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 28, 2011

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 28, 2011, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the second quarter of 2011. 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 28, 2011.
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 28, 2011	By:	/s/ Sandra Leung
	Name:	Sandra Leung
	Title:	General Counsel and Corporate Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of Bristol-Myers Squibb Company dated July 28, 2011.
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 Delivers Excellent Second Quarter with Global New Product Approvals,

Important Clinical Data and Strong Financial Results

• Regulatory Approvals in Both the U.S. and Europe Demonstrate Continued R&D Innovation and Productivity

• Encouraging Topline Results of Phase III ARISTOTLE Trial on ELIQUIS^® (apixaban) for Stroke Prevention in Patients with Atrial Fibrillation were Announced

• Sales Increase 14% to $5.4 Billion in Second Quarter

• GAAP EPS Decreases 2% to $0.52; Non-GAAP EPS Increases 4% to $0.56 in Second Quarter

• Company Raises 2011 GAAP EPS Guidance Range to $2.08 to $2.18; Non-GAAP EPS Guidance Range to $2.20 to $2.30

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

(NEW YORK, July 28, 2011) – Bristol-Myers Squibb Company (NYSE: BMY) today announced double-digit sales growth in a quarter that was highlighted by important new product approvals in both the U.S. and Europe, and key data from the Company’s cardiovascular, oncology and diabetes franchises. In addition, the company raised guidance for 2011 and confirmed minimum non-GAAP guidance for 2013.

“I am proud of this organization and our strong second quarter results across the board—financially, clinically, and operationally. This performance demonstrates the success of our BioPharma strategy in delivering short term results and in positioning the Company for the future,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

“While we delivered double-digit sales growth during the second quarter, driven in part by the strong initial performance of YERVOY^® (ipilimumab), we also received regulatory approval for NULOJIX^® (belatacept) in the U.S. and Europe, and ELIQUIS in Europe for VTE prevention. That brings us to three new products approved in three months, including the approval of YERVOY in the U.S. in March. We also presented clinical data from our oncology and diabetes franchises, and

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announced important positive top line results from our Phase III ARISTOTLE trial on ELIQUIS for stroke prevention in patients with atrial fibrillation.”

	Second Quarter
$ amounts in millions, except per share amounts	2011		2010		Change
Net Sales	$	5,434	$	4,768		14%
GAAP Diluted EPS		0.52		0.53		(2)%
Non-GAAP Diluted EPS		0.56		0.54		4%

SECOND QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted second quarter 2011 net sales of $5.4 billion, an increase of 14%, or 10% excluding the impact of foreign exchange, compared to the same period a year ago.

• U.S. net sales increased 15% to $3.6 billion in the quarter compared to the same period a year ago. International net sales increased 13%, or 3% excluding foreign exchange impact, to $1.9 billion.

• Gross margin as a percentage of net sales was 72.7% in the quarter compared to 73.2% in the same period a year ago.

• Marketing, selling and administrative expenses increased 16% to $1.0 billion in the quarter.

• Advertising and product promotion spending decreased 4% to $253 million in the quarter.

• Research and development expenses increased 12% to $923 million in the quarter.

• The effective tax rate on earnings before income taxes was 27.0% in the quarter, compared to 20.4% in the second quarter last year.

• The Company reported net earnings attributable to Bristol-Myers Squibb of $902 million, or $0.52 per share, in the quarter compared to $927 million, or $0.53 per share, a year ago.

• The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $971 million, or $0.56 per share, in the second quarter compared to $944 million, or $0.54 per share, for

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the same period in 2010. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• The incremental impact in 2011 over 2010 of the two additional U.S. health care reform provisions for new discounts associated with the Medicare Part D coverage gap and the annual pharmaceutical company fee decreased second quarter EPS by approximately $0.03.

• Cash, cash equivalents and marketable securities were $10.4 billion, with a net cash position of $4.9 billion as of June 30, 2011.

SECOND QUARTER PRODUCT AND PIPELINE UPDATE

• Bristol-Myers Squibb’s global sales growth in the second quarter was led by PLAVIX^®, sales of which grew 15% in the quarter, and ONGLYZA^® and recently launched KOMBIGLYZE^™, which together delivered $112 million in sales in the quarter. Sales growth was also driven by BARACLUDE^®, which grew 31%, SPRYCEL^®, which grew 46% , ORENCIA^® , which grew 28% and YERVOY, which delivered $95 million in sales in its first quarter on the market in the U.S.

• In May, the European Commission approved ELIQUIS in the 27 countries of the European Union for the prevention of venous thromboembolic events in adult patients who have undergone elective hip or knee replacement surgery. The Company develops and commercializes ELIQUIS with its partner, Pfizer.

• In May, regulatory authorities in China approved ONGLYZA for the treatment of adults with type 2 diabetes. The Company develops and commercializes ONGLYZA with its partner, AstraZeneca.

• In June, NULOJIX was approved by both the U.S. Food and Drug Administration (FDA) and the European Commission for the prevention of organ rejection in adult patients receiving a kidney transplant.

• In June, regulatory authorities in Japan approved the use of SPRYCEL as a first-line treatment of chronic myeloid leukemia. The Company develops and commercializes SPRYCEL with its partner, Otsuka.

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• In July, the European Commission approved YERVOY in the 27 countries of the European Union for the treatment of advanced melanoma in adults who have received prior therapy.

• In July, the Company and its partner, AstraZeneca, announced that the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee voted 9 to 6 that the efficacy and safety data did not provide substantial evidence to support the approval of dapagliflozin. The Companies remain committed to dapagliflozin and will continue to work closely with the FDA to support the review of this investigational compound.

• In June, the Company and Pfizer announced that in the Phase III trial, known as ARISTOTLE, ELIQUIS met its primary endpoint of non-inferiority to warfarin on the combined outcome of stroke and systemic embolism in patients with atrial fibrillation and at least one additional risk factor for stroke. ELIQUIS also met the key secondary endpoints of superiority on efficacy and major bleeding compared to warfarin in the study. Data will be presented August 28, 2011, at the European Society of Cardiology Congress in Paris.

• In June, at the American Society of Clinical Oncology meeting in Chicago data were presented on several of the Company’s oncology compounds, including:

• Results from a second Phase III study of YERVOY in metastatic melanoma patients, which met the primary endpoint of overall survival.

