Bristol-Myers Squibb (BMY) 8-K Bristol-myers Squibb Company Reports First Quarter 2006 Financial Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES FROM CONTINUING OPERATIONS

QUARTERLY SALES TREND ANALYSIS

($ in millions)

Net Sales	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Pharmaceuticals Group	$	3,578		$	3,886		$	7,464		$	3,778		$	11,242		$	4,012		$	15,254		$	3,700								3	%	3	%
US Pharmaceuticals		1,767			2,084			3,851			2,069			5,920			2,220			8,140			2,064								17	%	17	%
Primary Care		1,258			1,539			2,797			1,486			4,283			1,653			5,936			1,409								12	%	12	%
Oncology/Virology		348			345			693			370			1,063			391			1,454			419								20	%	20	%
Neuroscience		161			200			361			213			574			176			750			231								43	%	43	%
Immunoscience		—			—			—			—			—			—			—			5								—		—
Latin America/Canada		258			306			564			285			849			325			1,174			288								12	%	12	%
Europe and Middle East Medicines		1,201			1,112			2,313			1,030			3,343			1,053			4,396			1,024								-15	%	-15	%
Asia/Pacific Medicines		299			329			628			342			970			354			1,324			279								-7	%	-7	%
Nutritionals		526			548			1,074			547			1,621			584			2,205			565								7	%	7	%
Other Healthcare		428			455			883			442			1,325			423			1,748			411								-4	%	-4	%
ConvaTec		228			247			475			250			725			267			992			230								1	%	1	%
Medical Imaging		145			151			296			150			446			156			602			181								25	%	25	%
Consumer Medicines		55			57			112			42			154			—			154			—								-100	%	-100	%
Total Company	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676								3	%	3	%
% of Total Sales	2005																					2006									Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Pharmaceuticals Group		79.0	%		79.5	%		79.2	%		79.3	%		79.2	%		79.9	%		79.4	%		79.1	%							10		10
US Pharmaceuticals		39.0	%		42.6	%		40.9	%		43.4	%		41.7	%		44.2	%		42.4	%		44.1	%							510		510
Primary Care		27.8	%		31.4	%		29.7	%		31.2	%		30.2	%		32.9	%		30.9	%		30.1	%							230		230
Oncology/Virology		7.7	%		7.1	%		7.4	%		7.8	%		7.5	%		7.8	%		7.6	%		9.0	%							130		130
Neuroscience		3.5	%		4.1	%		3.8	%		4.4	%		4.0	%		3.5	%		3.9	%		4.9	%							140		140
Immunoscience		—			—			—			—			—			—			—			0.1	%							10		10
Latin America/Canada		5.7	%		6.3	%		6.0	%		6.0	%		6.0	%		6.5	%		6.1	%		6.2	%							50		50
Europe and Middle East Medicines		26.5	%		22.7	%		24.6	%		21.6	%		23.6	%		21.0	%		22.9	%		21.9	%							(460	)	(460	)
Asia/Pacific Medicines		6.6	%		6.7	%		6.7	%		7.2	%		6.8	%		7.1	%		6.9	%		6.0	%							(60	)	(60	)
Nutritionals		11.6	%		11.2	%		11.4	%		11.5	%		11.4	%		11.7	%		11.5	%		12.1	%							50		50
Other Healthcare		9.4	%		9.3	%		9.4	%		9.2	%		9.4	%		8.4	%		9.1	%		8.8	%							(60	)	(60	)
ConvaTec		5.0	%		5.0	%		5.1	%		5.2	%		5.1	%		5.3	%		5.2	%		4.9	%							(10	)	(10	)
Medical Imaging		3.2	%		3.1	%		3.1	%		3.1	%		3.2	%		3.1	%		3.1	%		3.9	%							70		70
Consumer Medicines		1.2	%		1.2	%		1.2	%		0.9	%		1.1	%		—			0.8	%		—								(120	)	(120	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED MARCH 31, 2006

(DOLLARS IN MILLIONS)

