SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C.  20549


                                 FORM 10-Q


          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934


               FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999MARCH 31, 2000


                       Commission File Number 1-1136


                       BRISTOL-MYERS SQUIBB COMPANY
          (Exact name of registrant as specified in its charter)



              Delaware                            22-079-0350
     (State or other jurisdiction of     (IRS Employer Identification No.)
     incorporation or organization)



                  345 Park Avenue, New York, N.Y.  10154
                 (Address of principal executive offices)
                         Telephone: (212) 546-4000


Indicate  by  check mark whether the registrant (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the Securities Exchange  Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject  to
such filing requirements for the past 90 days.

Yes  [ X ]            No  [    ]



At SeptemberApril 30, 1999,2000, there were 1,983,692,2841,972,590,510 shares outstanding of the
Registrant's $.10 par value Common Stock.



                        BRISTOL-MYERS SQUIBB COMPANY

                             INDEX TO FORM 10-Q

                               September 30, 1999March 31, 2000



Part I - Financial Information:                                Page

Item 1.

Financial Statements (Unaudited):

Consolidated Balance Sheet - September 30, 1999March 31, 2000 and December 31,     2 - 3
31, 19981999

Consolidated Statement of Earnings and Comprehensive  Income
for the three  and nine months ended September 30,March 31, 2000 and 1999                and         4
1998

Consolidated  Statement of Cash Flows for the  ninethree  months
ended September 30,March 31, 2000 and 1999 and 1998                                      5

Notes to Condensed Consolidated Financial Statements             6 - 7

 Report of Independent Accountants                                 8

Item 2.

 Management's   Discussion  and  Analysis   of   Financial    9 - 1712
     Condition and Results of Operations

Part II - Other Information

Item 1.

 Legal Proceedings                                           1813 - 1915

Item 4.

 Submission of Matters to a Vote of Security Holders              16

Item 6.

 Exhibits and Reports on Form 8-K                                 2017

Signatures                                                        2118



PART I  FINANCIAL INFORMATION
- -----------------------------------------------------------

Item 1.  Financial Statements
- -----------------------------

                        BRISTOL-MYERS SQUIBB COMPANY
                     CONSOLIDATED BALANCE SHEET - ASSETS
                      (Unaudited, dollars in millions except share amounts)




                                               Septembermillions)



                                                March 31,   December
                                                  30,2000     31, 1999
                                                31, 1998
                                               ------------------   ----------
Current Assets:
Cash and cash equivalents                          $2,455      $2,244$2,468      $2,720
Time deposits and marketable securities               235         285212         237
Receivables, net of allowances                      3,306       3,1903,349       3,272

Finished goods                                      1,340       1,472
Work in process                                       439         302
Raw and packaging materials                           267         352
                                                   ------      ------
Inventories                                         2,052       1,8732,046       2,126

Prepaid expenses                                      909       1,190
                                                ---------   ---------971         912
                                                   ------      ------

  Total Current Assets                              8,957       8,782
                                                ---------   ---------9,046       9,267
                                                   ------      ------

Property, Plant and Equipment                       net                  4,489       4,4297,833       7,841

Less: Accumulated depreciation                      3,283       3,220
                                                   ------      ------
                                                    4,550       4,621
                                                   ------      ------


Insurance Recoverable                                 466         523450         468
Excess of cost over net tangible assets arising
         fromreceived
         in business acquisitions                   1,550       1,5871,483       1,502
Other Assets                                        1,150         951
                                                ---------   ---------1,507       1,256
                                                   ------      ------

Total Assets                                      $16,612     $16,272
                                                =========   =========

                                -2-$17,036     $17,114
                                                   ======      ======


The accompanying notes are an integral part of these financial statements.

                                        2


                        BRISTOL-MYERS SQUIBB COMPANY
                        CONSOLIDATED BALANCE SHEET -
                    LIABILITIES AND STOCKHOLDERS' EQUITY
                      (Unaudited, dollars in millions except share amounts)




                                                Septembermillions)



                                                March 31,   December
                                                   30,2000     31, 1999    31, 1998
                                                ---------   ---------

Current Liabilities:
Short-term borrowings                                 $  512     $  482$365       $432
Accounts payable                                     1,506      1,3801,514      1,657
Accrued expenses                                     2,309      2,3022,321      2,367
Product liability                                      378        877235        287
U.S. and foreign income taxes payable                  696        750882        794
                                                    ------     --------------
        Total Current Liabilities                    5,401      5,7915,317      5,537

Other Liabilities                                    1,439      1,5411,577      1,590
Long-Term Debt                                       1,331      1,3641,333      1,342
                                                    ------     --------------

  Total Liabilities                                  8,171      8,6968,227      8,469
                                                    ------     --------------

Stockholders' Equity:
Preferred stock, $2 convertible series:
     Authorized  10 million shares; issued  and
     outstanding 11,15310,782 in 19992000 and  11,68410,977  in          -          -
     1998,1999, liquidation value of $50 per share
Common stock, par value of $.10 per share:
     Authorized  4.5  billion  shares;   issued
     2,190,910,9852,193,990,890 in 19992000 and 2,188,316,8082,192,970,504 in        219        219
     19981999
Capital in excess of par value of stock              1,394      1,0751,612      1,533
Other Comprehensive Income                            (796)     (622)comprehensive income                            (870)      (816)
Retained earnings                                   14,374     12,54015,736     15,000
                                                    ------     --------

                                                    15,191     13,212------
                                                    16,697     15,936
Less  cost  of  treasury  stock  -  207,218,701220,713,423
common shares in 2000 and 212,164,851 in 1999        and 199,550,532 in 1998        6,750      5,6367,888      7,291
                                                    ------     --------------

Total Stockholders' Equity                           8,441      7,5768,809      8,645
                                                    ------     --------------

Total Liabilities and Stockholders' Equity         $16,612    $16,272
                                                   =======    =======

                                -3-$17,036    $17,114
                                                    ======     ======




The accompanying notes are an integral part of these financial statements.

                                        3


                        BRISTOL-MYERS SQUIBB COMPANY
                     CONSOLIDATED STATEMENT OF EARNINGS
                          AND COMPREHENSIVE INCOME
          (Unaudited, dollars in millions except per share amounts)


                                                 Three Months
                                                Nine Months
                                        Ended Ended
                                    September 30,      September 30,
                                  -----------------  ----------------March 31,
                                                 -------------

EARNINGS                                         2000     1999      1998     1999     1998
- --------                                       -------   -------  -------  -------------   ------

Net Sales                                      $5,040    $4,523  $14,814  $13,399$5,260   $4,854
                                               ------   ------  -------  -------

Expenses:
Cost of products sold                           1,402     1,191    4,068    3,5491,379    1,305
Marketing,selling,
administrative 1,095     1,034    3,338    3,116
     and other                        1,165    1,121
Advertising and product promotion                 573       554    1,768    1,767570      529
Research and development                          452       398    1,328    1,165
Provision for restructuring             -         -        -      201
Gain on sale of businesses              -         -        -     (201)468      423
                                               ------   ------
                                                -------  -------

                                    3,522     3,177   10,502    9,5973,582    3,378
                                               ------    ------  -------  -------
Earnings Before Income Taxes                    1,518     1,346    4,312    3,8021,678    1,476

Provision for income taxes                        421       380    1,197    1,074457      410
                                               ------   ------

-------  -------


Net Earnings                                   $1,097      $966   $3,115   $2,728
                                   ======    ======$1,221   $1,066
                                               ======   ======

Earnings Per Common Share
Basic                                            $.55      $.49    $1.57    $1.37$.62     $.54
Diluted                                          $.54      $.47    $1.54    $1.34$.61     $.53

Average Common Shares
OustandingOutstanding
      Basic                                     1,984     1,9881,976    1,985
      1,987
      Diluted                                   2,028     2,030    2,027    2,0322,009    2,029

Dividends Per Common Share                      $.245    $.215     $.195    $.645    $.585

COMPREHENSIVE INCOME
- --------------------

Net Earnings                                   $1,097      $966   $3,115   $2,728$1,221   $1,066

Other Comprehensive Income:
Foreign currency translation                      (18)      (68)    (187)    (155)(51)    (104)
Tax effect                                         (3)       5         6       13       11
                                               ------   ------

                                                  -------  -------


Total Other(54)     (99)
                                               ------   ------

Comprehensive Income                           (13)      (62)    (174)    (144)
                                  -------   -------  -------  -------


Comprehensive Income               $1,084      $904   $2,941   $2,584$1,167     $967
                                               ======   ======

======   ======

                                -4-The accompanying notes are an integral part of these financial statements.

