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): July 22, 2010

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 July 22, 2010, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second quarter of 2010. 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 July 22, 2010.
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: July 22, 2010	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 July 22, 2010.
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 Second Quarter Featured Robust Clinical Data

and Double-Digit EPS Growth

• Key Data from Oncology, Diabetes and Cardiovascular Franchises Demonstrate Execution of BioPharma Strategy

• Sales Increase 2% to $4.8 billion in Second Quarter

• GAAP EPS Increases 20% to $0.53 in Second Quarter; Non-GAAP EPS Increases 13% to $0.54

• Confirms 2010 GAAP EPS Guidance Range of $1.84 to $1.94; Non-GAAP EPS Guidance Range of $2.10 to $2.20

• Confirms 2013 Minimum Non-GAAP EPS Guidance of $1.95

(NEW YORK, July 22, 2010) – Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the second quarter of 2010 which featured data on key marketed and investigational compounds in its oncology, diabetes and cardiovascular franchises, and growth in sales and EPS. The company also confirmed guidance for 2010 and minimum guidance for non-GAAP EPS in 2013.

“Our second quarter performance continues to strengthen our confidence in our ability to execute the key elements of our differentiated and focused BioPharma strategy. I am pleased with the progress we are making with our pipeline as it is one of the most important drivers of the long term success of our strategy,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

“We delivered both sales and EPS growth in the quarter, and presented encouraging clinical data from across our portfolio of products. We completed filings in Europe and the U.S. for SPRYCEL^® for first-line treatment of chronic myeloid leukemia, and in Europe for ipilimumab. We announced the commencement of a $3 billion share repurchase program, reflecting our strong cash position and demonstrating our commitment to increasing shareholder value,” Andreotti said.

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	Second Quarter
$ amounts in millions, except per share amounts
	2010		2009		Change
Net Sales	$	4,768	$	4,665	2	%
Net Earnings Per Common Share — Diluted		0.53		0.49	8	%
GAAP Diluted EPS From Continuing Operations		0.53		0.44	20	%
Non-GAAP Diluted EPS From Continuing Operations		0.54		0.48	13	%

SECOND QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted second quarter 2010 net sales of $4.8 billion, an increase of 2% compared to the same period in 2009. U.S. Health care reform had a 1.5% negative effect on net sales in the second quarter.

• U.S. net sales increased 4% to $3.1 billion in the second quarter of 2010 compared to the same period in 2009. International net sales decreased 2%, or 3% excluding foreign exchange impact, to $1.7 billion.

• Gross margin as a percentage of net sales was 73.2% in the second quarter 2010 compared to 73.7% in the same period in 2009.

• Marketing, selling and administrative expenses decreased 3% to $894 million in the second quarter of 2010.

• Advertising and product promotion spending decreased by 12% to $263 million in the second quarter of 2010.

• Research and development expenses increased 1% to $822 million in the second quarter of 2010.

• The effective tax rate on earnings from continuing operations before income taxes was 20.4% in the second quarter of 2010, compared to 23.2% in the same period in 2009. The current quarter included a $59 million tax benefit related to an out-of-period adjustment for previously unrecognized deferred tax assets as of December 31, 2009.

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• The Company reported second quarter GAAP net earnings from continuing operations of $927 million, or $0.53 per share, compared to $880 million, or $0.44 per share, for the same period in 2009.

• The Company reported second quarter non-GAAP net earnings from continuing operations of $944 million or, $0.54 per share, compared to $966 million, or $0.48 per share, for the same period in 2009. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• The impact of U.S. health care reform decreased second quarter EPS from continuing operations by approximately $0.02 on both a GAAP and non-GAAP basis.

• Cash, cash equivalents and marketable securities were $10.2 billion, resulting in a net cash position of $3.7 billion as of June 30, 2010.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

• Bristol-Myers Squibb’s global sales growth in the second quarter was led by the Company’s virology franchise and by PLAVIX^®. Sales of BARACLUDE^® rose 25%, REYATAZ^® rose 8%, SUSTIVA^® rose 6% and PLAVIX rose 6%. Second quarter sales of ORENCIA^® and SPRYCEL grew 20% and 23% respectively compared to the same period in 2009.

• At the American Society of Clinical Oncology meeting in June, data were presented on 13 of the Company’s oncology compounds, including:

• Positive results from a Phase III randomized double blind study of ipilimumab which demonstrated that overall survival was significantly extended in patients with previously-treated metastatic melanoma who received ipilimumab. The results were statistically significant for patients receiving ipilimumab alone or ipilimumab in combination with a gp100 peptide vaccine when compared to those patients who received the control therapy of gp100 alone. The results were published in the New England Journal of Medicine.

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• Positive results from a randomized Phase II study evaluating ipilimumab in combination with standard chemotherapy in previously untreated patients with advanced non-small cell lung cancer.

• Phase III study results that demonstrated SPRYCEL 100 mg once daily achieved a superior rate of confirmed complete cytogenetic response compared to GLEEVEC^®* as a first-line treatment for patients with chronic phase chronic myeloid leukemia (CML). These results were published in the New England Journal of Medicine. SPRYCEL is being developed in collaboration with Otsuka Pharmaceutical Co.

• In May, the Marketing Authorization Application (MAA) for ipilimumab for metastatic melanoma in pre-treated patients was validated by the European Medicines Agency.

• In April, the Type II Variation submission for SPRYCEL for the treatment of adult patients with newly diagnosed CML in chronic phase was validated by the European Medicines Agency. In July, U.S Food and Drug Administration (FDA) accepted for priority review the sNDA for SPRYCEL for the treatment of adult patients with newly diagnosed CML in chronic phase. The Prescription Drug User Fee Act (PDUFA) date—the date by which action from the FDA is expected—is October 28, 2010.

• At the American Diabetes Association Annual Scientific Sessions in June:

• Results from a 76-week Phase III study of ONGLYZA™ as initial combination therapy with metformin were presented. Also presented were results from a 52-week Phase IIIb study in adults with type 2 diabetes who had inadequate glycemic control on metformin therapy plus diet and exercise. This study found that the addition of ONGLYZA 5 mg to existing metformin therapy achieved the primary objective of demonstrating non-inferiority compared to the addition of titrated glipizide, a sulphonylurea, to existing metformin therapy in reducing HbA1c levels. Additionally, the study found that treatment with ONGLYZA 5 mg plus metformin resulted in both statistically significant fewer patients reporting hypoglycemic events and statistically significant weight loss. ONGLYZA is being developed in collaboration with AstraZeneca.

