	186	538	184	722	186							8	%	8	%	-14	%	-14	%

Virology	406	404	810	424	1,234	466	1,700	445							10	%	10	%
Reyataz	176	169	345	186	531	196	727	186							6	%	6	%	7	%	7	%
Sustiva Franchise ^(a)	190	194	384	195	579	224	803	214							13	%	13	%	10	%	10	%
Baraclude	36	39	75	41	116	44	160	42							17	%	17	%	12	%	12	%

Oncology	218	233	451	233	684	219	903	233							7	%	7	%
Erbitux	162	171	333	175	508	163	671	163							1	%	1	%	N/A		N/A
Sprycel	30	33	63	28	91	32	123	38							27	%	27	%	7	%	7	%
Ixempra	22	26	48	26	74	25	99	25							14	%	14	%	N/A		N/A

Neuroscience	491	513	1,004	520	1,524	566	2,090	473							-4	%	-4	%
Abilify ^(b)	481	518	999	520	1,519	563	2,082	470							-2	%	-2	%	9	%	9	%

Immunoscience	99	116	215	126	341	126	467	126							27	%	27	%
Orencia	99	116	215	126	341	126	467	126							27	%	27	%	N/A		N/A

Metabolics	11	21	32	36	68	12	80	16							45	%	45	%
Onglyza	—	—	—	20	20	2	22	6							N/A		N/A		N/A		N/A

*	In excess of +/- 200%

The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit which is a product of WK’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. The change in SPRYCEL demand is calculated based upon tablets sold though retail and mail order channels based upon data obtained from the IMS Health (IMS) National Sales Perspectives Audit, which is a product of IMS’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error.

(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.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)


	2009							2010							% 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
TOTAL	1,538	1,688	3,226	1,767	4,993	1,906	6,899	1,708							11	%	11	%	8	%	8	%

Cardiovascular	377	398	775	405	1,180	425	1,605	359							-5	%	-5	%	10	%	10	%
Plavix	139	146	285	148	433	157	590	135							-3	%	-3	%	11	%	11	%
Avapro/Avalide	129	134	263	143	406	155	561	128							-1	%	-1	%	13	%	13	%

Virology	388	444	832	466	1,298	515	1,813	500							29	%	29	%	9	%	9	%
Reyataz	146	162	308	174	482	192	674	187							28	%	28	%	9	%	9	%
Sustiva Franchise ^(a)	102	118	220	120	340	134	474	121							19	%	19	%	8	%	8	%
Baraclude	116	140	256	150	406	168	574	174							50	%	50	%	9	%	9	%

Oncology	189	217	406	214	620	218	838	202							7	%	7	%	6	%	6	%
Erbitux	2	2	4	4	8	4	12	3							50	%	50	%	9	%	9	%
Sprycel	58	74	132	79	211	87	298	93							60	%	60	%	14	%	14	%
Ixempra	2	3	5	2	7	3	10	4							100	%	100	%	3	%	3	%

Neuroscience	130	147	277	148	425	161	586	162							25	%	25	%	10	%	10	%
Abilify ^(b)	108	125	233	133	366	144	510	147							36	%	36	%	10	%	10	%

Immunoscience	25	32	57	36	93	42	135	43							72	%	72	%	14	%	14	%
Orencia	25	32	57	36	93	42	135	43							72	%	72	%	14	%	14	%

Metabolics	14	15	29	16	45	18	63	21							50	%	50	%	—		—
Onglyza	—	—	—	—	—	2	2	4							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.

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	$	4,322		—		$	4,322
Cost of products sold		1,165		(34	)		1,131

Gross Profit		3,157		34			3,191

Gross profit as a % of sales		73.0	%	0.8	%		73.8	%

Marketing, selling and administrative		901		(20	)		881
Advertising and product promotion		248		—			248

Total SGA		1,149		(20	)		1,129

SG&A as a % of sales		26.6	%	(0.5	)%		26.1	%

Research and development		908		(145	)		763

R&D as a % of sales		21.0	%	(3.3	)%		17.7	%

Operating Margin		1,100		199			1,299

Operating Margin as a % of sales		25.5	%	4.6	%		30.1	%

Provision for restructuring, net		19		(19	)		—
Litigation expense, net		104		(104	)		—
Equity in net income of affiliates		(146	)	—			(146	)
Other income, net		(72	)	49			(23	)

Earnings from Continuing Operations Before Income Taxes	$	1,195		273		$	1,468

Provision for income taxes		275		93			368

Net Earnings - Continuing Operations	$	920		180		$	1,100

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		271					271

Net Earnings - Continuing Operations Attributable to BMS Company	$	649		180		$	829
Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)				(4	)

Net Earnings used for Diluted EPS Calc - Continuing Operations
-Attributable to BMS Company	$	645		180		$	825

Average Common Shares Outstanding - Diluted		1,981					1,981
Diluted EPS - Continuing Operations Attributable to BMS Company	$	0.33		0.09		$	0.42

Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		15.0	%	4.2	%		19.2	%

Effective Tax Rate		23.0	%	2.1	%		25.1	%

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, 2010

(Unaudited, amounts in millions except per share data)


	Q1 2010
	GAAP			Specified Items		Non GAAP
Net Sales	$	4,807		—		$	4,807
Cost of products sold		1,306		(31	)		1,275