                                        4


                        BRISTOL-MYERS SQUIBB COMPANY
                    CONSOLIDATED STATEMENT OF CASH FLOWS
                      (Unaudited, dollars in millions)
                                                      NineThree Months
                                                     Ended September 30,
                                                  -----------------March 31,
                                                     --------------
                                                     2000       1999       1998
                                                    ------     ------

Cash Flows From Operating Activities:
Net earnings                                        $3,115     $2,728$1,221     $1,066
Depreciation and amortization                          489        457187        167
Provision for restructuring (See Note 3)               120          -
201
Gain on sale of businessesfrom product divestitures (See Note 4)           (120)         -       (201)
Other operating items                                   (59)        27(3)       (34)
Receivables                                           (208)      (262)(114)       (14)
Inventories                                             (245)       (81)47       (113)
Accounts payable (21)        89
Accruedand accrued expenses                 (53)      (242)(302)      (237)
Income taxes                                            96        258
Product liability                                      (622)      (493)(56)      (318)
Insurance recoverable                                   57         89
Income taxes                                           478        46818         14
Pension contribution (See Note 5)                     (230)         -
Other assets and liabilities                          (79)      (103)
                                                 ---------  ---------(126)       (68)
                                                    -------    ------
      Net Cash Provided by Operating Activities        2,852      2,677
                                                 ---------  ---------738        721
                                                    -------    ------
Cash Flows From Investing Activities:
Proceeds from sales of time deposits and
51        225
    marketable securities                                   39         13
Purchases of time deposits and marketable
(1)      (195)
   securities                                             (13)        (9)
Additions to fixed assets                              (455)      (537)(91)      (122)
Proceeds from sale of businessproduct divestitures                     180          -        413
Acquisition of businesses                                -        (67)
Other, net                                             (9)        10
                                                 ---------  ---------(10)       (28)
                                                    -------    ------
       Net Cash Used inProvided by (Used in) Investing        105       (146)
Activities                                          (414)      (151)
                                                 ---------  ----------------    ------
Cash Flows From Financing Activities:
Short-term borrowings                                  27        (30)(58)        59
Long-term debt                                          (12)        69(1)        (4)
Issuances of common stock under stock plans             (7)       12926        (24)
Purchases of treasury stock                           (915)    (1,448)(563)      (410)
Dividends paid                                        (1,281)    (1,163)
                                                 ---------  ---------(485)      (427)
                                                    -------    ------
      Net Cash Used in Financing Activities         (2,188)    (2,443)
                                                 ---------  ---------(1,081)      (806)
                                                    -------    ------

Effect of Exchange Rates on Cash                       (39)        (8)
                                                 ---------  ---------
Increase(14)       (10)
                                                     ------    ------
Decrease in Cash and Cash Equivalents                 211         75(252)      (241)
Cash and Cash Equivalents at Beginning of Period     2,720      2,244
                                                    1,456
     Period                                      ---------  ----------------    ------

Cash and Cash Equivalents at End of Period          $2,455     $1,531
                                                 =========  =========

                                -5-$2,468     $2,003
                                                     ======    ======

The accompanying notes are an integral part of these financial statements.

                                        5


                  BRISTOL-MYERS SQUIBB COMPANY
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited, dollars in millions except per share amounts)

Note 1:   Basis of Presentation
- -------------------------------

In   the   opinion  of  management,  the  accompanying  unaudited
consolidated   financial  statements  include   all   adjustments
(consisting  only  of normal adjustments) necessary  for  a  fair
presentation  of  the financial position of Bristol-Myers  Squibb
Company (the "Company") at September 30, 1999March 31, 2000 and December 31,  1998,1999,
the  results of operations for the three and nine  months ended  September 30,March  31,
2000  and  1999, and 1998, and cash flows for the ninethree months ended  September 30, 1999March
31,  2000  and  1998.1999.   These consolidated  financial  statements
should  be  read  in conjunction with the consolidated  financial
statements  and the related notes included in the Company's  19981999
Annual  Report  on  Form 10-K.  PricewaterhouseCoopers  LLP,  the
Company's independent auditors,accountants, have performed a review of the
unaudited consolidated financial statements included herein,  and
their review report thereon accompanies this filing.


Note 2:   Accounting Policies
- -----------------------------

Basis  of  Consolidation - The consolidated financial statements
include the accounts of Bristol-Myers Squibb Company and all  of
its subsidiaries.

Cash  and Cash Equivalents - Cash and cash equivalents primarily
include  securities with a maturity of three months or  less  at
the  time  of  purchase,  recorded at cost,  which  approximates
market.

Time  Deposits  and  Marketable Securities - Time  deposits  and
marketable securities are available for sale and are recorded at
fair value, which approximates cost.

Inventory  Valuation  -  Inventories  are  generally  stated  at
average cost, not in excess of market. As of September 30, 1999,
the  amounts  of finished goods, work in process,  and  raw  and
packaging  materials  were $1,362, $340 and $350,  respectively.
These  amounts  as  of December 31, 1998 were $1,209,  $236  and
$428, respectively.

Capital  Assets  and Depreciation - Expenditures for  additions,
renewals  and betterments are capitalized at cost.  Depreciation
is  generally computed by the straight-line method based on  the
estimated  useful  lives of the related assets.   The  estimated
useful  lives of the major classes of depreciable assets are  50
years  for  buildings and 3 to 40 years for machinery, equipment
and fixtures.  Accumulated depreciation as of September 30, 1999
and   December   31,  1998  amounted  to  $3,234   and   $3,079,
respectively.

Excess  of  Cost over Net Tangible Assets - The excess  of  cost
over  net tangible assets arising from business acquisitions  is
amortized on a straight-line basis over periods ranging from  15
to  40  years.  The excess of cost over net tangible  assets  is
periodically  reviewed for impairment based on an assessment  of
future operations (including cash flows) to ensure the excess of
cost over net tangible assets is appropriately valued.

                                -6-


Product   Liability   -  Accruals  for  product  liability   are
recorded, on an undiscounted basis, when it is probable  that  a
liability has been incurred and the amount of the liability  can
be  reasonably  estimated, based on existing information.  These
accruals   are  adjusted  periodically  as  assessment   efforts
progress   or  as  additional  information  becomes   available.
Receivables   for  related  insurance  or  other   third   party
recoveries   for  product  liabilities  are  recorded,   on   an
undiscounted basis, when it is probable that a recovery will  be
realized.   Insurance recoverable recorded on the balance  sheet
has, in general, payment terms of three years or less.

Revenue  Recognition - Revenue from product sales is  recognized
upon shipment to customers.

Note 3: Earnings Per Share
- --------------------------
Basic  earnings per common share are computed using the  weighted
average  number of shares outstanding during the  year.   Diluted
earnings per common share are computed using the weighted average
number   of  shares  outstanding  during  the  year,   plus   the
incremental shares outstanding assuming the exercise of  dilutive
stock options.

