Bristol-Myers Squibb (BMY) 8-K/A Results of Operations and Financial Condition

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2005

($ in millions)

Quarter-to-Date	2005				2004				Percentage Change
	Amount		% of Total		Amount		% of Total		Including Foreign Exchange		Excluding Foreign Exchange
Pharmaceuticals	$	3,886	79.5	%	$	3,856	80.0	%	1	%	-1	%
US Pharmaceuticals		2,084	42.6	%		2,048	42.5	%	2	%	2	%
Primary Care		1,539	31.4	%		1,419	29.4	%	8	%	8	%
Oncology/Virology		345	7.1	%		510	10.6	%	-32	%	-32	%
Neuroscience		200	4.1	%		119	2.5	%	68	%	68	%
Latin America/Canada		306	6.3	%		257	5.3	%	19	%	13	%
Europe and Middle East Medicines		1,112	22.7	%		1,185	24.6	%	-6	%	-10	%
Asia/Pacific Medicines		329	6.7	%		318	6.6	%	3	%	1	%
Nutritionals		548	11.2	%		510	10.6	%	7	%	6	%
Related Healthcare		455	9.3	%		453	9.4	%	—		-2	%
ConvaTec		247	5.0	%		234	4.9	%	6	%	3	%
Medical Imaging		151	3.1	%		151	3.1	%	—		-1	%
Consumer Medicines		57	1.2	%		68	1.4	%	-16	%	-16	%
Total Company	$	4,889	100.0	%	$	4,819	100.0	%	1	%	-1	%
Year-to-Date	2005				2004				Percentage Change
	Amount		% of Total		Amount		% of Total		Including Foreign Exchange		Excluding Foreign Exchange
Pharmaceuticals	$	7,464	79.2	%	$	7,566	80.1	%	-1	%	-3	%
US Pharmaceuticals		3,851	40.9	%		3,974	42.1	%	-3	%	-3	%
Primary Care		2,797	29.7	%		2,800	29.6	%	—		—
Oncology/Virology		693	7.4	%		942	10.0	%	-26	%	-26	%
Neuroscience		361	3.8	%		232	2.5	%	56	%	56	%
Latin America/Canada		564	6.0	%		508	5.4	%	11	%	6	%
Europe and Middle East Medicines		2,313	24.6	%		2,374	25.1	%	-3	%	-7	%
Asia/Pacific Medicines		628	6.7	%		605	6.4	%	4	%	2	%
Nutritionals		1,074	11.4	%		1,012	10.7	%	6	%	5	%
Related Healthcare		883	9.4	%		867	9.2	%	2	%	—
ConvaTec		475	5.1	%		451	4.8	%	5	%	2	%
Medical Imaging		296	3.1	%		290	3.1	%	2	%	1	%
Consumer Medicines		112	1.2	%		126	1.3	%	-11	%	-11	%
Total Company	$	9,421	100.0	%	$	9,445	100.0	%	—		-2	%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2005

(DOLLARS IN MILLIONS)

QUARTER-TO-DATE
	WW Medicines			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases(Decreases)		-2	%		2	%		—			-3	%		—			-2	%
Foreign Exchange		2	%		1	%		3	%		1	%		—			2	%
Volume		1	%		4	%		3	%		2	%		-16	%		1	%
Total Change		1	%		7	%		6	%		—			-16	%		1	%
Total 2005 Period to Date Sales	$	3,886		$	548		$	247		$	151		$	57		$	4,889
Total 2004 Period to Date Sales	$	3,856		$	510		$	234		$	151		$	68		$	4,819
YEAR-TO-DATE
	WW Medicines			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases(Decreases)		-2	%		2	%		—			-1	%		—			-1	%
Foreign Exchange		2	%		1	%		3	%		1	%		—			2	%
Volume		-1	%		3	%		2	%		2	%		-11	%		-1	%
Total Change		-1	%		6	%		5	%		2	%		-11	%		—
Total 2005 Period to Date Sales	$	7,464		$	1,074		$	475		$	296		$	112		$	9,421
Total 2004 Period to Date Sales	$	7,566		$	1,012		$	451		$	290		$	126		$	9,445

BRISTOL-MYERS SQUIBB COMPANY

2005 SECOND QUARTER REVIEW

CONTINUING OPERATIONS

($ in Millions)

