Exhibit 99.1

Bristol-Myers Squibb Third Quarter Featured Solid Operating Performance,

Robust Clinical Data and the Strategic Acquisition of ZymoGenetics

• The Company Presented New Clinical Data from its Diabetes and Cardiovascular Franchises at Important Medical Meetings

• Acquisition of ZymoGenetics Added to Strong Hepatitis C Portfolio and Demonstrated Continued Focus on Strategic Transactions

• GAAP EPS Increased 22% to $0.55 in Third Quarter; Non-GAAP EPS Increases 26% to $0.59

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

(NEW YORK, October 26, 2010) – Bristol-Myers Squibb Company (NYSE: BMY) today reported results for the third quarter of 2010. Highlights in the quarter included: the presentation of new data on investigational compounds in the diabetes and cardiovascular disease franchises at major medical meetings; the completion of important regulatory milestones in the oncology, diabetes and immunoscience franchises; the acquisition of ZymoGenetics; and double-digit EPS growth. The company also confirmed guidance for 2010.

“The third quarter continued to highlight the excellent progress we are making with our innovative pipeline, an important driver in the success of our differentiated and focused BioPharma strategy," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

“We delivered double-digit EPS growth in the quarter, presented encouraging data on apixaban and dapagliflozin, received regulatory approval in Japan for Orencia^®, and completed filings for regulatory review in the U.S., Europe and Japan. We also completed our acquisition of ZymoGenetics, adding to our strong portfolio in Hepatitis C and demonstrating our continued focus on strategic transactions,” Andreotti said.

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	Third Quarter
$ amounts in millions, except per share amounts
	2010		2009		Change
Net Sales	$	4,798	$	4,788		—
Net Earnings Per Common Share — Diluted		0.55		0.48		15	%
GAAP Diluted EPS From Continuing Operations		0.55		0.45		22	%
Non-GAAP Diluted EPS From Continuing Operations		0.59		0.47		26	%

THIRD QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted third quarter 2010 net sales of $4.8 billion. U.S. health care reform had a 1.6% negative effect on net sales in the third quarter.

• U.S. net sales increased 4% to $3.1 billion in the third quarter of 2010 compared to the same period in 2009. International net sales decreased 6%, or 3% excluding foreign exchange impact, to $1.7 billion.

• Gross margin as a percentage of net sales was 73.3% in the third quarter 2010 compared to 72.5% in the same period in 2009.

• Marketing, selling and administrative expenses decreased 6% to $892 million in the third quarter of 2010.

• Advertising and product promotion spending decreased 10% to $231 million in the third quarter of 2010.

• Research and development expenses remained flat at $824 million in the third quarter of 2010.

• The effective tax rate on earnings from continuing operations before income taxes was 19.3% in the third quarter of 2010, compared to 23.4% in the same period in 2009.

• The Company reported third quarter GAAP net earnings from continuing operations of $949 million, or $0.55 per share, compared to $892 million, or $0.45 per share, for the same period in 2009.

• The Company reported third quarter non-GAAP net earnings from continuing operations of $1.0 billion or, $0.59 per share, compared to $944 million, or $0.47 per share, for the same period in 2009. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

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

• Cash, cash equivalents and marketable securities were $10.9 billion, resulting in a net cash position of $4.2 billion as of September 30, 2010.

THIRD QUARTER PRODUCT AND PIPELINE UPDATE

• Bristol-Myers Squibb’s global sales growth in the third quarter was led by PLAVIX^® and the Company’s virology franchise. Sales of PLAVIX rose 7%, BARACLUDE^® rose 19%, SUSTIVA^® rose 9% and REYATAZ^® rose 4%. Third quarter sales of SPRYCEL^® and ORENCIA grew 35% and 14% respectively compared to the same period in 2009.

• In July, Japan’s Ministry of Health, Labour and Welfare approved the Japanese New Drug Application for ORENCIA for the treatment of rheumatoid arthritis.

• In July, the supplemental New Drug Application (sNDA) for SPRYCEL for the treatment of adult patients with newly diagnosed chronic myeloid leukemia was submitted in Japan. It is under active review.

• In July, the Marketing Authorization Application (MAA) for a fixed-dose combination of ONGLYZA^™ and metformin tablets as a treatment for adults with type 2 diabetes was validated by the European Medicines Agency.

