Bristol-Myers Squibb (BMY) 8-K Bristol-myers Squibb Reports First Quarter 2005

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2005

($ in millions)

									Percentage Change
	2005				2004				Including Foreign Exchange		Excluding Foreign Exchange
Year-to-Date	Amount		% of Total		Amount		% of Total
Pharmaceuticals	$	3,563	78.6	%	$	3,691	79.8	%	-3	%	-5	%
US Pharmaceuticals		1,767	39.0	%		1,926	41.6	%	-8	%	-8	%
Primary Care		1,258	27.8	%		1,381	29.9	%	-9	%	-9	%
Oncology/Virology		348	7.7	%		432	9.3	%	-19	%	-19	%
Neuroscience		161	3.5	%		113	2.4	%	42	%	42	%
Latin America/Canada		258	5.7	%		251	5.4	%	3	%	-1	%
Europe and Middle East Medicines		1,201	26.5	%		1,189	25.7	%	1	%	-4	%
Asia/Pacific Medicines		284	6.3	%		268	5.8	%	6	%	4	%
Nutritionals		526	11.6	%		502	10.9	%	5	%	4	%
Other Healthcare		443	9.8	%		433	9.3	%	2	%	—
ConvaTec		228	5.0	%		217	4.7	%	5	%	1	%
Medical Imaging		145	3.2	%		139	3.0	%	4	%	4	%
Consumer Medicines		70	1.6	%		77	1.6	%	-9	%	-10	%
Total Company	$	4,532	100.0	%	$	4,626	100.0	%	-2	%	-4	%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2005

(DOLLARS IN MILLIONS)

YEAR-TO-DATE

	WW Medicines			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases(Decreases)		-1	%		3	%		—			2	%		-1	%		—
Foreign Exchange		2	%		1	%		4	%		—			1	%		2	%
Volume		-4	%		1	%		1	%		2	%		-9	%		-4	%
Total Change		-3	%		5	%		5	%		4	%		-9	%		-2	%
Total 2005 Period to Date Sales	$	3,563		$	526		$	228		$	145		$	70		$	4,532
Total 2004 Period to Date Sales	$	3,691		$	502		$	217		$	139		$	77		$	4,626

BRISTOL-MYERS SQUIBB COMPANY

2005 FIRST QUARTER REVIEW

CONTINUING OPERATIONS

($ in Millions)

Corporate Overview

	2005			% of Total		2004			% of Total		%Var.
Revenues:
Pharmaceuticals	$	3,563		78.6	%	$	3,691		79.8	%	-3	%
Nutritionals		526		11.6	%		502		10.9	%	5	%
Other Healthcare		443		9.8	%		433		9.3	%	2	%
ConvaTec		228		5.0	%		217		4.7	%	5	%
Medical Imaging		145		3.2	%		139		3.0	%	4	%
Consumer Medicines		70		1.6	%		77		1.6	%	-9	%
		4,532		100.0	%		4,626		100.0	%	-2	%
				% of Sales					% of Sales		%Var.
Expenses:
COGS		1,367		30.2	%		1,357		29.3	%	1	%
MS&A		1,183		26.1	%		1,226		26.5	%	-4	%
Adv. & Promo.		318		7.0	%		316		6.8	%	1	%
R&D		653		14.4	%		583		12.6	%	12	%
Litigation charges		14		0.3	%		—		—		—
Gain on sale of businesses		—		—			(295	)	-6.4	%	-100	%
Provision for restructuring and other items		3		0.1	%		12		0.3	%	-75	%
Equity in net income of affiliates		(69	)	-1.5	%		(75	)	-1.6	%	-8	%
Other (Inc)/Exp, net		25		0.6	%		38		0.7	%	-34	%
		3,494		77.1	%		3,162		68.4	%	10	%
Earnings Before Minority Interest and Income Taxes		1,038		22.9	%		1,464		31.6	%	-29	%
Provision for income taxes		290					396
Minority interest, net of taxes		122					107
Earnings from Continuing Operations		626		13.8	%		961		20.8	%	-35	%
Net Earnings from Discontinued Operations		(5	)				3					*
Net Earnings	$	621				$	964				-36	%
Earnings Per Common Share
Basic
Continuing Operations	$	0.32				$	0.50				-36	%
Discontinued Operations		—					—				—
Earnings Per Share	$	0.32				$	0.50				-36	%
Diluted
Continuing Operations	$	0.32				$	0.49				-35	%
Discontinued Operations		—					—				—
Earnings Per Share	$	0.32				$	0.49				-35	%
Average Shares - Basic		1,949					1,939
Average Shares - Diluted		1,981					1,976

