Bristol-Myers Squibb (BMY) 8-K Bristol-myers Squibb Company Reports First Quarter 2007 Financial Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

NET SALES

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2006																					2007									% 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
Pharmaceuticals	$	3,700		$	3,859		$	7,559		$	3,154		$	10,713		$	3,148		$	13,861		$	3,457								-7	%	-7	%
US Pharmaceuticals		2,064			2,197			4,261			1,609			5,870			1,501			7,371			1,932								-6	%	-6	%
Primary Care		1,409			1,441			2,850			819			3,669			648			4,317			1,090								-23	%	-23	%
Oncology/Virology		419			458			877			494			1,371			525			1,896			504								20	%	20	%
Neuroscience		231			280			511			262			773			297			1,070			298								29	%	29	%
Immunoscience		5			18			23			34			57			31			88			40								*		*
Europe and Middle East Medicines		1,024			1,000			2,024			886			2,910			934			3,844			916								-11	%	-11	%
Latin America/Canada		288			303			591			300			891			306			1,197			297								3	%	3	%
Asia/Pacific Medicines		279			320			599			318			917			349			1,266			289								4	%	4	%
Nutritionals		565			582			1,147			582			1,729			618			2,347			606								7	%	7	%
Other Health Care		411			430			841			418			1,259			447			1,706			413								—		—
ConvaTec		230			262			492			265			757			291			1,048			254								10	%	10	%
Medical Imaging		181			168			349			153			502			156			658			159								-12	%	-12	%
Total Company	$	4,676		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		$	4,476								-4	%	-4	%
	2006																					2007									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
% of Total Sales
Pharmaceuticals		79.1	%		79.2	%		79.2	%		75.9	%		78.2	%		74.7	%		77.4	%		77.2	%							(190	)	(190	)
US Pharmaceuticals		44.1	%		45.1	%		44.6	%		38.7	%		42.8	%		35.6	%		41.1	%		43.2	%							(90	)	(90	)
Primary Care		30.1	%		29.6	%		29.9	%		19.7	%		26.8	%		15.4	%		24.1	%		24.4	%							(570	)	(570	)
Oncology/Virology		9.0	%		9.4	%		9.2	%		11.9	%		10.0	%		12.5	%		10.5	%		11.3	%							230		230
Neuroscience		4.9	%		5.7	%		5.3	%		6.3	%		5.6	%		7.0	%		6.0	%		6.7	%							180		180
Immunoscience		0.1	%		0.4	%		0.2	%		0.8	%		0.4	%		0.7	%		0.5	%		0.8	%							70		70
Europe and Middle East Medicines		21.9	%		20.5	%		21.2	%		21.3	%		21.2	%		22.2	%		21.5	%		20.5	%							(140	)	(140	)
Latin America/Canada		6.2	%		6.2	%		6.2	%		7.2	%		6.5	%		7.3	%		6.7	%		6.6	%							40		40
Asia/Pacific Medicines		6.0	%		6.6	%		6.3	%		7.7	%		6.7	%		8.3	%		7.1	%		6.5	%							50		50
Nutritionals		12.1	%		12.0	%		12.0	%		14.0	%		12.6	%		14.7	%		13.1	%		13.5	%							140		140
Other Health Care		8.8	%		8.8	%		8.8	%		10.1	%		9.2	%		10.6	%		9.5	%		9.3	%							50		50
ConvaTec		4.9	%		5.4	%		5.2	%		6.4	%		5.5	%		6.9	%		5.8	%		5.7	%							80		80
Medical Imaging		3.9	%		3.4	%		3.6	%		3.7	%		3.7	%		3.7	%		3.7	%		3.6	%							(30	)	(30	)
Total Company		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

* In Excess of +/- 200%

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR TOTAL COMPANY

FOR THE PERIOD ENDED MARCH 31, 2007

($ in millions)

YEAR-TO-DATE

	Pharmaceuticals Group			Nutritionals			Convatec			Medical Imaging			Total Company
Price Increases/(Decreases)		—			2	%		-1	%		-3	%		—
Foreign Exchange		2	%		2	%		5	%		—			2	%
Volume		-9	%		3	%		6	%		-9	%		-6	%
Total Change		-7	%		7	%		10	%		-12	%		-4	%
Total 2007 Period to Date Sales	$	3,457		$	606		$	254		$	159		$	4,476
Total 2006 Period to Date Sales	$	3,700		$	565		$	230		$	181		$	4,676