• In August, the U.S. Food and Drug Administration (FDA) accepted for filing and priority review the Biologics License Application (BLA) for ipilimumab for the treatment of adult patients with advanced melanoma. The Prescription Drug Fee User Act (PDUFA) date—the date by which action from the FDA is expected—is December 25, 2010.

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• In August, at the European Society of Cardiology meeting in Stockholm, the Company and Pfizer presented preliminary data from the AVERROES trial comparing ELIQUIS^® (apixaban) with aspirin for the prevention of stroke in patients with atrial fibrillation in patients who cannot take warfarin. Preliminary data from the trial demonstrate that apixaban significantly reduced the relative risk of a composite of stroke and systemic embolism by 54 percent compared with aspirin, without a significant increase in major bleeding.

• In September, at the European Association for the Study of Diabetes meeting in Stockholm, the Company and AstraZeneca presented data from two Phase III studies of dapagliflozin. Data from a 24-week study demonstrate that dapagliflozin improved glycosylated hemoglobin levels (HbA1c) when added to glimepiride in adults with type 2 diabetes, compared to glimepiride alone. Data from a 52-week study demonstrate that dapagliflozin plus metformin was similar to glipizide plus metformin in improving HbA1c in adults with type 2 diabetes. In addition, the data demonstrated that dapagliflozin plus metformin reduced total body weight, compared to increases in body weight reported with glipizide, and reduced the number of patients reporting one or more hypoglycemic events.

• In October, the FDA approved the sNDA for BARACLUDE for the treatment of chronic hepatitis B in adults with decompensated liver disease.

• In October, the Company received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) for SPRYCEL for the treatment of adult patients with newly diagnosed chronic myeloid leukemia.

BUSINESS DEVELOPMENT UPDATE

• In October, the Company acquired ZymoGenetics, Inc., the Seattle-based biotech company with which the Company had been collaborating on the development of pegylated-interferon lambda for the treatment of Hepatitis C infection since January 2009.

FINANCIAL GUIDANCE

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: low-to-mid single-digit revenue growth; full-year gross margin being consistent with last year; advertising and promotion expense decrease in the low double-digit range; marketing, sales and administrative expenses remaining flat; research and development expense growth in the mid single-digit range; and an effective tax rate of between 23% and 24%.

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The financial guidance for 2010 excludes the impact of any potential future strategic transactions and specified items that have not yet been identified and quantified. The non-GAAP 2010 guidance also excludes 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.

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,

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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, the inability to improve or remediate FDA concerns raised in the warning letter regarding certain GMP processes at our Manati facility, 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 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 October 26, 2010, at 10:00 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 913-312-1235 confirmation code 3914988. Materials related to the call will be available at the same website prior to the call.

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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.

ELIQUIS^® is a trademark of Pfizer, Inc. and is licensed to Bristol-Myers Squibb Co.

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 September 30,
Key Products
Plavix	$	1,658	$	1,554		7%	$	1,534	$	1,406		9%		(2)%
Avapro/Avalide		303		329		(8)%		168		186		(10)%		(19)%
Reyataz		375		360		4%		189		186		2%		2%
Sustiva Franchise (total revenue)		342		315		9%		227		195		16%		6%
Baraclude		228		191		19%		46		41		12%		13%
Erbitux		159		179		(11)%		155		175		(11)%		N/A
Sprycel		144		107		35%		47		28		68%		5%
Ixempra		29		28		4%		25		26		(4)%		N/A
Abilify		608		653		(7)%		462		520		(11)%		3%
Orencia		184		162		14%		138		126		10%		N/A
Onglyza		47		20		135%		37		20		85%		N/A
Mature Products and All Other		721		890		(19)%		107		103		4%		N/A
	Worldwide Net Sales						U.S. Net Sales
	2010		2009		% Change		2010		2009		% Change		% Change in U.S.  Total Prescriptions vs. 2009
Nine Months Ended September 30,
Key Products
Plavix	$	4,951	$	4,528		9%	$	4,561	$	4,095		11%		—
Avapro/Avalide		924		944		(2)%		524		538		(3)%		(16)%
Reyataz		1,105		1,013		9%		560		531		5%		5%
Sustiva Franchise (total revenue)		1,008		919		10%		654		579		13%		9%
Baraclude		667		522		28%		130		116		12%		13%
Erbitux		497		516		(4)%		486		508		(4)%		N/A
Sprycel		407		302		35%		127		91		40%		6%
Ixempra		87		81		7%		76		74		3%		N/A
Abilify		1,858		1,885		(1)%		1,423		1,519		(6)%		6%
Orencia		531		434		22%		401		341		18%		N/A
Onglyza		85		20		*		66		20		*		N/A
Mature Products and All Other		2,253		2,611		(14)%		321		340		(6)%		N/A