The  computations for basic earnings per common share and diluted
earnings per common share are as follows:

                                                    Three Months Ended
                                                         Nine Months Ended
                                   September 30,          September 30,
                              --------------------     ------------------March 31,
                                                      2000          1999
                                                     1998        1999       1998
                              -------      -------     -------    ------------         -----
Earnings per Common Share  -
Basic:

Net Earnings                                        $1,097       $  966      $3,115     $2,728$1,221        $1,066


Average Common Shares
1,984        1,988Outstanding                                          1,976         1,985      1,987
   Outstanding

Earnings Per Common Share - Basic                     $ 0.55       $ 0.49      $ 1.57     $ 1.37$.62          $.54


                                        6



                                                     Three Months Ended
                                                          Nine Months Ended
                                   September 30,          September 30,
                              --------------------      ------------------March 31,
                                                      2000         1999
                                                     1998         1999       1998
                              -------      -------      -------    ------------        -----
Earnings per Common Share -
Diluted:

Net Earnings                                        $1,097       $  966       $3,115    $2,728$1,221       $1,066

Average Common Shares
1,984        1,988Outstanding                                          1,976        1,985     1,987
   Outstanding
Incremental Shares Outstanding
Assuming the Exercise of
44           42           42        45
   Dilutive Stock Options                                  33           44

Average Common Shares
2,028        2,030        2,027     2,032
   Outstanding                                          2,009        2,029


Earnings Per Common Share -                           $.61         $.53
Diluted


$ 0.54       $ 0.47       $ 1.54    $ 1.34


                                -7-Note 3: Restructuring
- ---------------------

During  the first quarter of 2000, the Company recorded a  pretax
charge of $120 million in marketing, selling, administrative  and
other  expenses for restructuring activities. The charge  related
to   work-force   reductions,  downsizing  and  streamlining   of
operations  in  certain international markets  and  the  ConvaTec
business, and the reorganization of the Company's Global Business
Services.

Of  the  total  restructuring  charge,  $77  million  relates  to
employee  termination benefits for approximately 1,400 employees.
The  remaining $43 million represents the closure of  facilities,
primarily  in  the  ConvaTec business and  certain  international
markets.  At March 31, 2000, $77 million was included in  accrued
expenses  related  to these activities.  The Company  expects  to
substantially complete these restructuring activities by the  end
of 2000.


Note 4: Divestitures
- --------------------

In  February  2000,  the  Company completed  the  sale  of  three
pharmaceutical products - Estrace Cream, Ovcon 35 and  Ovcon  50,
resulting in a pre-tax gain of $120 million.


Note 5: Pension Contribution
- ----------------------------

In  January 2000, the Company made a contribution of $230 million
to fund its U.S. Retirement Income Plan.

                                        7


                Report of Independent Accountants

To the Board of Directors
and Stockholders of
Bristol-Myers Squibb Company

We have reviewed the accompanying consolidated balance sheet
of  Bristol-Myers Squibb Company and its subsidiaries as  of
September  30, 1999,March  31,  2000, and the related consolidated statement  of
earnings and comprehensive income for each of the  three-month
and nine-month periods ended September 30, 1999 and 1998 and the
consolidated statement of cash flows for  the
nine-monththree-month  periods ended September 30, 1999March 31, 2000  and  1998.1999.  These
financial statements are the responsibility of the Company's
management.

We   conducted  our  review  in  accordance  with  standards
established  by  the American Institute of Certified  Public
Accountants.   A  review  of interim  financial  information
consists  principally of applying analytical  procedures  to
financial  data and making inquiries of persons  responsible
for  financial  and accounting matters.  It is substantially
less  in  scope  than an audit conducted in accordance  with
generally  accepted  auditing standards,  the  objective  of
which  is  the  expression  of  an  opinion  regarding   the
financial statements taken as a whole.  Accordingly,  we  do
not express such an opinion.

Based  on  our  review,  we are not aware  of  any  material
modifications  that  should  be  made  to  the  accompanying
consolidated interim financial statements for them to be  in
conformity with accounting principles generally accepted  accounting principles.in
the United States.

We  previously audited in accordance with auditing standards
generally  accepted auditing  standards,in the United States,  the  consolidated
balance  sheet  as  of December 31, 1998,1999,  and  the  related
consolidated  statements of earnings,  comprehensive  income
and  retained earnings and of cash flows for the  year  then
ended  (not  presented  herein), and  in  our  report  dated
January  20,  199924,  2000  we expressed an unqualified  opinion  on
those consolidated financial statements. In our opinion, the
information  set  forth  in  the  accompanying  consolidated
balance  sheet as of December 31, 19981999, is fairly stated  in
all  material  respects  in  relation  to  the  consolidated
balance sheet from which it has been derived.




PricewaterhouseCoopers LLP
New York, New York
November 9, 1999



                                -8-April 20, 2000

                                        8


Item 2.    Management's Discussion and Analysis of Financial
      Condition and Results of Operations

ThirdFirst Quarter Results of Operations
- -----------------------------------

Worldwide sales for the thirdfirst quarter of 19992000 increased  11%8%  over
the  prior year to $5,040$5,260 million. The consolidated sales  growth
resulted from a 10%8% increase due to volume, a 2%3% increase  due  to
changes  in  selling  prices and a 1%3%  decrease  due  to  foreign
exchange  rate  fluctuations.   U.S.  sales  increased  15%14%   and
international  sales  increased 5% (7%decreased 2% (a 4% increase  excluding  the
effect of foreign exchange).

Sales  in  the  medicines products segment  (pharmaceuticals  and
consumer  medicines),  which is the largest  segment  at  70%72%  of
total  Company  sales, increased 14%10% over the  thirdfirst  quarter  of
19981999  to  $3,548$3,783  million.   Sales growth  resulted  from  a  13%10%
increase  in  volume, a 3% increase in selling prices  and  a  2%3%
decrease  due  to  foreign exchange rate fluctuations.  Worldwide
pharmaceutical  sales  increased  15%12%  with  U.S.  pharmaceutical
sales  up  22%20%  over  the  prior year. Sales of cardiovascular drugsConsumer  medicines  sales
increased 12% to $871 million (14%2% (9% excluding foreign exchange).

GLUCOPHAGE  (metformin), the leading branded oral medication  for
treatment  of non-insulin dependent (type 2) diabetes,  continued
its  strong  growth  rate  with  sales  increasing  51%  to  $426
million.  In  March  2000,  the  U.S.  marketing  exclusivity  of
GLUCOPHAGE  was extended through September 3, 2000 based  on  the
Company's  completion  of  pediatric studies  which  qualify  for
benefits under U.S. research incentive legislation.

Sales of PRAVACHOL*TAXOL* (paclitaxel), the Company's largest selling product, decreased 1%leading anti-cancer
agent, increased 17% to $386$385 million.
Sales  of
the anti-hypertensive MONOPRIL*, a second generation angiotensin
converting enzyme (ACE) inhibitor, increased 9% to $94  million.
PLAVIX(R),PLAVIX,  a  platelet aggregation inhibitor for the reduction  of
stroke,  heart  attack  and  vascular death  in  atherosclerotic
patients  with recent stroke, recent heart attack or  peripheral
arterial  disease,  had sales of $148 million comparedincreased  128%  to  $45$201  million  for  the
same quarter last year. AVAPRO(r),quarter.   AVAPRO, an angiotensin II receptor  blocker  for  the
treatment of hypertension, increased 55%74% to  $62$87 million. AVAPRO(r)AVAPRO
and  PLAVIX(r)PLAVIX are cardiovascular products that were launched  from
the Bristol-Myers Squibb and Sanofi S.A. joint venture.

Sales  growthof BUSPAR*, an anti-anxiety agent, increased 24% to  $163
million  following  a  direct-to-consumer campaign  launched  in
December 1999. The exclusivity period  for these cardiovascular  products
was  partially offset by a 23% declineBUSPAR expires in CAPOTEN* sales due  to
the loss of patent exclusivity in international markets.May
2000. Sales of anti-cancer drugs, the largest product group  in  the
segment,SERZONE*, a novel anti-depressant, increased  16%38%
to $898$87 million.

Sales of TAXOL*
(paclitaxel), the Company's leading anti-cancer agent PARAPLATIN* increased 23%7% to  $375$160
million  as  the product continues to benefit from  increasedits  use  in
ovarian, breast and non-small cell lung cancer.
Sales  from  Oncology Therapeutics Network  (OTN),  a  specialty
distributor  of  anti-cancer  medicines  and  related  products,
increased 38% to $236 million.

Anti-infective drug sales of $602 million increased 3% over  the
prior year.combination with other chemotherapy agents.

Sales  of  ZERIT*  and VIDEX*, the Company's two  anti-
retroviralantiretroviral
agents,  increased 17% to $155remained at prior year levels of $151 million  and  14%
to $49 million, respectively.  International sales of MAXIPIME*,
a  fourth generation injectable cephalosporin, increased 35%  to
$31 million in the quarter.