YEAR-TO-DATE

	Pharmaceuticals Group			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases(Decreases)		5	%		3	%		-1	%		5	%		—			5	%
Foreign Exchange		-2	%		1	%		-5	%		—			—			-2	%
Volume		—			3	%		7	%		20	%		-100	%		—
Total Change		3	%		7	%		1	%		25	%		-100	%		3	%
Total 2006 Period to Date Sales	$	3,700		$	565		$	230		$	181		$	0		$	4,676
Total 2005 Period to Date Sales	$	3,578		$	526		$	228		$	145		$	55		$	4,532

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

CONTINUING OPERATIONS

($ in Millions, except per share amounts)

	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Net Sales	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676								3	%	3	%
Cost of products sold		1,367			1,483			2,850			1,483			4,333			1,595			5,928			1,476								8	%	8	%
Marketing, selling and administrative		1,183			1,268			2,451			1,286			3,737			1,369			5,106			1,238								5	%	5	%
Advertising and product promotion		318			365			683			349			1,032			444			1,476			295								-7	%	-7	%
Research and development		653			649			1,302			669			1,971			775			2,746			750								15	%	15	%
Provision for restructuring and other items, net		3			2			5			(5	)		—			32			32			1								-67	%	-67	%
Litigation (income)/charges, net		124			(26	)		98			(26	)		72			197			269			(21	)							-117	%	-117	%
Gain on sale of business and product asset		—			—			—			(569	)		(569	)		—			(569	)		(200	)							—		—
Equity in net income of affiliates		(69	)		(87	)		(156	)		(84	)		(240	)		(94	)		(334	)		(93	)							-35	%	-35	%
Other (income)/expense, net		25			105			130			38			168			(131	)		37			37								48	%	48	%
Total expenses		3,604			3,759			7,363			3,141			10,504			4,187			14,691			3,483								-3	%	-3	%
Earnings from Continuing Operations Before Minority Interest and Income Taxes		928			1,130			2,058			1,626			3,684			832			4,516			1,193								29	%	29	%
Provision for income taxes		268			(21	)		247			507			754			178			932			328								22	%	22	%
Minority interest, net of taxes		122			160			282			155			437			155			592			151								24	%	24	%
Earnings from Continuing Operations	$	538		$	991		$	1,529		$	964		$	2,493		$	499		$	2,992		$	714								33	%	33	%
Interest expense on conversion of convertible debt bonds, net of tax		4			5			9			6			15			7			22			8
Earnings from continuing operations used for diluted earnings per common share calculation	$	542		$	996		$	1,538		$	970		$	2,508		$	506		$	3,014		$	722
Diluted Earnings per Common ShareContinuing Operations**	$	0.27		$	0.50		$	0.78		$	0.49		$	1.27		$	0.26		$	1.52		$	0.36								33	%	33	%
Average Common Shares Outstanding - Diluted		1,981			1,984			1,982			1,984			1,983			1,983			1,983			1,988								—		—
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		$	0.28								—		—
% of Net Sales	2005																					2006									Basis Point Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Gross Margin		69.8	%		69.7	%		69.7	%		68.9	%		69.5	%		68.2	%		69.1	%		68.4	%							(140	)	(140	)
Cost of products sold		30.2	%		30.3	%		30.3	%		31.1	%		30.5	%		31.8	%		30.9	%		31.6	%							140		140
Marketing, selling and administrative		26.1	%		25.9	%		26.0	%		27.0	%		26.3	%		27.3	%		26.6	%		26.5	%							40		40
Advertising and product promotion		7.0	%		7.5	%		7.2	%		7.3	%		7.3	%		8.8	%		7.7	%		6.3	%							(70	)	(70	)
Research and development		14.4	%		13.3	%		13.8	%		14.0	%		13.9	%		15.4	%		14.3	%		16.0	%							160		160
Total expenses		79.5	%		76.9	%		78.2	%		65.9	%		74.0	%		83.4	%		76.5	%		74.5	%							(500	)	(500	)
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes		20.5	%		23.1	%		21.8	%		34.1	%		26.0	%		16.6	%		23.5	%		25.5	%							500		500
Earnings from Continuing Operations		11.9	%		20.3	%		16.2	%		20.2	%		17.6	%		9.9	%		15.6	%		15.3	%							340		340
Other Ratios
Effective Tax Rate		28.9	%		-1.9	%		12.0	%		31.2	%		20.5	%		21.4	%		20.6	%		27.5	%
Other (Income)/ Expense, net	2005																					2006									% Change
	1st Qtr			2nd Qtr			6 Months			3rd Qtr			9 Months			4th Qtr			Year			1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Interest expense	$	97		$	73		$	170		$	79		$	249		$	100		$	349		$	116								20	%	20	%
Interest income		(45	)		(23	)		(68	)		(28	)		(96	)		(52	)		(148	)		(62	)							-38	%	-38	%
Foreign exchange transaction (gains)/losses		12			35			47			—			47			11			58			(12	)							-200	%	-200	%
Other, net		(39	)		20			(19	)		(13	)		(32	)		(190	)		(222	)		(5	)							87	%	87	%
	$	25		$	105		$	130		$	38		$	168		$	(131	)	$	37		$	37								48	%	48	%