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

($ in millions, except per share amounts)

	2006																					2007									% 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	$	4,676		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		$	4,476								-4	%	-4	%
Cost of products sold		1,476			1,568			3,044			1,465			4,509			1,447			5,956			1,392								-6	%	-6	%
Marketing, selling and administrative		1,238			1,181			2,419			1,189			3,608			1,311			4,919			1,158								-6	%	-6	%
Advertising and product promotion		295			352			647			286			933			418			1,351			269								-9	%	-9	%
Research and development		750			740			1,490			756			2,246			821			3,067			807								8	%	8	%
Provision for restructuring, net		1			3			4			2			6			53			59			37								*		*
Litigation (income)/charges, net		(21)			(14)			(35)			(9)			(44)			346			302			—								100	%	100	%
Gain on sale of business and product asset		(200)			—			(200)			—			(200)			—			(200)			—								100	%	100	%
Equity in net income of affiliates		(93)			(125)			(218)			(118)			(336)			(138)			(474)			(126)								-35	%	-35	%
Other expense/(income), net		37			56			93			(34)			59			240			299			22								-41	%	-41	%
Total expenses		3,483			3,761			7,244			3,537			10,781			4,498			15,279			3,559								2	%	2	%
Earnings/(Loss) Before Minority Interest and Income Taxes		1,193			1,110			2,303			617			2,920			(285)			2,635			917								-23	%	-23	%
Provision/(Benefit) for income taxes		328			256			584			193			777			(167)			610			86								-74	%	-74	%
Minority interest, net of taxes		151			187			338			86			424			16			440			141								-7	%	-7	%
Net Earnings/(Loss)	$	714		$	667		$	1,381		$	338		$	1,719		$	(134)		$	1,585			690								-3	%	-3	%
Interest expense on conversion of convertible debt bonds, net of tax		8			8			16			9			25			—	(1)		—	(2)		9
Net Earnings/(Loss) used for diluted earnings per common share calculation	$	722		$	675		$	1,397		$	347		$	1,744		$	(134)	(1)	$	1,585	(2)		699
Diluted Earnings/(Loss) per Common Share**	$	0.36		$	0.34		$	0.70		$	0.17		$	0.88		$	(0.07)	(1)	$	0.81	(2)	$	0.35								-3	%	-3	%
Average Common Shares Outstanding - Diluted		1,988			1,994			1,992			1,992			1,991			1,961	(1)		1,963	(2)		1,997								—		—
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.28		$	1.12		$	0.28								—		—
	2006																					2007									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
% of Net Sales
Gross Margin		68.4	%		67.8	%		68.1	%		64.7	%		67.1	%		65.7	%		66.8	%		68.9	%							50		50
Cost of products sold		31.6	%		32.2	%		31.9	%		35.3	%		32.9	%		34.3	%		33.2	%		31.1	%							(50)		(50)
Marketing, selling and administrative		26.5	%		24.2	%		25.3	%		28.6	%		26.3	%		31.1	%		27.5	%		25.9	%							(60)		(60)
Advertising and product promotion		6.3	%		7.2	%		6.8	%		6.9	%		6.8	%		9.9	%		7.5	%		6.0	%							(30)		(30)
Research and development		16.0	%		15.2	%		15.6	%		18.2	%		16.4	%		19.5	%		17.1	%		18.0	%							200		200
Total expenses		74.5	%		77.2	%		75.9	%		85.1	%		78.7	%		106.8	%		85.3	%		79.5	%							500		500
Earnings/(Loss) Before Minority Interest and Income Taxes		25.5	%		22.8	%		24.1	%		14.9	%		21.3	%		-6.8	%		14.7	%		20.5	%							(500)		(500)
Net Earnings/(Loss)		15.3	%		13.7	%		14.5	%		8.1	%		12.5	%		-3.2	%		8.8	%		15.4	%							10		10
Other Ratios
Effective Tax Rate		27.5	%		23.1	%		25.4	%		31.3	%		26.6	%		58.6	%		23.1	%		9.4	%
	2006																					2007									% 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
Other (Income)/Expense, net
Interest expense	$	116		$	124		$	240		$	130		$	370		$	128		$	498		$	109								-6	%	-6	%
Interest income		(62)			(65)			(127)			(74)			(201)			(73)			(274)			(53)								15	%	15	%
Foreign exchange transaction (gains)/losses		(12)			23			11			(11)			—			6			6			8								167	%	167	%
Other, net		(5)			(26)			(31)			(79)			(110)			179			69			(42)								*		*
	$	37		$	56		$	93		$	(34)		$	59		$	240		$	299		$	22								-41	%	-41	%

* 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 anti-dilutive.