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• Dapagliflozin is progressing in Phase III development with a novel mechanism for the treatment of type 2 diabetes that potentially offers a triad of benefits: glucose control, weight loss and improvements in blood pressure. Positive results were presented from a 24-week Phase III clinical study in inadequately controlled type 2 diabetes patients who were treated with insulin plus dapagliflozin. Dapagliflozin is being developed in collaboration with AstraZeneca.

• In June, Bristol-Myers Squibb and Pfizer, Inc. announced that the Phase III AVERROES clinical trial of apixaban in patients with atrial fibrillation is closing early due to clear evidence of efficacy. An interim analysis by the Independent Data Monitoring Committee showed a clinically important reduction in stroke and systematic embolism in patients with atrial fibrillation considered intolerant of or unsuitable for warfarin therapy who received apixaban as compared to aspirin. This interim analysis also demonstrated an acceptable safety profile for apixaban compared to aspirin.

• In July, Bristol-Myers Squibb announced that the European Commission approved a new indication for ORENCIA in combination with methotrexate, for the treatment of moderate to severe active rheumatoid arthritis in adult patients who have responded inadequately to previous therapy with one or more disease-modifying anti-rheumatic drugs including methotrexate or a TNF-alpha inhibitor.

• In May, the FDA issued a complete response letter regarding the Biologics License Application for belatacept in kidney transplant. We are working with the FDA to provide the requested data as soon as they are available and we expect to be able to provide a submission to the FDA by the fourth quarter.

• In June, Bristol-Myers Squibb terminated its development collaboration with Exelixis Inc. on the experimental cancer drug XL184. All rights to XL184 were returned to Exelixis.

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FINANCIAL GUIDANCE

2010

• The Company reaffirms its 2010 GAAP EPS guidance range of $1.84 to $1.94 per share and its non-GAAP guidance range of $2.10 to $2.20 per share. Key 2010 guidance assumptions include: mid-single digit revenue growth; full-year gross margin being consistent with last year; advertising and promotion expense decrease in the high-single digit range; marketing, sales and administrative expenses remaining flat; research and development expense growth in the mid- to high-single-digit range; and an effective tax rate of between 23% and 24%.

2013

• The Company reaffirms its minimum non-GAAP EPS guidance of $1.95 for 2013. This 2013 guidance assumes strong underlying revenue trends for certain key products, timely regulatory approval of and significant contributions from pipeline products, continued and additional productivity savings, exclusivity for ABILIFY^® for the term of the current agreement with Otsuka Pharmaceutical Co., Ltd., and that the negative impact of U.S. health care reform and European government-mandated cost containment measures is not substantially different from current expectations.

The financial guidance for 2010 and the 2013 minimum non-GAAP EPS guidance exclude the impact of any potential future strategic transactions and specified items that have not yet been identified and quantified. The non-GAAP 2010 guidance and the 2013 minimum guidance also 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; and debt retirement costs.

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Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings from continuing operations and related 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; 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, which are immediately expensed; in-process research and development charges prior to 2009; special initiative funding to the Bristol-Myers Squibb Foundation; 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 not to be reflective of the company’s ongoing results. These items are also not included in the company’s operating segment 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, implementation guidance related to the new U.S. health care reform law, governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, 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, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter. 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, 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

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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 whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on July 22, 2010, at 10:30 a.m. EDT during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing 913-981-5597, confirmation code 3687148. Materials related to the call will be available at the same website prior to the call.

For more information, contact: Jennifer Fron Mauer, 609-252-6579, Communications; Teri Loxam, 609-252-3368, 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^®, PLAVIX^®, DUOPLAVIN^® and DUOCOVER^® are trademarks of sanofi-aventis.

ERBITUX^® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.

GLEEVEC^® is a trademark of Novartis AG.

8

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for selected products. 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
	2010		2009		% Change	2010		2009		% Change	% Change in U.S. Total Prescriptions vs. 2009
Three Months Ended June 30,
BioPharmaceuticals
Cardiovascular
Plavix	$	1,627	$	1,539	6%	$	1,496	$	1,393	7%	(1)%
Avapro/Avalide		307		313	(2)%		170		179	(5)%	(17)%
Virology
Reyataz		357		331	8%		185		169	9%	6%
Sustiva Franchise (total revenue)		331		312	6%		213		194	10%	10%
Baraclude		223		179	25%		42		39	8%	15%
Oncology
Erbitux		172		173	(1)%		168		171	(2)%	N/A
Sprycel		132		107	23%		42		33	27%	7%
Ixempra		29		29	—		26		26	—	N/A
Affective (Psychiatric) Disorders
Abilify		633		643	(2)%		491		518	(5)%	5%
Immunoscience
Orencia		178		148	20%		137		116	18%	N/A
Metabolics
Onglyza		28		—	N/A		23		—	N/A	N/A
	Worldwide Net Sales					U.S. Net Sales
	2010		2009		% Change	2010		2009		% Change	% Change in U.S. Total Prescriptions vs. 2009
Six Months Ended June 30,
BioPharmaceuticals
Cardiovascular
Plavix	$	3,293	$	2,974	11%	$	3,027	$	2,689	13%	1%
Avapro/Avalide		621		615	1%		356		352	1%	(15)%
Virology
Reyataz		730		653	12%		371		345	8%	7%
Sustiva Franchise (total revenue)		666		604	10%		427		384	11%	10%
Baraclude		439		331	33%		84		75	12%	14%
Oncology
Erbitux		338		337	—		331		333	(1)%	N/A
Sprycel		263		195	35%		80		63	27%	7%
Ixempra		58		53	9%		51		48	6%	N/A
Affective (Psychiatric) Disorders
Abilify		1,250		1,232	1%		961		999	(4)%	7%
Immunoscience
Orencia		347		272	28%		263		215	22%	N/A
Metabolics
Onglyza		38		—	N/A		29		—	N/A	N/A