Corporate Overview

	2005			% of Total		2004			% of Total		% Var.
Revenues:
Pharmaceuticals	$	3,886		79.5	%	$	3,856		80.0	%	1	%
Nutritionals		548		11.2	%		510		10.6	%	7	%
Related Healthcare		455		9.3	%		453		9.4	%	—
ConvaTec		247		5.0	%		234		4.9	%	6	%
Medical Imaging		151		3.1	%		151		3.1	%	—
Consumer Medicines		57		1.2	%		68		1.4	%	-16	%
		4,889		100.0	%		4,819		100.0	%	1	%
				% of Sales					% of Sales		% Var.
Expenses:
COGS		1,483		30.3	%		1,500		31.1	%	-1	%
MS&A		1,268		25.9	%		1,201		24.9	%	6	%
Adv. & Promo.		365		7.5	%		346		7.2	%	5	%
R&D		649		13.3	%		625		13.0	%	4	%
In-process R&D		—		0.0	%		62		1.3	%	-100	%
Provision for restructuring and other items		2		0.0	%		6		0.1	%	-67	%
Litigation charges, net		(26	)	-0.5	%		379		7.8	%	-107	%
Gain on sale of business		—		0.0	%		(18	)	-0.4	%	100	%
Equity in net income of affiliates		(87	)	-1.8	%		(59	)	-1.2	%	-47	%
Other (Inc)/Exp		105		2.2	%		8		0.2	%		*
		3,759		76.9	%		4,050		84.0	%	-7	%
Earnings from Continuing Operations
Before Minority Interest and Income Taxes		1,130		23.1	%		769		16.0	%	47	%
Provision for income taxes		(21	)				118
Minority interest, net of taxes		160					128
Earnings from Continuing Operations		991		20.3	%		523		10.9	%	89	%
Discontinued Operations
Net Earnings		—					4				-100	%
Net gain on disposal		13					—				—
Net Earnings	$	1,004		20.5	%	$	527		10.9	%	91	%
Earnings Per Common Share
Basic
Continuing Operations	$	0.51				$	0.27				89	%
Discontinued Operations
Net earnings		—					—				—
Net gain on disposal		—					—				—
Earnings Per Share	$	0.51				$	0.27				89	%
Diluted
Continuing Operations	$	0.50				$	0.27				85	%
Discontinued Operations
Net earnings		—					—				—
Net gain on disposal		—					—				—
Earnings Per Share	$	0.50				$	0.27				85	%
Average Shares - Basic		1,952					1,942
Average Shares - Diluted		1,984				��	1,976

Selected Products	Worldwide Sales		% Var.		Change in U.S. Rx Demand 2Q05 vs. 2Q04
Plavix	$	968	26	%	15	%
Pravachol		625	-5	%	-14	%
Enfamil		250	12	%	N/A
Avapro/Avalide		258	11	%	15	%
Abilify (total revenue)		240	97	%	49	%
Taxol		186	-25	%	N/A
Sustiva		167	9	%	5	%
Reyataz		183	115	%	44	%
Ostomy		139	1	%	N/A
Cardiolite		108	3	%	N/A
Wound Therapeutics		103	10	%	N/A
Erbitux		98	36	%	N/A
Cefzil		54	-2	%	-8	%
Zerit		59	-24	%	-31	%
Monopril		54	-25	%	-59	%
Coumadin		50	-35	%	-18	%
Videx/Videx EC		43	-38	%	-66	%
Paraplatin		33	-86	%	N/A
Glucovance		12	-74	%	-85	%
Baraclude		5	—		N/A

Other (Income)/Expense

	2005			2004
Interest Expense	$	73		$	70
Interest Income		(23	)		(21	)
Foreign Exchange		35			38
Other - net		20			(79	)
	$	105		$	8

* in excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

2005 SIX MONTH REVIEW

CONTINUING OPERATIONS

($ in Millions)