Central nervous system drug sales of $314 million increased  16%
with  sales  of BUSPAR*, an anti-anxiety agent, and SERZONE*,  a
novel  anti-depressant, increasing 12% to $155 million, and  41%
to $86$45
million, respectively.

*      Indicates  brand  names  of  products  which  are  registered
trademarks ofowned by the Company.

                                        -9-9


GLUCOPHAGE(r)Sales  of  TEQUIN*, a broad-spectrum fluoroquinolone antibiotic,
launched  in  December  1999, were $15 million.  In  just  three
months on the market, TEQUIN has been prescribed to more than
200,000  people.  In  March 2000, the Company  entered  into  an
agreement  to  have  Schering-Plough co-promote  TEQUIN  in  the
United States.

Sales  of Oncology Therapeutics Network, a specialty distributor
of  anti-cancer  medicines and related  products,  reached  $244
million, an increase of 21% over the prior year.

Worldwide  sales  of PRAVACHOL*, the leading  branded  oral  medicationCompany's  largest  selling
product, decreased 5% to $461 million for the treatmentquarter.

Sales  of  non-insulin dependent (type 2) diabetes, continued
its  strong  growth  rate  with sales  increasing  57%  to  $349
million.

Analgesic sales increased 11% to $180 million.  EXCEDRIN*  sales increased 5% to $61 million, BUFFERIN* sales increased  19%  to
$32$62 million  and  sales  of
EFFERALGAN*, an effervescent analgesic
sold  primarily  in  France,BUFFERIN* increased 3%14% (7% excluding foreign exchange)  to  $33
million.   In
October 1999, the U.S. Food and Drug Administration expanded the
EXCEDRIN* migraine  indication from  just  the treatment of mild
to moderate  migraine  pain  to encompass  even the  severe pain
and  associated  symptoms  of  the full migraine syndrome.  Also
in October, the  Company  introduced THERAGRAN  HEART  RIGHT*, a
complete multivitamin with a  formula  specially created to help
support a healthy heart.

Earnings  before  taxes  for  the  medicines  products   segment
increased  20%17%  to $1,049$1,169 million in 1999.2000. As  a  percentage  of
sales, earnings before taxes for this segment improved to  29.6%30.9%
in  2000 from 29.2% in 1999 from 28.2% in 1998.  Advertising and promotion,  sales
force  and  general  administrative  expenses  improved,primarily due to improvements, as  a
percentage of sales, partially offset by increases in cost of goods sold, as a percentage of sales.products sold.

Sales  in the beauty care products segment increased  5%  (4%
excluding  the  effect  of foreign exchange)decreased 4% to  $624$549
million.  Sales  growthThe  decline in sales resulted from a 2%  increase5%  decrease  in
volume,  a  2%1% increase in selling prices and a 1% increaseno effect  due  to
foreign exchange rate fluctuations.exchange. Haircolor sales increased 3% with increases in
NICE  'N EASY* of 4% to $48 million and HYDRIENCE* of 9% to  $24
million.  AUSSIE*  products added $32  million  to  Beauty  Care
sales, an increase of 10% over the prior year. HERBAL ESSENCES*,
a  complete  line of shampoos, conditioners, styling aids,  body
wash  and  facial  care, decreased 5% to $151  million.  Clairol
continues to be the number one hair products company in the U.S.
The introduction  of  a
demand  management manufacturing system slowed shipments  during
the  quarter. HERBAL ESSENCES*, the number two brand in the U.S.
shampoo/conditioner category and number three in the  body  wash
category,  continued its strong growth, increasing  6%  to  $163
million.   AUSSIE*  products contributed $32  million  to  third
quarter  sales,  an  increase of 7%.  Sales  of  DAILY  DEFENSE*
increased  12%  to  $29  million,  following  its  launch   into
international  markets.  Haircolor sales increased  12%  due  to
increases  in  NICE 'N EASY* of 24% to $56 million  and  NATURAL
INSTINCTS* of 24% to $26 million.  Earnings before taxes for the beauty care products segment decreasedincreased  17%
to $92$76 million in 2000 from $65 million in 1999 from $96 million in 1998, primarily due to
a  decrease, as a percentage of sales, in advertising  expenses.
In  April,  the  introductionCompany  reached an agreement  to  sell  Matrix
Essentials  to Cosmair, Inc., a wholly-owned U.S. subsidiary  of
a
demand management manufacturing system.L'Oreal  S.A.   The  transaction is expected to  close  sometime
during the second quarter.

Sales in the nutritional products segment increased 6%13% to  $466$506
million.  Sales growth resulted from an 8%a 12% increase in volume, a
2%  decrease1%  increase  in  selling prices and no effect  due  to  foreign
exchange   rate   fluctuations.  The  Company's   Mead   Johnson
subsidiary  continues  to  build  on  its  U.S.  and   worldwide
leadership position in the infant formula market. ENFAMIL*,  the
Company's largest-selling infant formula, recorded sales of $176$204
million,  an increase of 1% over9% from the prior year.  BOOST*, an adultAdult consumer
nutritional supplement,  also  contributedsales increased 41% as a result of a 39% increase in
sales  of  BOOST*  to sales   growth,
increasing  38%  to  $33$32 million and $15 million  in  sales  of
VIACTIV*  Soft  Calcium Chews  reached  $10  million.Chews.  Earnings before  taxes  for  the
nutritional segment increased to $96$120 million in 19992000 from  $91$101
million  in  1998,1999,  and as a percentage of sales,  remained at prior
year  levels  of approximately 20.6%.  Sales force  and  general
administrative  expenses  improvedincreased  to
23.7%  from  22.5%  in 1999 primarily due to a  decrease,  as  a
percentage  of sales, offset  by  increases in cost of goodsproducts sold and  advertising  and
promotion expenses, as a percentage of sales.

                                -10-
sales  force
expenses.

Medical  device segment sales increased 4%5% to $402$422 million,  due
to  volume  increases  of 3%7% and increasesa 2% decrease  due  to  changes  in
selling  prices of 1%. Fluctuations in foreign
exchange  had  no
effect on medical devices sales.exchange.   Zimmer  sales  increased  8%9%  to  $226$260  million  (5%(8%
excluding  foreign  exchange).   Knee  joint  replacement  sales
increased  13%9%  to $88$102 million,   and hip replacement sales  increased
14%13%  to $67$80 million and fracture management sales increased  23%
to  $37 million.  ConvaTec sales remained  at  prior year levels at $176decreased 1% to $162 million (a
1%4%  increase excluding foreign exchange).  Sales of modern wound
care  products increased 5%2% to $62$57 million (7% excluding foreign

                                        10


exchange)  while sales of ostomy products decreased  11%4%  to  $100$98
million.   Earnings before taxes for the medical device  segment
increased 15%11% to $91$80 million in 19992000 from $79$72 million in 19981999
and, as a percentage of sales, increased to 22.6%19.0% in  2000 from
17.9% in 1999, resulting from 20.5%decreases, as a percentage of
sales, in 1998, primarily due  to
improved manufacturing processes.research and development expenses.

Operating Expenses
- ------------------

Total  expenses,  as a percentage of sales, decreased  to  69.9%68.1%
from  70.2%69.6% in 1998.1999.  Cost of products sold, as a percentage  of
sales,  increaseddecreased to 27.8%26.2% from 26.3%26.9% in 19981999 primarily  due  to
revenue
growth  of  Oncology  Therapeutics Network (OTN)  which  carries
significantly  lower margins. Excluding OTN,  cost  of  products
sold,product mix.

Marketing,  selling,  administrative and other  expenses,  as  a
percentage of sales, increaseddecreased to 24.5%22.1% in 1999the first quarter  of
2000  from  23.6%23.1% in 1998 due primarily to decreased sales1999. Also included in marketing,  selling,
administrative and other expenses were a pre-tax  gain  of  CAPOTEN*$120
million from the divestiture of three pharmaceutical products  -
Estrace  Cream,  Ovcon  35 and Ovcon  50,  and  a  product  mix  shift$120  million
provision for restructuring. The restructuring charge related to
lower margin  pharmaceutical  products.work-force reductions in certain of the international  medicines
markets, ConvaTec and the reorganization of the Company's Global
Business Services. (See also Note 3 to the financial statements)

Expenditures for advertising and promotion in support of new and
existing products increased 3%8% to $573$570 million from $554
million.

