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 25, 2013

BRISTOL-MYERS SQUIBB COMPANY

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-1136	22-0790350
(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 25, 2013, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the first quarter of 2013. 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 25, 2013.
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 25, 2013	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 25, 2013.
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 Reports First Quarter 2013 Financial Results

• Posts First Quarter GAAP EPS of $0.37 and non-GAAP EPS of $0.41

• Net Sales were $3.8 Billion in the First Quarter

• Begins Commercial Launch of Eliquis^® Globally, Including in the U.S., Japan, Germany, U.K., and Canada

• Assumes Commercial Responsibilities for Byetta^® and Bydureon^® in Markets Outside the U.S. With AstraZeneca

• Confirms 2013 GAAP EPS Guidance Range of $1.54 to $1.64 and non-GAAP EPS Guidance Range of $1.78 to $1.88

(NEW YORK, April 25, 2013) – Bristol-Myers Squibb Company (NYSE: BMY) today reported financial results for the first quarter of 2013, and confirmed GAAP EPS and non-GAAP EPS guidance ranges for 2013.

“The first quarter was a good start to an important year in which our focus will be on the growth of existing brands, the execution of new launches and the continued delivery of a diverse and sustainable pipeline,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “So far this year, we have launched Eliquis in several markets around the world, have begun working with AstraZeneca to bring Byetta and Bydureon to patients outside the U.S., and have been preparing for the presentation of key clinical data across our pipeline.”

	First Quarter
$ amounts in millions, except per share amounts	2013		2012		Change
Net Sales	$	3,831	$	5,251		(27)%
GAAP Diluted EPS		0.37		0.64		(42)%
Non-GAAP Diluted EPS		0.41		0.64		(36)%

1

FIRST QUARTER FINANCIAL RESULTS

• Bristol-Myers Squibb posted first quarter 2013 net sales of $3.8 billion, a decrease of 27% compared to the same period a year ago, following the U.S. patent expiration of Avapro^®/Avalide^® in March 2012 and Plavix^® in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 10% compared to the first quarter of 2012.

• U.S. net sales decreased 44% to $2.0 billion in the quarter compared to the same period a year ago. International net sales increased 6% to $1.9 billion.

• Gross margin as a percentage of net sales was 72.3% in the quarter compared to 75.2% in the same period a year ago.

• Marketing, selling and administrative expenses decreased 1% to $994 million in the quarter.

• Advertising and product promotion spending decreased 3% to $189 million in the quarter.

• Research and development expenses increased 2% to $930 million in the quarter.

• The effective tax rate on earnings before income taxes was 7.6% in the quarter, compared to 26.9% in the first quarter last year.

• The company reported net earnings attributable to Bristol-Myers Squibb of $609 million, or $0.37 per share, in the quarter compared to $1.1 billion, or $0.64 per share, a year ago.

• The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $679 million, or $0.41 per share, in the first quarter, compared to $1.1 billion, or $0.64 per share, for the same period in 2012. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section.

• Cash, cash equivalents and marketable securities were $5.8 billion, with a net debt position of $2.1 billion, as of March 31, 2013.

2

FIRST QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the first quarter included Orencia^®, which grew 26%, Yervoy^®, which grew 49%, Sprycel^®, which grew 24%, Onglyza^®/Kombiglyze^™, which grew 25%, and Baraclude^®, which grew 13%.

Eliquis

Eliquis received regulatory approval for the reduction of risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation (NVAF) in South Korea in January, in Russia in February, and in Mexico and Colombia in April. The company co-develops and co-commercializes Eliquis with its partner, Pfizer.

Eliquis was launched for the reduction of risk of stroke and systemic embolism in patients with NVAF in the U.S., Europe, Japan and Canada during the quarter.

Sustiva^®

In February, the U.S. Food and Drug Administration (FDA) granted an additional six-month period of exclusivity to market Sustiva. Exclusivity for Sustiva is now scheduled to expire March 2015 in the U.S.

Baraclude

In February, the U.S. District Court for the District of Delaware invalidated the company’s composition of matter patent for Baraclude in the U.S. (No. 5,206,244). The company believes that the U.S. patent for Baraclude is valid and enforceable until February 2015, has filed a Notice of Appeal, and will continue to vigorously defend its intellectual property rights.

3

Forxiga^®

In January, China’s State Food and Drug Administration accepted for review the regulatory submission for Forxiga for the treatment of type 2 diabetes. The company co-develops and co-commercializes Forxiga with its partner, AstraZeneca.

In March, the Japanese Ministry of Health, Labor and Welfare also accepted for review the regulatory submission for Forxiga for the treatment of type 2 diabetes.

Nivolumab

The FDA has granted Fast Track designation for nivolumab in three tumor types: non-small-cell lung cancer, renal cell carcinoma and advanced melanoma.