Corporate Overview

	2005			% of Total		2004			% of Total		% Var.
Revenues:
Pharmaceuticals	$	7,464		79.2	%	$	7,566		80.1	%	-1	%
Nutritionals		1,074		11.4	%		1,012		10.7	%	6	%
Related Healthcare		883		9.4	%		867		9.2	%	2	%
ConvaTec		475		5.1	%		451		4.8	%	5	%
Medical Imaging		296		3.1	%		290		3.1	%	2	%
Consumer Medicines		112		1.2	%		126		1.3	%	-11	%
		9,421		100.0	%		9,445		100.0	%	—
				% of Sales					% of Sales		% Var.
Expenses:
COGS		2,850		30.3	%		2,857		30.2	%	0	%
MS&A		2,451		26.0	%		2,427		25.7	%	1	%
Adv. & Promo.		683		7.3	%		662		7.0	%	3	%
R&D		1,302		13.8	%		1,208		12.8	%	8	%
In-process R&D		—		0.0	%		62		0.7	%	-100	%
Provision for restructuring and other items		5		0.1	%		18		0.2	%	-72	%
Litigation charges, net		98		1.0	%		379		4.0	%	-74	%
Gain on sale of business		—		0.0	%		(313	)	-3.3	%	100	%
Equity in net income of affiliates		(156	)	-1.7	%		(134	)	-1.4	%	-16	%
Other (Inc)/Exp, net		130		1.4	%		46		0.5	%	183	%
		7,363		78.2	%		7,212		76.4	%	2	%
Earnings Before Minority Interest and Income Taxes		2,058		21.8	%		2,233		23.6	%	-8	%
Provision for income taxes		247					514
Minority interest, net of taxes		282					235
Earnings from Continuing Operations		1,529		16.2	%		1,484		15.7	%	3	%
Discontinued Operations
Net Earnings		(5	)				7				-171	%
Net gain on disposal		13					—				—
Net Earnings	$	1,537				$	1,491				3	%
Earnings Per Common Share
Basic
Continuing Operations	$	0.79				$	0.77				3	%
Discontinued Operations
Net earnings		—					—
Net gain on disposal		—					—
Earnings Per Share	$	0.79				$	0.77				3	%
Diluted
Continuing Operations	$	0.78				$	0.76				3	%
Discontinued Operations
Net earnings		—					—
Net gain on disposal		—					—
Earnings Per Share	$	0.78				$	0.76				3	%
Average Shares - Basic		1,950					1,940
Average Shares - Diluted		1,982					1,976

Selected Products	Worldwide Sales		% Var.		Change in U.S. Rx Demand YTD 05 vs. YTD 04
Plavix	$	1,782	22	%	15	%
Pravachol		1,145	-14	%	-15	%
Enfamil		485	12	%	N/A
Avapro/Avalide		454	6	%	14	%
Abilify (total revenue)		428	81	%	51	%
Taxol		391	-21	%	N/A
Sustiva		340	16	%	5	%
Reyataz		332	108	%	50	%
Ostomy		266	1	%	N/A
Cardiolite		210	7	%	N/A
Wound Therapeutics		200	10	%	N/A
Erbitux		185	108	%	N/A
Cefzil		136	7	%	-7	%
Zerit		118	-13	%	-31	%
Monopril		113	-18	%	-62	%
Coumadin		99	-13	%	-15	%
Videx/Videx EC		92	-34	%	-58	%
Paraplatin		77	-84	%	N/A
Glucovance		26	-83	%	-87	%
Baraclude		5	—		N/A

Other (Income)/Expense

	2005			2004
Interest Expense	$	170		$	139
Interest Income		(68	)		(38	)
Foreign Exchange		47			55
Other - net		(19	)		(110	)
	$	130		$	46

* in excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE SALES BY PRODUCT

FOR THE THREE MONTHS ENDED JUNE 30, 2005

($ in millions)