* In excess of +/- 200%.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

(Unaudited, amounts in millions except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2010			2009			2010			2009
Net Sales	$	4,798		$	4,788		$	14,373		$	13,775
Cost of products sold		1,280			1,317			3,863			3,707
Marketing, selling and administrative		892			953			2,686			2,776
Advertising and product promotion		231			256			706			802
Research and development		824			820			2,556			2,539
Provision for restructuring, net		15			51			50			89
Litigation expense, net		22			—			22			132
Equity in net income of affiliates		(70	)		(139	)		(252	)		(435	)
Other (income)/expense, net		(10	)		(35	)		84			(117	)
Total expenses		3,184			3,223			9,715			9,493
Earnings from Continuing Operations Before Income Taxes		1,614			1,565			4,658			4,282
Provision for income taxes		312			366			987			994
Net Earnings from Continuing Operations		1,302			1,199			3,671			3,288
Net Earnings from Discontinued Operations		—			91			—			221
Net Earnings		1,302			1,290			3,671			3,509
Net Earnings Attributable to Noncontrolling Interest		353			324			1,052			922
Net Earnings Attributable to BMS	$	949		$	966		$	2,619		$	2,587
Amounts Attributable to BMS
Income from Continuing Operations	$	949		$	892		$	2,619		$	2,421
Income from Discontinued Operations		—			74			—			166
Net Income	$	949		$	966		$	2,619		$	2,587
Earnings per Common Share from Continuing Operations
Attributable to BMS:
Basic	$	0.55		$	0.45		$	1.52		$	1.22
Diluted	$	0.55		$	0.45		$	1.51		$	1.21
Earnings per Common Share Attributable to BMS:
Basic	$	0.55		$	0.49		$	1.52		$	1.30
Diluted	$	0.55		$	0.48		$	1.51		$	1.30
Average Common Shares Outstanding:
Basic		1,712			1,980			1,715			1,979
Diluted		1,726			1,984			1,726			1,982
Interest expense	$	38		$	47		$	103		$	141
Interest income		(23	)		(13	)		(54	)		(40	)
Impairment and loss on sale of manufacturing operations		10			—			225			—
(Gain)/loss on debt buyback and termination of interest rate swap agreements		—			4			—			(7	)
Net foreign exchange transaction (gains)/losses		9			13			(23	)		17
Gain on sale of product lines, businesses and assets		(21	)		(17	)		(36	)		(72	)
Other income received from alliance partners		(28	)		(50	)		(122	)		(119	)
Medarex acquisition		—			(10	)		—			(10	)
Pension curtailment and settlement charges		2			—			16			25
Other		3			(9	)		(25	)		(52	)
Other (income)/ expense	$	(10	)	$	(35	)	$	84		$	(117	)

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

(Unaudited, dollars in millions)

Three months ended September 30, 2010

Dollars in Millions	Cost of products sold		Marketing, selling and administrative		Provision for restructuring		Litigation expense		Other (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	15	$	—	$	—	$	15
Impairment and loss on sale of manufacturing operations		—		—		—		—		10		10
Accelerated depreciation, asset impairment and other shutdown costs		27		—		—		—		—		27
Pension curtailment and settlement charges		—		—		—		—		3		3
Process standardization implementation costs		—		8		—		—		—		8
Total Restructuring		27		8		15		—		13		63
Other:
Litigation charges		—		—		—		22		—		22
Product liability charges		—		—		—		—		13		13
Total	$	27	$	8	$	15	$	22	$	26		98
Income taxes on items above												(30	)
Decrease to Net Earnings from Continuing Operations											$	68

