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

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES AND EARNINGS BY SEGMENT

($ 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		$	3,851		$	7,308		$	3,926		$	11,234		$	4,388		$	15,622		39	%	13	%
US Pharmaceuticals		2,064			2,197			4,261			1,609			5,870			1,501			7,371			1,932			2,235			4,167			2,295			6,462			2,496			8,958		66	%	22	%
Primary Care		1,409			1,441			2,850			819			3,669			648			4,317			1,090			1,344			2,434			1,363			3,797			1,460			5,257		125	%	22	%
Oncology/Virology		419			458			877			494			1,371			525			1,896			504			511			1,015			539			1,554			602			2,156		15	%	14	%
Neuroscience		231			280			511			262			773			297			1,070			298			327			625			336			961			368			1,329		24	%	24	%
Immunoscience		5			18			23			34			57			31			88			40			53			93			57			150			66			216		113	%	145	%
Europe and Middle East Medicines		1,024			1,000			2,024			886			2,910			934			3,844			916			939			1,855			944			2,799			1,086			3,885		16	%	1	%
Latin America/Canada		288			303			591			300			891			306			1,197			297			311			608			331			939			396			1,335		29	%	12	%
Asia/Pacific Medicines		279			320			599			318			917			349			1,266			289			333			622			319			941			377			1,318		8	%	4	%
Health Care Group		795			844			1,639			847			2,486			909			3,395			860			906			1,766			967			2,733			993			3,726		9	%	10	%
Nutritionals		565			582			1,147			582			1,729			618			2,347			606			620			1,226			675			1,901			670			2,571		8	%	10	%
ConvaTec		230			262			492			265			757			291			1,048			254			286			540			292			832			323			1,155		11	%	10	%
Continuing Operations		4,495			4,703			9,198			4,001			13,199			4,057			17,256			4,317			4,757			9,074			4,893			13,967			5,381			19,348		33	%	12	%
Discontinued Operations		181			168			349			153			502			156			658			159			171			330			157			487			142			629		-9	%	-4	%
Total Company	$	4,676		$	4,871		$	9,547		$	4,154		$	13,701		$	4,213		$	17,914		$	4,476		$	4,928		$	9,404		$	5,050		$	14,454		$	5,523		$	19,977		31	%	12	%
	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	%		78.1	%		77.7	%		77.7	%		77.7	%		79.4	%		78.2	%	470		80
US Pharmaceuticals		44.1	%		45.1	%		44.6	%		38.7	%		42.8	%		35.6	%		41.1	%		43.2	%		45.4	%		44.3	%		45.4	%		44.7	%		45.2	%		44.8	%	960		370
Primary Care		30.1	%		29.6	%		29.9	%		19.7	%		26.8	%		15.4	%		24.1	%		24.4	%		27.3	%		25.9	%		26.9	%		26.3	%		26.4	%		26.3	%	1100		220
Oncology/Virology		9.0	%		9.4	%		9.2	%		11.9	%		10.0	%		12.5	%		10.5	%		11.3	%		10.4	%		10.8	%		10.7	%		10.8	%		10.9	%		10.8	%	(160	)	30
Neuroscience		4.9	%		5.7	%		5.3	%		6.3	%		5.6	%		7.0	%		6.0	%		6.7	%		6.6	%		6.6	%		6.7	%		6.6	%		6.7	%		6.7	%	(30	)	70
Immunoscience		0.1	%		0.4	%		0.2	%		0.8	%		0.4	%		0.7	%		0.5	%		0.8	%		1.1	%		1.0	%		1.1	%		1.0	%		1.2	%		1.0	%	50		50
Europe and Middle East Medicines		21.9	%		20.5	%		21.2	%		21.3	%		21.2	%		22.2	%		21.5	%		20.5	%		19.1	%		19.7	%		18.7	%		19.4	%		19.7	%		19.4	%	(250	)	(210	)
Latin America/Canada		6.2	%		6.2	%		6.2	%		7.2	%		6.5	%		7.3	%		6.7	%		6.6	%		6.3	%		6.5	%		6.6	%		6.5	%		7.2	%		6.7	%	(10	)	—
Asia/Pacific Medicines		6.0	%		6.6	%		6.3	%		7.7	%		6.7	%		8.3	%		7.1	%		6.5	%		6.8	%		6.6	%		6.3	%		6.5	%		6.8	%		6.6	%	(150	)	(50	)
Health Care Group		17.0	%		17.4	%		17.2	%		20.4	%		18.1	%		21.6	%		18.9	%		19.2	%		18.4	%		18.8	%		19.2	%		18.9	%		18.0	%		18.7	%	(360	)	(20	)
Nutritionals		12.1	%		12.0	%		12.0	%		14.0	%		12.6	%		14.7	%		13.1	%		13.5	%		12.6	%		13.0	%		13.4	%		13.2	%		12.2	%		12.9	%	(250	)	(20	)
ConvaTec		4.9	%		5.4	%		5.2	%		6.4	%		5.5	%		6.9	%		5.8	%		5.7	%		5.8	%		5.8	%		5.8	%		5.7	%		5.8	%		5.8	%	(110	)	—
Continuing Operations		96.1	%		96.6	%		96.4	%		96.3	%		96.3	%		96.3	%		96.3	%		96.4	%		96.5	%		96.5	%		96.9	%		96.6	%		97.4	%		96.9	%	110		60
Discontinued Operations		3.9	%		3.4	%		3.6	%		3.7	%		3.7	%		3.7	%		3.7	%		3.6	%		3.5	%		3.5	%		3.1	%		3.4	%		2.6	%		3.1	%	(110	)	(60	)
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	%