	WORLDWIDE						INTERNATIONAL *						DOMESTIC *
	2005		2004		% growth		2005		2004		% growth		2005			2004		% growth
Total Company - Continuing Operations	$	4,889	$	4,819	1	%	$	2,221	$	2,157	3	%	$	2,668		$	2,662	—
PHARMACEUTICALS		3,886		3,856	1	%		1,789		1,785	—			2,097			2,071	1	%
Cardiovascular		2,031		1,891	7	%		654		684	-4	%		1,377			1,207	14	%
Plavix		968		769	26	%		145		118	23	%		823			651	26	%
Pravachol		625		656	-5	%		272		330	-18	%		353			326	8	%
Avapro/ Avalide		258		233	11	%		101		89	13	%		157			144	9	%
Monopril		54		72	-25	%		52		59	-12	%		2			13	-85	%
Coumadin		50		77	-35	%		8		7	14	%		42			70	-40	%
Capoten/Captopril		42		48	-13	%		42		48	-13	%		—			—	—
Virology		452		385	17	%		226		167	35	%		226			218	4	%
Sustiva		167		153	9	%		70		63	11	%		97			90	8	%
Reyataz		183		85	115	%		85		20	*	**		98			65	51	%
Zerit		59		78	-24	%		33		40	-18	%		26			38	-32	%
Videx/ Videx EC		43		69	-38	%		38		44	-14	%		5			25	-80	%
Infectious Diseases		278		294	-5	%		216		232	-7	%		62			62	—
Cefzil		54		55	-2	%		24		26	-8	%		30			29	3	%
Maxipime		52		50	4	%		52		50	4	%		—			—	—
Tequin		35		39	-10	%		13		13	—			22			26	-15	%
Baraclude		5		—	—			—		—	—			5			—	—
Oncology		371		619	-40	%		259		329	-21	%		112			290	-61	%
Taxol		186		249	-25	%		182		248	-27	%		4			1	*	**
Erbitux		98		72	36	%		1		—	—			97			72	35	%
Paraplatin		33		241	-86	%		34		35	-3	%		(1	)		206	-100	%
Affective (Psychiatric) Disorders		284		166	71	%		78		45	73	%		206			121	70	%
Abilify**		240		122	97	%		40		3	*	**		200			119	68	%
Sinemet		24		27	-11	%		20		22	-9	%		4			5	-20	%
Metabolics		51		79	-35	%		7		6	17	%		44			73	-40	%
Glucophage IR		20		12	67	%		5		3	67	%		15			9	67	%
Glucophage XR		14		10	40	%		—		1	—			14			9	56	%
Glucovance		12		47	-74	%		1		1	—			11			46	-76	%
Metaglip		5		10	-50	%		1		1	—			4			9	-56	%
NUTRITIONALS		548		510	7	%		281		255	10	%		267			255	5	%
Infant Formulas		396		365	8	%		137		120	14	%		259			245	6	%
Enfamil		250		224	12	%		79		66	20	%		171			158	8	%
Other Nutritional Products
Toddler/Children’s Nutritionals		124		118	5	%		124		118	5	%		—			—	—
RELATED HEALTHCARE		455		453	—			202		189	7	%		253			264	-4	%
CONVATEC PRODUCTS		247		234	6	%		176		163	8	%		71			71	—
Ostomy		139		137	1	%		101		96	5	%		38			41	-7	%
Wound Therapeutics		103		94	10	%		74		64	16	%		29			30	-3	%
MEDICAL IMAGING		151		151	—			24		24	—			127			127	—
Cardiolite		108		105	3	%		12		13	-8	%		96			92	4	%
CONSUMER MEDICINES		57		68	-16	%		2		2	0	%		55			66	-17	%

* 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

WORLDWIDE SALES BY PRODUCT

FOR THE SIX MONTHS ENDED JUNE 30, 2005

($ in millions)

