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): April 26, 2012

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 April 26, 2012, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2012. 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 April 26, 2012.
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: April 26, 2012	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 April 26, 2012.
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 a Solid First Quarter with Strong Operating Results and Key R&D Milestones

• Net Sales Rose 5% to $5.3 Billion in the First Quarter

• GAAP EPS Increased 12% to $0.64 in the First Quarter; Non-GAAP EPS Increased 10% to $0.64

• Received Positive European Advisory Opinion for FORXIGA^® for the Treatment of Type 2 Diabetes

• Presented Important New Clinical Data from HCV Franchise at EASL

• Confirms 2012 GAAP and non-GAAP EPS Guidance Range of $1.90 to $2.00

(NEW YORK, April 26, 2012) – Bristol-Myers Squibb Company (NYSE: BMY) today announced first quarter results that included double-digit earnings growth and important R&D milestones in its metabolics and hepatitis C (HCV) franchises. The Company also confirmed guidance for 2012.

“This first quarter performance continues to demonstrate our ability to balance delivering strong financial results in the short-term with positioning the Company for long-term success,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “We reported good financial performance at both the top and bottom lines, a positive opinion in Europe on FORXIGA for the treatment of type 2 diabetes and the presentation of important new clinical data from the Company’s HCV franchise,” Andreotti said.

	First Quarter
$ amounts in millions, except per share amounts
	2012		2011		Change
Net Sales	$	5,251	$	5,011		5%
GAAP Diluted EPS		0.64		0.57		12%
Non-GAAP Diluted EPS		0.64		0.58		10%

1

FIRST QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted first quarter 2012 net sales of $5.3 billion, an increase of 5% compared to the same period a year ago.

• U.S. net sales increased 6% to $3.5 billion in the quarter compared to the same period a year ago. International net sales increased 2% to $1.8 billion.

• Gross margin as a percentage of net sales was 75.2% in the quarter compared to 73.2% in the same period a year ago.

• Marketing, selling and administrative expenses increased 8% to $1 billion in the quarter.

• Advertising and product promotion spending decreased 9% to $194 million in the quarter.

• Research and development expenses decreased 3% to $909 million in the quarter.

• The effective tax rate on earnings before income taxes was 26.9% in the quarter, compared to 22.6% in the first quarter last year.

• The Company reported net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.64 per share, in the quarter compared to $986 million, or $0.57 per share, a year ago.

• The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.64 per share, in the first quarter, compared to $1.0 billion, or $0.58 per share, for the same period in 2011. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $8.6 billion, with a net cash position of $3.2 billion, as of March 31, 2012.

2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales growth in the first quarter was led by, YERVOY^®, which had sales of $154 million in the quarter, ONGLYZA^®/KOMBIGLYZE^® which grew 99%, SPRYCEL^® which grew 34%, ORENCIA^® which grew 28% and BARACLUDE^® which grew 18%.

ELIQUIS^®

• In February, the U.S. Food and Drug Administration (FDA) extended the action date by three months for the New Drug Application for ELIQUIS for the prevention of stroke and systemic embolism in patients with atrial fibrillation. The new Prescription Drug User Fee Act (PDUFA) date—the date by which action from the FDA is expected—is June 28, 2012. The Company co-develops ELIQUIS with its partner, Pfizer.

• In March, the Company and its partner presented data at the American College of Cardiology annual meeting in Chicago. Additional analyses were presented from the ARISTOTLE and AVERROES clinical trials. These two large Phase III clinical trials compared ELIQUIS to warfarin and aspirin, respectively, for the prevention of stroke or systemic embolism in patients with atrial fibrillation.

FORXIGA

• In April, the Marketing Authorization Application for FORXIGA received a positive opinion from Europe’s Committee for Medicinal Products for Human Use (CHMP) for use—as an adjunct to diet and exercise—as monotherapy in metformin intolerant patients, or in combination with other glucose lowering medicinal products including insulin. The CHMP’s positive opinion will now be reviewed by the European Commission, which has authority to approve medicines for the European Union. The Company co-develops and co-commercializes FORXIGA with its partner, AstraZeneca.

ERBITUX^®

• In April, the Company and its partner, Lilly, received a complete response letter from the FDA regarding the filing in first-line non-small cell lung cancer, which was based on the pivotal FLEX study. The companies do not plan to resubmit the FLEX filing.