* in excess of +/- 200%

** amounts may not calculate due to rounding differences between continuing and discontinued operations.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD
Total Company	$	4,532	$	4,889	$	9,421	$	4,767	$	14,188	$	5,019	$	19,207	$	4,676							3	%	3	%
PHARMACEUTICALS		3,578		3,886		7,464		3,778		11,242		4,012		15,254		3,700							3	%	3	%
Cardiovascular		1,712		2,031		3,743		1,935		5,678		2,090		7,768		1,917							12	%	12	%
Plavix		814		968		1,782		980		2,762		1,061		3,823		986							21	%	21	%
Pravachol		520		625		1,145		527		1,672		584		2,256		536							3	%	3	%
Avapro/ Avalide		196		258		454		251		705		277		982		233							19	%	19	%
Coumadin		49		50		99		57		156		56		212		55							12	%	12	%
Monopril		59		54		113		49		162		46		208		48							-19	%	-19	%
Virology		430		457		887		440		1,327		450		1,777		468							9	%	9	%
Reyataz		149		183		332		176		508		188		696		207							39	%	39	%
Sustiva		173		167		340		170		510		170		680		175							1	%	1	%
Zerit		59		59		118		51		169		47		216		40							-32	%	-32	%
Baraclude		—		5		5		2		7		5		12		11							—		—
Infectious Diseases		293		261		554		239		793		286		1,079		199							-32	%	-32	%
Cefzil		82		54		136		48		184		75		259		23							-72	%	-72	%
Oncology		387		371		758		380		1,138		395		1,533		361							-7	%	-7	%
Taxol		205		186		391		175		566		181		747		147							-28	%	-28	%
Erbitux		87		98		185		107		292		121		413		138							59	%	59	%
Affective (Psychiatric) Disorders		232		284		516		306		822		267		1,089		323							39	%	39	%
Abilify**		188		240		428		260		688		224		912		283							51	%	51	%
Immunoscience		—		—		—		—		—		—		—		5							—		—
Orencia		—		—		—		—		—		—		—		5							—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68							-23	%	-23	%
NUTRITIONALS		526		548		1,074		547		1,621		584		2,205		565							7	%	7	%
Enfamil		235		250		485		230		715		277		992		237							1	%	1	%
Enfagrow		50		49		99		54		153		53		206		67							34	%	34	%
OTHER HEALTHCARE		428		455		883		442		1,325		423		1,748		411							-4	%	-4	%
CONVATEC		228		247		475		250		725		267		992		230							1	%	1	%
Ostomy		127		139		266		139		405		145		550		123							-3	%	-3	%
Wound Therapeutics		97		103		200		104		304		112		416		105							8	%	8	%
MEDICAL IMAGING		145		151		296		150		446		156		602		181							25	%	25	%
Cardiolite		102		108		210		106		316		100		416		103							1	%	1	%
CONSUMER MEDICINES		55		57		112		42		154		—		154		—							-100	%	-100	%