Marketing,  selling  administrative and  other  expenses,  as  a
percentage of sales, decreased to 21.7%$529 million
in  the third quarter  of
1999  from 22.9% in the third quarter of 1998, primarily due  to
sales    force   effectiveness   and   reductions   in   general
administrative expenses as a percentage of sales.1999. Research and development expenditures increased 14%11% to
$452$468  million from $398$423 million in 1998.1999. Pharmaceutical research
and  development spending increased 13% over the prior year, and
as  a percentage of pharmaceutical sales, was 12.5%12.3% in the thirdfirst
quarter  of  19992000  and 12.6%12.2% in the thirdfirst quarter  of  1998.1999.  In
research and development highlights this quarter,April,  the  Company and  Otsuka  Pharmaceutical Co., Ltd., announced a  development,
commercialization and collaboration agreementvoluntarily withdrew its current  New  Drug
Application (NDA) for aripiprazole,
a  novel drug under study in Phase III trials as a treatment for
schizophrenia.  This  new compound has  a  unique  mechanism  of
action  and  has the potential to expand the options for  safely
and  effectively  treating schizophrenia  and,  possibly,  other
forms  of  mental illness. In October,VANLEV* (omapatrilat) from the  U.S.  Food
and  Drug  Administration  (FDA) approved. The  Company  now  expects  to
resubmit  its application early next year. Also, in April  2000,
the use of TAXOL*  injection  for
adjuvant   treatment  of  node-positive   breast   cancer.    In
September,  the  Oncologic Drugs Advisory Committee  recommended
thatCompany resubmitted its NDA to the FDA approve  UFT(r)for UFT(R) capsules in  combinationfor
use  with leucovorin calcium tablets forin the first-line treatment
of metastaticadvanced colorectal cancer. Also in September, ZERIT*  and  VIDEX*  were
both approved by the FDA for use as a first-line component of  a
combination  antiretroviral  therapy  regimen  for  HIV-infected
patients.

The  Company also submitted a regulatory application to the  FDA
in   September  to  gain  marketing  approval  for  a  new  oral
antidiabetic combination drug.  The new drug, which is the first
fixed  combination product of its kind to be  developed  in  the
United  States, leverages the benefits of two widely  prescribed
oral  antidiabetic  medications,  GLUCOPHAGE(r) (metformin)  and
glyburide,  a  well  established  sulfonylurea  antidiabetic.  A
regulatory  application was filed with the FDA in  September  to
gain  marketing  approval for VANIQA*, a topical  treatment  for
excessive facial hair in women.

                             -11-


The  Company  is awaiting marketing approval from  the  FDA  for
TEQUIN*  (gatifloxacin), a broad-spectrum  quinolone  antibiotic
for the treatment of multiple common infections, including those
of  the  respiratory tract. The Company also plans to  file  for
regulatory  approval with the FDA for a new  hypertension  drug,
VANLEV*,  by  the  end  of  the year with  worldwide  regulatory
filings to follow.  A research agreement between the Company and
Exelixis  Pharmaceuticals  was recently  announced  to  identify
novel, validated targets for new medicines using the genetics of
yeast, worms and fruit flies.

Earnings
- --------

Earnings  before  income taxes increased 13%14% to  $1,518$1,678  million
from  $1,346$1,476 million in 1998.1999. The effective tax rate on earnings
before  income  taxes decreased to 27.7%27.2% in 19992000 from  28.2%27.8%  in
1998.1999. The decrease in the effective tax rate is dueattributable  to
increasedhigher  operating  earnings from lower  tax  rate  jurisdictions.  Net
earnings increased 14%15% to $1,097$1,221 million from $966$1,066 million  in
1998.1999.  Basic earnings per share increased 12%15% to $.55$.62 from  $.49$.54
in  19981999  and diluted earnings per share increased 15%  to  $.54$.61
from $.47$.53 in 1998.


Nine Months Results of Operations
- ---------------------------------

Worldwide sales for the first nine months of 1999 increased  11%
over  the prior year to $14,814 million.  The consolidated sales
growth  resulted  from a 9% increase due  to  volume  and  a  2%
increase due to changes in selling prices.  Foreign exchange had
no  effect  on sales for the nine months.  U.S. sales  increased
16%  and  international sales increased  3%  (4%  excluding  the
effect of foreign exchange).

Sales  in the medicines products segment increased 14% over  the
prior  year to $10,413 million. Sales growth for the nine months
resulted from a 13% increase in volume, a 2% increase in selling
prices   and  a  1%  decrease  due  to  foreign  exchange   rate
fluctuations.  Worldwide pharmaceutical sales increased 15% with
U.S. pharmaceutical sales up 23% over the prior year.

Cardiovascular drug sales of $2,673 million increased  15%  from
the  prior  year. PRAVACHOL* increased 5% to $1,252 million  and
MONOPRIL* increased 10% to $316 million. PLAVIX(r) had  sales of
$364 million for the nine months and AVAPRO(r) had sales of $176
million.   Sales growth for these products was partially  offset
by  a  22% decline in CAPOTEN* sales, due to the loss of  patent
exclusivity  in  international markets.   Sales  of  anti-cancer
drugs  increased  21% to $2,585 million due to strong  sales  of
TAXOL* and OTN which increased 24% to $1,067 million and 41%  to
$656 million, respectively.  Anti-infective drug sales increased
4%  to $1,819 million as ZERIT* and VIDEX* recorded gains of 17%
to   $458   million  and  26%  to  $148  million,  respectively.
International  sales of MAXIPIME* increased 26% to  $92  million
for  the nine months and sales of CEFZIL* increased 11% to  $329
million.  Sales of central nervous system drugs increased 13% to
$888  million  as  BUSPAR* and SERZONE* increased  14%  to  $418
million  and  19% to  $233 million, respectively.  GLUCOPHAGE(r)
continued  its strong growth and increased 53% to $980  million.
Analgesic  sales of $540 million increased 6% primarily  due  to
increases in EFFERALGAN* of 9% to $118 million and BUFFERIN*  of
14%  to  $97 million.  Sales of EXCEDRIN* decreased 1%  to  $173
million,  coming off significant increases in 1998  due  to  the
launch of EXCEDRIN MIGRAINE*.

                             -12-


Earnings  before  taxes  for  the  medicines  products   segment
increased  17%  to $2,943 million in 1999.  As a  percentage  of
sales, earnings before taxes for this segment improved to  28.3%
in  1999  from 27.5% in 1998.  Advertising and promotion,  sales
force  and  general  administrative  expenses  improved,  as   a
percentage of sales, partially offset by an increase in cost  of
goods sold, as a percentage of sales.

Sales  in  the  beauty care products segment  increased  5%  (6%
excluding  the  effect of foreign exchange) to  $1,822  million.
Sales  growth  resulted  from a 4%  increase  in  volume,  a  2%
increase  in  selling prices and a 1% decrease  due  to  foreign
exchange  rate  fluctuations.  HERBAL  ESSENCES*  continued  its
strong  growth, increasing 16% to $486 million.  HERBAL ESSENCES
FACIAL  CARE*  contributed  $15 million  in  nine  month  sales.
AUSSIE*  products contributed $93 million, an increase  of  15%,
and sales of DAILY DEFENSE* increased 60% to $93 million for the
nine  months.  Earnings before taxes for the beauty care segment
decreased  to  $202 million in 1999 from $257 million  in  1998,
primarily  due  to  the  introduction  of  a  demand  management
manufacturing system.