3

HCV

• In April, at the annual meeting of the European Association for the Study of the Liver (EASL) in Barcelona, Spain, the Company presented important new clinical data on its HCV portfolio, including:

^¡   An interim analysis of data from a Phase II study of treatment-naïve HCV patients that showed an all-oral combination of daclatasvir, the Company’s NS5A replication complex inhibitor, and GS-7977, Gilead’s nucleotide polymerase inhibitor, achieved Sustained Virologic Response (SVR4) in 100% of genotype 1 patients, and 91% of genotype 2 and 3 patients.

^¡   Data from a Phase II study that showed an all-oral combination of daclatasvir and asunaprevir, the Company’s NS3 protease inhibitor, achieved SVR24 in 77% of difficult-to-treat patients with genotype 1b.

^¡   Data from a Phase IIb study that showed peginterferon lambda-1a achieved SVR24 rates comparable to peginterferon alfa with fewer flu-like and musculoskeletal symptoms in treatment-naïve HCV patients with genotype 2 or 3.

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

• In February, the Company completed its $2.5 billion acquisition of Inhibitex, Inc., a clinical-stage biopharmaceutical company in Atlanta, Georgia, whose lead compound, INX-189, a nucleotide polymerase (NS5B) inhibitor in Phase II development, is part of a class of antivirals that may play a critical role as the backbone of future direct-acting antiviral-only combination approached to HCV treatment.

• In February, the Company and Duke Translational Medicine Institute announced the formation of a strategic partnership to broaden interactions between the two organizations and the initiation of the first project under the agreement. A cross-organizational team will co-develop and co-implement protocol for a Phase II study of BMS-986202, formerly AM152, for the treatment of idiopathic pulmonary fibrosis.

4

2012 FINANCIAL GUIDANCE

Bristol-Myers Squibb is confirming its 2012 GAAP and non-GAAP EPS guidance range of $1.90 to $2.00. Key 2012 non-GAAP guidance assumptions remain unchanged. The non-GAAP guidance excludes specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflected in specified items are provided in supplemental materials available on the Company’s website.

The financial guidance for 2012 excludes the impact of any potential strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings 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, effects of the continuing implementation of the discounts and

5

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 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 April 26, 2012, 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: 913-981-4915, confirmation code: 4074443 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.

If approved, KOMBIGLYZE^™ will be known as KOMBOGLYZE^™ in the European Union.

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

6

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(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
	2012		2011		% Change		2012		2011		% Change		% Change in U.S. Total Prescriptions vs. 2011
Three Months Ended March 31,
Key Products
Plavix	$	1,693	$	1,762		(4)%	$	1,630	$	1,641		(1)%		(6)%
Avapro/Avalide		207		290		(29)%		100		160		(38)%		(33)%
Abilify		621		624		—		440		460		(4)%		4%
Reyataz		358		366		(2)%		187		181		3%		—
Sustiva Franchise		386		343		13%		251		215		17%		2%
Baraclude		325		275		18%		55		48		15%		11%
Erbitux		179		165		8%		173		162		7%		N/A
Sprycel		231		172		34%		93		61		52%		45%
Yervoy		154		—		N/A		117		—		N/A		N/A
Orencia		254		199		28%		169		138		22%		N/A
Nulojix		1		—		N/A		1		—		N/A		N/A
Onglyza/Kombiglyze		161		81		99%		118		57		*		78%
Mature Products and All Other		681		734		(7)%		119		127		(6)%		N/A
Total		5,251		5,011		5%		3,453		3,250		6%		N/A

* In excess of +/- 100%.

7

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, amounts in millions except per share data)

	Three Months Ended March 31,
	2012		2011
Net Sales	$	5,251	$	5,011
Cost of products sold		1,303		1,343
Marketing, selling and administrative		1,002		928
Advertising and product promotion		194		214
Research and development		909		935
Provision for restructuring, net		22		44
Litigation expense/(recoveries)		(172)		—
Equity in net income of affiliates		(57)		(82)
Other (income)/expense, net		23		(138)
Total expenses		3,224		3,244
Earnings before Income Taxes		2,027		1,767
Provision for income taxes		545		400
Net Earnings		1,482		1,367
Net Earnings Attributable to Noncontrolling Interest		381		381
Net Earnings Attributable to BMS	$	1,101	$	986
Earnings per Common Share Attributable to BMS:
Basic	$	0.65	$	0.58
Diluted	$	0.64	$	0.57
Average Common Shares Outstanding:
Basic		1,687		1,702
Diluted		1,706		1,714
Other (income)/expense
Interest expense	$	42	$	31
Investment income		(36)		(21)
Intangible asset impairment		38		—
Gain on sale of product lines, businesses and assets		—		(9)
Other income from alliance partners		(47)		(23)
Pension curtailment and settlement charges		—		(3)
Litigation charges/(recoveries)		—		(102)
Product liability charges		—		26
Other		26		(37)
Other (income)/expense	$	23	$	(138	)