HCV

In April, at the European Association for the Study of the Liver in Amsterdam, the company announced new Phase II data demonstrating that 12- and 24-week triple direct-acting antiviral (DAA) treatment regimens of daclatisvir, an NS5A replication complex inhibitor, asunaprevir, an NS3 protease inhibitor and BMS-791325, an NS5B non-nucleoside polymerase inhibitor, showed high rates of sustained virologic response of up to 94% in treatment naïve, genotype 1 chronic hepatitis C patients at time points ranging from 4 to 36 weeks post-treatment. The FDA designated this triple-DAA regimen as a Breakthrough Therapy for the treatment of chronic hepatitis C.

FIRST QUARTER BUSINESS DEVELOPMENT UPDATE

In February, the company announced a three-year collaboration agreement with Reckitt Benckiser Group plc for several over-the-counter products sold primarily in Mexico and Brazil, which is expected to close during the second quarter of 2013.

On April 1, the company and its partner, AstraZeneca, assumed commercial responsibility for Byetta and Bydureon in markets outside the U.S.

2013 FINANCIAL GUIDANCE

Bristol-Myers Squibb is confirming its 2013 GAAP EPS guidance range of $1.54 to $1.64 and its non-GAAP EPS guidance range of $1.78 to $1.88. Both GAAP and non-GAAP guidance assume current exchange rates. Non-GAAP line item guidance assumptions for 2013 remain unchanged.

The financial guidance for 2013 excludes the impact of any potential strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The non-GAAP 2013 guidance also excludes 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.

4

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. These measures are 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; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges; 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. Non-GAAP financial measures provide the company and its investors with 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. The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, 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 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.

5

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 25, 2013, 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: 913-312-0650, confirmation code: 1234744. 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, jennifer.mauer@bms.com, Corporate Communications; or John Elicker, 609-252-4611, john.elicker@bms.com, or Ranya Dajani, 609-252-5330, ranya.dajani@bms.com, or Ryan Asay, 609-252-5020, ryan.asay@bms.com, 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.

Byetta^® and Bydureon^® are trademarks of Amylin Pharmaceuticals, LLC and AstraZeneca Pharmaceuticals LP.

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

All other brand names of products 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, 2013 AND 2012

(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
	2013		2012		% Change		2013		2012		% Change		% Change in U.S. Total Prescriptions vs. 2012
Three Months Ended March 31,
Key Products
Virology
Baraclude	$	366	$	325		13%	$	68	$	56		21%		6%
Reyataz		361		358		1%		193		188		3%		(8)%
Sustiva Franchise		387		386		—		251		254		(1)%		(4)%
Oncology
Erbitux		162		179		(9)%		158		176		(10)%		N/A
Sprycel		287		231		24%		115		95		21%		18%
Yervoy		229		154		49%		159		117		36%		N/A
Neuroscience
Abilify		522		621		(16)%		328		445		(26)%		(2)%
Metabolics
Bydureon		52		—		N/A		52		—		N/A		N/A
Byetta		85		—		N/A		84		—		N/A		N/A
Forxiga		3		—		N/A		—		—		N/A		N/A
Onglyza/Kombiglyze		202		161		25%		140		120		17%		8%
Immunoscience
Nulojix		5		1		*		4		1		*		N/A
Orencia		320		254		26%		214		171		25%		N/A
Cardiovascular
Avapro/Avalide		46		207		(78)%		—		108		(100)%		(92)%
Eliquis		22		—		N/A		17		—		N/A		N/A
Plavix		91		1,693		(95)%		66		1,648		(96)%		(98)%
Mature Products and All Other		691		681		1%		122		122		—		N/A
Total		3,831		5,251		(27)%		1,971		3,501		(44)%		N/A

* In excess of +/- 100%.

7

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(Unaudited, amounts in millions except per share data)

	Three Months Ended March 31,
	2013			2012
Net Sales	$	3,831		$	5,251
Cost of products sold		1,063			1,303
Marketing, selling and administrative		994			1,002
Advertising and product promotion		189			194
Research and development		930			909
Other (income)/expense		(19	)		(184	)
Total Expenses		3,157			3,224
Earnings Before Income Taxes		674			2,027
Provision for income taxes		51			545
Net Earnings		623			1,482
Net Earnings Attributable to Noncontrolling Interest		14			381
Net Earnings Attributable to BMS	$	609		$	1,101
Earnings per Common Share:
Basic	$	0.37		$	0.65
Diluted	$	0.37		$	0.64
Average Common Shares Outstanding:
Basic		1,638			1,687
Diluted		1,655			1,706
Other (income)/expense
Interest expense	$	50		$	42
Investment income		(25	)		(36	)
Provision for restructuring		33			22
Litigation charges/(recoveries)		—			(172	)
Equity in net income of affiliates		(36	)		(57	)
Out-licensed intangible asset impairment		—			38
Gain on sale of product lines, businesses and assets		(1	)		—
Other income received from alliance partners, net		(57	)		(46	)
Other		17			25
Other (income)/expense	$	(19	)	$	(184	)

