Bristol-Myers Squibb (BMY) 8-K Fourth Quarter and Twelve Months of 2006 and Announces Eps Guidance for 2007

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	$	3,578		$	3,886		$	7,464		$	3,778		$	11,242		$	4,012		$	15,254		$	3,700		$	3,859		$	7,559		$	3,154		$	10,713		$	3,148		$	13,861		-22	%	-9	%
US Pharmaceuticals		1,767			2,084			3,851			2,069			5,920			2,220			8,140			2,064			2,197			4,261			1,609			5,870			1,501			7,371		-32	%	-9	%
Primary Care		1,258			1,539			2,797			1,486			4,283			1,653			5,936			1,409			1,441			2,850			819			3,669			648			4,317		-61	%	-27	%
Oncology/Virology		348			345			693			370			1,063			391			1,454			419			458			877			494			1,371			525			1,896		34	%	30	%
Neuroscience		161			200			361			213			574			176			750			231			280			511			262			773			297			1,070		69	%	43	%
Immunoscience		—			—			—			—			—			—			—			5			18			23			34			57			31			88		—		—
Europe and Middle East Medicines		1,201			1,112			2,313			1,030			3,343			1,053			4,396			1,024			1,000			2,024			886			2,910			934			3,844		-11	%	-13	%
Latin America/Canada		258			306			564			285			849			325			1,174			288			303			591			300			891			306			1,197		-6	%	2	%
Asia/Pacific Medicines		157			161			318			176			494			171			665			149			163			312			170			482			176			658		3	%	-1	%
Japan Medicines		142			168			310			166			476			183			659			130			157			287			148			435			173			608		-5	%	-8	%
Nutritionals		526			548			1,074			547			1,621			584			2,205			565			582			1,147			582			1,729			618			2,347		6	%	6	%
Other Health Care		428			455			883			442			1,325			423			1,748			411			430			841			418			1,259			447			1,706		6	%	-2	%
ConvaTec		228			247			475			250			725			267			992			230			262			492			265			757			291			1,048		9	%	6	%
Medical Imaging		145			151			296			150			446			156			602			181			168			349			153			502			156			658		—		9	%
Consumer Medicines		55			57			112			42			154			—			154			—			—			—			—			—			—			—		—		-100	%
Total Company	$	4,532		$	4,889		$	9,421		$	4,767		$	14,188		$	5,019		$	19,207		$	4,676		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		-16	%	-7	%
% 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		79.0	%		79.5	%		79.2	%		79.3	%		79.2	%		79.9	%		79.4	%		79.1	%		79.2	%		79.2	%		75.9	%		78.2	%		74.7	%		77.4	%	(520	)	(200	)
US Pharmaceuticals		39.0	%		42.6	%		40.9	%		43.4	%		41.7	%		44.2	%		42.4	%		44.1	%		45.1	%		44.6	%		38.7	%		42.8	%		35.6	%		41.1	%	(860	)	(130	)
Primary Care		27.8	%		31.4	%		29.7	%		31.2	%		30.2	%		32.9	%		30.9	%		30.1	%		29.6	%		29.9	%		19.7	%		26.8	%		15.4	%		24.1	%	(1750	)	(680	)
Oncology/Virology		7.7	%		7.1	%		7.4	%		7.8	%		7.5	%		7.8	%		7.6	%		9.0	%		9.4	%		9.2	%		11.9	%		10.0	%		12.5	%		10.5	%	470		290
Neuroscience		3.5	%		4.1	%		3.8	%		4.4	%		4.0	%		3.5	%		3.9	%		4.9	%		5.7	%		5.3	%		6.3	%		5.6	%		7.0	%		6.0	%	350		210
Immunoscience		—			—			—			—			—			—			—			0.1	%		0.4	%		0.2	%		0.8	%		0.4	%		0.7	%		0.5	%	70		50
Europe and Middle East Medicines		26.5	%		22.7	%		24.6	%		21.6	%		23.6	%		21.0	%		22.9	%		21.9	%		20.5	%		21.2	%		21.3	%		21.2	%		22.2	%		21.5	%	120		(140	)
Latin America/Canada		5.7	%		6.3	%		6.0	%		6.0	%		6.0	%		6.5	%		6.1	%		6.2	%		6.2	%		6.2	%		7.2	%		6.5	%		7.3	%		6.7	%	80		60
Asia/Pacific Medicines		3.5	%		3.3	%		3.4	%		3.7	%		3.5	%		3.4	%		3.5	%		3.2	%		3.4	%		3.3	%		4.1	%		3.5	%		4.2	%		3.7	%	80		20
Japan Medicines		3.1	%		3.4	%		3.3	%		3.5	%		3.3	%		3.7	%		3.4	%		2.8	%		3.2	%		3.0	%		3.6	%		3.2	%		4.1	%		3.4	%	40		—
Nutritionals		11.6	%		11.2	%		11.4	%		11.5	%		11.4	%		11.7	%		11.5	%		12.1	%		12.0	%		12.0	%		14.0	%		12.6	%		14.7	%		13.1	%	300		160
Other Health Care		9.4	%		9.3	%		9.4	%		9.2	%		9.4	%		8.4	%		9.1	%		8.8	%		8.8	%		8.8	%		10.1	%		9.2	%		10.6	%		9.5	%	220		40
ConvaTec		5.0	%		5.0	%		5.1	%		5.2	%		5.1	%		5.3	%		5.2	%		4.9	%		5.4	%		5.2	%		6.4	%		5.5	%		6.9	%		5.8	%	160		60
Medical Imaging		3.2	%		3.1	%		3.1	%		3.1	%		3.2	%		3.1	%		3.1	%		3.9	%		3.4	%		3.6	%		3.7	%		3.7	%		3.7	%		3.7	%	60		60
Consumer Medicines		1.2	%		1.2	%		1.2	%		0.9	%		1.1	%		—			0.8	%		—			—			—			—			—			—			—		—		(80	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		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 DECEMBER 31, 2006