• Results from a five-year follow up of a Phase III trial which showed that SPRYCEL 100 mg once daily demonstrated 78% overall survival in patients with chronic-phase chronic myeloid leukemia resistant or intolerant to Gleevec^®.

• In June, at the American Diabetes Association Annual Scientific Sessions in San Diego, the Company and its partner, AstraZeneca, presented data on dapagliflozin and ONGLYZA, including:

• Results from two 24-week Phase III clinical studies investigating the combination of dapagliflozin 5 mg or 10 mg with metformin extended-release (XR) which showed the

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combination significantly improved blood sugar control in previously untreated adults with high blood sugar levels.

• Results from a long-term Phase III study which showed dapagliflozin added to metformin sustained reductions of blood sugar levels in patients with type 2 diabetes when compared to glipizide added to metformin in a two-year study.

• Results from an exploratory 78-week extension of a Phase III clinical study which showed that dapagliflozin plus metformin sustained glycemic control and weight reduction in type 2 diabetes patients inadequately controlled with metformin.

• Results from a Phase IIIb clinical study which showed that ONGLYZA added to insulin (with or without metformin) significantly improved blood sugar levels, compared to treatment with placebo added to insulin (with or without metformin).

BUSINESS DEVELOPMENT UPDATE

• In June, the Company entered into a clinical collaboration agreement with Roche to conduct a Phase I/II study to evaluate the safety and efficacy of the combination of YERVOY and vemurafenib in treating patients with metastatic melanoma.

• In July, the Company announced a global agreement with Innate Pharma S.A., a biotech company in France, for the development and commercialization of IPH 2102, a novel immuno-oncology biologic in Phase I development.

• In July, the Company entered into an agreement to acquire Amira Pharmaceuticals, a small-molecule pharmaceutical company focused on the discovery and early development of new drugs to treat inflammatory and fibrotic diseases. The acquisition marks Bristol-Myers Squibb’s entrance into fibrotic diseases, an area of high unmet need that is complementary to our research efforts in several of our therapeutic areas.

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FINANCIAL GUIDANCE

2011

Bristol-Myers Squibb is raising its 2011 GAAP EPS guidance range to $2.08 to $2.18 and its non-GAAP EPS range to $2.20 to $2.30. Key non-GAAP guidance assumptions include:

• High-single-digit revenue growth.

• Gross margin as a percentage of net sales consistent with last year.

• Advertising and promotion expense decrease in the mid-single-digit range.

• Marketing, sales and administrative expenses increasing in the high-single-digit range.

• Research and development expense growth in the mid-single-digit range.

• An effective tax rate of approximately 26%.

This line-item guidance assumes current foreign exchange rates.

2013

The company is reaffirming its minimum non-GAAP EPS guidance of $1.95 for 2013. This 2013 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 for the current agreement with Otsuka Pharmaceutical Co., and that foreign currency exchange rates and the negative impact of U.S. health care reform and European government-mandated cost containment measures are not substantially different from current expectations.

The financial guidance for 2011 and the 2013 minimum non-GAAP EPS guidance exclude the impact of any potential strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. The non-GAAP 2011 guidance and the 2013 minimum non-GAAP guidance also exclude other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the Company’s website.

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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, significant 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: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other licensing payments for in-licensing of products that have not achieved regulatory approval which are immediately expensed; 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. 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 of the new discounts and new pharmaceutical company fee under the 2010 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 including any potential future recalls, 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, 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

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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 28, 2011, at 10:30 a.m. EDT during which company executives will review financial information and 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: 913-312-0379, confirmation code: 8747273. 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, or Timothy Power, 609-252-7509, Investor Relations.

ABILIFY^® is the trademark of Otsuka Pharmaceutical Co., Ltd.

ATRIPLA^® is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

AVAPRO^®, AVALIDE^®, and PLAVIX^® are trademarks of sanofi-aventis.

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

ELIQUIS^® is a trademark of Pfizer, Inc.

All other brand names of products appearing in all capital letters are registered trademarks of the Company or one of its subsidiaries.

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(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
	2011		2010		% Change		2011		2010		% Change		% Change in U.S. Total Prescriptions vs. 2010
Three Months Ended June 30,
Key Products
Plavix	$	1,865	$	1,627		15%	$	1,747	$	1,496		17%		(4)%
Avapro/Avalide		251		307		(18)%		133		170		(22)%		(40)%
Abilify		706		633		12%		517		491		5%		6%
Reyataz		396		357		11%		189		185		2%		2%
Sustiva Franchise		371		331		12%		228		213		7%		8%
Baraclude		292		223		31%		51		42		21%		8%
Erbitux		173		172		1%		167		168		(1)%		N/A
Sprycel		193		132		46%		68		42		62%		11%
Yervoy		95		—		N/A		95		—		N/A		N/A
Orencia		228		178		28%		152		137		11%		N/A
Nulojix		2		—		N/A		2		—		N/A		N/A
Onglyza/Kombiglyze		112		28		*		80		23		*		*
Mature Products and All Other		750		780		(4)%		133		138		(4)%		N/A
Total		5,434		4,768		14%		3,562		3,105		15%		N/A

	Worldwide Net Sales						U.S. Net Sales
	2011		2010		% Change		2011		2010		% Change		% Change in U.S. Total Prescriptions vs. 2010
Six Months Ended June 30,
Key Products
Plavix	$	3,627	$	3,293		10%	$	3,388	$	3,027		12%		(4)%
Avapro/Avalide		541		621		(13)%		293		356		(18)%		(36)%
Abilify		1,330		1,250		6%		977		961		2%		5%
Reyataz		762		730		4%		370		371		—		2%
Sustiva Franchise		714		666		7%		443		427		4%		8%
Baraclude		567		439		29%		99		84		18%		10%
Erbitux		338		338		—		329		331		(1)%		N/A
Sprycel		365		263		39%		129		80		61%		10%
Yervoy		95		—		N/A		95		—		N/A		N/A
Orencia		427		347		23%		290		263		10%		N/A
Nulojix		2		—		N/A		2		—		N/A		N/A
Onglyza/Kombiglyze		193		38		*		137		29		*		*
Mature Products and All Other		1,484		1,590		(7)%		260		265		(2)%		N/A
Total		10,445		9,575		9%		6,812		6,194		10%		N/A

* In excess of +/- 200%.