Three months ended September 30, 2009
	Cost of products sold		Marketing, selling and administrative		Provision for restructuring		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	48	$	—		$	48
Accelerated depreciation, asset impairment and other shutdown costs		30		—		3		—			33
Process standardization implementation costs		—		20		—		—			20
Gain on sale of product lines, businesses and assets		—		—		—		(17	)		(17	)
Total Restructuring		30		20		51		(17	)		84
Other:
Medarex acquisition		—		—		—		(10	)		(10	)
Debt buyback and swap terminations		—		—		—		4			4
Total	$	30	$	20	$	51	$	(23	)		78
Income taxes on items above											(26	)
Decrease to Net Earnings from Continuing Operations										$	52

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

(Unaudited, dollars in millions)

Nine months ended September 30, 2010

Dollars in Millions	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	$	—	$	—	$	—	$	50	$	—	$	—	$	50
Impairment and loss on sale of manufacturing operations		—		—		—		—		—		225		225
Accelerated depreciation, asset impairment and other shutdown costs		85		—		—		—		—		—		85
Pension curtailment and settlement charges		—		—		—		—		—		8		8
Process standardization implementation costs		—		27		—		—		—		—		27
Total Restructuring		85		27		—		50		—		233		395
Other:
Litigation charges		—		—		—		—		22		—		22
Upfront licensing, milestone and other payments		—		—		72		—		—		—		72
Product liability charges		—		—		—		—		—		13		13
Total	$	85	$	27	$	72	$	50	$	22	$	246		502
Income taxes on items above														(134	)
Out-of-period tax adjustment														(59	)
Decrease to Net Earnings from Continuing Operations													$	309

Nine months ended September 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	$	—	$	—	$	—	$	80	$	—	$	—		$	80
Accelerated depreciation, asset impairment and other shutdown costs		80		—		—		9		—		—			89
Pension curtailment and settlement charges		—		—		—		—		—		25			25
Process standardization implementation costs		—		65		—		—		—		—			65
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(72	)		(72	)
Total Restructuring		80		65		—		89		—		(47	)		187
Other:
Litigation charges		—		—		—		—		132		—			132
Upfront licensing and milestone payments		—		—		174		—		—		—			174
Medarex acquisition		—		—		—		—		—		(10	)		(10	)
Debt buyback and swap terminations		—		—		—		—		—		(7	)		(7	)
Product liability charges/(insurance recoveries)		8		—		—		—		—		(5	)		3
Total	$	88	$	65	$	174	$	89	$	132	$	(69	)		479
Income taxes on items above															(161	)
Decrease to Net Earnings from Continuing Operations														$	318

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BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

(Unaudited, amounts in millions except per share data)

	Q3 2010									Q3 2009
	GAAP			Specified Items*			Non GAAP			GAAP			Specified Items*			Non GAAP
Net Sales	$	4,798			—		$	4,798		$	4,788			—		$	4,788
Cost of Products Sold		1,280			(27	)		1,253			1,317			(30	)		1,287
Gross Profit		3,518			27			3,545			3,471			30			3,501
Gross Profit as a % of Sales		73.3	%		0.6	%		73.9	%		72.5	%		0.6	%		73.1	%
Marketing Selling and Administration		892			(8	)		884			953			(20	)		933
Advertising and Product Promotion		231			—			231			256			—			256
Total SG&A		1,123			(8	)		1,115			1,209			(20	)		1,189
SG&A as a % of Sales		23.4	%		(0.2	)%		23.2	%		25.3	%		(0.5	)%		24.8	%
R&D		824			—			824			820			—			820
R&D as a % of Sales		17.2	%		—			17.2	%		17.1	%		—			17.1	%
Operating Margin		1,571			35			1,606			1,442			50			1,492
Operating Margin as % of Sales		32.7	%		0.8	%		33.5	%		30.1	%		1.1	%		31.2	%
Provision for restructuring, net		15			(15	)		—			51			(51	)		—
Litigation expense, net		22			(22	)		—			—			—			—
Equity in net income of affiliates		(70	)		—			(70	)		(139	)		—			(139	)
Other (income)/expense, net		(10	)		(26	)		(36	)		(35	)		23			(12	)
Earnings from Continuing Operations Before Income Taxes	$	1,614			98		$	1,712		$	1,565			78		$	1,643
Provision for income taxes		312			30			342			366			26			392
Net Earnings – Continuing Operations	$	1,302			68		$	1,370		$	1,199			52		$	1,251
Net Earnings – Continuing Operations Attributable to Noncontrolling Interest		353						353			307						307
Net Earnings – Continuing Operations Attributable to BMS	$	949			68		$	1,017		$	892			52		$	944
Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)					(4	)		(5	)					(5	)
Net Earnings used for Diluted EPS Calc – Continuing Operations-Attributable BMS	$	945			68		$	1,013		$	887			52		$	939
Avg Shares (Diluted)		1,726						1,726			1,984						1,984
Diluted EPS – Continuing Operations Attributable to BMS	$	0.55			0.04		$	0.59		$	0.45			0.02		$	0.47
Net Earnings from Continuing Operations Attributable to BMS as a % of sales		19.8	%		1.4	%		21.2	%		18.6	%		1.1	%		19.7	%
Effective Tax Rate		19.3	%		0.7	%		20.0	%		23.4	%		0.5	%		23.9	%