8

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, dollars in millions)

	Three Months Ended March 31,
	2012		2011
Cost of products sold*	$	—	$	23
Marketing, selling and administrative**		8		4
Upfront, milestone and other licensing payments		—		88
IPRD impairment		58		15
Research and development		58		103
Provision for restructuring		22		44
Litigation expense/(recoveries)		(172)		—
Intangible asset impairment		38		—
Loss on debt repurchase		19		—
Acquisition related items		12		—
Litigation charges/(recoveries)		—		(102)
Product liability charges		—		26
Other (income)/expense		69		(76)
Increase/(Decrease) to pretax income		(15)		98
Income tax on items above		8		(28)
Specified tax (benefit)/charge***		—		(56)
Income taxes		8		(84)
Increase/(Decrease) to net earnings	$	(7)	$	14

* Specified items in cost of products sold include accelerated depreciation, asset impairment and other shutdown costs

** Specified items in marketing, selling and administrative include process standardization implementation costs.

*** The 2011 specified tax benefit relates to reclass of tax reserves that were specified in prior periods.

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, dollars in millions)

Three months ended March 31, 2012	GAAP		Specified Items*		Non GAAP
Gross Profit	$	3,948		—	$	3,948
Marketing, Selling and Administrative		1,002		(8)		994
Research and Development		909		(58)		851
Other (income)/expense, net		23		(69)		(46)
Effective Tax Rate		26.9%		(0.2)%		26.7%
Three months ended March 31, 2011	GAAP		Specified Items*		Non GAAP
Gross Profit	$	3,668		23	$	3,691
Marketing, Selling and Administrative		928		(4)		924
Research and Development		935		(103)		832
Other (income)/expense, net		(138)		76		(62)
Effective Tax Rate		22.6%		3.4%		26.0%

* Refer to the Specified Items schedules for further details.

10

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, amounts in millions except per share data)

	Three Months Ended March 31,
	2012		2011
Net Earnings Attributable to BMS—GAAP	$	1,101	$	986
Earnings attributable to unvested restricted shares		(1)		(2)
Net Earnings used for Diluted EPS Calculation—GAAP	$	1,100	$	984
Net Earnings Attributable to BMS—GAAP	$	1,101	$	986
Less Specified Items*		(7)		14
Net Earnings—Non-GAAP		1,094		1,000
Earnings attributable to unvested restricted shares		(1)		(2)
Net Earnings used for Diluted EPS Calculation—Non-GAAP	$	1,093	$	998
Average Common Shares Outstanding—Diluted		1,706		1,714
Diluted EPS—GAAP	$	0.64	$	0.57
Diluted EPS Attributable to Specified Items		—		0.01
Diluted EPS—Non-GAAP	$	0.64	$	0.58

* Refer to the Specified Items schedules for further details.

11

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF MARCH 31, 2012 AND DECEMBER 31, 2011

(Unaudited, dollars in millions)

	March 31, 2012			December 31, 2011
Cash and cash equivalents	$	2,307		$	5,776
Marketable securities—current		2,722			2,957
Marketable securities—long-term		3,585			2,909
Cash, cash equivalents and marketable securities		8,614			11,642
Short-term borrowings		(145	)		(115	)
Long-term debt		(5,270	)		(5,376	)
Net cash position	$	3,199		$	6,151

12

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales	2011														2012								% 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	$	5,011	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244	$	5,251							5%	5%	(1)%	(1)%
US		3,250		3,562		6,812		3,477		10,289		3,556		13,845		3,453							6%	6%	—	—
Europe		868		954		1,822		916		2,738		929		3,667		883							2%	2%	(4)%	(4)%
JPAC		449		462		911		464		1,375		487		1,862		413							(8)%	(8)%	1%	1%
Intercon		214		220		434		230		664		230		894		220							3%	3%	(3)%	(3)%
Emerging Markets		206		215		421		238		659		228		887		202							(2)%	(2)%	—	—
Other		24		21		45		20		65		24		89		80							*	*	—	—
% of Total Sales	2011														2012								Basis Point Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr	YTD vs. YTD
Total		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%							—	—
US		64.9%		65.5%		65.2%		65.1%		65.2%		65.2%		65.2%		65.8%							90	90
Europe		17.3%		17.6%		17.4%		17.1%		17.3%		17.0%		17.2%		16.8%							(50)	(50)
JPAC		9.0%		8.5%		8.7%		8.7%		8.7%		8.9%		8.8%		7.9%							(110)	(110)
Intercon		4.3%		4.0%		4.2%		4.3%		4.2%		4.2%		4.2%		4.2%							(10)	(10)
Emerging Markets		4.0%		4.0%		4.0%		4.4%		4.2%		4.2%		4.2%		3.8%							(20)	(20)
Other		0.5%		0.4%		0.5%		0.4%		0.4%		0.5%		0.4%		1.5%							100	100