8

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(Unaudited, dollars in millions)

	Three Months Ended March 31,
	2013			2012
Amortization of acquired Amylin intangible assets	$	138		$	—
Amortization of Amylin collaboration proceeds		(67	)		—
Amortization of Amylin inventory adjustment		14			—
Cost of products sold		85			—
Marketing, selling and administrative*		1			8
Research and development**		—			58
Provision for restructuring		33			22
Acquisition related expenses		—			12
Litigation charges/(recoveries)		—			(172	)
Out-licensed intangible asset impairment		—			38
Loss on debt repurchase		—			19
Upfront, milestone, and other licensing receipts		(14	)		—
Other (income)/expense		19			(81	)
Increase/(decrease) to pretax income		105			(15	)
(Income tax)/tax benefit on items above		(35	)		8
Increase/(decrease) to net earnings	$	70		$	(7	)

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

** Specified items in research and development in 2012 are IPRD impairment charges.

9

BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

(Unaudited, dollars in millions)

Three months ended March 31, 2013	GAAP		Specified Items*		Non GAAP
Gross Profit	$	2,768		85	$	2,853
Marketing, Selling and Administrative		994		(1)		993
Research and Development		930		—		930
Other (income)/expense		(19)		(19)		(38)
Effective Tax Rate		7.6%		3.4%		11.0%
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		(184)		81		(103)
Effective Tax Rate		26.9%		(0.2)%		26.7%

* 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, 2013 AND 2012

(Unaudited, amounts in millions except per share data)

	Three Months Ended March 31,
	2013		2012
Net Earnings Attributable to BMS – GAAP	$	609	$	1,101
Earnings attributable to unvested restricted shares		—		(1	)
Net Earnings used for Diluted EPS Calculation – GAAP	$	609	$	1,100
Net Earnings Attributable to BMS – GAAP	$	609	$	1,101
Less Specified Items*		70		(7	)
Net Earnings Attributable to BMS - Non-GAAP		679		1,094
Earnings attributable to unvested restricted shares		—		(1	)
Net Earnings used for Diluted EPS Calculation - Non-GAAP	$	679	$	1,093
Average Common Shares Outstanding - Diluted		1,655		1,706
Diluted EPS - GAAP	$	0.37	$	0.64
Diluted EPS Attributable to Specified Items		0.04		—
Diluted EPS - Non-GAAP	$	0.41	$	0.64

* Refer to the Specified Items schedules for further details.

11

BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF MARCH 31, 2013 AND DECEMBER 31, 2012

(Unaudited, dollars in millions)

	March 31,         2013			December 31,         2012
Cash and cash equivalents	$	1,355		$	1,656
Marketable securities–current		1,178			1,173
Marketable securities–long-term		3,242			3,523
Cash, cash equivalents and marketable securities		5,775			6,352
Short-term borrowings and current portion of long-term debt		(1,372	)		(826	)
Long-term debt		(6,522	)		(6,568	)
Net debt position	$	(2,119	)	$	(1,042	)

12

EX-99.2

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales	2012														2013								% 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	$	5,251	$	4,443	$	9,694	$	3,736	$	13,430	$	4,191	$	17,621	$	3,831							(27)%	(27)%	—	—
US and Puerto Rico		3,501		2,629		6,130		2,016		8,146		2,238		10,384		1,971							(44)%	(44)%	—	—
Europe		922		926		1,848		858		2,706		1,000		3,706		946							3%	3%	1%	1%
Rest of the World		748		811		1,559		787		2,346		858		3,204		765							2%	2%	(4)%	(4)%
Other		80		77		157		75		232		95		327		149							86%	86%	—	—
% of Total Sales	2012														2013								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 and Puerto Rico		66.7%		59.2%		63.2%		54.0%		60.7%		53.4%		58.9%		51.4%							(1530)		(1530)
Europe		17.6%		20.8%		19.1%		23.0%		20.1%		23.9%		21.0%		24.7%							710		710
Rest of the World		14.2%		18.3%		16.1%		21.0%		17.5%		20.5%		18.2%		20.0%							580		580
Other		1.5%		1.7%		1.6%		2.0%		1.7%		2.2%		1.9%		3.9%							240		240

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED MARCH 31, 2013

($ in millions)

QUARTER-TO-DATE	Net Sales				Analysis of % Change
	2013		2012		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	1,971	$	3,501		(44)%		(43)%		(1)%		—
Europe		946		922		3%		4%		(2)%		1%
Rest of the World		765		748		2%		7%		(1)%		(4)%
Other		149		80		86%		N/A		N/A		—
Total	$	3,831	$	5,251		(27)%		(26)%		(1)%		—

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)