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2006														2007								% 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	$	4,676	$	4,871	$	9,547	$	4,154	$	13,701	$	4,213	$	17,914	$	4,476							-4	%	-4	%
PHARMACEUTICALS		3,700		3,859		7,559		3,154		10,713		3,148		13,861		3,457							-7	%	-7	%
Cardiovascular		1,917		1,907		3,824		1,239		5,063		1,093		6,156		1,475							-23	%	-23	%
Plavix		986		1,145		2,131		630		2,761		496		3,257		938							-5	%	-5	%
Pravachol		536		323		859		192		1,051		146		1,197		135							-75	%	-75	%
Avapro/ Avalide		233		280		513		277		790		307		1,097		270							16	%	16	%
Coumadin		55		55		110		53		163		57		220		46							-16	%	-16	%
Virology		468		524		992		532		1,524		580		2,104		590							26	%	26	%
Reyataz		207		236		443		233		676		255		931		263							27	%	27	%
Sustiva Franchise***		175		193		368		201		569		222		791		226							29	%	29	%
Baraclude		11		14		25		22		47		36		83		45							*		*
Oncology		361		401		762		399		1,161		394		1,555		355							-2	%	-2	%
Erbitux		138		172		310		175		485		167		652		160							16	%	16	%
Taxol		147		149		296		137		433		130		563		111							-24	%	-24	%
Sprycel		—		—		—		11		11		14		25		21							—		—
Affective (Psychiatric) Disorders		323		376		699		354		1,053		404		1,457		408							26	%	26	%
Abilify**		283		324		607		313		920		362		1,282		366							29	%	29	%
Immunoscience		5		18		23		34		57		32		89		41							*		*
Orencia		5		18		23		34		57		32		89		41							*		*
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81							19	%	19	%
NUTRITIONALS		565		582		1,147		582		1,729		618		2,347		606							7	%	7	%
Enfamil		237		253		490		246		736		271		1,007		254							7	%	7	%
Enfagrow		67		59		126		69		195		67		262		72							7	%	7	%
OTHER HEALTH CARE		411		430		841		418		1,259		447		1,706		413							—		—
CONVATEC		230		262		492		265		757		291		1,048		254							10	%	10	%
Ostomy		123		141		264		139		403		151		554		130							6	%	6	%
Wound Therapeutics		98		107		205		113		318		123		441		107							9	%	9	%
MEDICAL IMAGING		181		168		349		153		502		156		658		159							-12	%	-12	%
Cardiolite		103		105		208		97		305		103		408		99							-4	%	-4	%