* in excess of +/- 100%

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED MARCH 31, 2012

($ in millions)

QUARTER-TO-DATE	Net Sales				Analysis of % Change
	2012		2011		Total Change		Volume		Price		Foreign Exchange
US	$	3,453	$	3,250		6%		(4)%		10%		—
Europe		883		868		2%		7%		(1)%		(4)%
JPAC		413		449		(8)%		(8)%		(1)%		1%
Intercon		220		214		3%		3%		3%		(3)%
Emerging Markets		202		206		(2)%		1%		(3)%		—
Other		80		24		*		N/A		N/A		—
Total	$	5,251	$	5,011		5%		(1)%		7%		(1)%
*      in excess of +/- 100%

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BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)

	2011														2012								% 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	$	5,011	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244	$	5,251								5%		5%
Cost of products sold		1,343		1,481		2,824		1,407		4,231		1,367		5,598		1,303								(3)%		(3)%
Marketing, selling and administrative		928		1,040		1,968		1,019		2,987		1,216		4,203		1,002								8%		8%
Advertising and product promotion		214		253		467		205		672		285		957		194								(9)%		(9)%
Research and development		935		923		1,858		973		2,831		1,008		3,839		909								(3)%		(3)%
Provision for restructuring, net		44		40		84		8		92		24		116		22								(50)%		(50)%
Litigation expense/(recoveries)		—		—		—		—		—		—		—		(172)								—		—
Equity in net income of affiliates		(82)		(62)		(144)		(71)		(215)		(66)		(281)		(57)								(30)%		(30)%
Other (income)/expense, net		(138)		(31)		(169)		(26)		(195)		26		(169)		23								*		*
Total expenses		3,244		3,644		6,888		3,515		10,403		3,860		14,263		3,224								(1)%		(1)%
Earnings from Operations Before Income Taxes	$	1,767	$	1,790	$	3,557	$	1,830	$	5,387	$	1,594	$	6,981	$	2,027								15%		15%
Provision for income taxes		400		483		883		475		1,358		363		1,721		545								36%		36%
Net Earnings from Operations	$	1,367	$	1,307	$	2,674	$	1,355	$	4,029	$	1,231	$	5,260	$	1,482								8%		8%
Net Earnings Attributable to Noncontrolling Interest		381		405		786		386		1,172		379		1,551		381								—		—
Net Earnings from Operations Attributable to BMS	$	986	$	902	$	1,888	$	969	$	2,857	$	852	$	3,709	$	1,101								12%		12%
Earnings attributable to unvested restricted shares		(2)		(2)		(4)		(2)		(6)		(1)		(8)		(1)								(50)%		(50)%
Net Earnings used for Diluted EPS Calc	$	984	$	900	$	1,884	$	967	$	2,851	$	851	$	3,701	$	1,100								12%		12%
Diluted Earnings Attributable to BMS per Common Share**	$	0.57	$	0.52	$	1.10	$	0.56	$	1.66	$	0.50	$	2.16	$	0.64								12%		12%
Average Common Shares Outstanding - Diluted		1,714		1,722		1,718		1,715		1,717		1,712		1,717		1,706								—		—
Dividends declared per common share	$	0.33	$	0.33	$	0.66	$	0.33	$	0.99	$	0.34	$	1.33	$	0.34								3%		3%
% of Net Sales	2011														2012								Basis Point Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Gross Margin		73.2%		72.7%		73.0%		73.7%		73.2%		74.9%		73.6%		75.2%								200		200
Cost of products sold		26.8%		27.3%		27.0%		26.3%		26.8%		25.1%		26.4%		24.8%								(200)		(200)
Marketing, selling and administrative		18.5%		19.1%		18.8%		19.1%		18.9%		22.3%		19.8%		19.1%								60		60
Advertising and product promotion		4.3%		4.7%		4.5%		3.8%		4.3%		5.2%		4.5%		3.7%								(60)		(60)
Research and development		18.7%		17.0%		17.8%		18.2%		17.9%		18.5%		18.1%		17.3%								(140)		(140)
Total expenses		64.7%		67.1%		65.9%		65.8%		65.9%		70.8%		67.1%		61.4%								(330)		(330)
Earnings from Operations Before Income Taxes		35.3%		32.9%		34.1%		34.2%		34.1%		29.2%		32.9%		38.6%								330		330
Net Earnings from Operations Attributable to BMS		19.7%		16.6%		18.1%		18.1%		18.1%		15.6%		17.5%		21.0%								130		130
Other Ratios
Effective Tax Rate		22.6%		27.0%		24.8%		26.0%		25.2%		22.8%		24.7%		26.9%								430		430
Other (Income)/Expense, net	2011														2012								% 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	$	31	$	32	$	63	$	40	$	103	$	42	$	145	$	42								35%		35%
Investment income		(21)		(25)		(46)		(23)		(69)		(22)		(91)		(36)								71%		71%
Intangible asset impairment		—		—		—		—		—		—		—		38								—		—
Gain on sale of product lines, businesses and assets		(9)		(2)		(11)		(25)		(36)		(1)		(37)		—								(100)%		(100)%
Other income from alliance partners		(23)		(39)		(62)		(45)		(107)		(33)		(140)		(47)								*		*
Pension curtailments and settlements		(3)		—		(3)		2		(1)		11		10		—								(100)%		(100)%
Litigation charges/(recoveries)		(102)		(4)		(106)		1		(105)		80		(25)		—								(100)%		(100)%
Product liability charges		26		—		26		10		36		(5)		31		—								(100)%		(100)%
Other		(37)		7		(30)		14		(16)		(46)		(62)		26								*		*
	($	138)	($	31)	($	169)	($	26)	($	195)	$	26	($	169)		23								*		*