	2012																					2013									% Change
	1st Qtr			2nd Qtr			6Months			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	$	5,251		$	4,443		$	9,694		$	3,736		$	13,430		$	4,191		$	17,621		$	3,831									(27)%			(27)%
Cost of products sold		1,303			1,245			2,548			987			3,535			1,075			4,610			1,063									(18)%			(18)%
Marketing, selling and administrative		1,002			1,004			2,006			1,071			3,077			1,143			4,220			994									(1)%			(1)%
Advertising and product promotion		194			224			418			167			585			212			797			189									(3)%			(3)%
Research and development		909			962			1,871			951			2,822			1,082			3,904			930									2%			2%
Impairment charge for BMS-986094 intangible asset		—			—			—			1,830			1,830			—			1,830			—									—			—
Other (income)/expense		(184	)		(51	)		(235	)		(11	)		(246	)		166			(80	)		(19	)								(90)%			(90)%
Total Expenses		3,224			3,384			6,608			4,995			11,603			3,678			15,281			3,157									(2)%			(2)%
Earnings/(Loss) Before Income Taxes	$	2,027		$	1,059		$	3,086		$	(1,259	)	$	1,827		$	513		$	2,340		$	674									(67)%			(67)%
Provision for/(Benefit from) income taxes		545			251			796			(546	)		250			(411	)		(161	)		51									(91)%			(91)%
Net Earnings/(Loss)	$	1,482		$	808		$	2,290		$	(713	)	$	1,577		$	924		$	2,501		$	623									(58)%			(58)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest		381			163			544			(2	)		542			(1	)		541			14									(96)%			(96)%
Net Earnings/(Loss) Attributable to BMS	$	1,101		$	645		$	1,746		$	(711	)	$	1,035		$	925		$	1,960		$	609									(45)%			(45)%
Earnings attributable to unvested restricted shares		(1	)		—			(2	)		—			(1	)		(1	)		(1	)		—									(100)%			(100)%
Net Earnings/(Loss) used for Diluted EPS Calculation	$	1,100		$	645		$	1,744		$	(711	)	$	1,034		$	924		$	1,959		$	609									(45)%			(45)%
Diluted Earnings/(Loss) per Common Share**	$	0.64		$	0.38		$	1.02		$	(0.43	)	$	0.61		$	0.56		$	1.16		$	0.37									(42)%			(42)%
Average Common Shares Outstanding - Diluted		1,706			1,701			1,704			1,666			1,697			1,662			1,688			1,655									(3)%			(3)%
Dividends declared per common share	$	0.34		$	0.34		$	0.68		$	0.34		$	1.02		$	0.35		$	1.37		$	0.35									3%			3%
% of Net Sales	2012																					2013									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		75.2%			72.0%			73.7%			73.6%			73.7%			74.3%			73.8%			72.3%									(290	)		(290	)
Cost of products sold		24.8%			28.0%			26.3%			26.4%			26.3%			25.7%			26.2%			27.7%									290			290
Marketing, selling and administrative		19.1%			22.6%			20.7%			28.7%			22.9%			27.3%			23.9%			25.9%									680			680
Advertising and product promotion		3.7%			5.0%			4.3%			4.5%			4.4%			5.1%			4.5%			4.9%									120			120
Research and development		17.3%			21.7%			19.3%			25.5%			21.0%			25.8%			22.2%			24.3%									700			700
Total expenses		61.4%			76.2%			68.2%			*			86.4%			87.8%			86.7%			82.4%									2,100			2,100
Earnings/ (Loss) Before Income Taxes		38.6%			23.8%			31.8%			(33.7)%			13.6%			12.2%			13.3%			17.6%									(2,100	)		(2,100	)
Net Earnings/ (Loss) Attributable to BMS		21.0%			14.5%			18.0%			(19.0)%			7.7%			22.1%			11.1%			15.9%									(510	)		(510	)
Other Ratios
Effective Tax Rate		26.9%			23.7%			25.8%			43.4%			13.7%			(80.1)%			(6.9)%			7.6%									(1,930	)		(1,930	)
Other (Income)/Expense	2012																					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	$	42		$	41		$	83		$	48		$	131		$	51		$	182		$	50									19%			19%
Investment income		(36	)		(22	)		(58	)		(27	)		(85	)		(21	)		(106	)		(25	)								(31)%			(31)%
Provision for restructuring		22			20			42			29			71			103			174			33									50%			50%
Litigation charges/(recoveries)		(172	)		22			(150	)		50			(100	)		55			(45	)		—									(100)%			(100)%
Equity in net income of affiliates		(57	)		(53	)		(110	)		(40	)		(150	)		(33	)		(183	)		(36	)								(37)%			(37)%
Out-licensed intangible asset impairment		38			—			38			—			38			—			38			—									(100)%			(100)%
Gain on sale of product lines, businesses and assets		—			(3	)		(3	)		—			(3	)		(50	)		(53	)		(1	)								—			—
Other income received from alliance partners, net		(46	)		(83	)		(129	)		(96	)		(225	)		(87	)		(312	)		(57	)								24%			24%
Pension curtailments and settlements		—			—			—			3			3			155			158			—									—			—
Other		25			27			52			22			74			(7	)		67			17									(32)%			(32)%
	$	(184	)	$	(51	)	$	(235	)	$	(11	)	$	(246	)	$	166		$	(80	)	$	(19	)								(90)%			(90)%