($ in millions)

QUARTER-TO-DATE
	Pharmaceuticals Group			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases/(Decreases)		—			3	%		1	%		-1	%		—			—
Foreign Exchange		1	%		2	%		4	%		1	%		—			2	%
Volume		-23	%		1	%		4	%		—			—			-18	%
Total Change		-22	%		6	%		9	%		—			—			-16	%
Total 2006 Period to Date Sales	$	3,148		$	618		$	291		$	156		$	—		$	4,213
Total 2005 Period to Date Sales	$	4,012		$	584		$	267		$	156		$	—		$	5,019
YEAR-TO-DATE
	Pharmaceuticals Group			Nutritionals			Convatec			Medical Imaging			Consumer Medicines			Continuing Operations
Price Increases/(Decreases)		2	%		3	%		—			-2	%		—			2	%
Foreign Exchange		—			1	%		1	%		—			—			—
Volume		-11	%		2	%		5	%		11	%		-100	%		-9	%
Total Change		-9	%		6	%		6	%		9	%		-100	%		-7	%
Total 2006 Period to Date Sales	$	13,861		$	2,347		$	1,048		$	658		$	—		$	17,914
Total 2005 Period to Date Sales	$	15,254		$	2,205		$	992		$	602		$	154		$	19,207

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		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		-16	%	-7	%
Cost of products sold		1,367			1,483			2,850			1,483			4,333			1,595			5,928			1,476			1,568			3,044			1,465			4,509			1,447			5,956		-9	%	0	%
Marketing, selling and administrative		1,183			1,268			2,451			1,286			3,737			1,369			5,106			1,238			1,181			2,419			1,189			3,608			1,311			4,919		-4	%	-4	%
Advertising and product promotion		318			365			683			349			1,032			444			1,476			295			352			647			286			933			418			1,351		-6	%	-8	%
Research and development		653			649			1,302			669			1,971			775			2,746			750			740			1,490			756			2,246			821			3,067		6	%	12	%
Provision for restructuring, net		3			2			5			(5	)		—			32			32			1			3			4			2			6			53			59		66	%	84	%
Litigation (income)/charges, net		124			(26	)		98			(26	)		72			197			269			(21	)		(14	)		(35	)		(9	)		(44	)		346			302		76	%	12	%
Gain on sale of business and product asset		—			—			—			(569	)		(569	)		—			(569	)		(200	)		—			(200	)		—			(200	)		—			(200	)	—		65	%
Equity in net income of affiliates		(69	)		(87	)		(156	)		(84	)		(240	)		(94	)		(334	)		(93	)		(125	)		(218	)		(118	)		(336	)		(138	)		(474	)	-47	%	-42	%
Other (income)/expense, net		25			105			130			38			168			(131	)		37			37			56			93			(34	)		59			240			299		*		*
Total expenses		3,604			3,759			7,363			3,141			10,504			4,187			14,691			3,483			3,761			7,244			3,537			10,781			4,498			15,279		7	%	4	%
(Loss)/Earnings from Continuing Operations Before Minority Interest and Income Taxes		928			1,130			2,058			1,626			3,684			832			4,516			1,193			1,110			2,303			617			2,920			(285	)		2,635		-134	%	-42	%
(Benefit)/Provision for income taxes		268			(21	)		247			507			754			178			932			328			256			584			193			777			(167	)		610		-194	%	-35	%
Minority interest, net of taxes		122			160			282			155			437			155			592			151			187			338			86			424			16			440		-90	%	-26	%
(Loss)/Earnings from Continuing Operations	$	538		$	991		$	1,529		$	964		$	2,493		$	499		$	2,992		$	714		$	667		$	1,381		$	338		$	1,719		($	134	)	$	1,585		-127	%	-47	%
Interest expense on conversion of convertible debt bonds, net of tax		4			5			9			6			15			7			22			8			8			16			9			25			—	(1)		—	(2)
(Loss)/Earnings from continuing operations used for diluted earnings per common share calculation	$	542		$	996		$	1,538		$	970		$	2,508		$	506		$	3,014		$	722		$	675		$	1,397		$	347		$	1,744		($	134	)(1)	$	1,585	(2)
Diluted (Loss)/Earnings per Common Share Continuing Operations**	$	0.27		$	0.50		$	0.78		$	0.49		$	1.27		$	0.26		$	1.52		$	0.36		$	0.34		$	0.70		$	0.17		$	0.88		($	0.07	)(1)	$	0.81	(2)	-127	%	-47	%
Average Common Shares Outstanding - Diluted		1,981			1,984			1,982			1,984			1,983			1,983			1,983			1,988			1,994			1,992			1,992			1,991			1,961	(1)		1,963	(2)	-1	%	-1	%
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		—		—
% 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	%		67.8	%		68.1	%		64.7	%		67.1	%		65.7	%		66.8	%	(250	)	(230	)
Cost of products sold		30.2	%		30.3	%		30.3	%		31.1	%		30.5	%		31.8	%		30.9	%		31.6	%		32.2	%		31.9	%		35.3	%		32.9	%		34.3	%		33.2	%	250		230
Marketing, selling and administrative		26.1	%		25.9	%		26.0	%		27.0	%		26.3	%		27.3	%		26.6	%		26.5	%		24.2	%		25.3	%		28.6	%		26.3	%		31.1	%		27.5	%	380		90
Advertising and product promotion		7.0	%		7.5	%		7.2	%		7.3	%		7.3	%		8.8	%		7.7	%		6.3	%		7.2	%		6.8	%		6.9	%		6.8	%		9.9	%		7.5	%	110		(20	)
Research and development		14.4	%		13.3	%		13.8	%		14.0	%		13.9	%		15.4	%		14.3	%		16.0	%		15.2	%		15.6	%		18.2	%		16.4	%		19.5	%		17.1	%	410		280
Total expenses		79.5	%		76.9	%		78.2	%		65.9	%		74.0	%		83.4	%		76.5	%		74.5	%		77.2	%		75.9	%		85.1	%		78.7	%		106.8	%		85.3	%	2,340		880
(Loss)/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	%		22.8	%		24.1	%		14.9	%		21.3	%		-6.8	%		14.7	%	(2,340	)	(880	)
(Loss)/Earnings from Continuing Operations		11.9	%		20.3	%		16.2	%		20.2	%		17.6	%		9.9	%		15.6	%		15.3	%		13.7	%		14.5	%		8.1	%		12.5	%		-3.2	%		8.8	%	(1,310	)	(680	)
Other Ratios
Effective Tax Rate		28.9	%		-1.9	%		12.0	%		31.2	%		20.5	%		21.4	%		20.6	%		27.5	%		23.1	%		25.4	%		31.3	%		26.6	%		58.6	%		23.1	%
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		$	124		$	240		$	130		$	370		$	128		$	498		28	%	43	%
Interest income		(45	)		(23	)		(68	)		(28	)		(96	)		(52	)		(148	)		(62	)		(65	)		(127	)		(74	)		(201	)		(73	)		(274	)	-40	%	-85	%
Foreign exchange transaction (gains)/losses		12			35			47			—			47			11			58			(12	)		23			11			(11	)		—			6			6		-45	%	-90	%
Other (income)/expense, net		(39	)		20			(19	)		(13	)		(32	)		(190	)		(222	)		(5	)		(26	)		(31	)		(79	)		(110	)		179			69		194	%	131	%
	$	25		$	105		$	130		$	38		$	168		($	131	)	$	37		$	37		$	56		$	93		($	34	)	$	59		$	240		$	299			*		*