9

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, amounts in millions except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
Net Sales	$	4,768		$	4,665		$	9,575		$	8,987
Cost of products sold		1,277			1,225			2,583			2,390
Marketing, selling and administrative		894			922			1,794			1,823
Advertising and product promotion		263			298			475			546
Research and development		822			811			1,732			1,719
Provision for restructuring, net		24			19			35			38
Litigation expense, net		—			28			—			132
Equity in net income of affiliates		(85	)		(150	)		(182	)		(296	)
Other (income)/expense, net		(19	)		(10	)		94			(82	)
Total expenses		3,176			3,143			6,531			6,270
Earnings from Continuing Operations Before Income Taxes		1,592			1,522			3,044			2,717
Provision for income taxes		324			353			675			628
Net Earnings from Continuing Operations		1,268			1,169			2,369			2,089
Net Earnings from Discontinued Operations		—			129			—			130
Net Earnings		1,268			1,298			2,369			2,219
Net Earnings Attributable to Noncontrolling Interest		341			315			699			598
Net Earnings Attributable to BMS	$	927		$	983		$	1,670		$	1,621
Amounts Attributable to BMS
Income from Continuing Operations	$	927		$	880		$	1,670		$	1,529
Income from Discontinued Operations		—			103			—			92
Net Income	$	927		$	983		$	1,670		$	1,621
Earnings per Common Share from Continuing Operations
Attributable to BMS:
Basic	$	0.54		$	0.44		$	0.97		$	0.77
Diluted	$	0.53		$	0.44		$	0.96		$	0.77
Earnings per Common Share Attributable to BMS:
Basic	$	0.54		$	0.49		$	0.97		$	0.81
Diluted	$	0.53		$	0.49		$	0.96		$	0.81
Average Common Shares Outstanding:
Basic		1,718			1,980			1,717			1,979
Diluted		1,728			1,983			1,727			1,982
Interest expense	$	32		$	42		$	65		$	94
Interest income		(16	)		(14	)		(31	)		(27	)
Impairment and loss on sale of manufacturing operations		15			—			215			—
(Gain)/Loss on debt buyback and termination of interest rate swap agreements		—			(11	)		—			(11	)
Foreign exchange transaction (gains)/losses		(16	)		17			(32	)		4
Gain on sale of product lines, businesses and assets		(5	)		(11	)		(15	)		(55	)
Net royalty and other alliance income		(44	)		(34	)		(94	)		(69	)
Pension settlements/curtailments		14			25			14			25
Other, net		1			(24	)		(28	)		(43	)
Other (income)/ expense, net	$	(19	)	$	(10	)	$	94		$	(82	)

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, dollars in millions)

Three months ended June 30, 2010

Dollars in Millions	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	$	—	$	—	$	—	$	24	$	—	$	24
Impairment and loss on sale of manufacturing operations		—		—		—		—		15		15
Accelerated depreciation, asset impairment and other shutdown costs		27		—		—		—		—		27
Pension settlements/curtailments		—		—		—		—		5		5
Process standardization implementation costs		—		6		—		—		—		6
Total Restructuring		27		6		—		24		20		77
Other:
Upfront licensing, milestone and other payments		—		—		17		—		—		17
Total	$	27	$	6	$	17	$	24	$	20		94
Income taxes on items above												(18	)
Out-of-period tax adjustment												(59	)
Decrease to Net Earnings from Continuing Operations											$	17

Three months ended June 30, 2009
Dollars in Millions	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Litigation expense, net		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	17	$	—	$	—		$	17
Accelerated depreciation, asset impairment and other shutdown costs		24		—		—		2		—		—			26
Pension settlements/curtailments		—		—		—		—		—		25			25
Process standardization implementation costs		—		25		—		—		—		—			25
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(11	)		(11	)
Total Restructuring		24		25		—		19		—		14			82
Other:
Litigation charges		—		—		—		—		28		—			28
Upfront licensing and milestone payments		—		—		29		—		—		—			29
Debt buyback and swap terminations		—		—		—		—		—		(11	)		(11	)
Total	$	24	$	25	$	29	$	19	$	28	$	3			128
Income taxes on items above															(42	)
Decrease to Net Earnings from Continuing Operations														$	86

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, dollars in millions)

Six months ended June 30, 2010

Dollars in Millions	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	$	—	$	—	$	—	$	35	$	—	$	35
Impairment and loss on sale of manufacturing operations		—		—		—		—		215		215
Accelerated depreciation, asset impairment and other shutdown costs		58		—		—		—		—		58
Pension settlements/curtailments		—		—		—		—		5		5
Process standardization implementation costs		—		19		—		—		—		19
Total Restructuring		58		19		—		35		220		332
Other:
Upfront licensing, milestone and other payments		—		—		72		—		—		72
Total	$	58	$	19	$	72	$	35	$	220		404
Income taxes on items above												(104	)
Out-of-period tax adjustment												(59	)
Decrease to Net Earnings from Continuing Operations											$	241

Six months ended June 30, 2009
Dollars in Millions	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Litigation expense, net		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	32	$	—	$	—		$	32
Accelerated depreciation, asset impairment and other shutdown costs		50		—		—		6		—		—			56
Pension settlements/curtailments		—		—		—		—		—		25			25
Process standardization implementation costs		—		45		—		—		—		—			45
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(55	)		(55	)
Total Restructuring		50		45		—		38		—		(30	)		103
Other:
Litigation charges		—		—		—		—		132		—			132
Upfront licensing and milestone payments		—		—		174		—		—		—			174
Debt buyback and swap terminations		—		—		—		—		—		(11	)		(11	)
Product liability		8		—		—		—		—		(5	)		3
Total	$	58	$	45	$	174	$	38	$	132	$	(46	)		401
Income taxes on items above															(135	)
Decrease to Net Earnings from Continuing Operations														$	266

12

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, amounts in millions except per share data)