* in excess of +/- 100%

** 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 MARCH 31, 2012

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	5,251	$	5,011		240		5%		(32)	$	5,283		(1)%		6%
Gross profit		3,948		3,668		280		8%		N/A		N/A		N/A		N/A
Gross profit excluding specified items (a)		3,948		3,691		257		7%		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		75.2%		73.7%
Marketing, selling and administrative		1,002		928		74		8%		11		1,013		1%		9%
Marketing, selling and administrative excluding specified items (a)		994		924		70		8%		12		1,006		1%		9%
Advertising and product promotion		194		214		(20)		(9)%		2		196		1%		(8)%
SG&A excluding specified items as a % of sales		22.6%		22.7%
Research and development		909		935		(26)		(3)%		5		914		1%		(2)%
Research and development excluding specified items (a)		851		832		19		2%		5		856		1%		3%
Research and development excluding specified items as a % of sales		16.2%		16.6%

(a) Refer to the Specified Items tab for detail of specified items.

* Foreign exchange (FX) impact determined by 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 MARCH 31, 2012

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		1,693		1,762		(69)		(4)%		1		1,692		—		(4)%
Avapro/Avalide		207		290		(83)		(29)%		(1)		208		—		(29)%
Abilify		621		624		(3)		—		(8)		629		(1)%		1%
Reyataz		358		366		(8)		(2)%		(6)		364		(1)%		(1)%
Sustiva Franchise		386		343		43		13%		(4)		390		(1)%		14%
Baraclude		325		275		50		18%		—		325		—		18%
Erbitux		179		165		14		8%		—		179		—		8%
Sprycel		231		172		59		34%		(3)		234		(2)%		36%
Yervoy		154		—		154		N/A		—		154		N/A		N/A
Orencia		254		199		55		28%		(2)		256		(1)%		29%
Nulojix		1		—		1		N/A		—		1		N/A		N/A
Onglyza/Kombiglyze		161		81		80		99%		(2)		163		(2)%		*
Mature Products and All Other		681		734		(53)		(7)%		(7)		688		(1)%		(6)%
Total		5,251		5,011		240		5%		(32)		5,283		(1)%		6%