* in excess of +/- 200%

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

(1) as a result of the Q4 2006 net loss, Diluted Average Common Shares Outstanding and Loss per Common Share are equal to Basic Average Common Shares Outstanding and Loss per Common Share.

(2) assumed interest amount and the assumed conversion of convertible debt are not used for Diluted Earnings per Common Share calculation as the impact of convertible debt is not dilutive.

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	$	4,871	$	9,547	$	4,154	$	13,701	$	4,213	$	17,914	-16	%	-7	%
PHARMACEUTICALS		3,578		3,886		7,464		3,778		11,242			4,012		15,254		3,700		3,859		7,559		3,154		10,713		3,148		13,861	-22	%	-9	%
Cardiovascular		1,712		2,031		3,743		1,935		5,678			2,090		7,768		1,917		1,907		3,824		1,239		5,063		1,093		6,156	-48	%	-21	%
Plavix		814		968		1,782		980		2,762			1,061		3,823		986		1,145		2,131		630		2,761		496		3,257	-53	%	-15	%
Pravachol		520		625		1,145		527		1,672			584		2,256		536		323		859		192		1,051		146		1,197	-75	%	-47	%
Avapro/ Avalide		196		258		454		251		705	��		277		982		233		280		513		277		790		307		1,097	11	%	12	%
Coumadin		49		50		99		57		156			56		212		55		55		110		53		163		57		220	2	%	4	%
Monopril		59		54		113		49		162			46		208		48		49		97		34		131		28		159	-39	%	-24	%
Virology		430		457		887		440		1,327			450		1,777		468		524		992		532		1,524		580		2,104	29	%	18	%
Reyataz		149		183		332		176		508			188		696		207		236		443		233		676		255		931	36	%	34	%
Sustiva Franchise*****		173		167		340		170		510			170		680		175		193		368		201		569		222		791	31	%	16	%
Zerit		59		59		118		51		169			47		216		40		41		81		38		119		36		155	-23	%	-28	%
Baraclude		—		5		5		2		7			5		12		11		14		25		22		47		36		83		***		***
Infectious Diseases		293		261		554		239		793			286		1,079		199		172		371		169		540		159		699	-44	%	-35	%
Cefzil		82		54		136		48		184			75		259		23		23		46		18		64		23		87	-69	%	-66	%
Oncology		387		371		758		380		1,138			395		1,533		361		401		762		399		1,161		394		1,555	—		1	%
Erbitux		87		98		185		107		292			121		413		138		172		310		175		485		167		652	38	%	58	%
Taxol		205		186		391		175		566			181		747		147		149		296		137		433		130		563	-28	%	-25	%
Sprycel		—		—		—		—		—			—		—		—		—		—		11		11		14		25	—		—
Affective (Psychiatric) Disorders		232		284		516		306		822			267		1,089		323		376		699		354		1,053		404		1,457	51	%	34	%
Abilify**		188		240		428		260		688			224		912		283		324		607		313		920		362		1,282	62	%	41	%
EMSAM		—		—		—		—		—			—		—		—		12		12		3		15		3		18	—		—
Immunoscience		—		—		—		—		—			—		—		5		18		23		34		57		32		89	—		—
Orencia				—		—		—		—			—		—		5		18		23		34		57		32		89	—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209			74		283		68		62		130		62		192		74		266	��		-6	%
NUTRITIONALS		526		548		1,074		547		1,621			584		2,205		565		582		1,147		582		1,729		618		2,347	6	%	6	%
Enfamil		235		250		485		230		715			277		992		237		253		490		246		736		271		1,007	-2	%	2	%
Enfagrow		50		49		99		54		153			53		206		67		59		126		69		195		67		262	26	%	27	%
OTHER HEALTH CARE		428		455		883		442		1,325			423		1,748		411		430		841		418		1,259		447		1,706	6	%	-2	%
CONVATEC		228		247		475		250		725			267		992		230		262		492		265		757		291		1,048	9	%	6	%
Ostomy		127		139		266		139		405			145		550		123		141		264		139		403		151		554	4	%	1	%
Wound Therapeutics		97		103		200		104		304			112		416		98		107		205		113		318		123		441	10	%	6	%
MEDICAL IMAGING		145		151		296		150		446			156		602		181		168		349		153		502		156		658	—		9	%
Cardiolite		102		108		210		106		316			100		416		103		105		208		97		305		103		408	3	%	-2	%
CONSUMER MEDICINES		55		57		112		42		154			—		154		—		—		—		—		—		—		—	—		-100	%