Sales in the nutritional products segment increased 3% to $1,354
million  (4%  excluding the effect of foreign exchange).   Sales
growth  for  the  nine months resulted from  a  4%  increase  in
volume,  and  a  1%  decrease  due  to  foreign  exchange   rate
fluctuations. Changes in selling prices had no effect  on  sales
for  the nine months. Total infant formula sales of $896 million
were  at  prior  year levels.  ENFAMIL* recorded sales  of  $525
million,  a  4% increase over the prior year. BOOST*,  an  adult
nutritional  supplement, increased 29%  to  $84  million.   Nine
month sales of VIACTIV* were $19 million.  Earnings before taxes
for  the nutritional products segment were $268 million in  1999
compared to $260 million in 1998 and, as a percentage of  sales,
earnings  before  taxes  were  19.8%  in  both  1999  and  1998.
Increases,  as  a percentage of sales, in cost of products  sold
and advertising and promotion expenses were offset by decreases,
as  a  percentage  of  sales, in sales  force  and  general  and
administrative expenses.

Medical  device  segment sales increased 4% to  $1,225  million,
excluding  sales  from a 1998 distribution  agreement  with  the
acquirer  of Zimmer's divested arthroscopy and powered  surgical
instrument  business.   On  this  basis,  medical  device  sales
increased  3% due to volume and 1% due to foreign exchange  with
no  effect  from price changes. Zimmer sales on the  same  basis
increased  7%  to  $704 million.  Knee joint  replacement  sales
increased  11%  to  $277  million  and  hip  replacement   sales
increased  9% to $209 million. ConvaTec remained at  prior  year
levels of $521 million as sales of ostomy products decreased  2%
to  $324  million and wound care products increased 1%  to  $173
million.   Earnings before taxes for the medical devices segment
increased 11% to $253 million in 1999 from $227 million in  1998
and,  as  a percentage of sales, improved to 20.7% in 1999  from
18.8%  in  1998, resulting from a decrease, as a  percentage  of
sales, in cost of products sold.

                             -13-


Operating Expenses
- ------------------

Total expenses for the nine months ended September 30, 1999,  as
a  percentage of sales, decreased to 70.9% from 71.6%  in  1998.
Cost of products sold increased to 27.5% of sales from 26.5%  in
1998  primarily  due  to revenue growth  of  OTN  which  carries
significantly  lower margins. Excluding OTN,  cost  of  products
sold, as a percentage of sales, increased to 24.3% in 1999  from
24.0%  in 1998 due to decreased sales of CAPOTEN*.  Expenditures
for  advertising  and promotion in support of new  and  existing
products  remained  at  prior year  levels  of  $1,768  million.
Marketing, selling, administrative and other expenses  increased
7%  to $3,338 million from $3,116 million in 1998. Research  and
development  expenditures increased 14% to $1,328  million  from
$1,165  million in 1998. Pharmaceutical research and development
spending  increased 14% over the prior year, and as a percentage
of pharmaceutical sales, was 12.4% compared to 12.6% in the same
period of 1998.


Earnings
- --------

Earnings  before income taxes for the nine months increased  13%
to $4,312 million from $3,802 million in 1998. The effective tax
rate  on earnings before income taxes decreased to 27.8% in 1999
from 28.2% in 1998. Net earnings increased 14% to $3,115 million
from  $2,728 million in 1998. Basic earnings per share increased
15%  to $1.57 from $1.37 in 1998 and diluted earnings per  share
increased 15% to $1.54 from $1.34 in 1998.

Financial Position
- ------------------

The  balance sheet at September 30, 1999March 31, 2000 and the statement  of  cash
flows  for  the  ninethree months then ended reflect  the  Company's
strong financial position.  The Company continues to maintain  a
high  level of working capital, increasing to $3.6$3.7 billion at September 30, 1999, from $3.0 billionMarch 31,  2000,
at approximately the same level as December 31, 1998.1999.

                                        11


Long-Term Debt decreased slightly to $1,331$1,333 million from  $1,364$1,342
million at December 1998.1999.

Internally generated funds continue to be the Company's  primary
source  for  financing expenditures for new plant and equipment.
Net  Cash  Provided  by Operating Activities increased  7% to  $2,852$738
million in 1999.2000.  Additions to fixed assets for the ninethree months
ended  September  30, 1999March 31, 2000 were $455$91 million compared to $537$122  million
during the same period of 1998.1999.

In  January  2000, the Company made a contribution  of  $230
million to fund its U.S. Retirement Income Plan.

During  the  ninethree months ended September 30, 1999,March 31, 2000, the  Company
purchased 15.29.9 million shares of its common stock.

The  Company  is  exposed to market risk, including  changes  in
currency  exchange  rates. To reduce these  risks,  the  Company
enters  into  certain  derivative  financial  instruments  where
available  onstock at  a  cost-effective basis to hedge  its  underlying
economic  exposure.  These instruments also  are  managed  on  a
consolidated  basis to efficiently net exposures and  thus  take
advantagecost
of any natural offsets.

                             -14-


It  is the Company's policy to hedge certain underlying economic
exposures to reduce foreign exchange risk.  Derivative financial
instruments are not used for trading purposes.  Gains and losses
on  hedging transactions are offset by gains and losses  on  the
underlying  exposures  being hedged.   Foreign  exchange  option
contracts and, to a lesser extent, forward contracts are used to
hedge anticipated transactions.

During the first quarter of 1998, the Company divested its  BANr
brand  of  anti-perspirants  and deodorants  for  $165  million,
resulting  in a gain of $125 million before taxes.   During  the
second  quarter,  the Company divested A/S GEA, a  Denmark-based
generic   drug   business,  and  Hexachimie,  a  fine   chemical
manufacturer  based in France, resulting in a combined  gain  of
$76  million before taxes.  The Company recorded provisions  for
restructuring  of $201 million before taxes in  the  first  nine
months of 1998.$563 million.


Business Segments
- -----------------
                                 Three Months Ended September 30,
                      ------------------------------------------March 31,
                                 ----------------------------
                                 Net                  Earnings
                            Net
                                Sales               Before Taxes
                           --------------------   ----------------------------------      ------------------
                            2000        1999       19982000       1999
                          1998
                      ---------  ---------   --------- ---------------      ------     ------     ------
      (in millions)
 Medicines Products       $3,548     $3,101      $1,049    $  873$3,783      $3,431     $1,169     $1,001
 Beauty Care Products        624        597          92        96549         572         76         65
 Nutritional Products        466        440          96        91506         449        120        101
 Medical Devices             422         402         385          91        7980         72
 Other                         -           -        190       207
                      ---------  ---------   --------- ---------233        237
                          ------      ------     ------     ------
 Total Company            $5,040     $4,523      $1,518    $1,346
                      =========  =========   ========= =========



                            Nine Months Ended September 30,
                      ------------------------------------------

                                                   Earnings
                            Net Sales            Before Taxes
                      --------------------   -------------------

                           1999       1998        1999      1998
                      ---------  ---------   --------- ---------
(in millions)
Medicines Products      $10,413    $ 9,145      $2,943    $2,519
Beauty Care Products      1,822      1,733         202       257
Nutritional Products      1,354      1,311         268       260
Medical Devices           1,225      1,210         253       227
Other                         -          -         646       539
                       --------  ---------   --------- ---------

Total Company           $14,814    $13,399      $4,312    $3,802
                       ========  =========   ========= =========


                             -15-
$5,260      $4,854     $1,678     $1,476
                           =====       =====      =====      =====

Included in earnings before taxes of each segment is a  cost
of capital charge.  The offset to the cost of capital charge
is   included  in  Other.  In  addition,  Other  principally
consists  of  interest  income,  interest  expense,  certain
administrative  expenses  and allocations  to  the  industry
segments for certain corporate programs. For the first ninethree
months  of  1998,2000,  Other  also  includes the gain on sale of businesses of $201 million  and  a  provision   for
restructuring  of  $201 million.  In addition, the
segment  information  reflects  certain  internal  organizational
changes  made  in  1999.  Prior  year  data  have  been  restated
accordingly.


Year 2000
- ---------

The  Company  has  reviewed its information, manufacturing,  and
research and development systems for Year 2000 compliance.   The
Year  2000 problem arises because many computer systems use only
two  digits  to  represent the year.   These  programs  may  not
process  dates  beyond 1999, which may cause miscalculations  or
system failures.