* In Excess of +/- 200%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED DECEMBER 31, 2007

($ in millions)

QUARTER-TO-DATE
	Pharmaceuticals			Nutritionals			ConvaTec			Continuing Operations
Price Increases/(Decreases)		3	%		6	%		-1	%		3	%
Foreign Exchange		5	%		4	%		7	%		5	%
Volume		31	%		-2	%		5	%		25	%
Total Change		39	%		8	%		11	%		33	%
Total 2007 Period to Date Sales	$	4,388		$	670		$	323		$	5,381
Total 2006 Period to Date Sales	$	3,148		$	618		$	291		$	4,057
YEAR-TO-DATE
	Pharmaceuticals			Nutritionals			ConvaTec			Continuing Operations
Price Increases/(Decreases)		2	%		4	%		-1	%		2	%
Foreign Exchange		3	%		3	%		5	%		3	%
Volume		8	%		3	%		6	%		7	%
Total Change		13	%		10	%		10	%		12	%
Total 2007 Period to Date Sales	$	15,622		$	2,571		$	1,155		$	19,348
Total 2006 Period to Date Sales	$	13,861		$	2,347		$	1,048		$	17,256

2

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	$	4,495		$	4,703		$	9,198		$	4,001		$	13,199		$	4,057		$	17,256		$	4,317		$	4,757		$	9,074		$	4,893		$	13,967		$	5,381		$	19,348		33	%	12	%
Cost of products sold		1,416			1,517			2,933			1,411			4,344			1,395			5,739			1,340			1,492			2,832			1,569			4,401			1,817			6,218		30	%	8	%
Marketing, selling and administrative	��	1,207			1,151			2,358			1,158			3,516			1,284			4,800			1,133			1,187			2,320			1,192			3,512			1,343			4,855		5	%	1	%
Advertising and product promotion		293			349			642			283			925			415			1,340			268			365			633			349			982			483			1,465		16	%	9	%
Research and development		732			723			1,455			737			2,192			799			2,991			791			767			1,558			816			2,374			908			3,282		14	%	10	%
Acquired in-process research and development		—			—			—			—			—			—			—			—			—			—			—			—			230			230		—		—
Provision for restructuring, net		1			3			4			2			6			53			59			37			7			44			—			44			139			183		162	%	*
Litigation (income)/expense, net		(21	)		(14	)		(35	)		(9	)		(44	)		346			302			—			14			14			—			14			—			14		-100	%	-95	%
Gain on sale of product assets		(200	)		—			(200	)		—			(200	)		—			(200	)		—			(26	)		(26	)		(247	)		(273	)		—			(273	)	—		-37	%
Equity in net income of affiliates		(93	)		(125	)		(218	)		(118	)		(336	)		(138	)		(474	)		(126	)		(128	)		(254	)		(139	)		(393	)		(131	)		(524	)	5	%	-11	%
Other expense/(income), net		37			56			93			(34	)		59			240			299			22			—			22			11			33			331			364		38	%	22	%
Total expenses		3,372			3,660			7,032			3,430			10,462			4,394			14,856			3,465			3,678			7,143			3,551			10,694			5,120			15,814		17	%	6	%
Earnings/(Loss) Before Minority Interest and Income Taxes	$	1,123		$	1,043		$	2,166		$	571		$	2,737		$	(337	)	$	2,400		$	852		$	1,079		$	1,931		$	1,342		$	3,273			261			3,534		177	%	47	%
Provision/(Benefit) for income taxes		307			235			542			179			721			(183	)		538			68			235			303			323			626			177			803		197	%	49	%
Minority interest, net of taxes		151			187			338			86			424			16			440			141			194			335			211			546			217			763		*		73	%
Net Earnings/(Loss) - Continuing Operations	$	665		$	621		$	1,286		$	306		$	1,592		$	(170	)	$	1,422		$	643		$	650		$	1,293		$	808		$	2,101		$	(133	)	$	1,968		22	%	38	%
Net Earnings - Discontinued Operations		49			46			95			32			127			36			163			47			56			103			50			153			44			197		22	%	21	%
Net Earnings/(Loss)	$	714		$	667		$	1,381		$	338		$	1,719		$	(134	)	$	1,585		$	690		$	706		$	1,396		$	858		$	2,254		$	(89	)	$	2,165		34	%	37	%