	Q2 2010								Q2 2009
	GAAP			Specified Items*		Non GAAP			GAAP			Specified Items*		Non GAAP
Net Sales	$	4,768		—		$	4,768		$	4,665		—		$	4,665
Cost of Products Sold		1,277		(27	)		1,250			1,225		(24	)		1,201
Gross Profit		3,491		27			3,518			3,440		24			3,464
Gross Profit as a % of Sales		73.2	%	0.6	%		73.8	%		73.7	%	0.6	%		74.3	%
Marketing Selling and Administration		894		(6	)		888			922		(25	)		897
Advertising and Product Promotion		263		—			263			298		—			298
Total SG&A		1,157		(6	)		1,151			1,220		(25	)		1,195
SG&A as a % of Sales		24.3	%	(0.2	)%		24.1	%		26.2	%	(0.6	)%		25.6	%
R&D		822		(17	)		805			811		(29	)		782
R&D as a % of Sales		17.2	%	(0.3	)%		16.9	%		17.4	%	(0.6	)%		16.8	%
Operating Margin		1,512		50			1,562			1,409		78			1,487
Operating Margin as % of Sales		31.7	%	1.1	%		32.8	%		30.2	%	1.7	%		31.9	%
Provision for restructuring, net		24		(24	)		—			19		(19	)		—
Litigation expense, net		—		—			—			28		(28	)		—
Equity in net income of affiliates		(85	)	—			(85	)		(150	)	—			(150	)
Other (income)/expense, net		(19	)	(20	)		(39	)		(10	)	(3	)		(13	)
Earnings from Continuing Operations Before Income Taxes	$	1,592		94		$	1,686		$	1,522		128		$	1,650
Provision for income taxes		324		77			401			353		42			395
Net Earnings – Continuing Operations	$	1,268		17		$	1,285		$	1,169		86		$	1,255
Net Earnings – Continuing Operations Attributable to Noncontrolling Interest		341					341			289					289
Net Earnings – Continuing Operations Attributable to BMS	$	927		17		$	944		$	880		86		$	966
Contingently convertible debt interest expense and dividends attributable to unvested shares		(3	)				(3	)		(5	)				(5	)
Net Earnings used for Diluted EPS Calc – Continuing Operations-Attributable BMS	$	924		17		$	941		$	875		86		$	961
Avg Shares (Diluted)		1,728					1,728			1,983					1,983
Diluted EPS – Continuing Operations Attributable to BMS	$	0.53		0.01		$	0.54		$	0.44		0.04		$	0.48
Net Earnings from Continuing Operations Attributable to BMS as a % of sales		19.4	%	0.4	%		19.8	%		18.9	%	1.8	%		20.7	%
Effective Tax Rate		20.4	%	3.4	%		23.8	%		23.2	%	0.7	%		23.9	%

* Refer to the Specified Items schedules for further details.

13

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009

(Unaudited, amounts in millions except per share data)

	YTD 2010								YTD 2009
	GAAP			Specified Items*		Non GAAP			GAAP			Specified Items*		Non GAAP
Net Sales	$	9,575		—		$	9,575		$	8,987		—		$	8,987
Cost of Products Sold		2,583		(58	)		2,525			2,390		(58	)		2,332
Gross Profit		6,992		58			7,050			6,597		58			6,655
Gross Profit as a % of Sales		73.0	%	0.6	%		73.6	%		73.4	%	0.7	%		74.1	%
Marketing Selling and Administration		1,794		(19	)		1,775			1,823		(45	)		1,778
Advertising and Product Promotion		475					475			546					546
Total SG&A		2,269		(19	)		2,250			2,369		(45	)		2,324
SG&A as a % of Sales		23.7	%	(0.2	)%		23.5	%		26.4	%	(0.5	)%		25.9	%
R&D		1,732		(72	)		1,660			1,719		(174	)		1,545
R&D as a % of Sales		18.1	%	(0.8	)%		17.3	%		19.1	%	(1.9	)%		17.2	%
Operating Margin		2,991		149			3,140			2,509		277			2,786
Operating Margin as % of Sales		31.2	%	1.6	%		32.8	%		27.9	%	3.1	%		31.0	%
Provision for restructuring, net		35		(35	)		—			38		(38	)		—
Litigation expense, net		—		—			—			132		(132	)		—
Equity in net income of affiliates		(182	)	—			(182	)		(296	)	—			(296	)
Other (income)/expense, net		94		(220	)		(126	)		(82	)	46			(36	)
Earnings from Continuing Operations Before Income Taxes	$	3,044		404		$	3,448		$	2,717		401		$	3,118
Provision for income taxes		675		163			838			628		135			763
Net Earnings – Continuing Operations	$	2,369		241		$	2,610		$	2,089		266		$	2,355
Net Earnings – Continuing Operations Attributable to Noncontrolling Interest		699					699			560					560
Net Earnings – Continuing Operations Attributable to BMS	$	1,670		241		$	1,911		$	1,529		266		$	1,795
Contingently convertible debt interest expense and dividends attributable to unvested shares		(7	)				(7	)		(8	)				(8	)
Net Earnings used for Diluted EPS Calc – Continuing Operations-Attributable BMS	$	1,663		241		$	1,904		$	1,521		266		$	1,787
Avg Shares (Diluted)		1,727					1,727			1,982					1,982
Diluted EPS – Continuing Operations Attributable to BMS	$	0.96		0.14		$	1.10		$	0.77		0.13		$	0.90
Net Earnings from Continuing Operations Attributable to BMS as a % of sales		17.4	%	2.6	%		20.0	%		17.0	%	3.0	%		20.0	%
Effective Tax Rate		22.2	%	2.1	%		24.3	%		23.1	%	1.4	%		24.5	%

* Refer to the Specified Items schedules for further details.

14

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF JUNE 30, 2010 AND MARCH 31, 2010

(Unaudited, dollars in millions)

	June 30, 2010			March 31, 2010
Cash and cash equivalents	$	5,918		$	5,135
Marketable securities-current		1,536			1,641
Marketable securities-long term		2,795			2,997
Short-term borrowings		(290	)		(208	)
Long-term debt		(6,248	)		(6,081	)
Net cash	$	3,711		$	3,484

15

EX-99.2

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	$	4,768	$	9,575					2	%	7%	—	2%
US Pharmaceuticals		2,766		2,974		5,740		3,012		8,752		3,115		11,867		3,089		3,105		6,194					4	%	8%	N/A	N/A
CV/Metabolics		1,554		1,699		3,253		1,707		4,960		1,737		6,697		1,815		1,796		3,611					6	%	11%	N/A	N/A
Oncology/Virology		627		638		1,265		659		1,924		689		2,613		678		682		1,360					7	%	8%	N/A	N/A
Neuroscience		486		520		1,006		521		1,527		563		2,090		470		490		960					-6	%	-5%	N/A	N/A
Immunoscience		99		117		216		125		341		126		467		126		137		263					17	%	22%	N/A	N/A
Intercon Pharmaceuticals		196		215		411		213		624		219		843		225		199		424					-7	%	3%	1%	4%
JPAC Pharmaceuticals		326		372		698		394		1,092		430		1,522		371		403		774					8	%	11%	10%	12%
Emerging Markets		166		174		340		203		543		210		753		203		201		404					16	%	19%	6%	7%
Europe Pharmaceuticals		827		883		1,710		911		2,621		1,004		3,625		886		822		1,708					-7	%	—	-4%	1%