* in excess of +/- 200%

Selected Products	Worldwide Sales		%Var.		Change in U.S. Rx Demand YTD 05 vs. YTD 04
Plavix	$	814	17	%	15	%
Pravachol		520	-23	%	-17	%
Enfamil		235	13	%	N/A
Taxol		205	-16	%	N/A
Avapro/Avalide		196	-1	%	14	%
Abilify (total revenue)		188	63	%	53	%
Sustiva		173	24	%	4	%
Reyataz		149	99	%	57	%
Ostomy		127	—		N/A
Cardiolite		102	11	%	N/A
Wound Therapeutics		97	11	%	N/A
Erbitux		87		*	N/A
Cefzil		82	14	%	-6	%
Monopril		59	-9	%	-65	%
Zerit		59	2	%	-31	%
Videx/Videx EC		49	-31	%	-49	%
Coumadin		49	32	%	-13	%
Paraplatin		44	-81	%	N/A
Glucovance		14	-86	%	-88	%

Other (Income)/Expense

	2005			2004
Interest Expense	$	97		$	69
Interest Income		(45	)		(17	)
Foreign Exchange		12			17
Other - net		(39	)		(31	)
	$	25		$	38

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE SALES BY PRODUCT

FOR THE THREE MONTHS ENDED MARCH 31, 2005

($ in millions)

	WORLDWIDE						INTERNATIONAL *						DOMESTIC *
	2005		2004		% growth		2005		2004		% growth		2005		2004			% growth
Total Company - Continuing Operations	$	4,532	$	4,626	-2	%	$	2,222	$	2,118	5	%	$	2,310	$	2,508		-8	%
PHARMACEUTICALS		3,563		3,691	-3	%		1,786		1,725	4	%		1,777		1,966		-10	%
Cardiovascular		1,712		1,748	-2	%		632		674	-6	%		1,080		1,074		1	%
Plavix		814		697	17	%		141		112	26	%		673		585		15	%
Pravachol		520		671	-23	%		262		328	-20	%		258		343		-25	%
Avapro/ Avalide		196		197	-1	%		94		81	16	%		102		116		-12	%
Monopril		59		65	-9	%		56		66	-15	%		3		(1	)		***
Coumadin		49		37	32	%		7		6	17	%		42		31		35	%
Capoten/Captopril		42		46	-9	%		42		46	-9	%		—		—		—
Oncology		387		543	-29	%		272		303	-10	%		115		240		-52	%
Taxol		205		243	-16	%		201		229	-12	%		4		14		-71	%
Paraplatin		44		228	-81	%		29		30	-3	%		15		198		-92	%
Erbitux		87		17		***		—		—	—			87		17			***
Virology		430		343	25	%		199		156	28	%		231		187		24	%
Sustiva		173		139	24	%		70		63	11	%		103		76		36	%
Reyataz		149		75	99	%		57		9		***		92		66		39	%
Videx/ Videx EC		49		71	-31	%		39		42	-7	%		10		29		-66	%
Zerit		59		58	2	%		33		42	-21	%		26		16		63	%
Infectious Diseases		306		306	—			214		228	-6	%		92		78		18	%
Cefzil		82		72	14	%		32		30	7	%		50		42		19	%
Maxipime		46		44	5	%		46		44	5	%		—		—		—
Tequin		48		39	23	%		10		11	-9	%		38		28		36	%
Affective (Psychiatric) Disorders		232		158	47	%		65		41	59	%		167		117		43	%
Abilify**		188		115	63	%		27		2		***		161		113		42	%
Sinemet		25		23	9	%		20		21	-5	%		5		2		150	%
Metabolics		43		161	-73	%		4		6	-33	%		39		155		-75	%
Glucovance		14		102	-86	%		—		2	-100	%		14		100		-86	%
Glucophage IR		11		31	-65	%		4		4	—			7		27		-74	%
Glucophage XR		13		19	-32	%		—		—	—			13		19		-32	%
Metaglip		5		9	-44	%		—		—	—			5		9		-44	%
NUTRITIONALS		526		502	5	%		271		252	8	%		255		250		2	%
Infant Formulas		376		339	11	%		130		121	7	%		246		218		13	%
Enfamil		235		208	13	%		73		66	11	%		162		142		14	%
Other Nutritional Products
Toddler/Children’s Nutritionals		126		114	11	%		126		114	11	%		—		—		—
OTHER HEALTHCARE		443		433	2	%		201		188	7	%		242		245		-1	%
CONVATEC PRODUCTS		228		217	5	%		162		146	11	%		66		71		-7	%
Ostomy		127		127	—			93		87	7	%		34		40		-15	%
Wound Therapeutics		97		87	11	%		67		57	18	%		30		30		—
MEDICAL IMAGING		145		139	4	%		21		19	11	%		124		120		3	%
Cardiolite		102		92	11	%		11		9	22	%		91		83		10	%
CONSUMER MEDICINES		70		77	-9	%		18		23	-22	%		52		54		-4	%

* This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis.As a result, the sum of segment sales for International and for Domestic do not tie to the Total Company International and Domestic salesshown above.