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BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited, amounts in millions except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net Sales	$	5,434	$	4,768	$	10,445	$	9,575
Cost of products sold		1,481		1,277		2,824		2,583
Marketing, selling and administrative		1,040		894		1,968		1,794
Advertising and product promotion		253		263		467		475
Research and development		923		822		1,858		1,732
Provision for restructuring, net		40		24		84		35
Equity in net income of affiliates		(62)		(85)		(144)		(182)
Other (income)/expense, net		(31)		(19)		(169)		94
Total expenses		3,644		3,176		6,888		6,531
Earnings before Income Taxes		1,790		1,592		3,557		3,044
Provision for income taxes		483		324		883		675
Net Earnings		1,307		1,268		2,674		2,369
Net Earnings Attributable to Noncontrolling Interest		405		341		786		699
Net Earnings Attributable to BMS	$	902	$	927	$	1,888	$	1,670
Earnings per Common Share Attributable to BMS:
Basic	$	0.53	$	0.54	$	1.11	$	0.97
Diluted	$	0.52	$	0.53	$	1.10	$	0.96
Average Common Shares Outstanding:
Basic		1,707		1,718		1,705		1,717
Diluted		1,722		1,728		1,718		1,727
Other (income)/expense
Interest expense	$	32	$	32	$	63	$	65
Interest income		(25)		(16)		(46)		(31)
Impairment and loss on sale of manufacturing operations		—		15		—		215
Gain on debt repurchase		(2)		—		(10)		—
Net foreign exchange transaction losses/(gains)		18		(16)		11		(32)
Gain on sale of product lines, businesses and assets		(2)		(5)		(11)		(15)
Other income from alliance partners		(39)		(44)		(62)		(94)
Pension curtailment and settlement charges		—		14		(3)		14
Litigation charges/(recoveries)		(4)		—		(106)		—
Product liability charges		—		—		26		—
Other		(9)		1		(31)		(28)
Other (income)/expense	$	(31)	$	(19)	$	(169)	$	94

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited, dollars in millions)

Three months ended June 30, 2011

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	33	$	33
Accelerated depreciation, asset impairment and other shutdown costs		18		4		—		7		29
Process standardization implementation costs		—		6		—		—		6
Total Restructuring		18		10		—		40		68
Other:
Upfront, milestone and other licensing payments		—		—		50		—		50
Total	$	18	$	10	$	50	$	40		118
Income taxes on items above										(34)
Specified tax benefit										(15)
Decrease to Net Earnings									$	69

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 curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		6		—		—		—		6
Total Restructuring		27		6		—		24		20		77
Other:
Upfront, milestone and other licensing 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											$	17

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited, dollars in millions)

Six months ended June 30, 2011

	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	$	—	$	—	$	—	$	77	$	—	$	77
Accelerated depreciation, asset impairment and other shutdown costs		41		4		—		7		—		52
Process standardization implementation costs		—		10		—		—		—		10
Total Restructuring		41		14		—		84		—		139
Other:
Litigation recovery		—		—		—		—		(102)		(102)
Upfront, milestone and other licensing payments		—		—		138		—		—		138
In-process research and development (IPRD) impairment		—		—		15		—		—		15
Product liability charges		—		—		—		—		26		26
Total	$	41	$	14	$	153	$	84	$	(76)		216
Income taxes on items above												(62)
Specified tax benefit												(71)
Decrease to Net Earnings											$	83

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 curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		19		—		—		—		19
Total Restructuring		58		19		—		35		220		332
Other:
Upfront, milestone and other licensing 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											$	241

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BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited, amounts in millions except per share data)

	Q2 2011						Q2 2010
	GAAP		Specified Items*		Non GAAP		GAAP		Specified Items*		Non GAAP
Net Sales	$	5,434		—	$	5,434	$	4,768		—	$	4,768
Cost of Products Sold		1,481		(18)		1,463		1,277		(27)		1,250
Gross Profit		3,953		18		3,971		3,491		27		3,518
Gross Profit as a % of Sales		72.7%		0.4%		73.1%		73.2%		0.6%		73.8%
Marketing, Selling and Administration		1,040		(10)		1,030		894		(6)		888
Advertising and Product Promotion		253		—		253		263		—		263
Total SG&A		1,293		(10)		1,283		1,157		(6)		1,151
SG&A as a % of Sales		23.8%		(0.2)%		23.6%		24.3%		(0.2)%		24.1%
Research and Development		923		(50)		873		822		(17)		805
R&D as a % of Sales		17.0%		(0.9)%		16.1%		17.2%		(0.3)%		16.9%
Operating Margin		1,737		78		1,815		1,512		50		1,562
Operating Margin as % of Sales		32.0%		1.4%		33.4%		31.7%		1.1%		32.8%
Provision for restructuring, net		40		(40)		—		24		(24)		—
Equity in net income of affiliates		(62)		—		(62)		(85)		—		(85)
Other (income)/expense, net		(31)		—		(31)		(19)		(20)		(39)
Earnings Before Income Taxes	$	1,790		118	$	1,908	$	1,592		94	$	1,686
Provision for income taxes		483		49		532		324		77		401
Net Earnings	$	1,307		69	$	1,376	$	1,268		17	$	1,285
Net Earnings – Attributable to Noncontrolling Interest		405				405		341				341
Net Earnings – Attributable to BMS	$	902		69	$	971	$	927		17	$	944
Contingently convertible debt interest expense and earnings attributable to unvested shares		(2)				(2)		(3)				(3)
Net Earnings used for Diluted EPS Calc – Attributable to BMS	$	900		69	$	969	$	924		17	$	941
Average Common Shares Outstanding - Diluted		1,722				1,722		1,728				1,728
Diluted EPS – Attributable to BMS	$	0.52		0.04	$	0.56	$	0.53		0.01	$	0.54
Net Earnings Attributable to BMS as a % of sales		16.6%		1.3%		17.9%		19.4%		0.4%		19.8%
Effective Tax Rate		27.0%		0.9%		27.9%		20.4%		3.4%		23.8%

* Refer to the Specified Items schedules for further details.