% 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	%	100.0	%	100.0	%					—		—
US Pharmaceuticals	64.0	%	63.8	%	63.9	%	62.9	%	63.5	%	61.9	%	63.1	%	64.3	%	65.1	%	64.7	%					130		80
CV/Metabolics	36.0	%	36.4	%	36.2	%	35.6	%	36.0	%	34.5	%	35.6	%	37.8	%	37.6	%	37.7	%					120		150
Oncology/Virology	14.5	%	13.7	%	14.1	%	13.8	%	14.0	%	13.7	%	13.9	%	14.1	%	14.3	%	14.2	%					60		10
Neuroscience	11.2	%	11.2	%	11.2	%	10.9	%	11.1	%	11.2	%	11.1	%	9.8	%	10.3	%	10.0	%					(90	)	(120	)
Immunoscience	2.3	%	2.5	%	2.4	%	2.6	%	2.4	%	2.5	%	2.5	%	2.6	%	2.9	%	2.8	%					40		40
Intercon Pharmaceuticals	4.5	%	4.6	%	4.6	%	4.4	%	4.5	%	4.4	%	4.5	%	4.7	%	4.2	%	4.4	%					(40	)	(20	)
JPAC Pharmaceuticals	7.5	%	8.0	%	7.8	%	8.2	%	7.9	%	8.5	%	8.1	%	7.7	%	8.5	%	8.1	%					50		30
Emerging Markets	3.8	%	3.7	%	3.8	%	4.2	%	3.9	%	4.2	%	4.0	%	4.2	%	4.2	%	4.2	%					50		40
Europe Pharmaceuticals	19.1	%	18.9	%	19.0	%	19.0	%	19.0	%	19.9	%	19.3	%	18.4	%	17.2	%	17.8	%					(170	)	(120	)

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2010

($ in millions)

QUARTER-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		3%		-3%		1%
Foreign Exchange		—		1%		—
Volume		1%		—		1%
Total Change		4%		-2%		2%
Total 2010 Period to Date Sales	$	3,105	$	1,663	$	4,768
Total 2009 Period to Date Sales	$	2,974	$	1,691	$	4,665

YEAR-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		5%		-2%		2%
Foreign Exchange		—		4%		2%
Volume		3%		2%		3%
Total Change		8%		4%		7%
Total 2010 Period to Date Sales	$	6,194	$	3,381	$	9,575
Total 2009 Period to Date Sales	$	5,740	$	3,247	$	8,987

2

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		$	4,768		$	9,575						2%	7%
Cost of products sold		1,165			1,225			2,390			1,317			3,707			1,433			5,140			1,306			1,277			2,583						4%	8%
Marketing, selling and administrative		901			922			1,823			953			2,776			1,170			3,946			900			894			1,794						-3%	-2%
Advertising and product promotion		248			298			546			256			802			334			1,136			212			263			475						-12%	-13%
Research and development		908			811			1,719			820			2,539			1,108			3,647			910			822			1,732						1%	1%
Provision for restructuring, net		19			19			38			51			89			47			136			11			24			35						26%	-8%
Litigation expense, net		104			28			132			—			132			—			132			—			—			—						-100%	100%
Equity in net income of affiliates		(146	)		(150	)		(296	)		(139	)		(435	)		(115	)		(550	)		(97	)		(85	)		(182	)					-43%	-39%
Other (income)/expense, net		(72	)		(10	)		(82	)		(35	)		(117	)		(264	)		(381	)		113			(19	)		94						90%	*
Total expenses		3,127			3,143			6,270			3,223			9,493			3,713			13,206			3,355			3,176			6,531						1%	4%
Earnings from Continuing Operations Before Income Taxes	$	1,195		$	1,522		$	2,717		$	1,565		$	4,282		$	1,320		$	5,602		$	1,452		$	1,592		$	3,044						5%	12%
Provision for income taxes		275			353			628			366			994			188			1,182			351			324			675						-8%	7%
Net Earnings from Continuing Operations	$	920		$	1,169		$	2,089		$	1,199		$	3,288		$	1,132		$	4,420		$	1,101		$	1,268		$	2,369						8%	13%
Net Earnings Attributable to Noncontrolling Interest		271			289			560			307			867			314			1,181			358			341			699						18%	25%
Net Earnings from Continuing Operations Attributable to BMS Company	$	649		$	880		$	1,529		$	892		$	2,421		$	818		$	3,239		$	743		$	927		$	1,670						5%	9%
Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)		(5	)		(8	)		(5	)		(13	)		(4	)		(17	)		(3	)		(3	)		(7	)					-40%	-13%
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to BMS Company	$	645		$	875		$	1,521		$	887		$	2,408		$	814		$	3,222		$	740		$	924		$	1,663						6%	9%
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		$	0.53		$	0.96						20%	25%
Average Common Shares Outstanding - Diluted		1,981			1,983			1,982			1,984			1,982			1,967			1,978			1,725			1,728			1,727						-13%	-13%
Dividends declared per common share	$	0.31		$	0.31		$	0.62		$	0.31		$	0.93		$	0.32		$	1.25		$	0.32		$	0.32		$	0.64						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%		73.2%		73.0%					(50)	(40)
Cost of products sold		27.0%		26.3%		26.6%		27.5%		26.9%		28.5%		27.3%		27.2%		26.8%		27.0%					50	40
Marketing, selling and administrative		20.8%		19.8%		20.3%		19.9%		20.2%		23.2%		21.0%		18.7%		18.8%		18.7%					(100)	(160)
Advertising and product promotion		5.7%		6.4%		6.1%		5.3%		5.8%		6.6%		6.0%		4.4%		5.5%		5.0%					(90)	(110)
Research and development		21.0%		17.4%		19.1%		17.1%		18.4%		22.0%		19.4%		18.9%		17.2%		18.1%					(20)	(100)
Total expenses		72.4%		67.4%		69.8%		67.3%		68.9%		73.8%		70.2%		69.8%		66.6%		68.2%					(80)	(160)
Earnings from Continuing Operations Before Income Taxes		27.6%		32.6%		30.2%		32.7%		31.1%		26.2%		29.8%		30.2%		33.4%		31.8%					80	160
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%		19.4%		17.4%					50	40
Other Ratios
Effective Tax Rate		23.0%		23.2%		23.1%		23.4%		23.2%		14.2%		21.1%		24.2%		20.4%		22.2%					(280)	(90)
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	$	32	$	65					-24%	-31%
Interest income		(13)		(14)		(27)		(13)		(40)		(14)		(54)		(15)		(16)		(31)					14%	15%
Impairment and loss on sale of manufacturing operations		—		—		—		—		—		—		—		200		15		215					—	—
(Gain)/Loss on debt buyback and termination of interest rate swap agreements		—		(11)		(11)		4		(7)		—		(7)		—		—		—					-100%	-100%
Net Foreign exchange transaction (gains)/losses		(13)		17		4		13		17		(15)		2		(16)		(16)		(32)					194%	*
Gain on sale of product lines, businesses and assets		(44)		(11)		(55)		(17)		(72)		(288)		(360)		(10)		(5)		(15)					-55%	-73%
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)		(44)		(94)					29%	36%
Pension curtailment and settlement charges		—		25		25		—		25		18		43		—		14		14					-44%	-44%
Other		(19)		(24)		(43)		(9)		(52)		21		(31)		(29)		1		(28)					-104%	-35%
	$	(72)	$	(10)	$	(82)	$	(35)	$	(117)	$	(264)	$	(381)		113	$	(19)	$	94					90%	*