The  Company  has  completed a comprehensive compliance  program
used  to assess the Year 2000 problem in the processing of  data
in the Company's information technology (IT) and non-IT systems,
including  manufacturing, and research and development  systems.
This  program  was  executed  in  five  phases  which  included:
Assessment, Planning, Execution, Testing and Certification,  and
Implementation.

In connection with this compliance program, the Company also has
asked   critically  important  vendors,  customers,   suppliers,
governmental  regulatory authorities and financial institutions,
whose incomplete or untimely resolution of the Year 2000 problem
could  potentially have a significant impact  on  the  Company's
operations, to assess their Year 2000 readiness. This assessment
has  been  completed.  The follow-up phase of this  work  (which
includes ongoing monitoring of Year 2000 readiness of the  third
parties and developing contingency plans relating to those third
parties whose responses raise issues or who did not respond)  is
being  undertaken  by  the business continuity  and  contingency
planning committees referred to below.

Contingency  plans  are  in  place to minimize  any  significant
exposures  from the failures of third parties to  be  Year  2000
compliant.   The  contingency plans include  backup  procedures,
identification   of  alternate  suppliers,  and   increases   in
inventory  levels where appropriate.  The contingency plans  are
complete and will continue to be tested during the rest  of  the
year.   In  addition, the Company has formed  business  steering
committees to monitor contingency planning activities at various
business-unit and corporate levels. These committees proactively
monitor  critical  internal systems  as  well  as  the  external
environment.   The  Company  has set up  procedures  to  receive
relevant information regarding any Year 2000 related events from
all of the markets during the year-end change.  This information
will  be  collected by these committees, who will  initiate  the
implementation  of  contingency plans in  a  timely  manner,  as
necessary.

                             -16-


As a result of the comprehensive compliance program, information
received from critically important third parties regarding their
Year 2000 readiness,$120  million and  the  contingency  plans in place,gain  on  product
divestitures of $120 million. (See also Note 3 and Note 4 to
the Company  does not expect the Year 2000 problem, as well  as  the
cost of the compliance program, to have a material impact on the
Company's  results  of operations, financial condition  or  cash
flows.   However, there can be no assurance that  third  parties
will  convert their systems in a timely manner and in a way that
is compatible with the Company's systems.statements)

Reference is made to Part II, Item 1 - Legal Proceedings in
which  developments  are described  for  various  lawsuits,
claims and proceedings in which the Company is involved.

-17-Forward Looking Information
- ---------------------------

Certain  statements  in this Form 10-Q may constitute  forward
looking   statements  within  the  meaning  of   the   Private
Securities  Litigation  Reform Act of 1995.  These  statements
involve  a  number of risks, uncertainties and  other  factors
that  could  cause  actual results to differ  materially  from
expected  and  historical results. Certain  factors  that  may
affect the Company's operations and prospects are discussed in
Exhibit 99 to the Company's Annual Report on Form 10-K for the
year ended December 31, 1999.

                                        12


PART II - OTHER INFORMATION
- ---------------------------

Item 1.  Legal Proceedings
- --------------------------

Various  lawsuits,  claims and proceedings of a  nature  considered
normal  to its business are pending against the Company and certain
of its subsidiaries.  The most significant of these are reported in
the  Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 19981999 and any subsequent material developments in  such
matters are described below.

Breast Implant Litigation
- -------------------------

As  previously reported in the Company's Annual Report on Form 10-
K10-K
for  the fiscal year ended December 31, 1998,1999, the Company, together
with  its  subsidiary, Medical Engineering Corporation  (MEC),  and
certain other companies, has been named as a defendant in a  number
of  claims  and lawsuits alleging damages for personal injuries  of
various  types resulting from breast implants formerly manufactured
by MEC or a related company.

Of  the  more  than 90,000 claims or potential claims  against  the
Company  in direct lawsuits or through registration in the national
class action Revised Settlement Program, most have been dealt  with
through the Revised Settlement, other settlements, or trial.  Since December 31, 1998, the Company has settled, reached
agreements  to settle, or otherwise disposed of large numbers  of
claims  of  persons  with breast implants made  by  MEC.   As of
NovemberMay  1,  1999,2000,  the Company's contingent liability  in  respect  of
breast  implant  claims  was  limited to  residual  unpaid  Revised
Settlement Program obligations and to roughly 2,2001,550  remaining opt-
outs who have pursued or may pursue their claims in court.

As  of  NovemberMay  1,  1999,2000, approximately 7,4005,800 United States  and  200
foreign  breast  implant  recipients were plaintiffs  in  lawsuits
pending  in federal and state courts in the United States  and  in
certain courts in Canada and Australia.  These figures include the
claims  of  plaintiffs that are in the process  of  being  settled
and/or  dismissed.  In these lawsuits, about 4,2003,000 U.S. plaintiffs
and  5046  foreign  plaintiffs opted out of the Revised  Settlement.
The  lawsuits of approximately 3,2002,800 U.S. plaintiffs who  did  not
opt out are expected to be dismissed as these plaintiffs are among
the  estimated  74,000  women  with  MEC  implants  who  chose  to
participate  in the nationwide settlement.  Of the  4,2003,000  opt-out
plaintiffs, an estimated 2,0001,450 plaintiffs have claims  based  upon
products  that were not manufactured and sold by MEC or that  have
been  or  are  in  the process of being settled and/or  dismissed.
Accordingly,  the number of remaining plaintiffs who have  pursued
or may pursue their claims in court against the Company is roughly
2,2001,550 as stated in the preceding paragraph.

Under the terms of the Revised Settlement Program, additional opt-
outs  are expected to be minimal since the deadline for U.S. classclaim
members  to  opt  out  has  passed.  In  addition,  the  Company's
remaining  obligations  under the Revised Settlement  Program  are
limited  because most payments to "Current Claimants" have already
been  made,  no  additional "Current Claims" may be filed  without
court approval, and because payments of claims to so-called "Other
Registrants"  and "Late Registrants" are limited by the  terms  of
the  Revised Settlement Program.  The Company believes it will  be
able  to  address  remaining opt-out claims as well  as  remaining
obligations  under  the  Revised  Settlement  Program  within  its
reserves as described in the Company's Annual Report on Form  10-K
for the fiscal year ended December 31, 1998.


                             -18-1999.

                                        13


On  March  31, 2000, the federal government filed a civil  suit  in
federal  district  court  in Birmingham, Alabama,  against  several
parties  in  the breast implant litigation, including the  Company.
The  government claims it is entitled to reimbursement for  certain
costs  incurred  in connection with medical treatment  provided  to
women  with breast implants.  The Company believes it will be  able
to  address the government lawsuit within its reserves as described
in  the  Company's Annual Report on Form 10-K for the  fiscal  year
ended December 31, 1999.

Prescription Drug Litigation
- ----------------------------

The  Company  remains  a defendant in several  actions  challenging
pricing  on brand name prescription drugs.  These actions  includeinclude:
several  currently consolidated antitrust actions  brought  against
the   Company   and   more   than   thirty   other   pharmaceutical
manufacturers,  drug wholesalers and pharmacy benefit  managers  by
certain   chain  drugstores,  supermarket  chains  and  independent
drugstores;  state  pharmaceutical  actions;  and  purported  class
actions  on  behalf  of consumers.  The Company  will  continue  to
defend  vigorously  its  position in this  ongoing  litigation  and
believes it will be able to address all remaining claims within its
reserves  as described in the Company's Annual Report on Form  10-K
for the fiscal year ended December 31, 1998.1999.

Infant Formula Matters
- ----------------------

As  previously reported in the Company's Annual Report on Form 10-
K10-K
for  the fiscal year ended December 31, 1998,1999, the Company,  one  of
its  subsidiaries, and others have been defendants in a  number  of
antitrust  actions in various states filed on behalf  of  purported
statewide classes of indirect purchasers of infant formula products
and   by   the  Attorneys  General  of  Louisiana,  Minnesota   and
Mississippi,   alleging  a  price  fixing  conspiracy   and   other
violations of state antitrust or deceptive trade practice laws  and
seeking  penalties and other relief.  The Company has resolved  all
of  these actions except foractions. On April 3, 2000, the U.S. Supreme Court decided
to  let  stand the lower court's decision dismissing a purported  statewide
class  action  of indirect purchaserscase pending
in Louisiana, which had been the only open case remaining.