* Refer to the Specified Items schedules for further details.

12

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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	$	14,373			—		$	14,373		$	13,775			—		$	13,775
Cost of Products Sold		3,863			(85	)		3,778			3,707			(88	)		3,619
Gross Profit		10,510			85			10,595			10,068			88			10,156
Gross Profit as a % of Sales		73.1	%		0.6	%		73.7	%		73.1	%		0.6	%		73.7	%
Marketing Selling and Administration		2,686			(27	)		2,659			2,776			(65	)		2,711
Advertising and Product Promotion		706			—			706			802			—			802
Total SGA		3,392			(27	)		3,365			3,578			(65	)		3,513
SG&A as a % of Sales		23.6	%		(0.2	)%		23.4	%		26.0	%		(0.5	)%		25.5	%
R&D		2,556			(72	)		2,484			2,539			(174	)		2,365
R&D as a % of Sales		17.8	%		(0.5	)%		17.3	%		18.4	%		(1.2	)%		17.2	%
Operating Margin		4,562			184			4,746			3,951			327			4,278
Operating Margin as % of Sales		31.7	%		1.3	%		33.0	%		28.7	%		2.4	%		31.1	%
Provision for restructuring, net		50			(50	)		—			89			(89	)		—
Litigation expense, net		22			(22	)		—			132			(132	)		—
Equity in net income of affiliates		(252	)		—			(252	)		(435	)		—			(435	)
Other (income)/expense, net		84			(246	)		(162	)		(117	)		69			(48	)
Earnings from Continuing Operations Before Income Taxes	$	4,658			502		$	5,160		$	4,282			479		$	4,761
Provision for income taxes		987			193			1,180			994			161			1,155
Net Earnings – Continuing Operations	$	3,671			309		$	3,980		$	3,288			318		$	3,606
Net Earnings – Continuing Operations Attributable to Noncontrolling Interest		1,052						1,052			867			—			867
Net Earnings – Continuing Operations Attributable to BMS	$	2,619			309		$	2,928		$	2,421			318		$	2,739
Contingently convertible debt interest expense and dividends attributable to unvested shares		(11	)					(11	)		(13	)		—			(13	)
Net Earnings used for Diluted EPS Calc – Continuing Operations-Attributable BMS	$	2,608			309		$	2,917		$	2,408			318		$	2,726
Avg Shares (Diluted)		1,726						1,726			1,982						1,982
Diluted EPS – Continuing Operations Attributable to BMS	$	1.51			0.18		$	1.69		$	1.21			0.17		$	1.38
Net Earnings from Continuing Operations Attributable to BMS as a % of sales		18.2	%		2.2	%		20.4	%		17.6	%		2.3	%		19.9	%
Effective Tax Rate		21.2	%		1.7	%		22.9	%		23.2	%		1.1	%		24.3	%

* Refer to the Specified Items schedules for further details.

13

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF SEPTEMBER 30, 2010 AND JUNE 30, 2010

(Unaudited, dollars in millions)

	September 30, 2010			June 30, 2010
Cash and cash equivalents	$	7,581		$	5,918
Marketable securities-current		778			1,536
Marketable securities-long term		2,562			2,795
Short-term borrowings		(243	)		(290	)
Long-term debt		(6,479	)		(6,248	)
Net cash	$	4,199		$	3,711

14