* In excess of +/- 200%

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

*** 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 BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2006														2007								% Change				% Change in U.S. Total Prescription****
	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
Total Company	$	2,638	$	2,806	$	5,444	$	2,170	$	7,614	$	2,115	$	9,729	$	2,505							-5	%	-5	%
PHARMACEUTICALS		2,076		2,205		4,281		1,619		5,900		1,517		7,417		1,944							-6	%	-6	%
Cardiovascular		1,341		1,330		2,671		752		3,423		616		4,039		1,045							-22	%	-22	%
Plavix		850		988		1,838		474		2,312		343		2,655		787							-7	%	-7	%	-28	%	-28	%
Pravachol		302		128		430		73		503		50		553		57							-81	%	-81	%	-86	%	-86	%
Avapro/ Avalide		139		167		306		159		465		182		647		163							17	%	17	%	-1	%	-1	%
Coumadin		47		46		93		45		138		48		186		38							-19	%	-19	%	-17	%	-17	%
Virology		259		270		529		292		821		327		1,148		319							23	%	23	%
Reyataz		119		122		241		129		370		144		514		143							20	%	20	%	17	%	17	%
Sustiva Franchise*****		108		115		223		128		351		144		495		144							33	%	33	%	25	%	25	%
Baraclude		9		9		18		14		32		18		50		17							89	%	89	%	127	%	127	%
Oncology		159		187		346		201		547		195		742		182							14	%	14	%
Erbitux		136		172		308		173		481		165		646		158							16	%	16	%	N/A		N/A
Taxol		4		4		8		2		10		2		12		4							—		—		N/A		N/A
Sprycel		—		—		—		11		11		11		22		10							—		—		N/A		N/A
Affective (Psychiatric) Disorders		237		286		523		266		789		302		1,091		305							29	%	29	%
Abilify**		231		267		498		260		758		294		1,052		293							27	%	27	%	14	%	14	%
Immunoscience		5		18		23		34		57		31		88		40							*	**	*	**
Orencia		5		18		23		34		57		31		88		40							*	**	*	**	N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—							—		—		N/A		N/A
NUTRITIONALS		247		282		529		267		796		295		1,091		274							11	%	11	%
Enfamil		155		174		329		169		498		190		688		171							10	%	10	%	N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—							—		—		N/A		N/A
OTHER HEALTH CARE		231		226		457		215		672		232		904		214							-7	%	-7	%
CONVATEC		73		85		158		84		242		101		343		78							7	%	7	%
Ostomy		34		41		75		39		114		45		159		34							—		—		N/A		N/A
Wound Therapeutics		30		34		64		36		100		43		143		32							7	%	7	%	N/A		N/A
MEDICAL IMAGING		158		141		299		131		430		131		561		136							-14	%	-14	%
Cardiolite		91		91		182		86		268		90		358		87							-4	%	-4	%	N/A		N/A

* 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 change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) version 2.0 data on a weighted-average basis. NGPS data is provided by IMS Health, a supplier of market research for the pharmaceutical industry. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying NGPS mail order prescription data by a factor that approximates three and adding to this the NGPS retail prescriptions.

***** 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 BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2006																2007						% 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	$	2,038	$	2,065	$	4,103	$	1,984	$	6,087	$	2,098	$	8,185	$	1,971							-3	%	-3	%
PHARMACEUTICALS		1,624		1,654		3,278		1,535		4,813		1,631		6,444		1,513							-7	%	-7	%
Cardiovascular		576		577		1,153		487		1,640		477		2,117		430							-25	%	-25	%
Plavix		136		157		293		156		449		153		602		151							11	%	11	%
Pravachol		234		195		429		119		548		96		644		78							-67	%	-67	%
Avapro/ Avalide		94		113		207		118		325		125		450		107							14	%	14	%
Coumadin		8		9		17		8		25		9		34		8							—		—
Virology		209		254		463		240		703		253		956		271							30	%	30	%
Reyataz		88		114		202		104		306		111		417		120							36	%	36	%
Sustiva Franchise****		67		78		145		73		218		78		296		82							22	%	22	%
Baraclude		2		5		7		8		15		18		33		28								***		***
Oncology		202		214		416		198		614		199		813		173							-14	%	-14	%
Erbitux		2		—		2		2		4		2		6		2							—		—
Taxol		143		145		288		135		423		128		551		107							-25	%	-25	%
Sprycel		—		—		—		—		—		3		3		11							—		—
Affective (Psychiatric) Disorders		86		90		176		88		264		102		366		103							20	%	20	%
Abilify**		52		57		109		53		162		68		230		73							40	%	40	%
Immunoscience		—		—		—		—		—		1		1		1							—		—
Orencia		—		—		—		—		—		1		1		1							—		—
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81							19	%	19	%
NUTRITIONALS		318		300		618		315		933		323		1,256		332							4	%	4	%
Enfamil		82		79		161		77		238		81		319		83							1	%	1	%
Enfagrow		67		59		126		69		195		67		262		72							7	%	7	%
OTHER HEALTH CARE		180		204		384		203		587		215		802		199							11	%	11	%
CONVATEC		157		177		334		181		515		190		705		176							12	%	12	%
Ostomy		89		100		189		100		289		106		395		96							8	%	8	%
Wound Therapeutics		68		73		141		77		218		80		298		75							10	%	10	%
MEDICAL IMAGING		23		27		50		22		72		25		97		23							—		—
Cardiolite		12		14		26		11		37		13		50		12							—		—