* in excess of +/- 200%

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

3

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED JUNE 30, 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	$	4,768	$	4,665	103		2	%	14		4,754	—	2	%
Marketing, selling and administrative (a)		894		922	(28	)	-3	%	3		897	—	-3	%
Marketing, selling and administrative excluding specified items (b)		888		897	(9	)	-1	%	2		890	—	-1	%
Advertising and product promotion		263		298	(35	)	-12	%	(1	)	262	—	-12	%
Research and development		822		811	11		1	%	1		823	—	1	%
Research and development excluding specified items (b)		805		782	23		3	%	1		806	—	3	%
(a) General and administrative		335		339	(4	)	-1	%	(1	)	334	—	-1	%
General and administrative excluding specified items (c)		329		314	15		5	%	(1	)	328	—	5	%
(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		335		339
Specified Items:
Process standardization implementation costs		6		25
General and administrative excluding specified items		329		314
YEAR-TO-DATE											.
	2010		2009		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2010 Excluding FX	Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Net sales	$	9,575	$	8,987	588		7%		145		9,430	2%	5%
Marketing, selling and administrative (a)		1,794		1,823	(29	)	-2%		(26	)	1,768	-1%	-3%
Marketing, selling and administrative excluding specified items (b)		1,775		1,778	(3	)	—		(26	)	1,749	-1%	-1%
Advertising and product promotion		475		546	(71	)	-13%		(7	)	468	-1%	-14%
Research and development		1,732		1,719	13		1%		(12	)	1,720	-1%	—
Research and development excluding specified items (b)		1,660		1,545	115		7%		(13	)	1,647	-1%	6%
(a) General and administrative		678		671	7		1%		(9	)	669	-1%	—
General and administrative excluding specified items (c)		659		626	33		5%		(9	)	650	-1%	4%
(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:
	2010		2009
General and administrative		678		671
Specified Items:
Process standardization implementation costs		19		45
General and administrative excluding specified items		659		626

* 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.

4

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE PERIOD ENDED JUNE 30, 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	1,627	1,539	88		6%	8	1,619	—	6%
Avapro/Avalide	307	313	(6	)	-2%	5	302	1%	-3%
Abilify	633	643	(10	)	-2%	(4)	637	-1%	-1%
Reyataz	357	331	26		8%	(3)	360	-1%	9%
Sustiva Franchise	331	312	19		6%	(4)	335	-1%	7%
Baraclude	223	179	44		25%	4	219	2%	23%
Orencia	178	148	30		20%	—	178	—	20%
Erbitux	172	173	(1	)	-1%	—	172	—	-1%
Sprycel	132	107	25		23%	—	132	—	23%
Ixempra	29	29	—		—	—	29	—	—
Onglyza	28	—	28		N/A	—	28	N/A	N/A

YEAR-TO-DATE

	2010	2009	Growth $	Growth %	Favorable / (Unfavorable) FX Impact $ *	2010 Excluding FX	Favorable / (Unfavorable) FX Impact % *	Growth % Excluding FX
Plavix	3,293	2,974	319	11%	26	3,267	1%	10%
Avapro/Avalide	621	615	6	1%	19	602	3%	-2%
Abilify	1,250	1,232	18	1%	5	1,245	—	1%
Reyataz	730	653	77	12%	9	721	1%	11%
Sustiva Franchise	666	604	62	10%	4	662	1%	9%
Baraclude	439	331	108	33%	14	425	4%	29%
Orencia	347	272	75	28%	3	344	1%	27%
Erbitux	338	337	1	—	—	338	—	—
Sprycel	263	195	68	35%	8	255	4%	31%
Ixempra	58	53	5	9%	—	58	—	9%
Onglyza	38	—	38	N/A	—	38	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.

5

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	4,768	9,575					2%	7%	—	2%
Cardiovascular	1,892	2,050	3,942	2,055	5,997	2,118	8,115	2,129	2,069	4,198					1%	6%	1%	1%
Plavix	1,435	1,539	2,974	1,554	4,528	1,618	6,146	1,666	1,627	3,293					6%	11%	1%	1%
Avapro/Avalide	302	313	615	329	944	339	1,283	314	307	621					-2%	1%	1%	3%
Virology	794	848	1,642	890	2,532	981	3,513	945	929	1,874					10%	14%	—	2%
Reyataz	322	331	653	360	1,013	388	1,401	373	357	730					8%	12%	-1%	1%
Sustiva Franchise (a)	292	312	604	315	919	358	1,277	335	331	666					6%	10%	-1%	1%
Baraclude	152	179	331	191	522	212	734	216	223	439					25%	33%	2%	4%
Oncology	407	450	857	447	1,304	437	1,741	435	444	879					-1%	3%	1%	2%
Erbitux	164	173	337	179	516	167	683	166	172	338					-1%	—	—	—
Sprycel	88	107	195	107	302	119	421	131	132	263					23%	35%	—	4%
Ixempra	24	29	53	28	81	28	109	29	29	58					—	9%	—	—
Neuroscience	621	660	1,281	668	1,949	727	2,676	635	650	1,285					-2%	—	—	1%
Abilify (b)	589	643	1,232	653	1,885	707	2,592	617	633	1,250					-2%	1%	-1%	—
Immunoscience	124	148	272	162	434	168	602	169	178	347					20%	28%	—	1%
Orencia	124	148	272	162	434	168	602	169	178	347					20%	28%	—	1%
Metabolics	25	36	61	52	113	30	143	37	55	92					53%	51%	-1%	—
Onglyza	—	—	—	20	20	4	24	10	28	38					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.