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

*** In excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

																										% Change in U.S. Total Prescription****
	2005														2006									% Change		NPA		NGPS
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr			2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr		Qtr vs. Qtr		Qtr vs. Qtr
Total Company	$	2,310	$	2,668	$	4,978	$	2,638	$	7,616	$	2,845	$	10,461	$	2,638								14	%
PHARMACEUTICALS		1,777		2,097		3,874		2,082		5,956		2,234		8,190		2,076								17	%
Cardiovascular		1,080		1,377		2,457		1,328		3,785		1,496		5,281		1,341								24	%
Plavix		673		823		1,496		833		2,329		906		3,235		850								26	%	15	%	13	%
Pravachol		258		353		611		297		908		366		1,274		302								17	%	-18	%	-17	%
Avapro/ Avalide		102		157		259		147		406		168		574		139								36	%	6	%	4	%
Coumadin		42		42		84		49		133		50		183		47								12	%	-25	%	-28	%
Monopril		3		2		5		1		6		3		9		2								-33	%	-55	%	-56	%
Virology		231		231		462		239		701		244		945		259								12	%
Reyataz		92		98		190		105		295		110		405		119								29	%	19	%	17	%
Sustiva		103		97		200		101		301		102		403		108								5	%	4	%	3	%
Zerit		26		26		52		24		76		21		97		19								-27	%	-33	%	-33	%
Baraclude		—		5		5		2		7		4		11		9								—		N/A		N/A
Infectious Diseases		91		57		148		53		201		75		276		12								-87	%
Cefzil		50		30		80		27		107		46		153		(5	)							-110	%	-83	%	-84	%
Oncology		115		112		227		131		358		144		502		159								38	%
Taxol		4		4		8		4		12		5		17		4								—		N/A		N/A
Erbitux		87		97		184		106		290		121		411		136								56	%	N/A		N/A
Affective (Psychiatric) Disorders		167		206		373		221		594		183		777		237								42	%
Abilify**		161		200		361		214		575		175		750		231								43	%	29	%	29	%
Immunoscience		—		—		—		—		—		—		—		5								—
Orencia		—		—		—		—		—		—		—		5								—		N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—								—		N/A		N/A
NUTRITIONALS		255		267		522		266		788		282		1,070		247								-3	%
Enfamil		162		171		333		168		501		184		685		155								-4	%	N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—								—		N/A		N/A
OTHER HEALTHCARE		242		253		495		252		747		225		972		231								-5	%
CONVATEC		66		71		137		82		219		93		312		73								11	%
Ostomy		34		38		72		43		115		46		161		34								—		N/A		N/A
Wound Therapeutics		30		29		59		34		93		40		133		37								23	%	N/A		N/A
MEDICAL IMAGING		124		127		251		129		380		132		512		158								27	%
Cardiolite		91		96		187		95		282		88		370		91								—		N/A		N/A
CONSUMER MEDICINES		52		55		107		41		148		—		148		—								-100	%

* 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 does not tie to Total Company sales.