* In excess of +/- 100%

** Foreign exchange (FX) impact determined by 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.

5

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012								% 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		5,011		5,434		10,445		5,345		15,790		5,454		21,244		5,251								5%		5%		(1)%		(1)%
Key Products
Plavix		1,762		1,865		3,627		1,788		5,415		1,672		7,087		1,693								(4)%		(4)%		—		—
Avapro/Avalide		290		251		541		216		757		195		952		207								(29)%		(29)%		—		—
Abilify (a)		624		706		1,330		691		2,021		737		2,758		621								—		—		(1)%		(1)%
Reyataz		366		396		762		391		1,153		416		1,569		358								(2)%		(2)%		(1)%		(1)%
Sustiva Franchise (b)		343		371		714		359		1,073		412		1,485		386								13%		13%		(1)%		(1)%
Baraclude		275		292		567		311		878		318		1,196		325								18%		18%		—		—
Erbitux		165		173		338		172		510		181		691		179								8%		8%		—		—
Sprycel		172		193		365		211		576		227		803		231								34%		34%		(2)%		(2)%
Yervoy		—		95		95		121		216		144		360		154								N/A		N/A		N/A		N/A
Orencia (c)		199		228		427		233		660		257		917		254								28%		28%		(1)%		(1)%
Nulojix		—		2		2		—		2		1		3		1								N/A		N/A		N/A		N/A
Onglyza/Kombiglyze (d)		81		112		193		127		320		153		473		161								99%		99%		(2)%		(2)%
Mature Products and All Other (e)		734		750		1,484		725		2,209		741		2,950		681								(7)%		(7)%		(1)%		(1)%
	2011														2012								% 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		2,162		2,236		4,398		2,114		6,512		1,972		8,484		1,991								(8)%		(8)%		—		—
Virology		997		1,075		2,072		1,080		3,152		1,158		4,310		1,077								8%		8%		(1)%		(1)%
Oncology		466		591		1,057		629		1,686		684		2,370		679								46%		46%		—		—
Neuroscience		631		714		1,345		698		2,043		742		2,785		627								(1)%		(1)%		(2)%		(2)%
Immunoscience		199		230		429		233		662		258		920		255								28%		28%		(1)%		(1)%
Metabolics		107		139		246		158		404		181		585		194								81%		81%		(1)%		(1)%
Other Therapeutic Areas		449		449		898		433		1,331		459		1,790		428								(5)%		(5)%		(3)%		(3)%

* In excess of +/- 100%

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

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

(c) Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012.

(d) Includes Kombiglyze sales of $4M and $36M for the three months ended March 31, 2011 and 2012 respectively.

(e) Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012								% 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		3,250		3,562		6,812		3,477		10,289		3,556		13,845		3,453								6%		6%
Key Products
Plavix		1,641		1,747		3,388		1,672		5,060		1,562		6,622		1,630								(1)%		(1)%		(6)%		(6)%
Avapro/Avalide		160		133		293		121		414		107		521		100								(38)%		(38)%		(33)%		(33)%
Abilify (a)		460		517		977		505		1,482		555		2,037		440								(4)%		(4)%		4%		4%
Reyataz		181		189		370		184		554		206		760		187								3%		3%		—		—
Sustiva Franchise (b)		215		228		443		222		665		275		940		251								17%		17%		2%		2%
Baraclude		48		51		99		51		150		57		207		55								15%		15%		11%		11%
Erbitux		162		167		329		168		497		175		672		173								7%		7%		N/A		N/A
Sprycel		61		68		129		78		207		87		294		93								52%		52%		45%		45%
Yervoy		—		95		95		109		204		118		322		117								N/A		N/A		N/A		N/A
Orencia(c)		138		152		290		154		444		171		615		169								22%		22%		N/A		N/A
Nulojix		—		2		2		—		2		1		3		1								N/A		N/A		N/A		N/A
Onglyza/Kombiglyze (d)		57		80		137		91		228		111		339		118								*		*		78%		78%
Mature Products and All Other (e)		127		133		260		122		382		131		513		119								(6)%		(6)%
	2011														2012								% 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		1,832		1,919		3,751		1,826		5,577		1,701		7,278		1,757								(4)%		(4)%
Virology		446		470		916		457		1,373		540		1,913		494								11%		11%
Oncology		249		356		605		377		982		409		1,391		407								63%		63%
Neuroscience		460		518		978		506		1,484		554		2,038		440								(4)%		(4)%
Immunoscience		138		154		292		154		446		171		617		170								23%		23%
Metabolics		64		84		148		98		246		116		362		123								92%		92%
Other Therapeutic Areas		61		61		122		59		181		65		246		62								2%		2%

* In excess of +/- 100%

** The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, federal facilities including Veterans Administration hospitals, and long-term care, among others. The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit. As of December 31, 2011, SPRYCEL demand is based upon information from the Next-Generation Prescription Service (NGPS) version 2.0 of the National Prescription Audit provided by the IMS Health (IMS). The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error.

(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.

	2012		2011		% Change
	1st Qtr		1st Qtr		Qtr vs. Qtr
Abilify Net Sales As Reported		440		460		(4)%
Contractual share change from 53.5% to 51.5%		17		—		N/A
Abilify Net Sales—Adjusted		457		460		(1)%

(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) Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012.