* 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, 2013

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2013		2012		Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	3,831	$	5,251		(1,420	)		(27)%	$	(21	)	$	3,852		—		(27)%
Gross profit		2,768		3,948		(1,180	)		(30)%		N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)		2,853		3,948		(1,095	)		(28)%		N/A			N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		74.5%		75.2%
Marketing, selling and administrative		994		1,002		(8	)		(1)%		11			1,005		1%		—
Marketing, selling and administrative excluding specified items (a)		993		994		(1	)		—		11			1,004		1%		1%
Advertising and product promotion		189		194		(5	)		(3)%		1			190		1%		(2)%
SG&A excluding specified items as a % of sales		30.9%		22.6%
Research and development		930		909		21			2%		5			935		1%		3%
Research and development excluding specified items (a)		930		851		79			9%		5			935		1%		10%
Research and development excluding specified items as a % of sales		24.3%		16.2%

(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, 2013

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2013		2012		Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ **			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Virology
Baraclude		366		325		41			13%		(6	)		372		(1)%		14%
Reyataz		361		358		3			1%		(1	)		362		—		1%
Sustiva Franchise		387		386		1			—		1			386		—		—
Oncology
Erbitux		162		179		(17	)		(9)%		—			162		—		(9)%
Sprycel		287		231		56			24%		(6	)		293		(3)%		27%
Yervoy		229		154		75			49%		—			229		—		49%
Neuroscience
Abilify		522		621		(99	)		(16)%		—			522		—		(16)%
Metabolics
Bydureon		52		—		52			N/A		—			52		N/A		N/A
Byetta		85		—		85			N/A		—			85		N/A		N/A
Forxiga		3		—		3			N/A		—			3		N/A		N/A
Onglyza/Kombiglyze		202		161		41			25%		(1	)		203		(1)%		26%
Immunoscience
Nulojix		5		1		4			*		—			5		N/A		*
Orencia		320		254		66			26%		(5	)		325		(2)%		28%
Cardiovascular
Avapro/Avalide		46		207		(161	)		(78)%		2			44		1%		(79)%
Eliquis		22		—		22			N/A		—			22		N/A		N/A
Plavix		91		1,693		(1,602	)		(95)%		2			89		—		(95)%
Mature Products and All Other		691		681		10			1%		(7	)		698		(1)%		2%
Total		3,831		5,251		(1,420	)		(27)%		(21	)		3,852		—		(27)%
Total excluding Plavix and Avapro/Avalide		3,694		3,351		343			10%		(25	)		3,719		(1)%		11%

* 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)

	2012														2013								% Change		FX Impact
	1st Qtr		2nd Qtr		6 Months		3rdQtr		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		5,251		4,443		9,694		3,736		13,430		4,191		17,621		3,831							(27)%	(27)%	—	—
Virology
Baraclude		325		357		682		346		1,028		360		1,388		366							13%	13%	(1)%	(1)%
Reyataz		358		406		764		363		1,127		394		1,521		361							1%	1%	—	—
Sustiva Franchise (a)		386		388		774		370		1,144		383		1,527		387							—	—	—	—
Oncology
Erbitux		179		179		358		173		531		171		702		162							(9)%	(9)%	—	—
Sprycel		231		244		475		263		738		281		1,019		287							24%	24%	(3)%	(3)%
Yervoy		154		162		316		179		495		211		706		229							49%	49%	—	—
Neuroscience
Abilify (b)		621		711		1,332		676		2,008		819		2,827		522							(16)%	(16)%	—	—
Metabolics
Bydureon		—		—		—		20		20		58		78		52							N/A	N/A	N/A	N/A
Byetta		—		—		—		55		55		94		149		85							N/A	N/A	N/A	N/A
Forxiga		—		—		—		—		—		—		—		3							N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)		161		172		333		178		511		198		709		202							25%	25%	(1)%	(1)%
Immunoscience
Nulojix		1		3		4		3		7		4		11		5							*	*	N/A	N/A
Orencia (d)		254		290		544		307		851		325		1,176		320							26%	26%	(2)%	(2)%
Cardiovascular
Avapro/Avalide		207		117		324		95		419		84		503		46							(78)%	(78)%	1%	1%
Eliquis		—		1		1		—		1		1		2		22							N/A	N/A	N/A	N/A
Plavix		1,693		741		2,434		64		2,498		49		2,547		91							(95)%	(95)%	—	—
Mature Products and All Other (e)		681		672		1,353		644		1,997		759		2,756		691							1%	1%	(1)%	(1)%
	2012														2013								% 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:
Virology		1,077		1,165		2,242		1,089		3,331		1,145		4,476		1,121							4%	4%	(1)%	(1)%
Oncology		679		707		1,386		728		2,114		777		2,891		772							14%	14%	(1)%	(1)%
Neuroscience		627		716		1,343		680		2,023		823		2,846		526							(16)%	(16)%	—	—
Metabolics		194		206		400		299		699		409		1,108		400							*	*	(2)%	(2)%
Immunocience		255		292		547		311		858		329		1,187		325							27%	27%	(2)%	(2)%
Cardiovascular		1,991		958		2,949		243		3,192		223		3,415		243							(88)%	(88)%	—	—
Other Therapeutic Areas		428		399		827		386		1,213		485		1,698		444							4%	4%	—	—