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

*** In excess of +/- 200%

***** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.

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		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
Total Company	$	2,310	$	2,668	$	4,978	$	2,638	$	7,616	$	2,845	$	10,461	$	2,638		$	2,806		$	5,444		$	2,170	$	7,614		$	2,115		$	9,729		-26	%	-7	%
PHARMACEUTICALS		1,777		2,097		3,874		2,082		5,956		2,234		8,190		2,076			2,205			4,281			1,619		5,900			1,517			7,417		-32	%	-9	%
Cardiovascular		1,080		1,377		2,457		1,328		3,785		1,496		5,281		1,341			1,330			2,671			752		3,423			616			4,039		-59	%	-24	%
Plavix		673		823		1,496		833		2,329		906		3,235		850			988			1,838			474		2,312			343			2,655		-62	%	-18	%	-64	%	-18	%	-66	%	-20	%
Pravachol		258		353		611		297		908		366		1,274		302			128			430			73		503			50			553		-86	%	-57	%	-84	%	-59	%	-84	%	-59	%
Avapro/ Avalide		102		157		259		147		406		168		574		139			167			306			159		465			182			647		8	%	13	%	2	%	4	%	1	%	2	%
Coumadin		42		42		84		49		133		50		183		47			46			93			45		138			48			186		-4	%	2	%	-19	%	-21	%	-18	%	-22	%
Monopril		3		2		5		1		6		3		9		2			1			3			—		3			(7	)		(4	)	*	**	-144	%	-53	%	-54	%	-51	%	-54	%
Virology		231		231		462		239		701		244		945		259			270			529			292		821			327			1,148		34	%	21	%
Reyataz		92		98		190		105		295		110		405		119			122			241			129		370			144			514		31	%	27	%	20	%	18	%	15	%	17	%
Sustiva Franchise*****		103		97		200		101		301		102		403		108			115			223			128		351			144			495		41	%	23	%	21	%	11	%	20	%	11	%
Zerit		26		26		52		24		76		21		97		19			18			37			19		56			19			75		-10	%	-23	%	-27	%	-30	%	-28	%	-30	%
Baraclude		—		5		5		2		7		4		11		9			9			18			14		32			18			50			***		***		***		***	198	%		***
Infectious Diseases		91		57		148		53		201		75		276		12			(3	)		9			25		34			(31	)		3		-141	%	-99	%
Cefzil		50		30		80		27		107		46		153		(5	)		(1	)		(6	)		1		(5	)		(5	)		(10	)	-111	%	-107	%	-97	%	-91	%	-97	%	-91	%
Oncology		115		112		227		131		358		144		502		159			187			346			201		547			195			742		35	%	48	%
Erbitux		87		97		184		106		290		121		411		136			172			308			173		481			165			646		36	%	57	%	N/A		N/A		N/A		N/A
Taxol		4		4		8		4		12		5		17		4			4			8			2		10			2			12		-60	%	-29	%	N/A		N/A		N/A		N/A
Sprycel		—		—		—		—		—		—		—		—			—			—			11		11			11			22		—		—		N/A		N/A		N/A		N/A
Affective (Psychiatric) Disorders		167		206		373		221		594		183		777		237			286			523			266		789			302			1,091		65	%	40	%
Abilify**		161		200		361		214		575		175		750		231			267			498			260		758			294			1,052		68	%	40	%	17	%	21	%	17	%	21	%
EMSAM		—		—		—		—		—		—		—		—			12			12			3		15			3			18		—		—		N/A		N/A		N/A		N/A
Immunoscience		—		—		—		—		—		—		—		5			18			23			34		57			31			88		—		—
Orencia		—		—		—		—		—		—		—		5			18			23			34		57			31			88		—		—		N/A		N/A		N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—			—			—			—		—			—			—		—		—		N/A		N/A		N/A		N/A
NUTRITIONALS		255		267		522		266		788		282		1,070		247			282			529			267		796			295			1,091		5	%	2	%
Enfamil		162		171		333		168		501		184		685		155			174			329			169		498			190			688		3	%	—		N/A		N/A		N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—			—			—			—		—			—			—		—		—		N/A		N/A		N/A		N/A
OTHER HEALTH CARE		242		253		495		252		747		225		972		231			226			457			215		672			232			904		3	%	-7	%
CONVATEC		66		71		137		82		219		93		312		73			85			158			84		242			101			343		9	%	10	%
Ostomy		34		38		72		43		115		46		161		34			41			75			39		114			45			159		-2	%	-1	%	N/A		N/A		N/A		N/A
Wound Therapeutics		30		29		59		34		93		40		133		30			34			64			36		100			43			143		8	%	8	%	N/A		N/A		N/A		N/A
MEDICAL IMAGING		124		127		251		129		380		132		512		158			141			299			131		430			131			561		-1	%	10	%
Cardiolite		91		96		187		95		282		88		370		91			91			182			86		268			90			358		2	%	-3	%	N/A		N/A		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.

***** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.

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		YTD vs. YTD
Total Company	$	2,222	$	2,221	$	4,443	$	2,129	$	6,572	$	2,174	$	8,746	$	2,038	$	2,065	$	4,103	$	1,984	$	6,087	$	2,098	$	8,185	-3	%	-6	%
PHARMACEUTICALS		1,801		1,789		3,590		1,696		5,286		1,778		7,064		1,624		1,654		3,278		1,535		4,813		1,631		6,444	-8	%	-9	%
Cardiovascular		632		654		1,286		607		1,893		594		2,487		576		577		1,153		487		1,640		477		2,117	-20	%	-15	%
Plavix		141		145		286		147		433		155		588		136		157		293		156		449		153		602	-1	%	2	%
Pravachol		262		272		534		230		764		218		982		234		195		429		119		548		96		644	-56	%	-34	%
Avapro/Avalide		94		101		195		104		299		109		408		94		113		207		118		325		125		450	15	%	10	%
Coumadin		7		8		15		8		23		6		29		8		9		17		8		25		9		34	50	%	17	%
Monopril		56		52		108		48		156		43		199		46		48		94		34		128		35		163	-19	%	-18	%
Virology		199		226		425		201		626		206		832		209		254		463		240		703		253		956	23	%	15	%
Reyataz		57		85		142		71		213		78		291		88		114		202		104		306		111		417	42	%	43	%
Sustiva Franchise*****		70		70		140		69		209		68		277		67		78		145		73		218		78		296	15	%	7	%
Zerit		33		33		66		27		93		26		119		21		23		44		19		63		17		80	-35	%	-33	%
Baraclude		—		—		—		—		—		1		1		2		5		7		8		15		18		33		***		***
Infectious Diseases		202		204		406		186		592		211		803		187		175		362		144		506		190		696	-10	%	-13	%
Cefzil		32		24		56		21		77		29		106		28		24		52		17		69		28		97	-3	%	-8	%
Oncology		272		259		531		249		780		251		1,031		202		214		416		198		614		199		813	-21	%	-21	%
Erbitux		—		1		1		1		2		—		2		2		—		2		2		4		2		6	—		200	%
Taxol		201		182		383		171		554		176		730		143		145		288		135		423		128		551	-27	%	-25	%
Sprycel		—		—		—		—		—		—		—		—		—		—		—		—		3		3	—		—
Affective (Psychiatric) Disorders		65		78		143		85		228		84		312		86		90		176		88		264		102		366	21	%	17	%
Abilify**		27		40		67		46		113		49		162		52		57		109		53		162		68		230	39	%	42	%
EMSAM		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—
Immunoscience		—		—		—		—		—		—		—		—		—		—		—		—		1		1	—		—
Orencia		—		—		—		—		—		—		—		—		—		—		—		—		1		1	—		—
Other Pharmaceuticals
Efferalgan		88		55		143		66		209		74		283		68		62		130		62		192		74		266	—		-6	%
NUTRITIONALS		271		281		552		281		833		302		1,135		318		300		618		315		933		323		1,256	7	%	11	%
Enfamil		73		79		152		62		214		93		307		82		79		161		77		238		81		319	-13	%	4	%
Enfagrow		50		49		99		54		153		53		206		67		59		126		69		195		67		262	26	%	27	%
OTHER HEALTH CARE		186		202		388		190		578		198		776		180		204		384		203		587		215		802	9	%	3	%
CONVATEC		162		176		338		168		506		174		680		157		177		334		181		515		190		705	9	%	4	%
Ostomy		93		101		194		96		290		99		389		89		100		189		100		289		106		395	7	%	2	%
Wound Therapeutics		67		74		141		70		211		72		283		68		73		141		77		218		80		298	11	%	5	%
MEDICAL IMAGING		21		24		45		21		66		24		90		23		27		50		22		72		25		97	4	%	8	%
Cardiolite		11		12		23		11		34		12		46		12		14		26		11		37		13		50	8	%	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%

***** Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. Atripla is sold through a joint venture with Gilead Sciences, Inc.