(d) Includes Kombiglyze sales of $4M and $35M for the three months ended March 31, 2011 and 2012 respectively.

(e) Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets.

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012								% 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		1,761		1,872		3,633		1,868		5,501		1,898		7,399		1,798								2%		2%		(2)%		(2)%
Key Products
Plavix		121		118		239		116		355		110		465		63								(48)%		(48)%		(1)%		(1)%
Avapro/Avalide		130		118		248		95		343		88		431		107								(18)%		(18)%		—		—
Abilify (a)		164		189		353		186		539		182		721		181								10%		10%		(5)%		(5)%
Reyataz		185		207		392		207		599		210		809		171								(8)%		(8)%		(4)%		(4)%
Sustiva Franchise (b)		128		143		271		137		408		137		545		135								5%		5%		(4)%		(4)%
Baraclude		227		241		468		260		728		261		989		270								19%		19%		—		—
Erbitux		3		6		9		4		13		6		19		6								100%		100%		(1)%		(1)%
Sprycel		111		125		236		133		369		140		509		138								24%		24%		(3)%		(3)%
Yervoy		—		—		—		12		12		26		38		37								N/A		N/A		N/A		N/A
Orencia		61		76		137		79		216		86		302		85								39%		39%		(2)%		(2)%
Onglyza/Kombiglyze		24		32		56		36		92		42		134		43								79%		79%		(7)%		(7)%
Mature Products and All Other  (c)		607		617		1,224		603		1,827		610		2,437		562								(7)%		(7)%		(1)%		(1)%
	2011														2012								% 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		330		317		647		288		935		271		1,206		234								(29)%		(29)%		(1)%		(1)%
Virology		551		605		1,156		623		1,779		618		2,397		583								6%		6%		(2)%		(2)%
Oncology		217		235		452		252		704		275		979		272								25%		25%		(2)%		(2)%
Neuroscience		171		196		367		192		559		188		747		187								9%		9%		(5)%		(5)%
Immunoscience		61		76		137		79		216		87		303		85								39%		39%		(2)%		(2)%
Metabolics		43		55		98		60		158		65		223		71								65%		65%		(2)%		(2)%
Other Therapeutic Areas		388		388		776		374		1,150		394		1,544		366								(6)%		(6)%		(1)%		(1)%

* In excess of +/- 100%

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

(b) The Sustiva Franchise includes sales of Sustiva and 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, over the counter brands and royalty-related revenue.

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BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

(Unaudited, amounts in millions except per share data)

	2011																					2012
	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
Gross Profit	$	3,668		$	3,953		$	7,621		$	3,938		$	11,559		$	4,087		$	15,646		$	3,948
Specified items (a)		23			18			41			19			60			15			75			—
Gross profit excluding specified items		3,691			3,971			7,662			3,957			11,619			4,102			15,721			3,948
Marketing, selling and administrative		928			1,040			1,968			1,019			2,987			1,216			4,203			1,002
Specified items (a)		(4	)		(10	)		(14	)		(5	)		(19	)		(10	)		(29	)		(8	)
Marketing, selling and administrative excluding specified items		924			1,030			1,954			1,014			2,968			1,206			4,174			994
Research and development		935			923			1,858			973			2,831			1,008			3,839			909
Specified items (a)		(103	)		(50	)		(153	)		(82	)		(235	)		—			(235	)		(58	)
Research and development excluding specified items		832			873			1,705			891			2,596			1,008			3,604			851
Other (income)/expense		(138	)		(31	)		(169	)		(26	)		(195	)		26			(169	)		23
Specified items (a)		76			—			76			2			78			(68	)		10			(69	)
Other (income)/expense excluding specified items		(62	)		(31	)		(93	)		(24	)		(117	)		(42	)		(159	)		(46	)
Effective Tax Rate		22.6	%		27.0	%		24.8	%		26.0	%		25.2	%		22.8	%		24.7	%		26.9	%
Specified items (a)		3.4	%		0.9	%		2.1	%		0.4	%		1.5	%		2.1	%		1.6	%		(0.2	)%
Effective Tax Rate excluding specified items		26.0	%		27.9	%		26.9	%		26.4	%		26.7	%		24.9	%		26.3	%		26.7	%

(a) Refer to the Specified Items tab for detail of specified items.