	WORLDWIDE						INTERNATIONAL *						DOMESTIC *
	2005		2004		% growth		2005		2004		% growth		2005		2004		% growth
Total Company - Continuing Operations	$	9,421	$	9,445	—		$	4,443	$	4,275	4	%	$	4,978	$	5,170	-4	%
PHARMACEUTICALS		7,464		7,566	-1	%		3,590		3,529	2	%		3,874		4,037	-4	%
Cardiovascular		3,743		3,639	3	%		1,286		1,358	-5	%		2,457		2,281	8	%
Plavix		1,782		1,466	22	%		286		230	24	%		1,496		1,236	21	%
Pravachol		1,145		1,327	-14	%		534		658	-19	%		611		669	-9	%
Avapro/ Avalide		454		430	6	%		195		170	15	%		259		260	—
Monopril		113		137	-18	%		108		125	-14	%		5		12	-58	%
Coumadin		99		114	-13	%		15		13	15	%		84		101	-17	%
Capoten/Captopril		84		94	-11	%		84		94	-11	%		—		—	—
Virology		882		728	21	%		425		323	32	%		457		405	13	%
Sustiva		340		292	16	%		140		126	11	%		200		166	20	%
Reyataz		332		160	108	%		142		29	*	**		190		131	45	%
Zerit		118		136	-13	%		66		82	-20	%		52		54	-4	%
Videx/ Videx EC		92		140	-34	%		77		86	-10	%		15		54	-72	%
Infectious Diseases		584		600	-3	%		430		460	-7	%		154		140	10	%
Cefzil		136		127	7	%		56		56	—			80		71	13	%
Maxipime		98		94	4	%		98		94	4	%		—		—	—
Tequin		83		78	6	%		23		24	-4	%		60		54	11	%
Baraclude		5		—	—			—		—	—			5		—	—
Oncology		758		1,162	-35	%		531		632	-16	%		227		530	-57	%
Taxol		391		492	-21	%		383		477	-20	%		8		15	-47	%
Erbitux		185		89	108	%		1		—	—			184		89	107	%
Paraplatin		77		469	-84	%		63		65	-3	%		14		404	-97	%
Affective (Psychiatric) Disorders		516		324	59	%		143		86	66	%		373		238	57	%
Abilify**		428		237	81	%		67		5	*	**		361		232	56	%
Sinemet		49		50	-2	%		40		43	-7	%		9		7	29	%
Metabolics		94		240	-61	%		11		12	-8	%		83		228	-64	%
Glucophage IR		31		43	-28	%		9		7	29	%		22		36	-39	%
Glucophage XR		27		29	-7	%		—		1	-100	%		27		28	-4	%
Glucovance		26		149	-83	%		1		3	-67	%		25		146	-83	%
Metaglip		10		19	-47	%		1		1	—			9		18	-50	%
NUTRITIONALS		1,074		1,012	6	%		552		501	10	%		522		511	2	%
Infant Formulas		772		704	10	%		267		235	14	%		505		469	8	%
Enfamil		485		432	12	%		152		130	17	%		333		302	10	%
Other Nutritional Products
Toddler/Children’s Nutritionals		250		232	8	%		250		232	8	%		—		—	—
RELATED HEALTHCARE		883		867	2	%		388		358	8	%		495		509	-3	%
CONVATEC PRODUCTS		475		451	5	%		338		309	9	%		137		142	-4	%
Ostomy		266		264	1	%		194		183	6	%		72		81	-11	%
Wound Therapeutics		200		181	10	%		141		121	17	%		59		60	-2	%
MEDICAL IMAGING		296		290	2	%		45		43	5	%		251		247	2	%
Cardiolite		210		197	7	%		23		22	5	%		187		175	7	%
CONSUMER MEDICINES		112		126	-11	%		5		6	-17	%		107		120	-11	%

* 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 sales shown 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			Q2			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	928		$	1,130		$	2,058
Specified items:
Gain on sale of equity investment		(18	)		(9	)		(27	)
Litigation reserves		124			269			393
Insurance recoveries		—			(295	)		(295	)
Provision for restructuring / other		68			94			162
Earnings from Continuing Operations Before Minority Interest and Income Taxes Excluding Specified Items	$	1,102		$	1,189		$	2,291

	2004
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	1,464		$	769		$	1,146		$	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		$	1,310		$	1,295		$	1,127		$	4,935

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

	2005
	Q1			Q2			TOTAL YEAR
Diluted Earnings per Common Share from Continuing Operations	$	0.27		$	0.50		$	0.78
Specified items:
Gain on sale of equity investment		(0.01	)		—			(0.01	)
Litigation reserves		0.05			0.10			0.15
Insurance recoveries		—			(0.09	)		(0.09	)
Provision for restructuring / other		0.03			0.03			0.05
Tax items		—			(0.07	)		(0.07	)
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.34		$	0.47		$	0.81

	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 JUNE 30, 2005 AND 2004

Three months ended June 30, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation expense			Other (income) / expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	249		$	—		$	249
Erisa litigation and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		(26	)		—			(26	)
Other:
Gain on sale of equity investment		—		—		—		—			(9	)		(9	)
Loss on sale of fixed assets		—		—		—		—			1			1
Accelerated depreciation and asset impairment		21		1		—		—			—			22
Downsizing and streamlining of worldwide operations		—		—		2		—			—			2
Debt retirement costs		—		—		—		—			69			69
	$	21	$	1	$	2	$	(26	)	$	61			59
Income taxes on items above														18
Adjustment to deferred taxes on repatriation of foreign earnings														(135	)
Increase to Net Earnings from Continuing Operations													$	(58	)