13

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited, amounts in millions except per share data)

	YTD 2011						YTD 2010
	GAAP		Specified Items*		Non GAAP		GAAP		Specified Items*		Non GAAP
Net Sales	$	10,445		—	$	10,445	$	9,575		—	$	9,575
Cost of Products Sold		2,824		(41)		2,783		2,583		(58)		2,525
Gross Profit		7,621		41		7,662		6,992		58		7,050
Gross Profit as a % of Sales		73.0%		0.4%		73.4%		73.0%		0.6%		73.6%
Marketing, Selling and Administration		1,968		(14)		1,954		1,794		(19)		1,775
Advertising and Product Promotion		467		—		467		475		—		475
Total SG&A		2,435		(14)		2,421		2,269		(19)		2,250
SG&A as a % of Sales		23.3%		(0.1)%		23.2%		23.7%		(0.2)%		23.5%
Research and Development		1,858		(153)		1,705		1,732		(72)		1,660
R&D as a % of Sales		17.8%		(1.5)%		16.3%		18.1%		(0.8)%		17.3%
Operating Margin		3,328		208		3,536		2,991		149		3,140
Operating Margin as % of Sales		31.9%		2.0%		33.9%		31.2%		1.6%		32.8%
Provision for restructuring, net		84		(84)		—		35		(35)		—
Equity in net income of affiliates		(144)		—		(144)		(182)		—		(182)
Other (income)/expense, net		(169)		76		(93)		94		(220)		(126)
Earnings Before Income Taxes	$	3,557		216	$	3,773	$	3,044		404	$	3,448
Provision for income taxes		883		133		1,016		675		163		838
Net Earnings	$	2,674		83	$	2,757	$	2,369		241	$	2,610
Net Earnings – Attributable to Noncontrolling Interest		786				786		699				699
Net Earnings – Attributable to BMS	$	1,888		83	$	1,971	$	1,670		241	$	1,911
Contingently convertible debt interest expense and earnings attributable to unvested shares		(4)				(4)		(7)				(7)
Net Earnings used for Diluted EPS Calc – Attributable to BMS	$	1,884		83	$	1,967	$	1,663		241	$	1,904
Average Common Shares Outstanding - Diluted		1,718				1,718		1,727				1,727
Diluted EPS – Attributable to BMS	$	1.10		0.04	$	1.14	$	0.96		0.14	$	1.10
Net Earnings Attributable to BMS as a % of sales		18.1%		0.8%		18.9%		17.4%		2.6%		20.0%
Effective Tax Rate		24.8%		2.1%		26.9%		22.2%		2.1%		24.3%

* Refer to the Specified Items schedules for further details.

14

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF JUNE 30, 2011 AND MARCH 31, 2011

(Unaudited, dollars in millions)

	June 30, 2011		March 31, 2011
Cash and cash equivalents	$	3,665	$	3,405
Marketable securities–current		4,005		3,388
Marketable securities–long-term		2,734		3,065
Cash, cash equivalents and marketable securities		10,404		9,858
Short-term borrowings		(187)		(135)
Long-term debt		(5,332)		(5,276)
Net (debt) /cash	$	4,885	$	4,447

15

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales	2010														2011										% 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	$	4,807	$	4,768	$	9,575	$	4,798	$	14,373	$	5,111	$	19,484	$	5,011	$	5,434	$	10,445					14%	9%	4%	2%
US		3,089		3,105		6,194		3,135		9,329		3,284		12,613		3,250		3,562		6,812					15%	10%	—	—
Europe Pharmaceuticals		886		822		1,708		804		2,512		936		3,448		868		954		1,822					16%	7%	13%	6%
JPAC Pharmaceuticals		371		403		774		419		1,193		458		1,651		449		462		911					15%	18%	11%	10%
Intercon Pharmaceuticals		225		199		424		207		631		225		856		214		220		434					11%	2%	4%	2%
Emerging Markets		203		201		404		211		615		189		804		206		215		421					7%	4%	5%	4%
Other		33		38		71		22		93		19		112		24		21		45					(45)%	(37)%	2%	1%
% of Total Sales	2010														2011										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		64.3%		65.1%		64.7%		65.3%		64.9%		64.3%		64.7%		64.9%		65.5%		65.2%					40	50
Europe Pharmaceuticals		18.4%		17.2%		17.8%		16.8%		17.5%		18.3%		17.7%		17.3%		17.6%		17.4%					40	(40)
JPAC Pharmaceuticals		7.7%		8.5%		8.1%		8.7%		8.3%		9.0%		8.5%		9.0%		8.5%		8.7%					—	60
Intercon Pharmaceuticals		4.7%		4.2%		4.4%		4.3%		4.4%		4.4%		4.4%		4.3%		4.0%		4.2%					(20)	(20)
Emerging Markets		4.2%		4.2%		4.2%		4.4%		4.3%		3.7%		4.1%		4.0%		4.0%		4.0%					(20)	(20)
Other		0.7%		0.8%		0.8%		0.5%		0.6%		0.3%		0.6%		0.5%		0.4%		0.5%					(40)	(30)

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED JUNE 30, 2011

($ in millions)

QUARTER-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		9%		(2)%		5%
Foreign Exchange		—		10%		4%
Volume		6%		5%		5%
Total Change		15%		13%		14%
Total 2011 Period to Date Sales	$	3,562	$	1,872	$	5,434
Total 2010 Period to Date Sales	$	3,105	$	1,663	$	4,768

YEAR-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		8%		(3)%		4%
Foreign Exchange		—		6%		2%
Volume		2%		4%		3%
Total Change		10%		7%		9%
Total 2011 Period to Date Sales	$	6,812	$	3,633	$	10,445
Total 2010 Period to Date Sales	$	6,194	$	3,381	$	9,575

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)