* In excess of +/- 100%

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

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

(c) Includes Kombiglyze sales of $56M and $36M for the three months ended March 31, 2013 and March 31, 2012, respectively.

(d) Includes Orencia SubQ sales of $84M and $31M for the three months ended March 31, 2013 and March 31, 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.   Includes Symlin sales of $16M for the three months ended March 31, 2013.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2012														2013								% 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 (a)		3,501		2,629		6,130		2,016		8,146		2,238		10,384		1,971							(44)%	(44)%
Virology
Baraclude		56		59		115		61		176		65		241		68							21%	21%	6%	6%
Reyataz		188		199		387		197		584		199		783		193							3%	3%	(8)%	(8)%
Sustiva Franchise (b)		254		259		513		250		763		253		1,016		251							(1)%	(1)%	(4)%	(4)%
Oncology
Erbitux		176		176		352		169		521		167		688		158							(10)%	(10)%	N/A	N/A
Sprycel		95		91		186		109		295		109		404		115							21%	21%	18%	18%
Yervoy (c)		117		122		239		123		362		141		503		159							36%	36%	N/A	N/A
Neuroscience
Abilify (d)		445		533		978		507		1,485		617		2,102		328							(26)%	(26)%	(2)%	(2)%
Metabolics
Bydureon		—		—		—		20		20		55		75		52							N/A	N/A	N/A	N/A
Byetta		—		—		—		55		55		92		147		84							N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (e)		120		126		246		130		376		140		516		140							17%	17%	8%	8%
Immunoscience
Nulojix		1		2		3		3		6		3		9		4							*	*	N/A	N/A
Orencia(f)		171		199		370		211		581		216		797		214							25%	25%	N/A	N/A
Cardiovascular
Avapro/Avalide		108		22		130		9		139		16		155		—							(100)%	(100)%	(92)%	(92)%
Eliquis		—		—		—		—		—		—		—		17							N/A	N/A	N/A	N/A
Plavix		1,648		713		2,361		43		2,404		20		2,424		66							(96)%	(96)%	(98)%	(98)%
Mature Products and All Other (g)		122		128		250		129		379		145		524		122							—	—
Total excluding Plavix and Avapro/Avalide		1,745		1,894		3,639		1,964		5,603		2,202		7,805		1,905							9%	9%
	2012														2013								% 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:
Virology		498		519		1,017		509		1,526		518		2,044		513							3%	3%
Oncology		412		414		826		423		1,249		438		1,687		451							9%	9%
Neuroscience		445		534		979		506		1,485		617		2,102		328							(26)%	(26)%
Metabolics		127		132		259		224		483		316		799		298							*	*
Immunoscience		172		201		373		214		587		219		806		217							26%	26%
Cardiovascular		1,784		766		2,550		79		2,629		61		2,690		108							(94)%	(94)%
Other Therapeutic Areas		63		63		126		61		187		69		256		56							(11)%	(11)%

* 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. Erbitux, Yervoy and Nulojix, and the intravenous formulation of Orencia are parenterally administered products and do not have prescription-level data as these products are not dispensed through retail and mail order channels. The data is provided by Wolters Kluwer Health, except for Sprycel and Orencia SC, and is based on the Source Prescription Audit. Sprycel and Orencia SC demand is based on information from the Next-Generation Prescription Service version 2.0 of the National Prescription Audit provided by IMS Health. 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) Domestic net sales include United States and Puerto Rico.

(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) Includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.

	2013 1st Qtr			2012 1st Qtr		% Change Qtr vs. Qtr
Yervoy Net Sales As Reported		159			117		36%
Reversal of deferred revenues, net		(25	)		—		N/A
Yervoy Net Sales - Adjusted		134			117		15%

(d) 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.