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

*** In Excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

	2005
	Q1			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,038		$	1,038
Specified items:
Gain on sale of equity investment		(18	)		(18	)
Litigation reserves		14			14
Provision for restructuring / other		68			68
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,102		$	1,102

	2004
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,464		$	771		$	1,144		$	1,039		$	4,418
Specified items:
Gain on sale of businesses		(295	)		(18	)		(3	)		(4	)		(320	)
In-process research and development		—			62			1			—			63
Provision for restructuring / other		34			42			115			76			267
Litigation reserves		—			455			36			16			507
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,203		$	1,312		$	1,293		$	1,127		$	4,935

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

	2005
	Q1			TOTAL YEAR
Diluted Earnings per Common Share from Continuing Operations	$	0.32		$	0.32
Specified items:
Gain on sale of equity investment		(0.01	)		(0.01	)
Litigation reserves		0.01			0.01
Provision for restructuring / other		0.02			0.02
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.34		$	0.34

	2004
	Q1			Q2			Q3		Q4		TOTAL YEAR
Diluted Earnings per Common Share from Continuing Operations	$	0.49		$	0.27		$	0.38	$	0.07	$	1.21
Specified items:
Gain on sale of businesses		(0.09	)		(0.01	)		—		—		(0.10	)
In-process research and development		—			0.03			—		—		0.03
Provision for restructuring / other		0.01			0.02			0.04		0.03		0.10
Litigation reserves		—			0.15			0.01		—		0.16
Tax items		—			—			0.01		0.29		0.30
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.41		$	0.46		$	0.44	$	0.39	$	1.70

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004

Three Months ended March 31, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation charges		Other expense, net			Total
Other:
Gain on sale of equity investment	$	—	$	—	$	—	$	—	$	(18	)	$	(18	)
Private litigation		—		—		—		14		—			14
Loss on sale of fixed assets		—		—		—		—		16			16
Accelerated depreciation		13		1		—		—		—			14
Downsizing and streamlining of worldwide operations		—		—		3		—		—			3
Upfront and milestone payments		—		35		—		—		—			35
	$	13	$	36	$	3	$	14	$	(2	)		64
Income taxes on items above													(20	)
Reduction to Net Earnings from Continuing Operations												$	44

Three Months ended March 31, 2004

	Cost of products sold		Research and development		Gain on sale of business			Provision for restructuring and other items, net		Other expense, net		Total
Other:
Gain on sale of Adult Nutritional business	$	—	$	—	$	(295	)	$	—	$	—	$	(295	)
Milestone payment		—		5		—			—		—		5
Accelerated depreciation and asset impairment charges		12		—		—			—		4		16
Downsizing and streamlining of worldwide operations		1		—		—			12		—		13
	$	13	$	5	$	(295	)	$	12	$	4		(261	)
Income taxes on items above													104
Reduction to Net Earnings from Continuing Operations												$	(157	)

BRISTOL-MYERS SQUIBB COMPANY

SELECT ADDITIONAL FINANCIAL INFORMATION

	($ in Millions)
	March 31, 2005			December 31, 2004
Balance Sheet Items
Cash, cash equivalents and marketable debt securities	$	5,982		$	7,474
Receivables, net of allowances		3,647			4,373
Short-term borrowings		244			1,883
Long-term debt		8,326			8,463
Stockholders’ equity		10,469			10,202
Other Items
For the three months ended March 31, 2005:
Quarterly Dividend	$	0.28
Gross Margin		69.8	%
Capital Expenditures and Capitalized Software	$	181 million

BRISTOL-MYERS SQUIBB COMPANY

2005 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS Impact
Anticipated restructuring	$	(0.03	)
Licensing milestones		(0.01	)
Debt retirement costs		(0.02	)
Litigation Reserves		(0.01	)
Insurance recoveries		0.08
Gain on sales of equity investment		0.01
Total	$	0.02

BRISTOL-MYERS SQUIBB COMPANY

ESTIMATED MONTHS ON HAND OF KEY U.S. PHARMACEUTICAL PRODUCTS

IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

	As of March 31, 2005
Plavix	0.7
Pravachol	0.8
Abilify	0.6
Sustiva	0.6
Avapro/Avalide	0.7
Reyataz	0.6
Cefzil	0.6
Coumadin	0.9
Glucophage Franchise	1.0
Paraplatin	0.8

* The Company determines the above months on hand estimates by dividing the estimated amount of the product in the wholesaler distribution channel by the estimated amount of out-movement of the product over a period of thirty-one days calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers.

Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals. The Company determines the amount of out-movement of a product over a period of thirty-one days by using the most recent out-movement of a product as provided by these third parties.