	2010																					2011													% 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	$	4,807		$	4,768		$	9,575		$	4,798		$	14,373		$	5,111		$	19,484		$	5,011		$	5,434		$	10,445							14%		9%
Cost of products sold		1,306			1,277			2,583			1,280			3,863			1,414			5,277			1,343			1,481			2,824							16%		9%
Marketing, selling and administrative		900			894			1,794			892			2,686			1,000			3,686			928			1,040			1,968							16%		10%
Advertising and product promotion		212			263			475			231			706			271			977			214			253			467							(4)%		(2)%
Research and development		910			822			1,732			824			2,556			1,010			3,566			935			923			1,858							12%		7%
Provision for restructuring, net		11			24			35			15			50			63			113			44			40			84							67%		140%
Litigation expense, net		—			—			—			22			22			(41	)		(19	)		—			—			—							—		—
Equity in net income of affiliates		(97	)		(85	)		(182	)		(70	)		(252	)		(61	)		(313	)		(82	)		(62	)		(144	)						(27)%		(21)%
Other (income)/expense, net		113			(19	)		94			(10	)		84			42			126			(138	)		(31	)		(169	)						63%		*
Total expenses		3,355			3,176			6,531			3,184			9,715			3,698			13,413			3,244			3,644			6,888							15%		5%
Earnings from Operations Before Income Taxes	$	1,452		$	1,592		$	3,044		$	1,614		$	4,658		$	1,413		$	6,071		$	1,767		$	1,790		$	3,557							12%		17%
Provision for income taxes		351			324			675			312			987			571			1,558			400			483			883							49%		31%
Net Earnings from Operations	$	1,101		$	1,268		$	2,369		$	1,302		$	3,671		$	842		$	4,513		$	1,367		$	1,307		$	2,674							3%		13%
Net Earnings Attributable to Noncontrolling Interest		358			341			699			353			1,052			359			1,411			381			405			786							19%		12%
Net Earnings from Operations Attributable to BMS	$	743		$	927		$	1,670		$	949		$	2,619		$	483		$	3,102		$	986		$	902		$	1,888							(3)%		13%
Contingently convertible debt interest expense and earnings attributable to unvested shares		(3	)		(3	)		(7	)		(4	)		(11	)		(2	)		(12	)		(2	)		(2	)		(4	)						(33)%		(43)%
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	740		$	924		$	1,663		$	945		$	2,608		$	481		$	3,090		$	984		$	900		$	1,884							(3)%		13%
Diluted Earnings Attributable to BMS per Common Share**	$	0.43		$	0.53		$	0.96		$	0.55		$	1.51		$	0.28		$	1.79		$	0.57		$	0.52		$	1.10							(2)%		15%
Average Common Shares Outstanding - Diluted		1,725			1,728			1,727			1,726			1,726			1,723			1,727			1,714			1,722			1,718							—		(1)%
Dividends declared per common share	$	0.32		$	0.32		$	0.64		$	0.32		$	0.96		$	0.33		$	1.29		$	0.33		$	0.33		$	0.66							3%		3%

% of Net Sales	2010																					2011													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		72.8%			73.2%			73.0%			73.3%			73.1%			72.3%			72.9%			73.2%			72.7%			73.0%							(50)		—
Cost of products sold		27.2%			26.8%			27.0%			26.7%			26.9%			27.7%			27.1%			26.8%			27.3%			27.0%							50		—
Marketing, selling and administrative		18.7%			18.8%			18.7%			18.6%			18.7%			19.6%			18.9%			18.5%			19.1%			18.8%							30		10
Advertising and product promotion		4.4%			5.5%			5.0%			4.8%			4.9%			5.3%			5.0%			4.3%			4.7%			4.5%							(80)		(50)
Research and development		18.9%			17.2%			18.1%			17.2%			17.8%			19.8%			18.3%			18.7%			17.0%			17.8%							(20)		(30)
Total expenses		69.8%			66.6%			68.2%			66.4%			67.6%			72.4%			68.8%			64.7%			67.1%			65.9%							50		(230)
Earnings from Operations Before Income Taxes		30.2%			33.4%			31.8%			33.6%			32.4%			27.6%			31.2%			35.3%			32.9%			34.1%							(50)		230
Net Earnings from Operations Attributable to BMS		15.5%			19.4%			17.4%			19.8%			18.2%			9.5%			15.9%			19.7%			16.6%			18.1%							(280)		70
Other Ratios
Effective Tax Rate		24.2%			20.4%			22.2%			19.3%			21.2%			40.4%			25.7%			22.6%			27.0%			24.8%							660		260
Other (Income)/Expense, net	2010																					2011													% 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	$	33		$	32		$	65		$	38		$	103		$	42		$	145		$	31		$	32		$	63							—		(3)%
Interest income		(15	)		(16	)		(31	)		(23	)		(54	)		(21	)		(75	)		(21	)		(25	)		(46	)						56%		48%
Impairment and loss on sale of manufacturing operations		200			15			215			10			225			11			236			—			—			—							(100)%		(100)%
(Gain)/Loss on debt repurchase		—			—			—			—			—			6			6			(8	)		(2	)		(10	)						—		—
Net foreign exchange transaction (gains)/losses		(16	)		(16	)		(32	)		9			(23	)		17			(6	)		(7	)		18			11							*		(134)%
Gain on sale of product lines, businesses and assets		(10	)		(5	)		(15	)		(21	)		(36	)		(3	)		(39	)		(9	)		(2	)		(11	)						(60)%		(27)%
Acquisition related items		—			—			—			—			—			10			10			—			—			—							—		—
Other income from alliance partners		(50	)		(44	)		(94	)		(28	)		(122	)		(14	)		(136	)		(23	)		(39	)		(62	)						(11)%		(34)%
Pension curtailment and settlement charges		—			14			14			2			16			12			28			(3	)		—			(3	)						(100)%		(121)%
Litigation charges/(recoveries)		—			—			—			—			—			—			—			(102	)		(4	)		(106	)						—		—
Product liability charges		—			—			—			—			—			—			—			26			—			26							—		—
Other		(29	)		1			(28	)		3			(25	)		(18	)		(43	)		(22	)		(9	)		(31	)						*		11%
	$	113			(19	)		94		($	10	)	$	84		$	42		$	126			(138	)		(31	)		(169	)						63%		*

* 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, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	5,434	$	4,768	$	666		14%		171	$	5,263		4%		10%
Marketing, selling and administrative (a)		1,040		894		146		16%		(46)		994		(5)%		11%
Marketing, selling and administrative excluding specified items (b)		1,030		888		142		16%		(50)		980		(6)%		10%
Advertising and product promotion		253		263		(10)		(4)%		(8)		245		(2)%		(6)%
Research and development		923		822		101		12%		(19)		904		(2)%		10%
Research and development excluding specified items (b)		873		805		68		8%		(19)		854		(2)%		6%

(a) The following table provides a reconciliation of GAAP to Non-GAAP figures and the impact of annual pharmaceutical company fee:

	2011		2010		% Change
Marketing, selling and administrative		1,040		894		16%
Specified items		10		6		67%
Marketing, selling and administrative excluding specified items		1,030		888		16%
Annual pharmaceutical company fee		60		—		N/A
Adjusted marketing, selling and administrative excluding specified items		970		888		9%

(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.