TAXOL* Litigation
- -----------------

As  previously reported in which  the plaintiffsCompany's Annual Report on Form 10-K
for  the fiscal year ended December 31, 1999, in 1997 and 1998, the
Company  filed several lawsuits alleging that a petitionnumber  of  generic
drug  companies infringed its patents covering certain  methods  of
administering  paclitaxel  when they  filed  abbreviated  new  drug
applications  seeking regulatory approval to sell paclitaxel.   The
generic drug company defendants are Boehringer Ingelheim Corp.; Ben
Venue    Laboratories,   Inc.;   Bedford   Laboratories;    Immunex
Corporation;   Zenith   Goldline   Pharmaceuticals,   Inc.;    Ivax
Corporation;  Mylan Pharmaceuticals, Inc.; Marsam  Pharmaceuticals,
Inc.;   and   Schein  Pharmaceuticals,  Inc.  These  actions   were
consolidated for certioraridiscovery in the United States SupremeDistrict Court  for
the District of New Jersey.  The Company does not assert a monetary
claim  against  any  of the defendants, but seeks  to  prevent  the
defendants from marketing paclitaxel in a manner that violates  the
Company's patents.  The defendants have asserted that they  do  not
infringe  the Company's patents and that these patents are  invalid
and  unenforceable.   Some defendants also  asserted  counterclaims
seeking  damages  for  alleged  antitrust  and  unfair  competition
violations.

On January 4, 2000, the District Court granted the Company's motion
to   dismiss  certain  of  the  antitrust  and  unfair  competition
counterclaims.   The Company's motion for summary judgment  on  jurisdictional grounds following  the

                                        United
States14


remaining antitrust and unfair competition counterclaims was denied
on March 17, 2000.

On  February  29,  2000, the District Court  granted  in  part  the
generic  companies'  summary judgment  motions  for  invalidity  by
finding  all  claims of the Company's patents invalid,  except  for
claims  limited to the treatment of ovarian cancer. As a result  of
this  ruling, the generic companies may obtain U.S. Food  and  Drug
Administration  approval  to  market paclitaxel  for  treatment  of
metastatic breast cancer after failure of combination chemotherapy.
The  District Court's opinion left for determination at  trial  the
validity of the claims of the Company's patents directed to the low
dose,  three-hour administration of paclitaxel for  ovarian  cancer
and  denied the generic companies' summary judgment motion  arguing
non-infringement of the Company's patents.

In  order  to pursue an immediate appellate review of the  District
Court's  invalidity findings, the Company voluntarily  relinquished
all  rights in the remaining ovarian tumor specific claims  of  its
patents.   On  April  7,  2000,  the  District  Court  granted  the
Company's   request  for  an  entry  of  judgment.    The   Company
subsequently  filed  a notice of appeal with  the  Federal  Circuit
Court  of Appeals' affirmationAppeals.  If the Company is successful on appeal and  the
trial  that would follow a successful appeal, the Company  believes
its remaining patent rights would apply to all tumor types.

It  is not possible at this time to make a reasonable assessment of
the district  court's
dismissaloutcome of such action.




                             -19-the appeal and the remaining claims in these actions
nor to reasonably estimate the impact on TAXOL* sales or the amount
of damages were the Company not to prevail.

VANLEV* Litigation
- ------------------

The Company, its Chairman of the Board and Chief Executive Officer,
Charles  A.  Heimbold,  Jr. and its Chief  Scientific  Officer  and
President  - Pharmaceutical Research Institute, Peter S.  Ringrose,
Ph.D., are defendants in a number of purported class actions  filed
in April and May in the U.S. District Court for the District of New
Jersey   alleging  violations  of  federal  securities   laws   and
regulations.    Plaintiffs  claim that the defendants  disseminated
materially  false and misleading statements and failed to  disclose
information concerning the safety and expected availability of  its
product  VANLEV* during the period November 8, 1999  through  April
19,  2000.   Plaintiffs  seek compensatory damages  and  costs  and
expenses.

                                        15


PART II - OTHER INFORMATION
- ---------------------------


Item 4.  Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------

The following matters were voted upon at the Annual Meeting of
Stockholders held on May 2, 2000, and received the votes set forth
below:

All of the following persons nominated were elected to serve as
directors and received the number of votes set opposite their
respective names:

                                For                   Withheld

     Robert E. Allen          1,385,704,476       250,629,475
     Lewis B. Campbell        1,389,533,562       246,800,389
     Laurie H. Glimcher, M.D. 1,388,315,582       248,018,369
     James D. Robinson        1,384,091,216       252,242,735


The appointment of PricewaterhouseCoopers LLP was ratified by  a
vote  of 1,622,096,652 shares in favor of the appointment,  with
7,535,257 shares voting against, 6,702,042 shares abstaining and
there were no broker non-votes.

The   proposal   to  approve  the  Company's  2000  Non-Employee
Directors'  Stock  Option  Plan  was  approved  by  a  vote   of
1,463,265,181  shares in favor, with 156,828,923  shares  voting
against,  16,239,847 shares abstaining and there were no  broker
non-votes.

The  stockholder-proposed resolution to recommend that the Board
of  Directors take the necessary steps to reinstate  the  annual
election  of directors received a vote of 754,765,598 shares  in
favor, with 581,773,904 shares voting against, 22,762,538 shares
abstaining and 277,031,911 broker non-votes.

The  stockholder-proposed resolution  requesting  the  Board  of
Directors  adopt  a  policy  of pharmaceutical  price  restraint
received   a   vote  of  66,100,719  shares   in   favor,   with
1,255,878,413   shares   voting   against,   37,412,433   shares
abstaining and 276,942,386 broker non-votes.

                                        16


Item 6.  Exhibits and Reports on Form 8-K
- -----------------------------------------

a) Exhibits (listed by number corresponding to the Exhibit Table
of Item 601 in Regulation S-K).


Exhibit Number and Description                           Page
- -------------------------------                             --------



10q.  Form  of Agreement, effective June 1, 1999,
      entered into between the Registrant and each           E-10q-1
      of the following officers  on the following
      dates: Hamed M. Abdou, Ph.D., August 9, 1999;
      Peter R. Dolan, July 29,  1999; Donald J. Hayden,
      Jr., July 30, 1999; Richard J. Lane, August 6,
      1999; John L. McGoldrick, August 10, 1999;
      Michael F. Mee, July  28,  1999; Christine A.
      Poon, July 29, 1999; Peter S. Ringrose, Ph.D.,
      August 5, 1999;  Stephen  I. Sadove, July 29, 1999;
      Frederick S. Schiff, July 29, 1999; John L. Skule,
      August 5, 1999; Charles G. Tharp, Ph.D., July 28,
      1999; and Kenneth E. Weg, July 29, 1999.------------------------------

10m.   Bristol-Myers Squibb Company 2000
       Non-Employee  Directors' Stock                   E-10-1
      Option Plan.

15.  Independent Accountants' Awareness LetterLetter.         E-15-1

27.  Bristol-Myers Squibb Company Financial
     Data ScheduleSchedule.                                     E-27-1



b) Reports on Form 8-K.

The  Registrant did not file any reportsOn April 19, 2000, the Company filed a current report on Form 8-K
duringunder Item 5  concerning the quarter ended September 30, 1999.



                             -20-withdrawal of its New Drug
Application (NDA) for VANLEV*.


                                        17


                                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 thereunto duly authorized.






                                 BRISTOL-MYERS SQUIBB COMPANY
                                  (Registrant)








Date:  November 12, 1999May 15, 2000       By:   /s/ Harrison M. Bains, Jr.
                                  ---------------------------------------------------

                                    Harrison M. Bains, Jr.
                               Vice President and Treasurer







Date:  November 12, 1999May 15, 2000       By:   /s/ Frederick S. Schiff
                                  ------------------------------------------------
                                    Frederick S. Schiff
                             Senior Vice President - Financial
                                 Operations and Controller


-21-