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

*** In excess of +/- 200%

**** The estimated total U.S. prescription growth for the retail and mail order channels are calculated based on National Prescription Audit (NPA) and Next-Generation Prescription Services (NGPS) data provided by IMS Health, a supplier of market research for the pharmaceutical industry. The NPA data is based on a simple average of the estimated number of prescriptions in the retail and mail order channels, and the NGPS data is based on a weighted average of the estimated number of prescription units (pills) in each of the retail and mail order channels as provided by IMS.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2005														2006								% Change
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr	6 Months	3rd Qtr	9 Months	4th Qtr	Year	Qtr vs. Qtr
Total Company	$	2,222	$	2,221	$	4,443	$	2,129	$	6,572	$	2,174	$	8,746	$	2,038							-8	%
PHARMACEUTICALS		1,801		1,789		3,590		1,696		5,286		1,778		7,064		1,624							-10	%
Cardiovascular		632		654		1,286		607		1,893		594		2,487		576							-9	%
Plavix		141		145		286		147		433		155		588		136							-4	%
Pravachol		262		272		534		230		764		218		982		234							-11	%
Avapro/ Avalide		94		101		195		104		299		109		408		94							—
Coumadin		7		8		15		8		23		6		29		8							14	%
Monopril		56		52		108		48		156		43		199		46							-18	%
Virology		199		226		425		201		626		206		832		209							5	%
Reyataz		57		85		142		71		213		78		291		88							54	%
Sustiva		70		70		140		69		209		68		277		67							-4	%
Zerit		33		33		66		27		93		26		119		21							-36	%
Baraclude		—		—		—		—		—		1		1		2							—
Infectious Diseases		202		204		406		186		592		211		803		187							-7	%
Cefzil		32		24		56		21		77		29		106		28							-13	%
Oncology		272		259		531		249		780		251		1,031		202							-26	%
Taxol		201		182		383		171		554		176		730		143							-29	%
Erbitux		—		1		1		1		2		—		2		2							—
Affective (Psychiatric) Disorders		65		78		143		85		228		84		312		86							32	%
Abilify**		27		40		67		46		113		49		162		52							93	%
Immunoscience		—		—		—		—		—		—		—		—							—
Orencia		—		—		—		—		—		—		—		—							—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68							-23	%
NUTRITIONALS		271		281		552		281		833		302		1,135		318							17	%
Enfamil		73		79		152		62		214		93		307		82							12	%
Enfagrow		50		49		99		54		153		53		206		67							34	%
OTHER HEALTHCARE		186		202		388		190		578		198		776		180							-3	%
CONVATEC		162		176		338		168		506		174		680		157							-3	%
Ostomy		93		101		194		96		290		99		389		89							-4	%
Wound Therapeutics		67		74		141		70		211		72		283		68							1	%
MEDICAL IMAGING		21		24		45		21		66		24		90		23							10	%
Cardiolite		11		12		23		11		34		12		46		12							9	%
CONSUMER MEDICINES		3		2		5		1		6		—		6		—							-100	%

* 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 does not tie to Total Company sales.

** 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

($ in millions)

	2006
	Q1												TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	1,193											$	1,193
Specified items:
Gain on sale of product asset		(200	)											(200	)
Litigation matters		40												40
Insurance recoveries		(21	)											(21	)
Provision for restructuring / other		69												69
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081											$	1,081
	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	928		$	1,130		$	1,626		$	832		$	4,516
Specified items:
Gain on sale of equity investment		(18	)		(9	)		—			—			(27	)
Litigation matters		124			269			—			197			590
Insurance recoveries		—			(295	)		(26	)		—			(321	)
Provision for restructuring / other		68			94			31			95			288
Termination of muraglitizar agreement		—			—			—			(138	)		(138	)
Gain on sale of businesses		—			—			(569	)		—			(569	)
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,102		$	1,189		$	1,062		$	986		$	4,339

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

	2006
	Q1												TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.36											$	0.36
Specified items:
Gain on sale of product asset		(0.06	)											(0.06	)
Litigation matters		0.01												0.01
Insurance recoveries		(0.01	)											(0.01	)
Provision for restructuring / other		0.02												0.02
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.32											$	0.32
	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings per Common Share from Continuing Operations	$	0.27		$	0.50		$	0.49		$	0.26		$	1.52
Specified items:
Gain on sale of equity investment		(0.01	)		—			—			—			(0.01	)
Litigation matters		0.05			0.10			—			0.06			0.22
Insurance recoveries		—			(0.09	)		(0.01	)		—			(0.10	)
Provision for restructuring / other		0.03			0.03			0.02			0.03			0.10
Termination of muraglitizar agreement		—			—			—			(0.04	)		(0.04	)
Gain on sale of businesses		—			—			(0.19	)		—			(0.19	)
Tax items		—			(0.07	)		—			—			(0.07	)
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.34		$	0.47		$	0.31		$	0.31		$	1.43

* quarterly amounts may not add to the annual total due to rounding of individual calculations.