YEAR-TO-DATE

	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	10,445	$	9,575	$	870		9%		197	$	10,248		2%		7%
Marketing, selling and administrative (a)		1,968		1,794		174		10%		(50)		1,918		(3)%		7%
Marketing, selling and administrative excluding specified items (b)		1,954		1,775		179		10%		(54)		1,900		(3)%		7%
Advertising and product promotion		467		475		(8)		(2)%		(10)		457		(2)%		(4)%
Research and development		1,858		1,732		126		7%		(22)		1,836		(1)%		6%
Research and development excluding specified items (b)		1,705		1,660		45		3%		(22)		1,683		(2)%		1%

(a) The following table provides a reconciliation of GAAP to Non-GAAP figures and the impact of annual pharmaceutical company fee:

	2011		2010		% Change
Marketing, selling and administrative		1,968		1,794		10%
Specified items		14		19		(26)%
Marketing, selling and administrative excluding specified items		1,954		1,775		10%
Annual pharmaceutical company fee		121		—		N/A
Adjusted marketing, selling and administrative excluding specified items		1,833		1,775		3%

(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.

* 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, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2011		2010		Growth $		Growth %		Favorable  / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		1,865		1,627		238		15%		7		1,858		1%		14%
Avapro/Avalide		251		307		(56)		(18)%		10		241		3%		(21)%
Abilify		706		633		73		12%		21		685		4%		8%
Reyataz		396		357		39		11%		18		378		5%		6%
Sustiva Franchise		371		331		40		12%		14		357		4%		8%
Baraclude		292		223		69		31%		19		273		9%		22%
Erbitux		173		172		1		1%		—		173		—		1%
Sprycel		193		132		61		46%		12		181		9%		37%
Yervoy		95		—		95		N/A		—		95		N/A		N/A
Orencia		228		178		50		28%		7		221		4%		24%
Nulojix		2		—		2		N/A		—		2		N/A		N/A
Onglyza/Kombiglyze		112		28		84		*		3		109		*		*
Mature Products and All Other		750		780		(30)		(4)%		60		690		8%		(12)%
Total		5,434		4,768		666		14%		171		5,263		4%		10%

YEAR-TO-DATE

	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		3,627		3,293		334		10%		9		3,618		—		10%
Avapro/Avalide		541		621		(80)		(13)%		13		528		2%		(15)%
Abilify		1,330		1,250		80		6%		22		1,308		1%		5%
Reyataz		762		730		32		4%		19		743		2%		2%
Sustiva Franchise		714		666		48		7%		14		700		2%		5%
Baraclude		567		439		128		29%		27		540		6%		23%
Erbitux		338		338		—		—		—		338		—		—
Sprycel		365		263		102		39%		13		352		5%		34%
Yervoy		95		—		95		N/A		—		95		N/A		N/A
Orencia		427		347		80		23%		8		419		2%		21%
Nulojix		2		—		2		N/A		—		2		N/A		N/A
Onglyza/Kombiglyze		193		38		155		*		4		189		*		*
Mature Products and All Other		1,484		1,590		(106)		(7)%		68		1,416		4%		(11)%
Total		10,445		9,575		870		9%		197		10,248		2%		7%

* In excess of +/- 200%

** 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 OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2010														2011										% 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		4,807		4,768		9,575		4,798		14,373		5,111		19,484		5,011		5,434		10,445					14%	9%	4%	2%
Key Products
Plavix		1,666		1,627		3,293		1,658		4,951		1,715		6,666		1,762		1,865		3,627					15%	10%	1%	—
Avapro/Avalide		314		307		621		303		924		252		1,176		290		251		541					(18)%	(13)%	3%	2%
Abilify (a)		617		633		1,250		608		1,858		707		2,565		624		706		1,330					12%	6%	4%	1%
Reyataz		373		357		730		375		1,105		374		1,479		366		396		762					11%	4%	5%	2%
Sustiva Franchise (b)		335		331		666		342		1,008		360		1,368		343		371		714					12%	7%	4%	2%
Baraclude		216		223		439		228		667		264		931		275		292		567					31%	29%	9%	6%
Erbitux		166		172		338		159		497		165		662		165		173		338					1%	—	—	—
Sprycel		131		132		263		144		407		169		576		172		193		365					46%	39%	9%	5%
Yervoy		—		—		—		—		—		—		—		—		95		95					N/A	N/A	N/A	N/A
Orencia		169		178		347		184		531		202		733		199		228		427					28%	23%	4%	2%
Nulojix		—		—		—		—		—		—		—		—		2		2					N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)		10		28		38		47		85		73		158		81		112		193					*	*	*	*
Mature Products and All Other (d)		810		780		1,590		750		2,340		830		3,170		734		750		1,484					(4)%	(7)%	8%	4%
	2010														2011										% 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
Net Sales by Therapeutic Area:
Cardiovascular		2,129		2,069		4,198		2,086		6,284		2,111		8,395		2,162		2,236		4,398					8%	5%	1%	1%
Virology		945		929		1,874		963		2,837		1,017		3,854		997		1,075		2,072					16%	11%	6%	4%
Oncology		435		444		879		443		1,322		478		1,800		466		591		1,057					33%	20%	5%	3%
Neuroscience		635		650		1,285		618		1,903		715		2,618		631		714		1,345					10%	5%	3%	2%
Immunoscience		169		178		347		184		531		202		733		199		230		429					29%	24%	4%	3%
Metabolics		37		55		92		75		167		97		264		107		139		246					153%	167%	5%	5%
Other Therapeutic Areas		457		443		900		429		1,329		491		1,820		449		449		898					1%	—	8%	4%

* In excess of +/- 200%

(a) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

(b) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(c) Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $18M for the six months ended June 30, 2011.