6

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	2,766	2,974	5,740	3,012	8,752	3,115	11,867	3,089	3,105	6,194					4%	8%
Cardiovascular	1,515	1,652	3,167	1,650	4,817	1,693	6,510	1,770	1,707	3,477					3%	10%
Plavix	1,296	1,393	2,689	1,406	4,095	1,461	5,556	1,531	1,496	3,027					7%	13%	-1%	1%
Avapro/Avalide	173	179	352	186	538	184	722	186	170	356					-5%	1%	-17%	-15%
Virology	406	404	810	424	1,234	466	1,700	445	441	886					9%	9%
Reyataz	176	169	345	186	531	196	727	186	185	371					9%	8%	6%	7%
Sustiva Franchise (a)	190	194	384	195	579	224	803	214	213	427					10%	11%	10%	10%
Baraclude	36	39	75	41	116	44	160	42	42	84					8%	12%	15%	14%
Oncology	218	233	451	233	684	219	903	233	239	472					3%	5%
Erbitux	162	171	333	175	508	163	671	163	168	331					-2%	-1%	N/A	N/A
Sprycel	30	33	63	28	91	32	123	38	42	80					27%	27%	7%	7%
Ixempra	22	26	48	26	74	25	99	25	26	51					—	6%	N/A	N/A
Neuroscience	491	513	1,004	520	1,524	566	2,090	473	494	967					-4%	-4%
Abilify (b)	481	518	999	520	1,519	563	2,082	470	491	961					-5%	-4%	5%	7%
Immunoscience	99	116	215	126	341	126	467	126	137	263					18%	22%
Orencia	99	116	215	126	341	126	467	126	137	263					18%	22%	N/A	N/A
Metabolics	11	21	32	36	68	12	80	16	30	46					43%	44%
Onglyza	—	—	—	20	20	2	22	6	23	29					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. ERBITUX, IXEMPRA and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products.

(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. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement and U.S. healthcare reform.

	2009		2010		% Change
	2nd Qtr	6 Months	2nd Qtr	6 Months	Qtr vs. Qtr	YTD vs. YTD
Abilify Net Sales As Reported	518	999	491	961	-5%	-4%
Contractual share change from 65% to 58%	—	—	59	116	N/A	N/A
Incremental amortization of extension payment	—	—	—	16	N/A	N/A
U.S. healthcare reform	—	—	27	54	N/A	N/A
Abilify Net Sales - Adjusted	518	999	577	1,147	11%	15%

7

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	1,556	1,691	3,247	1,776	5,023	1,918	6,941	1,718	1,663	3,381					-2%	4%	1%	4%
Cardiovascular	377	398	775	405	1,180	425	1,605	359	362	721					-9%	-7%	3%	6%
Plavix	139	146	285	148	433	157	590	135	131	266					-10%	-7%	5%	8%
Avapro/Avalide	129	134	263	143	406	155	561	128	137	265					2%	1%	3%	7%
Virology	388	444	832	466	1,298	515	1,813	500	488	988					10%	19%	-1%	4%
Reyataz	146	162	308	174	482	192	674	187	172	359					6%	17%	-2%	3%
Sustiva Franchise (a)	102	118	220	120	340	134	474	121	118	239					—	9%	-4%	2%
Baraclude	116	140	256	150	406	168	574	174	181	355					29%	39%	3%	6%
Oncology	189	217	406	214	620	218	838	202	205	407					-6%	—	2%	4%
Erbitux	2	2	4	4	8	4	12	3	4	7					100%	75%	9%	9%
Sprycel	58	74	132	79	211	87	298	93	90	183					22%	39%	0%	6%
Ixempra	2	3	5	2	7	3	10	4	3	7					—	40%	4%	4%
Neuroscience	130	147	277	148	425	161	586	162	156	318					6%	15%	-2%	4%
Abilify (b)	108	125	233	133	366	144	510	147	142	289					14%	24%	-2%	3%
Immunoscience	25	32	57	36	93	42	135	43	41	84					28%	47%	—	6%
Orencia	25	32	57	36	93	42	135	43	41	84					28%	47%	—	6%
Metabolics	14	15	29	16	45	18	63	21	25	46					67%	59%	-2%	-1%
Onglyza	—	—	—	—	—	2	2	4	5	9					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.

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2010

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items		Non GAAP
Net Sales	$	4,768		—		$	4,768
Cost of products sold		1,277		(27	)		1,250
Gross Profit		3,491		27			3,518
Gross profit as a % of sales		73.2	%	0.6	%		73.8	%
Marketing, selling and administrative		894		(6	)		888
Advertising and product promotion		263		—			263
Total SG&A		1,157		(6	)		1,151
SG&A as a % of sales		24.3	%	(0.2	)%		24.1	%
Research and development		822		(17	)		805
R&D as a % of sales		17.2	%	(0.3	)%		16.9	%
Operating Margin		1,512		50			1,562
Operating Margin as a % of sales		31.7	%	1.1	%		32.8	%
Provision for restructuring, net		24		(24	)		—
Litigation expense, net		—		—			—
Equity in net income of affiliates		(85	)	—			(85	)
Other income, net		(19	)	(20	)		(39	)
Earnings from Continuing Operations Before Income Taxes	$	1,592		94		$	1,686
Provision for income taxes		324		77			401
Net Earnings - Continuing Operations	$	1,268		17		$	1,285
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		341					341
Net Earnings - Continuing Operations Attributable to BMS Company	$	927		17		$	944
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	$	924		17		$	941
Average Common Shares Outstanding - Diluted		1,728					1,728
Diluted EPS - Continuing Operations Attributable to BMS Company	$	0.53		0.01		$	0.54
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		19.4	%	0.4	%		19.8	%
Effective Tax Rate		20.4	%	3.4	%		23.8	%