	2013 1st Qtr		2012 1st Qtr		% Change Qtr vs. Qtr
Abilify Net Sales As Reported		328		445		(26)%
Contractual share change from 51.5% to 35%		155		—		N/A
Abilify Net Sales - Adjusted		483		445		9%

(e) Includes Kombiglyze sales of $47M and $36M for the three months ended March 31, 2013 and March 31, 2012, respectively.

(f) Includes Orencia SubQ sales of $70M and $31M for the three months ended March 31, 2013 and March 31, 2012, respectively.

(g) Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin sales of $16M for the three months ended March 31, 2013.

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BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2012														2013								% Change		FX Impact
	1st Qr		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 v s. YTD	Qtr vs. Qtr	YTD vs. YTD
TOTAL		1,750		1,814		3,564		1,720		5,284		1,953		7,237		1,860							6%	6%	(1)%	(1)%
Virology
Baraclude		269		298		567		285		852		295		1,147		298							11%	11%	(2)%	(2)%
Reyataz		170		207		377		166		543		195		738		168							(1)%	(1)%	—	—
Sustiva Franchise (a)		132		129		261		120		381		130		511		136							3%	3%	1%	1%
Oncology
Erbitux		3		3		6		4		10		4		14		4							33%	33%	—	—
Sprycel		136		153		289		154		443		172		615		172							26%	26%	(5)%	(5)%
Yervoy		37		40		77		56		133		70		203		70							89%	89%	—	—
Neuroscience
Abilify (b)		176		178		354		169		523		202		725		194							10%	10%	—	—
Metabolics
Bydureon		—		—		—		—		—		3		3		—							N/A	N/A	N/A	N/A
Byetta		—		—		—		—		—		2		2		1							N/A	N/A	N/A	N/A
Forxiga		—		—		—		—		—		—		—		3							N/A	N/A	N/A	N/A
Onglyza/Kombiglyze		41		46		87		48		135		58		193		62							51%	51%	(3)%	(3)%
Immunoscience
Nulojix		—		1		1		—		1		1		2		1							—	—	N/A	N/A
Orencia		83		91		174		96		270		109		379		106							28%	28%	(6)%	(6)%
Cardiovascular
Avapro/Avalide		99		95		194		86		280		68		348		46							(54)%	(54)%	1%	1%
Eliquis		—		1		1		—		1		1		2		5							N/A	N/A	N/A	N/A
Plavix		45		28		73		21		94		29		123		25							(44)%	(44)%	3%	3%
Mature Products and All Other (c)		559		544		1,103		515		1,618		614		2,232		569							2%	2%	(1)%	(1)%
	2012														2013								% 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:
Virology		579		646		1,225		580		1,805		627		2,432		608							5%	5%	(1)%	(1)%
Oncology		267		293		560		305		865		339		1,204		321							20%	20%	(5)%	(5)%
Neuroscience		182		182		364		174		538		206		744		198							9%	9%	—	—
Metabolics		67		74		141		75		216		93		309		102							52%	52%	(2)%	(2)%
Immunoscience		83		91		174		97		271		110		381		108							30%	30%	(6)%	(6)%
Cardiovascular		207		192		399		164		563		162		725		135							(35)%	(35)%	1%	1%
Other Therapeutic Areas		365		336		701		325		1,026		416		1,442		388							6%	6%	1%	1%

* In excess of +/- 100%

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

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

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

8

BRISTOL-MYERS SQUIBB COMPANY

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

(Unaudited, amounts in millions except per share data)

	2012														2013
	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	$	3,948	$	3,198	$	7,146	$	2,749	$	9,895	$	3,116	$	13,011	$	2,768
Specified items (a)		—		147		147		54		201		84		285		85
Gross profit excluding specified items		3,948		3,345		7,293		2,803		10,096		3,200		13,296		2,853
Marketing, selling and administrative		1,002		1,004		2,006		1,071		3,077		1,143		4,220		994
Specified items (a)		(8)		(5)		(13)		(70)		(83)		(2)		(85)		(1)
Marketing, selling and administrative excluding specified items		994		999		1,993		1,001		2,994		1,141		4,135		993
Research and development		909		962		1,871		951		2,822		1,082		3,904		930
Specified items (a)		(58)		(45)		(103)		(48)		(151)		(65)		(216)		—
Research and development excluding specified items		851		917		1,768		903		2,671		1,017		3,688		930
Other (income)/expense		(184)		(51)		(235)		(11)		(246)		166		(80)		(19)
Specified items (a)		81		(43)		38		(116)		(78)		(249)		(327)		(19)
Other (income)/expense excluding specified items		(103)		(94)		(197)		(127)		(324)		(83)		(407)		(38)
Effective Tax Rate		26.9%		23.7%		25.8%		43.4%		13.7%		(80.1)%		(6.9)%		7.6%
Specified items (a)		(0.2)%		1.6%		0.3%		(22.9)%		11.3%		95.1%		30.1%		3.4%
Effective Tax Rate excluding specified items		26.7%		25.3%		26.1%		20.5%		25.0%		15.0%		23.2%		11.0%