(d) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2010							2011							% 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	3,089	3,105	6,194	3,135	9,329	3,284	12,613	3,250	3,562	6,812					15%	10%
Key Products
Plavix	1,531	1,496	3,027	1,534	4,561	1,593	6,154	1,641	1,747	3,388					17%	12%	(4)%	(4)%
Avapro/Avalide	186	170	356	168	524	118	642	160	133	293					(22)%	(18)%	(40)%	(36)%
Abilify (a)	470	491	961	462	1,423	535	1,958	460	517	977					5%	2%	6%	5%
Reyataz	186	185	371	189	560	194	754	181	189	370					2%	—	2%	2%
Sustiva Franchise (b)	214	213	427	227	654	227	881	215	228	443					7%	4%	8%	8%
Baraclude	42	42	84	46	130	49	179	48	51	99					21%	18%	8%	10%
Erbitux	163	168	331	155	486	160	646	162	167	329					(1)%	(1)%	N/A	N/A
Sprycel	38	42	80	47	127	61	188	61	68	129					62%	61%	11%	10%
Yervoy	—	—	—	—	—	—	—	—	95	95					N/A	N/A	N/A	N/A
Orencia	126	137	263	138	401	146	547	138	152	290					11%	10%	N/A	N/A
Nulojix	—	—	—	—	—	—	—	—	2	2					N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)	6	23	29	37	66	53	119	57	80	137					*	*	*	*
Mature Products and All Other (d)	127	138	265	132	397	148	545	127	133	260					(4)%	(2)%
	2010							2011							% 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 by Therapeutic Area:
Cardiovascular	1,770	1,707	3,477	1,743	5,220	1,770	6,990	1,832	1,919	3,751					12%	8%
Virology	445	441	886	462	1,348	472	1,820	446	470	916					7%	3%
Oncology	233	239	472	233	705	249	954	249	356	605					49%	28%
Neuroscience	473	494	967	464	1,431	538	1,969	460	518	978					5%	1%
Immunoscience	126	137	263	138	401	146	547	138	154	292					12%	11%
Metabolics	16	30	46	48	94	61	155	64	84	148					180%	*
Other Therapeutic Areas	26	57	83	47	130	48	178	61	61	122					7%	47%

* 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 and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products.

(a) 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.

	2010				2011				% Change
	2nd Qtr		6 Months		2nd Qtr		6 Months		Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported		491		961		517		977		5%		2%
Contractual share change from 58% to 53.5%		—		—		43		82		N/A		N/A
Incremental U.S. healthcare reform		—		—		3		5		N/A		N/A
Abilify Net Sales - Adjusted		491		961		563		1,064		15%		11%

(b) 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.

(c) Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $18M for the six months ended June 30, 2011.

(d) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2010														2011										% 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		1,718		1,663		3,381		1,663		5,044		1,827		6,871		1,761		1,872		3,633					13%	7%	10%	6%
Key Products
Plavix		135		131		266		124		390		122		512		121		118		239					(10)%	(10)%	6%	4%
Avapro/Avalide		128		137		265		135		400		134		534		130		118		248					(14)%	(6)%	7%	6%
Abilify (a)		147		142		289		146		435		172		607		164		189		353					33%	22%	14%	7%
Reyataz		187		172		359		186		545		180		725		185		207		392					20%	9%	11%	5%
Sustiva Franchise (b)		121		118		239		115		354		133		487		128		143		271					21%	13%	12%	5%
Baraclude		174		181		355		182		537		215		752		227		241		468					33%	32%	11%	8%
Erbitux		3		4		7		4		11		5		16		3		6		9					50%	29%	33%	13%
Sprycel		93		90		183		97		280		108		388		111		125		236					39%	29%	14%	7%
Orencia		43		41		84		46		130		56		186		61		76		137					85%	63%	19%	9%
Onglyza		4		5		9		10		19		20		39		24		32		56					*	*	*	*
Mature Products and All Other (c)		683		642		1,325		618		1,943		682		2,625		607		617		1,224					(4)%	(8)%	9%	5%
	2010														2011										% 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
Net Sales by Therapeutic Area:
Cardiovascular		359		362		721		343		1,064		341		1,405		330		317		647					(12)%	(10)%	7%	5%
Virology		500		488		988		501		1,489		545		2,034		551		605		1,156					24%	17%	11%	6%
Oncology		202		205		407		210		617		229		846		217		235		452					15%	11%	12%	8%
Neuroscience		162		156		318		154		472		177		649		171		196		367					26%	15%	14%	7%
Immunoscience		43		41		84		46		130		56		186		61		76		137					85%	63%	19%	9%
Metabolics		21		25		46		27		73		36		109		43		55		98					120%	113%	6%	8%
Other Therapeutic Areas		431		386		817		382		1,199		443		1,642		388		388		776					1%	(5)%	10%	5%

* In excess of +/- 200%

(a) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

(b) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(c) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items			Non GAAP
Net Sales	$	5,434			—		$	5,434
Cost of products sold		1,481			(18	)		1,463
Gross Profit		3,953			18			3,971
Gross profit as a % of sales		72.7%			0.4%			73.1%
Marketing, selling and administrative		1,040			(10	)		1,030
Advertising and product promotion		253			—			253
Total SG&A		1,293			(10	)		1,283
SG&A as a % of sales		23.8%			(0.2)%			23.6%
Research and development		923			(50	)		873
R&D as a % of sales		17.0%			(0.9)%			16.1%
Operating Margin		1,737			78			1,815
Operating Margin as a % of sales		32.0%			1.4%			33.4%
Provision for restructuring, net		40			(40	)		—
Equity in net income of affiliates		(62	)		—			(62	)
Other (income)/expense, net		(31	)		—			(31	)
Earnings Before Income Taxes	$	1,790			118		$	1,908
Provision for income taxes		483			49			532
Net Earnings	$	1,307			69		$	1,376
Net Earnings - Attributable to Noncontrolling Interest		405						405
Net Earnings - Attributable to BMS	$	902			69		$	971
Contingently convertible debt interest expense and earnings attributable to unvested shares		(2	)					(2	)
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	900			69		$	969
Average Common Shares Outstanding - Diluted		1,722						1,722
Diluted EPS - Attributable to BMS	$	0.52			0.04		$	0.56
Net Earnings Attributable to BMS as a % of sales		16.6%			1.3%			17.9%
Effective Tax Rate		27.0%			0.9%			27.9%