Gross Profit		3,501		31			3,532

Gross profit as a % of sales		72.8	%	0.7	%		73.5	%

Marketing, selling and administrative		900		(13	)		887
Advertising and product promotion		212		—			212

Total SGA		1,112		(13	)		1,099

SG&A as a % of sales		23.1	%	(0.2	)%		22.9	%

Research and development		910		(55	)		855

R&D as a % of sales		18.9	%	(1.1	)%		17.8	%

Operating Margin		1,479		99			1,578

Operating Margin as a % of sales		30.8	%	2.0	%		32.8	%

Provision for restructuring, net		11		(11	)		—
Litigation expense, net		—		—			—
Equity in net income of affiliates		(97	)	—			(97	)
Other income, net		113		(200	)		(87	)

Earnings from Continuing Operations Before Income Taxes	$	1,452		310		$	1,762

Provision for income taxes		351		86			437

Net Earnings - Continuing Operations	$	1,101		224		$	1,325

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		358					358

Net Earnings - Continuing Operations Attributable to BMS Company	$	743		224		$	967
Contingently convertible debt interest expense and dividends attributable to unvested shares		(3	)				(3	)

Net Earnings used for Diluted EPS Calc - Continuing Operations
-Attributable to BMS Company	$	740		224		$	964

Average Common Shares Outstanding - Diluted		1,725					1,725
Diluted EPS - Continuing Operations Attributable to BMS Company	$	0.43		0.13		$	0.56

Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		15.5	%	4.6	%		20.1	%

Effective Tax Rate		24.2	%	0.6	%		24.8	%

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009

($ in millions)

Three months ended March 31, 2010


	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring		Other (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	11	$	—	$	11
Impairment of manufacturing operations		—		—		—		—		200		200
Accelerated depreciation, asset impairment and other shutdown costs		31		—		—		—		—		31
Process standardization implementation costs		—		13		—		—		—		13

Total Restructuring		31		13		—		11		200		255

Other:
Upfront licensing and milestone payments		—		—		55		—		—		55

Total	$	31	$	13	$	55	$	11	$	200		310

Income taxes on items above												(86	)

Decrease to Net Earnings from Continuing Operations											$	224

Three months ended March 31, 2009


	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring		Litigation expense		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	15	$	—	$	—		$	15
Accelerated depreciation, asset impairment and other shutdown costs		26		—		—		4		—		—			30
Process standardization implementation costs		—		20		—		—		—		—			20
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(44	)		(44	)

Total Restructuring		26		20		—		19		—		(44	)		21

Other:

Litigation charges		—		—		—		—		104		—			104
Upfront licensing payments		—		—		145		—		—		—			145
Product liability		8		—		—		—		—		(5	)		3

Total	$	34	$	20	$	145	$	19	$	104	$	(49	)		273

Income taxes on items above															(93	)

Decrease to Net Earnings from Continuing Operations														$	180

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)


	March 31, 2009		June 30, 2009		September 30, 2009		December 31, 2009		March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Cash and cash equivalents	$	7,832	$	7,507	$	6,367	$	7,683	$	5,135
Marketable securities - current		1,088		613		302		831		1,641
Marketable securities - long term		184		983		1,202		1,369		2,997
Short-term borrowings		156		124		286		231		208
Long-term debt		6,492		6,235		6,307		6,130		6,081

Net (debt) / cash	$	2,456	$	2,744	$	1,278	$	3,522	$	3,484	$	—	$	—	$	—

BRISTOL-MYERS SQUIBB COMPANY

2010 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS


	Full Year 2010
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	1.84 to $1.94

Projected Specified Items:

Downsizing and streamlining of worldwide operations		0.14

Accelerated depreciation and other shutdown costs		0.08

Upfront and milestone payments and other		0.04

Total		0.26

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.10 to $2.20

Revenue growth is projected in the mid single digit range.

Gross margin on a GAAP basis for the three months ended March 31, 2010 was 72.8%, which included specified items of $31 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, 2010 gross margin was 73.5%. On a non-GAAP basis, the Company projects gross margin for the full year 2010 to remain consistent with last year. 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, 2010 were $910 million, which included specified items of $55 million. On a non-GAAP basis, for the three months ended March 31, 2010 research and development expenses were $855 million. On a non-GAAP basis, the Company projects research and development expenses for the full year 2010 to increase in the mid to high single digit range compared to 2009. 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, 2010 were $900 million, which included specified items of $13 million. On a non-GAAP basis, for the three months ended March 31, 2010 marketing, selling and administrative expenses were $887 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2010 to remain flat compared to 2009. 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, 2010 was 24.2%, which included specified items of $86 million in the tax provision, and had a 0.6% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the three months ended March 31, 2010 effective tax rate was 24.8%. On a non-GAAP basis, based on historical trends in 2009 the Company projects the annual effective tax rate between 23% and 24% for the full year 2010. 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 2010 will include specified items that may occur and impact results, including expected restructuring and other charges related to implementation of the Productivity Transformation Initiative (PTI), and other expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation and upfront and milestone payments. The GAAP results for the full year 2010 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, additional 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 2010, April 29, 2010, including “2010 Guidance” and “Use of Non-GAAP Financial Information” therein.