BRISTOL-MYERS SQUIBB COMPANY

U.S. PHARMACEUTICALS NET SALES

EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE

($ in millions)

	2006		2005		% Change
	Q4		Q4		Qtr vs. Qtr
U.S Pharmaceuticals Net Sales
U.S Pharmaceuticals Net Sales as Reported	$	1,501	$	2,220	-32%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		700 to 750		—	—
U.S Pharmaceuticals Net Sales Excluding the Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	2,201 to $2,251	$	2,220	-1% to 1%

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Sales	$	4,676		$	4,871		$	4,154		$	4,213		$	17,914
Gross Profit
Gross Profit	$	3,200		$	3,303		$	2,689		$	2,766		$	11,958
Specified items*		46			20			72			29			167
Gross Profit Excluding Specified Items	$	3,246		$	3,323		$	2,761		$	2,795		$	12,125
Gross Margin %
Gross Margin %		68.4	%		67.8	%		64.7	%		65.6	%		66.8	%
Specified items*		1.0	%		0.4	%		1.7	%		0.7	%		0.9	%
Gross Margin Excluding Specified Items		69.4	%		68.2	%		66.4	%		66.3	%		67.7	%

	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Sales	$	4,532		$	4,889		$	4,767		$	5,019		$	19,207
Gross Profit
Gross Profit	$	3,165		$	3,406		$	3,284		$	3,424		$	13,279
Specified items*		13			21			35			33			102
Gross Margin Excluding Specified Items	$	3,178		$	3,427		$	3,319		$	3,457		$	13,381
Gross Margin %
Gross Margin %		69.8	%		69.7	%		68.9	%		68.2	%		69.1	%
Specified items*		0.3	%		0.4	%		0.7	%		0.7	%		0.5	%
Gross Margin Excluding Specified Items		70.1	%		70.1	%		69.6	%		68.9	%		69.6	%

* Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1		Q2		Q3		Q4		TOTAL YEAR
Research and Development Expenses	$	750	$	740	$	756	$	821	$	3,067
Specified items*		18		1		17		49		85
Research and Development Expenses Excluding Specified Items	$	732	$	739	$	739	$	772	$	2,982

	2005
	Q1		Q2		Q3		Q4		TOTAL YEAR
Research and Development Expenses	$	653	$	649	$	669	$	775	$	2,746
Specified items*		36		1		—		35		72
Research and Development Expenses Excluding Specified Items	$	617	$	648	$	669	$	740	$	2,674

* Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Provision for Income Taxes
Provision/(Benefit) for Income Taxes	$	328		$	256		$	193		$	(167	)	$	610
Specified items*		(49	)		(3	)		(34	)		196			110
Provision for Income Taxes Excluding Specified Items	$	279		$	253		$	159		$	29		$	720
Earnings/(Loss) from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	1,193		$	1,110		$	617		$	(285	)	$	2,635
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081		$	1,120		$	670		$	425		$	3,296
Effective Tax Rate
Effective Tax Rate from Continuing Operations		27.5	%		23.1	%		31.3	%		58.6	%		23.1	%
Effective Tax Rate from Continuing Operations Excluding Specified Items		25.8	%		22.6	%		23.7	%		6.8	%		21.8	%

	2005
	Q1			Q2			Q3			Q4			TOTAL YEAR
Provision for Income Taxes
Provision/(Benefit) for Income Taxes	$	268		$	(21	)	$	507		$	178		$	932
Specified items*		42			117			(202	)		52			9
Provision for Income Taxes Excluding Specified Items	$	310		$	96		$	305		$	230		$	941
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	928		$	1,130		$	1,626		$	832		$	4,516
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,102		$	1,189		$	1,062		$	986		$	4,339
Effective Tax Rate
Effective Tax Rate from Continuing Operations		28.9	%		-1.9	%		31.2	%		21.4	%		20.6	%
Effective Tax Rate from Continuing Operations Excluding Specified Items		28.1	%		8.1	%		28.7	%		23.3	%		21.7	%

* Please refer to the Specified Item - QTD and YTD tabs for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings / (Loss) from Continuing Operations Before Minority Interest and Provision for Income Taxes	$	1,193		$	1,110		$	617		($	285	)	$	2,635
Specified items:
Gain on sale of product asset		(200	)		—			—			—			(200	)
Litigation matters		40			(14	)		(29	)		353			350
Insurance recoveries		(21	)		—			(9	)		(7	)		(37	)
Downsizing and streamlining of worldwide operations / other		69			24			91			131			315
Debt retirement costs											220			220
Claim for damages		—			—			—			13			13
Subtotal		(112	)		10			53			710			661
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081		$	1,120		$	670		$	425		$	3,296

	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	)
Subtotal		174			59			(564	)		154			(177	)
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			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings / (Loss) per Common Share from Continuing Operations	$	0.36		$	0.34		$	0.17		$	(0.07	)	$	0.81
Specified items:
Gain on sale of product asset		(0.06	)		—			—			—			(0.06	)
Litigation matters		0.01			—			(0.01	)		0.14			0.14
Insurance recoveries		(0.01	)		—			—			—			(0.01	)
Downsizing and streamlining of worldwide operations / other		0.02			0.01			0.04			0.05			0.12
Debt retirement costs		—			—			—			0.07			0.07
Tax item		—			—			0.02			—			0.02
Subtotal		(0.04	)		0.01			0.05			0.26			0.28
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.32		$	0.35		$	0.22		$	0.19		$	1.09
	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	)
Subtotal		0.07			(0.03	)		(0.18	)		0.05			(0.09	)
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 DECEMBER 31, 2006 AND 2005

($ in millions)

Three months ended December 31, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement (income)/ expense, net			Other expense		Total
Litigation Matters:
Pharmaceutical pricing and sales litigation	$	—	$	—	$	—	$	353		$	—	$	353
Claim for damages		—		—		—		—			13		13
Insurance recovery		—		—		—		(7	)		—		(7	)
		—		—		—		346			13		359
Other:
Debt retirement costs		—		—		—		—			220		220
Downsizing and streamlining of worldwide operations		—		—		53		—			—		53
Accelerated depreciation and asset impairment		29		14		—		—			—		43
Milestone payments		—		35		—		—			—		35
	$	29	$	49	$	53	$	346		$	233		710
Income taxes on items above													(196	)
Reduction to Net Earnings from Continuing Operations												$	514