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005

($ in millions)

Three months ended March 31, 2006

	Cost of products sold		Research and development		Sales Force		Provision for restructuring and other items, net		Litigation settlement income			Other (income)/ expense, net		Gain on sale of product asset			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—	$	—	$	(21	)	$	—	$	—		$	(21	)
Commercial litigation		—		—		—		—		—			40		—			40
		—		—		—		—		(21	)		40		—			19
Other:
Accelerated depreciation, asset impairment and contract termination		46		—		4		—		—			—		—			50
Downsizing and streamlining of worldwide operations		—		—		—		1		—			—		—			1
Upfront and milestone payments		—		18		—		—		—			—		—			18
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	46	$	18	$	4	$	1	$	(21	)	$	40	$	(200	)		(112	)
Income taxes on items above																		48
Minority interest, net of taxes																		(13	)
Increase to Net Earnings from Continuing Operations																	$	(77	)

Three months ended March 31, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation settlement expense		Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	124	$	—		$	124
Other:
Gain on sale of equity investment		—		—		—		—		(18	)		(18	)
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	$	124	$	(2	)		174
Income taxes on items above													(42	)
Reduction to Net Earnings from Continuing Operations												$	132

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2005		June 30, 2005		September 30, 2005		December 31, 2005		March 31, 2006		June 30, 2006		September 30, 2006		December 31, 2006
Cash, cash equivalents and marketable debt securities	$	5,982	$	3,040	$	3,781	$	5,799	$	5,281	$	—	$	—	$	—
Receivables, net of allowances		3,647		3,315		3,306		3,378		3,236		—		—		—
Short-term borrowings		244		292		277		231		234		—		—		—
Long-term debt		8,326		6,008		5,895		8,364		8,278		—		—		—
Stockholders’ equity		10,381		10,801		11,268		11,208		11,556		—		—		—
Capital expenditures and capitalized software (for the quarter ended)		181		171		185		201		202		—		—		—

BRISTOL-MYERS SQUIBB COMPANY

2006 DILUTED EPS FROM CONTINUING OPERATIONS

IMPACT OF PROJECTED SPECIFIED ITEMS

��	Diluted EPS Impact
Downsizing and streamlining of worldwide operations	$	0.03
Milestone payments		0.03
Gain on sale of product asset		(0.06	)
Litigation Matters		0.01
Insurance recoveries		(0.01	)
Total	$	—

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 (based on 2005 annual net sales) and products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for each of the six quarters ended December 31, 2004 through March 31, 2006.

	December 31, 2004				March 31, 2005			June 30, 2005				September 30, 2005			December 31, 2005			March 31, 2006
	Net Sales			Months on Hand	Net Sales		Months on Hand	Net Sales			Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales			Months on Hand
	($ in millions)				($ in millions)			($ in millions)				($ in millions)			($ in millions)			($ in millions)
Abilify (total revenue)	$	170		0.9	$	161	0.7	$	200		0.7	$	214	0.9	$	175	0.6	$	231		0.5
Avapro/Avalide		154		0.9		102	0.8		157		0.6		147	0.5		168	0.6		139		0.4
Baraclude		—		—		—	—		5		4.7		2	1.2		4	0.7		9		1.0
Cefzil		60		1.1		50	0.7		30		0.8		27	0.7		46	0.7		(5	)	9.8
Coumadin		69		1.0		42	1.0		42		0.7		49	0.6		50	0.8		47		0.6
Erbitux*		88		0.2		87	**		97		—		106	—		121	—		136		—
Glucophage Franchise		48		1.1		39	1.0		44		0.8		38	0.7		29	0.7		25		0.7
Kenalog		18		1.3		11	0.9		15		0.5		19	0.7		23	0.9		23		0.7
Orencia		—		—		—	—		—		—		—	—		—	—		5		0.9
Paraplatin		(12	)	1.2		15	0.9		(1	)	0.8		9	1.1		5	0.9		7		1.2
Plavix		816		0.9		673	0.8		823		0.6		833	0.4		906	0.6		850		0.4
Pravachol		433		1.0		258	0.8		353		0.7		297	0.5		366	0.6		302		0.4
Reyataz		99		0.9		92	0.8		98		0.8		105	0.6		110	0.5		119		0.6
Sustiva		103		0.8		103	0.8		97		0.8		101	0.6		102	0.6		108		0.5
Tequin		39		0.9		38	0.7		22		0.8		21	0.9		22	0.9		13		0.8
Videx/Videx EC		25		0.9		10	1.2		5		1.0		7	1.1		7	0.9		4		0.9
Zerit		31		0.9		26	0.8		26		0.8		24	0.8		21	0.8		19		0.7