Three months ended June 30, 2004

	Cost of products sold			Research and development		Acquired in-process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense / (income)		Total
Litigation Matters:
Private litigation and governmental investigations	$	—		$	—	$	—	$	—		$	—	$	320	$	320
Product liability		75			—		—		—			—		—		75
Pharmaceutical pricing and sales litigation		—			—		—		—			—		34		34
Commercial litigation		26			—		—		—			—		—		26
Anti-trust litigation		—			—		—		—			—		25		25
Product liability insurance recovery		(25	)		—		—		—			—		—		(25	)
		76			—		—		—			—		379		455
Other:
Gain on sale of Adult Nutritional business		—			—		—		(18	)		—		—		(18	)
Accelerated depreciation		11			—		—		—			—		—		11
Downsizing and streamlining of worldwide operations		—			—		—		—			6		—		6
Milestone payment		—			25		—		—			—		—		25
Acordis IPR&D write-off		—			—		62		—			—		—		62
	$	87		$	25	$	62	$	(18	)	$	6	$	379		541
Income taxes on items above																(159	)
Reduction to Net Earnings from Continuing Operations															$	382

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004

Six months ended June 30, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation expense			Other (income) / expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	373		$	—		$	373
Erisa liability and other matters		—		—		—		20			—			20
Insurance recoveries		—		—		—		(295	)		—			(295	)
		—		—		—		98			—			98
Other:
Gain on sale of equity investment		—		—		—		—			(27	)		(27	)
Loss on sale of fixed assets		—		—		—		—			17			17
Accelerated depreciation and asset impairment		34		2		—		—			—			36
Downsizing and streamlining of worldwide operations		—		—		5		—			—			5
Upfront and milestone payments		—		35		—		—			—			35
Debt retirement costs		—		—		—		—			69			69
	$	34	$	37	$	5	$	98		$	59			233
Income taxes on items above														(24	)
Adjustment to deferred taxes on repatriation of foreign earnings														(135	)
Reduction to Net Earnings from Continuing Operations													$	74

Six months ended June 30, 2004

	Cost of products sold			Research and development		Acquired in-process research and development		Gain on sale of business			Provision for restructuring and other items, net		Litigation settlement expense / (income)			Other expense, net		Total
Litigation Matters:
Private litigation and governmental investigations	$	—		$	—	$	—	$	—		$	—	$	320		$	—	$	320
Product liability		75			—		—		—			—		—			—		75
Pharmaceutical pricing and sales litigation		—			—		—		—			—		34			—		34
Commercial litigation		26			—		—		—			—		—			—		26
Anti-trust litigation		—			—		—		—			—		25			—		25
Product liability insurance recovery		(25	)		—		—		—			—		—			—		(25	)
		76			—		—		—			—		379			—		455
Other:
Gain on sale of Adult Nutritional business		—			—		—		(313	)		—		—			—		(313	)
Accelerated depreciation		23			—		—		—			—		—			4		27
Downsizing and streamlining of worldwide operations		1			—		—		—			18		—			—		19
Milestone payments		—			30		—		—			—		—			—		30
Acordis IPR&D write-off		—			—		62		—			—		—	��		—		62
	$	100		$	30	$	62	$	(313	)	$	18	$	379		$	4		280
Income taxes on items above																			(55	)
Reduction to Net Earnings from Continuing Operations																		$	225

BRISTOL-MYERS SQUIBB COMPANY

SELECT ADDITIONAL FINANCIAL INFORMATION

	($ in Millions)
	June 30, 2005			December 31, 2004
Balance Sheet Items
Cash, cash equivalents and marketable debt securities	$	3,040		$	7,474
Receivables, net of allowances		3,315			4,373
Short-term borrowings		292			1,883
Long-term debt		6,008			8,463
Stockholders’ equity		10,801			10,202
Other Items
For the three months ended June 30, 2005:
Quarterly Dividend	$	0.28
Gross Margin		69.7	%
Capital Expenditures and Capitalized Software	$	171 million

BRISTOL-MYERS SQUIBB COMPANY

2005 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

	Diluted EPS Impact
Anticipated restructuring	$	(0.04	)
Licensing milestones		(0.02	)
Debt retirement costs		(0.02	)
Litigation Reserves		(0.15	)
Insurance recoveries		0.10
Gain on sales of equity investment		0.01
Gain on sale of Consumer Medicines		0.19
Adjustment to deferred taxes on repatriation of foreign earnings		0.07
Total	$	0.14

BRISTOL-MYERS SQUIBB COMPANY

ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS

IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL

The following table sets forth, for each of the Company’s top 15 pharmaceutical products sold by the Company’s U.S. Pharmaceuticals business (based on 2004 net sales), the amount of the U.S. Pharmaceutical business’s net sales of the applicable product for each of the three months ended June 30, 2005 and March 31, 2005 and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel at the end of each quarter.