* 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)

	2007	2006	% Change
	Q1	Q1	Qtr vs. Qtr
U.S Pharmaceuticals Net Sales
U.S Pharmaceuticals Net Sales as Reported	$1,932	$2,064	-6%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	300 to 350	—	—
U.S Pharmaceuticals Net Sales Excluding the Estimated
Impact of Launch of Generic Clopidogrel Bisulfate	$2,232 to $2,282	$2,064	8% to 11%

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1												��	TOTAL YEAR
Net Sales	$	4,476												$	4,476
Gross Profit
Gross Profit	$	3,084												$	3,084
Specified items*		16													16
Gross Profit Excluding Specified Items	$	3,100												$	3,100
Gross Margin %		68.9	%												68.9	%
Specified items*		0.4	%												0.4	%
Gross Margin Excluding Specified Items		69.3	%												69.3	%
	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	%

* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1								TOTAL YEAR
Research and Development Expenses	$	807							$	807
Specified items*		80								80
Research and Development Expenses Excluding Specified Items	$	727							$	727
	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

* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1												TOTAL YEAR
Provision for Income Taxes
Provision for Income Taxes	$	86											$	86
Specified items*		79												79
Provision for Income Taxes Excluding Specified Items	$	165											$	165
Earnings Before Minority Interest and Provision for Income Taxes	$	917											$	917
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,050											$	1,050
Effective Tax Rate
Effective Tax Rate		9.4	%											9.4	%
Effective Tax Rate Excluding Specified Items		15.7	%											15.7	%
	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) Before Minority Interest and Provision for Income Taxes	$	1,193		$	1,110		$	617		$	(285	)	$	2,635
Earnings 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		27.5	%		23.1	%		31.3	%		58.6	%		23.1	%
Effective Tax Rate Excluding Specified Items		25.8	%		22.6	%		23.7	%		6.8	%		21.8	%

* Please refer to the Specified Item - QTD tab for detail of specified items.

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1												TOTAL YEAR
Earnings Before Minority Interest and Provision for Income Taxes	$	917											$	917
Specified items:
Upfront and milestone payments		80												80
Downsizing and streamlining of worldwide operations		37												37
Accelerated depreciation		16												16
Subtotal		133												133
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,050											$	1,050
	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings / (Loss) 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 Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,081		$	1,120		$	670		$	425		$	3,296

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE

EXCLUDING SPECIFIED ITEMS

	2007
	Q1											TOTAL YEAR *
Diluted Earnings per Common Share	$	0.35										$	0.35
Specified items:
Upfront payments		0.03											0.03
Downsizing and streamlining of worldwide operations		0.01											0.01
Accelerated depreciation		0.01											0.01
Change in estimate for taxes on a prior year specified item		(0.02	)										(0.02	)
Subtotal		0.03											0.03
Diluted Earnings per Common Share Excluding Specified Items	$	0.38										$	0.38
	2006
	Q1			Q2		Q3			Q4			TOTAL YEAR *
Diluted Earnings / (Loss) per Common Share	$	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 Excluding Specified Items	$	0.32		$	0.35	$	0.22		$	0.19		$	1.09

* 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, 2007 AND 2006

($ in millions)

Three months ended March 31, 2007

	Cost of products sold		Research and development		Provision for restructuring, net		Total
Upfront payments	$	—	$	80	$	—	$	80
Downsizing and streamlining of worldwide operations		—		—		37		37
Accelerated depreciation		16		—		—		16
	$	16	$	80	$	37		133
Income taxes on items above								(40	)
Change in estimate for taxes on a prior year specified item								(39	)
Reduction to Net Earnings							$	54
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 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 and asset impairment		46		—		4		—			—			—		—			50
Upfront and milestone payments		—		18		—		—			—			—		—			18
Downsizing and streamlining of worldwide operations		—		—		—		1			—			—		—			1
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																		$	(77	)