Interest expense on conversion of convertible debt bonds, net of tax		8			8			16			9			25			—	(a)		—	(b)		9			9			18			10			28			—	(a)		—	(b)
Net Earnings/(Loss) used for diluted earnings per common share calculation—Continuing Operations	$	673		$	629		$	1,302		$	315		$	1,617		$	(170	) (a)	$	1,422	(b)	$	652		$	659		$	1,311		$	818		$	2,129		$	(133	) (a)	$	1,968	(b)
Diluted Earnings/(Loss) per Common Share** - Continuing Operations	$	0.34		$	0.32		$	0.65		$	0.16		$	0.81		$	(0.09	) (a)	$	0.73	(b)	$	0.33		$	0.33		$	0.66		$	0.41		$	1.06		$	(0.07	) (a)	$	0.99	(b)	22	%	36	%
Diluted Earnings per Common Share** - Discontinued Operations		0.02			0.02			0.05			0.01			0.07			0.02			0.08			0.02			0.03			0.05			0.02			0.08			0.02	(a)		0.10		—		25	%
Diluted Earnings/(Loss) per Common Share**	$	0.36		$	0.34		$	0.70		$	0.17		$	0.88		$	(0.07	) (a)	$	0.81	(b)	$	0.35		$	0.36		$	0.71		$	0.43		$	1.14		$	(0.05	) (a)	$	1.09	(b)	29	%	35	%
Average Common Shares Outstanding - Diluted		1,988			1,994			1,992			1,992			1,991			1,961	(a)		1,963	(b)		1,997			2,006			2,002			2,012			2,005			1,975	(a)		1,980	(b)	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		$	0.31		$	1.15		11	%	3	%
	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		68.5	%		67.7	%		68.1	%		64.7	%		67.1	%		65.6	%		66.7	%		69.0	%		68.6	%		68.8	%		67.9	%		68.5	%		66.2	%		67.9	%	60		120
Cost of products sold		31.5	%		32.3	%		31.9	%		35.3	%		32.9	%		34.4	%		33.3	%		31.0	%		31.4	%		31.2	%		32.1	%		31.5	%		33.8	%		32.1	%	(60	)	(120	)
Marketing, selling and administrative		26.9	%		24.5	%		25.6	%		28.9	%		26.6	%		31.6	%		27.8	%		26.2	%		25.0	%		25.6	%		24.4	%		25.1	%		25.0	%		25.1	%	(660	)	(270	)
Advertising and product promotion		6.5	%		7.4	%		7.0	%		7.1	%		7.0	%		10.2	%		7.8	%		6.2	%		7.7	%		7.0	%		7.1	%		7.0	%		9.0	%		7.6	%	(120	)	(20	)
Research and development		16.3	%		15.4	%		15.8	%		18.4	%		16.6	%		19.7	%		17.3	%		18.3	%		16.1	%		17.2	%		16.7	%		17.0	%		16.9	%		17.0	%	(280	)	(30	)
Acquired in-process research and development		—			—			—			—			—			—			—			—			—			—			—			—			4.3	%		1.2	%	430		120
Total expenses		75.0	%		77.8	%		76.5	%		85.7	%		79.3	%		108.3	%		86.1	%		80.3	%		77.3	%		78.7	%		72.6	%		76.6	%		95.1	%		81.7	%	(1,320	)	(440	)
Earnings/(Loss) Before Minority Interest and Income Taxes		25.0	%		22.2	%		23.5	%		14.3	%		20.7	%		-8.3	%		13.9	%		19.7	%		22.7	%		21.3	%		27.4	%		23.4	%		4.9	%		18.3	%	1,320		440
Net Earnings/(Loss) - Continuing Operations		14.8	%		13.2	%		14.0	%		7.6	%		12.1	%		-4.2	%		8.2	%		14.9	%		13.7	%		14.2	%		16.5	%		15.0	%		-2.5	%		10.2	%	170		200
Other Ratios
Effective Tax Rate		27.3	%		22.5	%		25.0	%		31.3	%		26.3	%		54.3	%		22.4	%		8.0	%		21.8	%		15.7	%		24.1	%		19.1	%		67.8	%		22.7	%	1,350		30
	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		$	107		$	216		$	109		$	325		$	97		$	422		-24	%	-15	%
Interest income		(62	)		(65	)		(127	)		(74	)		(201	)		(73	)		(274	)		(53	)		(62	)		(115	)		(69	)		(184	)		(57	)		(241	)	22	%	12	%
Foreign exchange transaction (gains)/losses		(12	)		23			11			(11	)		—			6			6			8			(5	)		3			24			27			1			28		-83	%	*
Other, net		(5	)		(26	)		(31	)		(79	)		(110	)		179			69			(42	)		(40	)		(82	)		(53	)		(135	)		290			155		62	%	125	%
	$	37		$	56		$	93		$	(34	)	$	59		$	240		$	299		$	22		$	0		$	22		$	11		$	33		$	331		$	364		38	%	22	%

* in excess of +/- 200%

** quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

^(a) as a result of the Q4 2006 and Q4 2007 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.