	Q2 2005 Net Sales			Months on Hand as of June 30, 2005	Q1 2005 Net Sales		Months on Hand as of March 31, 2005
	(dollars in millions)				(dollars in millions)
Abilify	$	200		0.7	$	161	0.7
Avapro/Avalide		157		0.6		102	0.8
Cefzil		30		0.8		50	0.7
Coumadin		42		0.7		42	1.0
Dovonex		36		0.7		30	0.6
Erbitux*		97		—		87	**
Glucophage Franchise		44		0.8		39	1.0
Paraplatin		(1	)	0.8		15	0.9
Plavix		823		0.6		673	0.8
Pravachol		353		0.7		258	0.8
Reyataz		98		0.8		92	0.8
Sustiva		97		0.8		103	0.8
Tequin		22		0.8		38	0.7
Videx/Videx EC		5		1.0		10	1.2
Zerit		26		0.8		26	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. In addition, such estimates are calculated using data from third parties which data are a product of the third parties’ own record-keeping processes and such third-party data also may reflect estimates.

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, and excludes goods in transit to such wholesalers. 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, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.

* To help maintain the product quality of the Company’s biologic oncology product, ERBITUX, the product is shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX. Such wholesaler held ERBITUX inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. The above estimates of months on hand for the three months ended March 31, 2005, were calculated by dividing the inventories of ERBITUX held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process. After the divestiture of OTN in May 2005, the Company no longer had consignment inventory at the wholesaler, and recognized revenue upon shipment to that wholesaler, consistent with its terms of sale and revenue recognition policy. At June 30, 2005, there was no ERBITUX inventory held by wholesalers.

** Less than 0.1 months on hand.

International Pharmaceuticals, Mead Johnson Nutritionals and Related Healthcare

The following table sets forth for each of the Company’s key pharmaceutical products sold by the Company’s International Pharmaceuticals reporting segment, including the top 15 pharmaceutical products sold in the Company’s major non-U.S. countries (based on 2004 net sales), and for each of the key products sold by the other reporting segments listed below: a) the net sales as of June 30, 2005 and March 31, 2005; b) the estimated number of months on hand in the direct customer distribution channel as of June 30, 2005 and March 31, 2005, and c) the percentage change in the Company’s estimated ultimate patient/consumer demand for the month of June 2005 compared to the month of March 2005. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. For the other reporting segments, estimates of demand are based on data collected for the United States and all significant business units outside of the United States. Corresponding information for the top 15 pharmaceutical products (based on 2004 net sales) sold by the U.S. Pharmaceuticals business, appears in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2005. As of June 30, 2005, there were no non-key products for the geographic regions described above where the amount of inventory on hand at direct customers exceeded approximately one month and the impact on the Company was not de minimis.

		Three Months Ended June 30, 2005		As of June 30, 2005	Three Months Ended March 31, 2005		As of March 31, 2005	% Change in Demand†
Reporting Segment	Product	Net Sales (in millions)		Months on Hand	Net Sales (in millions)		Months on Hand
International
Pharmaceuticals
	Pravachol	$	272	0.7	$	262	0.7	7	%
	Taxol		182	0.5		201	0.5	-17	%
	Plavix*		145	0.5		141	0.7	2	%
	Avapro*/Avalide*		101	0.4		94	0.4	14	%
	Reyataz		85	0.8		57	0.6	5	%
	Sustiva		70	0.6		70	0.5	-7	%
	Abilify		40	0.6		27	0.6	50	%
	Efferalgan		55	0.5		88	0.9	-43	%
	Monopril		52	0.7		56	0.6	-2	%
	Maxipime		52	0.8		46	0.7	-15	%
	Perfalgan		42	0.6		42	0.5	5	%
	Capoten		42	0.8		42	0.8	0	%
	Videx/Videx EC		38	0.9		39	0.8	3	%
	Paraplatin		34	0.6		29	0.6	2	%
	Zerit		33	0.6		33	0.6	-5	%
	Dafalgan		33	0.8		40	1.3	-17	%
	Bufferin		32	1.0		26	0.5	-21	%