For all products other than Erbitux, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of thirty-one days, all 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 third party data, which represent their own record-keeping processes and as such, may also 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. Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler, and thereafter did not have ERBITUX consignment inventory. Following the divesture, the Company sells ERBITUX to intermediaries (such as specialty oncology distributors) and ships ERBITUX directly to the end users of product who are the customers of those intermediaries. The company recognizes revenue upon such shipment consistent with its revenue recognition policy. Accordingly, subsequent to June 30, 2005, there was no ERBITUX inventory held by wholesalers.

** Less than 0.1 months on hand.

BRISTOL-MYERS SQUIBB COMPANY

ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICAL AND WORLDWIDE NON-PHARMACEUTICAL PRODUCTS

The following table, which was posted on the Company’s website and furnished on Form 8-K, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the four quarters ended March 31, 2005, through December 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. 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. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimus. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.

	March 31, 2005			June 30, 2005			September 30, 2005			December 31, 2005
	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand	Net Sales		Months on Hand
	(dollars in millions)			(dollars in millions)			(dollars in millions)			(dollars in millions)
International Pharmaceuticals
Abilify (total revenue)	$	27	0.6	$	40	0.6	$	46	0.8	$	49	0.6
Avapro/Avalide		94	0.4		101	0.4		104	0.5		109	0.6
Bufferin		26	0.5		32	1.0		31	0.6		36	0.7
Capoten		42	0.8		42	0.8		38	0.9		38	0.8
Dafalgan		40	1.3		33	0.8		34	1.3		34	1.2
Efferalgan		88	0.9		55	0.5		66	1.1		74	1.0
Maxipime		46	0.7		52	0.8		40	0.7		48	0.8
Monopril		56	0.6		52	0.7		48	1.0		43	0.9
Paraplatin		29	0.6		34	0.6		33	0.6		33	0.8
Perfalgan		42	0.5		42	0.6		38	0.7		43	0.6
Plavix		141	0.7		145	0.5		147	0.6		155	0.6
Pravachol		262	0.7		272	0.7		230	0.8		218	0.8
Reyataz		57	0.6		85	0.8		71	0.9		78	0.6
Sustiva		70	0.5		70	0.6		69	0.6		68	0.6
Taxol		201	0.5		182	0.5		171	0.5		176	0.8
Videx/Videx EC		39	0.8		38	0.9		34	0.9		34	0.9
Nutritionals
Enfamil		235	0.9		250	0.9		230	0.9		277	1.0
Nutramigen		44	1.0		47	1.0		44	1.1		48	1.1
Other Healthcare
ConvaTec
Ostomy		127	0.9		139	0.9		139	0.9		145	1.0
Wound Therapeutics		97	0.8		103	0.8		104	0.8		112	0.9
Medical Imaging
Cardiolite		102	0.7		108	0.7		106	0.8		100	1.0

The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers at the end of each quarter 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 out-movement 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.