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2011

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items			Non GAAP
Net Sales	$	10,445			—		$	10,445
Cost of products sold		2,824			(41	)		2,783
Gross Profit		7,621			41			7,662
Gross profit as a % of sales		73.0%			0.4%			73.4%
Marketing, selling and administrative		1,968			(14	)		1,954
Advertising and product promotion		467			—			467
Total SG&A		2,435			(14	)		2,421
SG&A as a % of sales		23.3%			(0.1)%			23.2%
Research and development		1,858			(153	)		1,705
R&D as a % of sales		17.8%			(1.5)%			16.3%
Operating Margin		3,328			208			3,536
Operating Margin as a % of sales		31.9%			2.0%			33.9%
Provision for restructuring, net		84			(84	)		—
Equity in net income of affiliates		(144	)		—			(144	)
Other (income)/expense, net		(169	)		76			(93	)
Earnings Before Income Taxes	$	3,557			216		$	3,773
Provision for income taxes		883			133			1,016
Net Earnings	$	2,674			83		$	2,757
Net Earnings - Attributable to Noncontrolling Interest		786						786
Net Earnings - Attributable to BMS	$	1,888			83		$	1,971
Contingently convertible debt interest expense and earnings attributable to unvested shares		(4	)					(4	)
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	1,884			83		$	1,967
Average Common Shares Outstanding - Diluted		1,718						1,718
Diluted EPS - Attributable to BMS	$	1.10			0.04		$	1.14
Net Earnings Attributable to BMS as a % of sales		18.1%			0.8%			18.9%
Effective Tax Rate		24.8%			2.1%			26.9%

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

($ in millions)

Three months ended June 30, 2011

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	33	$	33
Accelerated depreciation, asset impairment and other shutdown costs		18		4		—		7		29
Process standardization implementation costs		—		6		—		—		6
Total Restructuring		18		10		—		40		68
Other:
Upfront, milestone and other licensing payments		—		—		50		—		50
Total	$	18	$	10	$	50	$	40		118
Income taxes on items above										(34	)
Specified tax benefit										(15	)
Decrease to Net Earnings									$	69

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 curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		6		—		—		—		6
Total Restructuring		27		6		—		24		20		77
Other:
Upfront, milestone and other licensing 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											$	17

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010

($ in millions)

Six months ended June 30, 2011

	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	$	—	$	—	$	—	$	77	$	—		$	77
Accelerated depreciation, asset impairment and other shutdown costs		41		4		—		7		—			52
Process standardization implementation costs		—		10		—		—		—			10
Total Restructuring		41		14		—		84		—			139
Other:
Litigation recovery		—		—		—		—		(102	)		(102	)
Upfront, milestone and other licensing payments		—		—		138		—		—			138
In-process research and development (IPRD) impairment		—		—		15		—		—			15
Product liability charges		—		—		—		—		26			26
Total	$	41	$	14	$	153	$	84	$	(76	)		216
Income taxes on items above													(62	)
Specified tax benefit													(71	)
Decrease to Net Earnings												$	83

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 curtailment and settlement charges		—		—		—		—		5		5
Process standardization implementation costs		—		19		—		—		—		19
Total Restructuring		58		19		—		35		220		332
Other:
Upfront, milestone and other licensing 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											$	241

12

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011	December 31, 2011
Cash and cash equivalents	$	5,135	$	5,918	$	7,581	$	5,033	$	3,405	$	3,665
Marketable securities - current		1,641		1,536		778		2,268		3,388		4,005
Marketable securities - long term		2,997		2,795		2,562		2,681		3,065		2,734
Cash, cash equivalents and marketable securities		9,773		10,249		10,921		9,982		9,858		10,404
Short-term borrowings		208		290		243		117		135		187
Long-term debt		6,081		6,248		6,479		5,328		5,276		5,332
Net (debt) /cash	$	3,484	$	3,711	$	4,199	$	4,537	$	4,447	$	4,885

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BRISTOL-MYERS SQUIBB COMPANY

2011 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2011
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	2.08 to $2.18
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.07
Accelerated depreciation and other shutdown costs		0.05
Upfront, milestone and other licensing payments		0.09
Litigation recoveries/product liability charges		(0.03	)
Certain tax-related items		(0.06	)
Total		0.12
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.20 to $2.30

Gross margin as a percentage of sales on a GAAP basis for the six months ended June 30, 2011 was 73.0%, which included specified items of $41 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the six months ended June 30, 2011 gross margin as a percentage of sales was 73.4%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2011 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, 2011 were $1,858 million, which included specified items of $153 million. On a non-GAAP basis, for the six months ended June 30, 2011 research and development expenses were $1,705 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2011 to increase in the mid single digit range compared to 2010. It is estimated that 30% to 40% of the research and development expenses in 2011 will be incurred on late-stage development programs. 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, 2011 were $1,968 million, which included specified items of $14 million. On a non-GAAP basis, for the six months ended June 30 2011 marketing, selling and administrative expenses were $1,954 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2011 to grow in the high-single digit range compared to 2010. 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, 2011 was 24.8%, which included specified items of $133 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, 2011 the effective tax rate was 26.9%. On a non-GAAP basis, based on historical trends in 2010 the Company projects an annual effective tax rate of approximately 26% for the full year 2011. 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 financial results for the full year 2011 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront, milestone and other licensing payments, charges and recoveries relating to significant legal proceedings, asset and IPR&D impairments and certain tax-related items. The GAAP financial results for the full year 2011 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, copromotion or alliance charges and charges for in-process research and development impairments, charges and recoveries relating to significant legal proceedings, restructuring activities 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 2011, July 28, 2011 including “2011 Guidance” and “Use of Non-GAAP Financial Information” therein.

The EPS impact of U.S. healthcare reform in 2010 was $0.10 and is expected to be approximately $0.25 in 2011. In 2011, we expect a reduction of net sales of approximately $250 million resulting from new discounts associated with the Medicare Part D coverage gap and an increase in marketing, sales and administrative expenses of approximately $250 million due to the new annual non-tax-deductible pharmaceutical company fee. The non-tax deductibility on our share of the net pharmaceutical company fee is expected to increase our effective tax rate by approximately 1% in 2011 which is considered in our effective tax rate guidance above.

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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