		Three Months Ended June 30, 2005	As of June 30, 2005	Three Months Ended March 31, 2005	As of March 31, 2005	% Change in Demand†
Reporting Segment	Product	Net Sales (in millions)	Months on Hand	Net Sales (in millions)	Months on Hand
Nutritionals
	Enfamil	250	0.9	235	0.9	6	%
	Nutramigen	47	1.0	44	1.0	5	%
Related Healthcare
ConvaTec
	Ostomy	139	0.9	127	0.9	0	%
	Wound Therapeutics	103	0.8	97	0.8	14	%
Medical Imaging
	Cardiolite	108	0.7	102	0.7	-5	%
Consumer Products
	Excedrin	39	1.5	38	1.6	-13	%

^† Change in Demand is the month of June 2005 compared to the month of March 2005 on a constant U.S. dollar basis.

* Indicates brand names of products, which are registered trademarks not owned by the company or its subsidiaries.

The above months on hand information represents the Company’s estimates of aggregate months on hand product inventory levels at direct customers as of June 30, 2005 and March 31, 2005 divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer outmovement data over the most recent thirty-one day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.

The Company relies on a variety of methods to calculate months on hand product inventory levels and ultimate patient/consumer demand for these reporting segments. Where available, the Company relies on information provided by third parties to determine estimates of aggregate months on hand product inventory levels at direct customers and ultimate patient/consumer expected demand. For the reporting segments listed above, however, the Company has limited information on direct customer months on hand product inventory levels, end-user consumption and direct customer outmovement data. Further, the quality of third party information, where available, varies widely. In some circumstances, such as the case with new products or seasonal products, such historical end-user consumption or outmovement information may not be available or applicable. In such cases, the Company uses estimated prospective demand. In cases where direct customer product level inventory, ultimate patient/consumer demand or outmovement data do not exist or are otherwise not available, the Company has developed a variety of other methodologies to calculate estimates of such data, including using such factors as historical sales made to direct customers and third party market research data related to prescription trends and end-user demand. Such data from third parties are a product of the third parties’ own record-keeping processes and also may reflect estimates.

As of March 31, 2005, Dafalgan, an analgesic product sold principally in Europe, had approximately 1.3 months of inventory on hand at direct customers. The level of inventory on hand is due primarily to private pharmacists purchasing Dafalgan approximately once every eight weeks and seasonality of the product. As of June 30, 2005, there was approximately 0.8 months of inventory on hand at direct customers.

As of June 30, 2005 and March 31, 2005, Excedrin, an analgesic product sold principally in the U.S., had approximately 1.5 months and 1.6 months of inventory on hand at direct customers, respectively. The level of inventory on hand is due to the customary practice of direct customers holding within their warehouses and stores one and one-half to two months of product on hand.

As previously disclosed, the Company has established a company-wide policy to limit its sales to direct customers for the purpose of complying with the SEC Consent Order. This policy includes the adoption of various procedures to monitor and limit sales to direct customers in accordance with the terms of the Consent. These procedures include a governance process to escalate to appropriate management levels any potential questions or concerns regarding compliance with the policy and timely resolution of such questions or concerns. Compliance with the policy will be monitored on a regular basis.

In addition, the Company maintains arrangements with various wholesalers/direct customers and other distributors of its pharmaceutical products outside of the United States, based on the Company’s business needs and the requirements of certain countries and regions. Some of these agreements require the direct customers to provide the Company with information on months on hand product inventory levels and product outmovement. In limited circumstances, where logistical issues exist, such as the time required to transport products to remote locations and local practices, including in some cases, government requirements, some agreements require direct customers to hold specific levels of inventory ranging from one to three months of product on hand. The Company maintains these agreements to support the high levels of customer service requirements in these countries and regions, including ensuring the availability of life saving and important therapeutic agents.

The Company continuously seeks to improve the quality of its estimates of months on hand of inventories held by its direct customers including thorough review of its methodologies and processes for calculation of these estimates and review and analysis of it own and third parties’ data used in such calculations. The Company expects that it will continue to review and refine its methodologies and processes for calculation of these estimates and will continue to review and analyze its own and third parties’ data in such calculations. The Company also has and will continue to take steps to expedite the receipt and processing of data for the non-U.S. Pharmaceutical business.