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2006		June 30, 2006		September 30, 2006		December 31, 2006			March 31, 2007		June 30, 2007		September 30, 2007		December 31, 2007
Cash, cash equivalents and marketable debt securities	$	5,281	$	5,357	$	5,505	$	4,013		$	4,012	$	—	$	—	$	—
Short-term borrowings		234		189		630		187			241		—		—		—
Long-term debt		8,278		8,239		7,837		7,248			7,132		—		—		—
Net debt	$	3,231	$	3,071	$	2,962	$	3,422		$	3,361	$	—	$	—	$	—
Receivables, net of allowances	$	3,236	$	3,326	$	2,945	$	3,247		$	3,381	$	—	$	—	$	—
Stockholders’ equity		11,556		11,712		11,589		9,991	(1)		10,261		—		—		—
Capital expenditures and capitalized software (for the quarter ended)		202		160		199		224			202

(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

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2007
Projected Diluted Earnings per Common Share	$	1.24 to $1.34
Projected Specified Items:
Upfront and milestone payments		0.05
Downsizing and streamlining of worldwide operations		0.03
Change in estimate for taxes on a prior year specified item		(0.02	)
Total		0.06
Projected Diluted Earnings per Common Share Excluding Specified Items	$	1.30 to $1.40

Gross Margin/Research and Development/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the three months ended March 31, 2007 was 68.9%, which included specified items of $16 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the three months ended March 31, 2007 gross margin was 69.3%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 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 three months ended March 31, 2007 were $807 million, which included specified items of $80 million. On a non-GAAP basis, for the three months ended March 31, 2007 research and development expenses were $727 million. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects research and development expenses for the full year 2007 to increase in the mid to 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 for the three months ended March 31, 2007 was 9.4%, which included specified items of $79 million in the tax provision, and had a 6.3% favorable impact on the effective tax rate in aggregate. On a non-GAAP basis, the three months ended March 31, 2007 effective tax rate was 15.7%. On a non-GAAP basis, based on historical trends in 2006 and the first quarter of 2007 the Company projects effective tax rate for the full year 2007 to be in the 20% range. 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, upfront and 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, restructuring activities and significant tax events. 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 First Quarter of 2007, April 26, 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 tables sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2006 annual net sales) 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 March 31, 2007 and 2006 and December 31, 2006 and 2005.

	March 31, 2007			December 31, 2006			March 31, 2006			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)
Abilify (total revenue)	$	293	0.4	$	294	0.5	$	231	0.5	$	175	0.6
Avapro/Avalide		163	0.4		182	0.5		139	0.4		168	0.6
Baraclude		17	0.6		18	0.7		9	1.0		4	0.7
Coumadin		38	0.7		48	0.8		47	0.6		50	0.8
Erbitux(a)		158	0.3		165	0.4		136	—		121	—
Glucophage Franchise		21	0.6		16	0.7		25	0.7		29	0.7
Kenalog		18	0.5		24	0.8		23	0.7		23	0.9
Orencia(b)		40	0.3		31	0.4		5	0.9		—	—
Paraplatin		5	13.8		6	5.8		7	1.2		5	0.9
Plavix		787	0.6		343	0.6		850	0.4		906	0.6
Pravachol		57	0.6		50	0.6		302	0.4		366	0.6
Reyataz		143	0.7		144	0.7		119	0.6		110	0.5
Sprycel		10	0.7		11	1.4		—	—		—	—
Sustiva Franchise (c) (total revenue)		144	0.7		144	0.7		108	0.5		102	0.6
Zerit		12	0.6		19	0.9		19	0.7		21	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.

(a) In the first and second quarter of 2006, the Company sold Erbitux to intermediaries (such as wholesalers and 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 of 2006, the Company expanded its distribution model to include two distributors who then held Erbitux inventory. One additional distributor was added for Erbitux in the first quarter of 2007. 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 distributors for their own accounts as reported by the distributors as of the end of the quarter by the out-movements of the product reported by the distributors over the last 31 day period. The inventory levels reported by the distributors are a product of their record-keeping process.

(b) 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, the exclusive distribution arrangement terminated on July 17, 2006 and the Company expanded its distribution network for ORENCIA to multiple distributors. The above estimates of months on hand was calculated by dividing the inventories of Orencia held by these distributors at the end of the quarter by the out-movement of the product over the last 31 day period, as reported by these distributors. The inventory on hand and out-movements reported by these distributors are a product of the distributors’ own record-keeping process.

(c) Beginning in the third quarter of 2006, the Sustiva Franchise includes sales of 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.