Three months ended December 31, 2005

	Cost of products sold		Research and development		Provision for restructuring and other items, net		Litigation settlement expense		Other income			Total
Litigation Matters:
Private litigation and governmental investigations	$	—	$	—	$	—	$	185	$	—		$	185
Pharmaceutical pricing and sales litigation		—		—		—		12		—			12
		—		—		—		197		—			197
Other:
Downsizing and streamlining of worldwide operations		1		14		32		—		—			47
Accelerated depreciation and asset impairment		27		12		—		—		—			39
Upfront and milestone payments		—		9		—		—		—			9
Termination of muraglitazar agreement		5		—		—		—		(143	)		(138	)
	$	33	$	35	$	32	$	197	$	(143	)		154
Income taxes on items above													(52	)
Reduction to Net Earnings from Continuing Operations												$	102

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005

($ in millions)

Twelve months ended December 31, 2006

	Cost of products sold		Research and development		Marketing, selling and administrative		Provision for restructuring, net		Litigation settlement (income)/ expense, net			Other expense		Gain on sale of product asset			Total
Litigation Matters:
Pharmaceutical pricing and sales litigation	$	—	$	—	$	—	$	—	$	353		$	—	$	—		$	353
Product liability		—		—		—		—		—			11		—			11
Claim for damages		—		—		—		—		—			13		—			13
Commercial litigations		—		—		—		—		(14	)		—		—			(14	)
Insurance recovery		—		—		—		—		(37	)		—		—			(37	)
		—		—		—		—		302			24		—			326
Other:
Debt retirement costs		—		—		—		—		—			220		—			220
Accelerated depreciation, asset impairment and contract termination		167		15		4		—		—			—		—			186
Upfront and milestone payments		—		70		—		—		—			—		—			70
Downsizing and streamlining of worldwide operations		—		—		—		59		—			—		—			59
Gain on sale of product asset		—		—		—		—		—			—		(200	)		(200	)
	$	167	$	85	$	4	$	59	$	302		$	244	$	(200	)		661
Income taxes on items above																		(149	)
Change in estimate for taxes on prior year items																		39
Reduction to Net Earnings from Continuing Operations																	$	551

Twelve months ended December 31, 2005

	Cost of products sold		Research and development		Provision for restructuring, net		Gain on sale of business			Litigation settlement expense/ (income), net			Other (income)/ expense, net			Total
Litigation Matters:
Private litigations and governmental investigations	$	—	$	—	$	—	$	—		$	558		$	—		$	558
ERISA liability and other matters		—		—		—		—			20			—			20
Pharmaceutical pricing and sales litigation		—		—		—		—			12			—			12
Insurance recoveries		—		—		—		—			(321	)		—			(321	)
		—		—		—		—			269			—			269
Other:
Accelerated depreciation and asset impairment		96		14		—		—			—			—			110
Debt retirement costs		—		—		—		—			—			69			69
Downsizing and streamlining of worldwide operations		1		14		32		—			—			—			47
Upfront and milestone payments		—		44		—		—			—			—			44
Loss on sale of fixed assets		—		—		—		—			—			18			18
Gain on sale of equity investment		—		—		—		—			—			(27	)		(27	)
Termination of muraglitazar agreement		5		—		—		—			—			(143	)		(138	)
Gain on sale of Consumer Medicines businesses		—		—		—		(569	)		—			—			(569	)
	$	102	$	72	$	32	$	(569	)	$	269		$	(83	)		(177	)
Income taxes on items above																	126
Adjustment to taxes on repatriation of foreign earnings																	(135	)
Increase to Net Earnings from Continuing Operations																$	(186	)

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	$	5,357	$	5,505	$	4,013
Short-term borrowings		244		292		277		231		234		189		630		187
Long-term debt		8,326		6,008		5,895		8,364		8,278		8,239		7,837		7,275
Net debt	$	2,588	$	3,260	$	2,391	$	2,796	$	3,231	$	3,071	$	2,962	$	3,449
Receivables, net of allowances	$	3,647	$	3,315	$	3,305	$	3,378	$	3,236	$	3,326	$	2,945	$	3,247
Stockholders’ equity		10,381		10,801		11,268		11,208		11,556		11,712		11,589		9,991	(1)
Capital expenditures and capitalized software (for the quarter ended)		181		171		185		201		202		160		199		224

(1) Includes the impact of the adoption of SFAS 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106 and 132(R)”

BRISTOL-MYERS SQUIBB COMPANY

2007 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2007
Projected Diluted Earnings per Common Share from Continuing Operations	$	1.12 to $1.22
Projected Specified Items:
Upfront and milestone payments		0.05
Downsizing and streamlining of worldwide operations		0.03
Total		0.08
Projected Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	1.20 to $1.30

Gross Margin/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the full year 2006 was 66.8%, which included specified items of $167 million and had a 0.9% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2006 gross margin was 67.7%. On a non-GAAP basis, based on historical trends in 2006 the Company projects gross margin for the full year 2007 to be at least 100 basis points higher than 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See Gross Margin non comparable tab.

Research and development expenses on a GAAP basis for the full year 2006 were $3,067 million, which included specified items of $85 million. On a non-GAAP basis, 2006 research and development expenses were $2,982 million. On a non-GAAP basis, based on historical trends in 2006 the Company projects research and development expenses for the full year 2007 to increase in the upper single digit range compared to 2006. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See R&D non comparable tab.