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2010

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items		Non GAAP
Net Sales	$	9,575		—		$	9,575
Cost of products sold		2,583		(58	)		2,525
Gross Profit		6,992		58			7,050
Gross profit as a % of sales		73.0	%	0.6	%		73.6	%
Marketing, selling and administrative		1,794		(19	)		1,775
Advertising and product promotion		475		—			475
Total SG&A		2,269		(19	)		2,250
SG&A as a % of sales		23.7	%	(0.2	)%		23.5	%
Research and development		1,732		(72	)		1,660
R&D as a % of sales		18.1	%	(0.8	)%		17.3	%
Operating Margin		2,991		149			3,140
Operating Margin as a % of sales		31.2	%	1.6	%		32.8	%
Provision for restructuring, net		35		(35	)		—
Litigation expense, net		—		—			—
Equity in net income of affiliates		(182	)	—			(182	)
Other income, net		94		(220	)		(126	)
Earnings from Continuing Operations Before Income Taxes	$	3,044		404		$	3,448
Provision for income taxes		675		163			838
Net Earnings - Continuing Operations	$	2,369		241		$	2,610
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		699					699
Net Earnings - Continuing Operations Attributable to BMS Company	$	1,670		241		$	1,911
Contingently convertible debt interest expense and dividends attributable to unvested shares		(7	)				(7	)
Net Earnings used for Diluted EPS Calc - Continuing Operations
-Attributable to BMS Company	$	1,663		241		$	1,904
Average Common Shares Outstanding - Diluted		1,727					1,727
Diluted EPS - Continuing Operations Attributable to BMS Company	$	0.96		0.14		$	1.10
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		17.4	%	2.6	%		20.0	%
Effective Tax Rate		22.2	%	2.1	%		24.3	%

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2010 AND 2009

($ in millions)

Three months ended June 30, 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	$	—	$	—	$	—	$	24	$	—	$	24
Impairment and loss on sale of manufacturing operations		—		—		—		—		15		15
Accelerated depreciation, asset impairment and other shutdown costs		27		—		—		—		—		27
Pension settlements/curtailments		—		—		—		—		5		5
Process standardization implementation costs		—		6		—		—		—		6
Total Restructuring		27		6		—		24		20		77
Other:
Upfront licensing, milestone and other payments		—		—		17		—		—		17
Total	$	27	$	6	$	17	$	24	$	20		94
Income taxes on items above												(18	)
Out-of-period tax adjustment												(59	)
Decrease to Net Earnings from Continuing Operations												17

Three months ended June 30, 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	$	—	$	—	$	—	$	17	$	—	$	—		$	17
Accelerated depreciation, asset impairment and other shutdown costs		24		—		—		2		—		—			26
Pension settlements/curtailments		—		—		—		—		—		25			25
Process standardization implementation costs		—		25		—		—		—		—			25
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(11	)		(11	)
Total Restructuring		24		25		—		19		—		14			82
Other:
Litigation charges		—		—		—		—		28		—			28
Upfront licensing and milestone payments		—		—		29		—		—		—			29
Debt buyback and swap terminations		—		—		—		—		—		(11	)		(11	)
Total	$	24	$	25	$	29	$	19	$	28	$	3			128
Income taxes on items above															(42	)
Decrease to Net Earnings from Continuing Operations														$	86

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009

($ in millions)

Six months ended June 30, 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	$	—	$	—	$	—	$	35	$	—	$	35
Impairment and loss on sale of manufacturing operations		—		—		—		—		215		215
Accelerated depreciation, asset impairment and other shutdown costs		58		—		—		—		—		58
Pension settlements/curtailments		—		—		—		—		5		5
Process standardization implementation costs		—		19		—		—		—		19
Total Restructuring		58		19		—		35		220		332
Other:
Upfront licensing, milestone and other payments		—		—		72		—		—		72
Total	$	58	$	19	$	72	$	35	$	220		404
Income taxes on items above												(104	)
Out-of-period tax adjustment												(59	)
Decrease to Net Earnings from Continuing Operations											$	241

Six months ended June 30, 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	$	—	$	—	$	—	$	32	$	—	$	—		$	32
Accelerated depreciation, asset impairment and other shutdown costs		50		—		—		6		—		—			56
Pension settlements/curtailments		—		—		—		—		—		25			25
Process standardization implementation costs		—		45		—		—		—		—			45
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(55	)		(55	)
Total Restructuring		50		45		—		38		—		(30	)		103
Other:
Litigation charges		—		—		—		—		132		—			132
Upfront licensing and milestone payments		—		—		174		—		—		—			174
Debt buyback and swap terminations		—		—		—		—		—		(11	)		(11	)
Product liability		8		—		—		—		—		(5	)		3
Total	$	58	$	45	$	174	$	38	$	132	$	(46	)		401
Income taxes on items above															(135	)
Decrease to Net Earnings from Continuing Operations														$	266

12

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	$	5,918
Marketable securities - current		1,088		613		302		831		1,641		1,536
Marketable securities - long term		184		983		1,202		1,369		2,997		2,795
Short-term borrowings		156		124		286		231		208		290
Long-term debt		6,492		6,235		6,307		6,130		6,081		6,248
Net (debt) / cash	$	2,456	$	2,744	$	1,278	$	3,522	$	3,484	$	3,711	$	—	$	—

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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		0.15
Accelerated depreciation and other shutdown costs		0.08
Upfront and milestone payments and other		0.03
Certain tax-related items		(0.03	)
Total		0.23
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.10 to $2.20

Gross margin on a GAAP basis for the six months ended June 30, 2010 was 73.0%, which included specified items of $58 million and had a 0.6% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the six months ended June 30, 2010 gross margin was 73.6%. 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 - June YTD tab.

Research and development expenses on a GAAP basis for the six months ended June 30, 2010 were $1,732 million, which included specified items of $72 million. On a non-GAAP basis, for the six months ended June 30, 2010 research and development expenses were $1,660 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 - June YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the six months ended June 30, 2010 were $1,794 million, which included specified items of $19 million. On a non-GAAP basis, for the six months ended June 30, 2010 marketing, selling and administrative expenses were $1,775 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 - June YTD tab.

The effective tax rate on a GAAP basis for the six months ended June 30, 2010 was 22.2%, which included specified items of $163 million in the tax provision, and had a 2.1% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the six months ended June 30, 2010 effective tax rate was 24.3%. 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 - June YTD tab.

The GAAP results for the full year 2010 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront and milestone payments and certain tax-related items. The GAAP results for the full year 2010 could also include other specified items that have not yet been identified and quantified, including any gains or losses from the purchase or sale of business or product lines, 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 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 Second Quarter of 2010, July 22, 2010, including “2010 Guidance” and “Use of Non-GAAP Financial Information” therein.

With respect to the 2013 minimum non-GAAP EPS guidance, there is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

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