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

9

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

($ in millions)

	2012																					2013
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
Accelerated depreciation, asset impairment and other shutdown costs	$	—		$	147		$	147		$	—		$	147		$	—		$	147		$	—
Amortization of acquired Amylin intangible assets		—			—			—			91			91			138			229			138
Amortization of Amylin collaboration proceeds		—			—			—			(46	)		(46	)		(68	)		(114	)		(67	)
Amortization of Amylin inventory adjustment		—			—			—			9			9			14			23			14
Cost of products sold		—			147			147			54			201			84			285			85
Stock compensation from accelerated vesting of Amylin awards		—			—			—			67			67			—			67			—
Process standardization implementation costs		8			5			13			3			16			2			18			1
Marketing, selling and administrative		8			5			13			70			83			2			85			1
Stock compensation from accelerated vesting of Amylin awards		—			—			—			27			27			—			27			—
Upfront, milestone and other licensing payments		—			—			—			21			21			26			47			—
IPRD impairment		58			45			103			—			103			39			142			—
Research and development		58			45			103			48			151			65			216			—
Impairment charge for BMS-986094 intangible asset		—			—			—			1,830			1,830			—			1,830			—
Provision for restructuring		22			20			42			29			71			103			174			33
Gain on sale of product lines, businesses and assets		—			—			—			—			—			(51	)		(51	)		—
Pension curtailments and settlements		—			—			—			—			—			151			151			—
Acquisition related expenses		12			1			13			29			42			1			43			—
Litigation charges/(recoveries)		(172	)		22			(150	)		50			(100	)		55			(45	)		—
Out-licensed intangible asset impairment		38			—			38			—			38			—			38			—
Loss on debt repurchase		19			—			19			8			27			—			27			—
Upfront, milestone and other licensing receipts		—			—			—			—			—			(10	)		(10	)		(14	)
Other (income)/expense		(81	)		43			(38	)		116			78			249			327			19
Increase/(decrease) to pretax income		(15	)		240			225			2,118			2,343			400			2,743			105
(Income tax)/tax benefit on items above		8			(77	)		(69	)		(722	)		(791	)		(156	)		(947	)		(35	)
Specified tax benefit*		—			—			—			—			—			(392	)		(392	)		—
(Income tax)/tax benefit		8			(77	)		(69	)		(722	)		(791	)		(548	)		(1,339	)		(35	)
Increase/(decrease) to net earnings	$	(7	)	$	163		$	156		$	1,396		$	1,552			$  (148)		$	1,404		$	70

* The 2012 specified tax benefit relates to a capital loss deduction.

10

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	March 31,		June 30,		September 30,			December 31,			March 31,			June 30,	September 30,	December 31,
	2012		2012		2012			2012			2013			2013	2013	2013
Cash and cash equivalents	$	2,307	$	2,801	$	1,503		$	1,656		$	1,355
Marketable securities - current		2,722		2,236		1,427			1,173			1,178
Marketable securities - long term		3,585		3,732		3,698			3,523			3,242
Cash, cash equivalents and marketable securities		8,614		8,769		6,628			6,352			5,775
Short-term borrowings and current portion of long-term debt		145		236		751			826			1,372
Long-term debt		5,270		5,209		6,608			6,568			6,522
Net cash/(debt) position	$	3,199	$	3,324	$	(731	)	$	(1,042	)	$	(2,119	)

11

BRISTOL-MYERS SQUIBB COMPANY

2013 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2013
Projected Diluted Earnings Attributable to Shareholders per Common Share – GAAP	$	1.54 to $1.64
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.12
Upfront, milestone and other		0.01
Amortization of Amylin intangible assets and collaboration proceeds		0.11
Total		0.24
Projected Diluted Earnings Attributable to Shareholders per Common Share – Non-GAAP	$	1.78 to $1.88

Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended March 31, 2013 was 72.3% and 74.5%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2013 between 72% and 73%. There is no 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 and non-GAAP basis for the three months ended March 31, 2013 were $930 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2013 to grow in the low single digit range compared to 2012. It is estimated that 30% to 40% of the research and development expenses in 2013 will be incurred on late-stage development programs. There is no 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, 2013 were $994 million, which included specified items of $1 million. On a non-GAAP basis, for the three months ended March 31, 2013 marketing, selling and administrative expenses were $993 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2013 to remain flat compared to 2012. There is no 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, 2013 was 7.6%. On a non-GAAP basis, for the three months ended March 31, 2013 the effective tax rate was 11.0%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 16%. There is no 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 2013 will include specified items, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments, and net amortization of acquired intangible assets and deferred income related to Amylin. The GAAP financial results for the full year 2013 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, pension settlement charges 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 Reports First Quarter 2013 Financial Results, April 25, 2013 including “2013 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.

12