The effective tax rate on a GAAP basis in 2006 was 23.1%, which included specified items of $110 million, and had a 1.3% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, 2006 effective tax rate was 21.8%. On a non-GAAP basis, based on historical trends in 2006 the Company projects effective tax rate for the full year 2007 to be in line with the 2006 rate. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See Tax Rate non comparable tab.

The GAAP results for the full year 2007 would include specified items that may occur and impact results. These specified items could include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals and restructuring activities. For a fuller discussion of certain of the litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The Fourth Quarter and Twelve Months of 2006, January 25, 2007, including “2007 Guidance” and “Use of Non-GAAP Financial Information” therein.

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 other 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 the quarters ended December 31, 2006 and 2005 and September 30, 2006 and 2005.

	December 31, 2006				September 30, 2006			December 31, 2005			September 30, 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)
Abilify (total revenue)	$	294		0.5	$	260	0.5	$	175	0.6	$	214	0.9
Avapro/Avalide		182		0.5		159	0.4		168	0.6		147	0.5
Baraclude		18		0.7		14	0.6		4	0.7		2	1.2
Cefzil		(5	)	21.7		1	29.2		46	0.7		27	0.7
Coumadin		48		0.8		45	0.7		50	0.8		49	0.6
Erbitux*		165		0.4		173	0.5		121	—		106	—
Glucophage Franchise		16		0.7		20	0.7		29	0.7		38	0.7
Kenalog		24		0.8		19	0.8		23	0.9		19	0.7
Orencia**		31		0.4		34	0.8		—	—		—	—
Paraplatin		6		5.8		5	1.5		5	0.9		9	1.1
Plavix		343		0.6		474	1.5		906	0.6		833	0.4
Pravachol		50		0.6		73	1.0		366	0.6		297	0.5
Reyataz		144		0.7		129	0.5		110	0.5		105	0.6
Sprycel		11		1.4		11	1.2		—	—		—	—
Sustiva Franchise (a) (total revenue)		144		0.7		128	0.5		102	0.6		101	0.6
Tequin		(10	)	—		2	2.3		22	0.9		21	0.9
Videx/Videx EC		2		1.1		3	0.9		7	0.9		7	1.1
Zerit		19		0.9		19	0.7		21	0.8		24	0.8

For all products other than Erbitux and Orencia, 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 31 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 31 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 was previously 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.  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 divestiture, the Company sold Erbitux to intermediaries (such as specialty oncology distributors) and shipped Erbitux directly to the end-users of the product who are the customers of those intermediaries.  Beginning in the third quarter 2006, the Company expanded its distribution model to one of the Company’s wholesalers who then held Erbitux inventory beginning with the quarter ended September 30, 2006.  The Company recognizes revenue upon such shipment consistent with its revenue recognition policy.  The above estimate of months on hand was 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 outmovements of the product reported by that wholesaler over the last 31 day period, not 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.

** Orencia was launched in February 2006. From launch through the second quarter, the Company distributed Orencia through an exclusive distribution arrangement with a single distributor. Following approval of the supplemental Biologics License Application (sBLA) that allows a third party to manufacture Orencia at an additional site, that arrangement recently terminated and the Company expanded its distribution network for Orencia to multiple distributors. The above estimates of months on hand were calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the outmovement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and outmovements reported by these distributors are a product of the distributors’ own record-keeping process.

(a) Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of branded Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The estimated months on hand of the product in the U.S. wholesale distribution channel only include branded Sustiva inventory.

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 on November 30, 2006, 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 quarters ended September 30, 2006 and 2005 and June 30, 2006 and 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. 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.

	September 30, 2006			June 30, 2006			September 30, 2005			June 30, 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)	$	53	0.6	$	57	0.6	$	46	0.8	$	40	0.6
Avapro/Avalide		118	0.5		113	0.5		104	0.5		101	0.4
Baraclude		8	0.9		5	1.0		—	—		—	—
Bufferin		28	0.5		31	0.5		31	0.6		32	1.0
Capoten		28	0.8		31	0.9		38	0.9		42	0.8
Dafalgan		35	1.1		37	1.1		34	1.3		33	0.8
Efferalgan		62	0.9		62	0.9		66	1.1		55	0.5
Maxipime		40	0.7		43	0.8		40	0.7		52	0.8
Monopril		34	1.0		48	1.1		48	1.0		52	0.7
Paraplatin		27	0.6		29	0.6		33	0.6		34	0.6
Perfalgan		48	0.6		51	0.6		38	0.7		42	0.6
Plavix		156	0.6		157	0.5		147	0.6		145	0.5
Pravachol		119	0.7		195	1.4		230	0.8		272	0.7
Reyataz		104	1.1		114	0.7		71	0.9		85	0.8
Sustiva		73	0.5		78	0.5		69	0.6		70	0.6
Taxol		135	0.6		145	0.5		171	0.5		182	0.5
Videx/Videx EC		35	1.4		35	1.2		34	0.9		38	0.9
Nutritionals
Enfamil/Enfagrow		315	0.8		312	0.9		284	0.9		299	0.9
Nutramigen		50	1.0		54	1.0		44	1.1		47	1.0
Other Health Care
ConvaTec
Ostomy		139	0.9		141	1.0		139	0.9		139	0.9
Wound Therapeutics		113	0.9		107	0.9		104	0.8		103	0.8
Medical Imaging
Cardiolite		97	0.8		105	0.8		106	0.8		108	0.7

The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers 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 31 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 or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.