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

($ in millions)

	2011																					2012
Dollars in Millions	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
Cost of products sold*	$	23		$	18		$	41		$	19		$	60		$	15		$	75			—
Marketing, selling and administrative**		4			10			14			5			19			10			29			8
Upfront, milestone and other licensing payments		88			50			138			69			207			—			207			—
IPRD impairment		15			—			15			13			28			—			28			58
Research and development		103			50			153			82			235			—			235			58
Provision for restructuring		44			40			84			8			92			24			116			22
Litigation expense/(recoveries)		—			—			—			—			—			—			—			(172	)
Gain on sale of product lines, businesses and assets		—			—			—			(12	)		(12	)		—			(12	)		—
Pension curtailments and settlements		—			—			—			—			—			13			13			—
Acquisition related items		—			—			—			—			—			—			—			12
Litigation charges/(recoveries)		(102	)		—			(102	)		—			(102	)		80			(22	)		—
Product liability charges		26			—			26			10			36			(5	)		31			—
Intangible asset impairment		—			—			—			—			—			—			—			38
Loss on debt repurchase		—			—			—			—			—			—			—			19
Upfront, milestone and other licensing receipts		—			—			—			—			—			(20	)		(20	)		—
Other (income)/expense		(76	)		—			(76	)		(2	)		(78	)		68			(10	)		69
Increase/(Decrease) to pretax income		98			118			216			112			328			117			445			(15	)
Income tax on items above		(28	)		(34	)		(62	)		(37	)		(99	)		(37	)		(136	)		8
Specified tax (benefit)/charge***		(56	)		(15	)		(71	)		—			(71	)		(26	)		(97	)		—
Income taxes		(84	)		(49	)		(133	)		(37	)		(170	)		(63	)		(233	)		8
Increase/(Decrease) to net earnings	$	14		$	69		$	83		$	75		$	158		$	54		$	212		($	7	)

* Specified items in cost of products sold include accelerated depreciation, asset impairment and other shutdown costs.

** Specified items in marketing, selling and administrative include process standardization implementation costs.

*** The 2011 specified tax benefit relates to releases of tax reserves that were specified in prior periods.

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012	September 30, 2012	December 31, 2012
Cash and cash equivalents	$	3,405	$	3,665	$	4,471	$	5,776	$	2,307
Marketable securities—current		3,388		4,005		3,722		2,957		2,722
Marketable securities—long term		3,065		2,734		2,819		2,909		3,585
Cash, cash equivalents and marketable securities		9,858		10,404		11,012		11,642		8,614
Short-term borrowings		135		187		182		115		145
Long-term debt		5,276		5,332		5,437		5,376		5,270
Net cash position	$	4,447	$	4,885	$	5,393	$	6,151	$	3,199

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BRISTOL-MYERS SQUIBB COMPANY

2012 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2012
Projected Diluted Earnings Attributable to Shareholders per Common Share—GAAP	$	1.90 to $2.00
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.05
Upfront, milestone and other		0.02
Impairment charges		0.04
Litigation recoveries		(0.07	)
Total		0.04
Projected Diluted Earnings Attributable to Shareholders per Common Share—Non-GAAP	$	1.90 to $2.00

Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended March 31, 2012 was 75.2%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 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 “—Reconciliation of GAAP and Non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact”.

Research and development expenses on a GAAP basis for the three months ended March 31, 2012 were $909 million, which included specified items of $58 million. On a Non-GAAP basis, for the three months ended March 31, 2012 research and development expenses were $851 million. On a Non-GAAP basis, the Company projects research and development expense for the full year 2012 to increase in the low single digit range compared to 2011. It is estimated that 30% to 40% of the research and development expenses in 2012 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 “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.

Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2012 were $1 billion, which included specified items of $8 million. On a Non-GAAP basis, for the three months ended March 31, 2012 marketing, selling and administrative expenses were $994 million. On a Non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the mid-single digit range compared to 2011. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.

The effective tax rate on a GAAP basis for the three months ended March 31, 2012 was 26.9%, which included specified items of $8 million in the tax provision, and had a (0.2)% impact on the effective tax rate in aggregate. On a Non-GAAP basis, for the three months ended March 31, 2012 the effective tax rate was 26.7%. On a Non-GAAP basis, the Company projects an annual effective tax rate of between 25% and 26%, which assumes the extension of the R&D tax credit for the full year 2012. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.

The GAAP financial results for the full year 2012 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments and recoveries relating to significant legal proceedings. The GAAP financial results for the full year 2012 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, charges for in-process research and development and licensed asset 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 First Quarter of 2012, April 26, 2012 including “2012 Guidance” and “Use of Non-GAAP Financial Information” therein.

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