^(b) 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.

3

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT GROSS MARGIN AND PRETAX EARNINGS FROM CONTINUING OPERATIONS

($ 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
Gross Profit
Pharmaceuticals	$	2,524		$	2,664		$	5,188		$	2,151		$	7,339		$	2,095		$	9,434		$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		41	%	14	%
Pharmaceuticals Excluding Specified Items		2,570			2,684			5,254			2,222			7,476			2,108			9,584			2,434			2,691			5,125			2,732			7,857			3,089			10,946		47	%	14	%
Nutritionals		365			386			751			367			1,118			391			1,509			391			392			783			427			1,210			415			1,625		6	%	8	%
Nutritionals Excluding Specified Items **		365			386			751			367			1,118			407			1,525			391			392			783			427			1,210			415			1,625		2	%	7	%
ConvaTec ***		156			183			339			185			524			205			729			179			203			382			201			583			223			806		9	%	11	%
	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
Gross Margin %
Pharmaceuticals		68.2	%		69.0	%		68.6	%		68.2	%		68.5	%		66.6	%		68.1	%		69.9	%		69.5	%		69.7	%		69.2	%		69.5	%		67.4	%		68.9	%	80		80
Pharmaceuticals Excluding Specified Items		69.5	%		69.6	%		69.5	%		70.5	%		69.8	%		67.0	%		69.1	%		70.4	%		69.9	%		70.1	%		69.6	%		69.9	%		70.4	%		70.1	%	340		100
Nutritionals		64.6	%		66.3	%		65.5	%		63.1	%		64.7	%		63.3	%		64.3	%		64.5	%		63.2	%		63.9	%		63.3	%		63.7	%		61.9	%		63.2	%	(140	)	(110	)
Nutritionals Excluding Specified Items **		64.6	%		66.3	%		65.5	%		63.1	%		64.7	%		65.9	%		65.0	%		64.5	%		63.2	%		63.9	%		63.3	%		63.7	%		61.9	%		63.2	%	(400	)	(180	)
ConvaTec ***		67.8	%		69.8	%		68.9	%		69.8	%		69.2	%		70.4	%		69.6	%		70.5	%		71.0	%		70.7	%		68.8	%		70.1	%		69.0	%		69.8	%	(140	)	20
	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
Earnings Before Minority Interest and Income Taxes
Pharmaceuticals	$	837		$	945		$	1,782		$	501		$	2,283		$	286		$	2,569		$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		132	%	35	%
Pharmaceuticals Excluding Specified Items		945			966			1,911			540			2,451			326			2,777			921			1,035			1,956			1,054			3,010			1,040			4,050		*		46	%
Nutritionals		184			186			370			161			531			165			696			173			167			340			196			536			172			708		4	%	2	%
Nutritionals Excluding Specified Items **		184			186			370			161			531			181			712			173			167			340			196			536			172			708		-5	%	-1	%
ConvaTec ***		59			80			139			86			225			90			315			79			94			173			86			259			89			348		-1	%	10	%
	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
Net Margin %
Pharmaceuticals		22.6	%		24.5	%		23.6	%		15.9	%		21.3	%		9.1	%		18.5	%		23.9	%		26.1	%		25.0	%		24.9	%		25.0	%		15.1	%		22.2	%	600		370
Pharmaceuticals Excluding Specified Items		25.5	%		25.0	%		25.3	%		17.1	%		22.9	%		10.4	%		20.0	%		26.6	%		26.9	%		26.8	%		26.8	%		26.8	%		23.7	%		25.9	%	1330		590
Nutritionals		32.6	%		32.0	%		32.3	%		27.7	%		30.7	%		26.7	%		29.7	%		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%	(100	)	(220	)
Nutritionals Excluding Specified Items **		32.6	%		32.0	%		32.3	%		27.7	%		30.7	%		29.3	%		30.3	%		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%	(360	)	(280	)
ConvaTec ***		25.7	%		30.5	%		28.3	%		32.5	%		29.7	%		30.9	%		30.1	%		31.1	%		32.9	%		32.0	%		29.5	%		31.1	%		27.6	%		30.1	%	(330	)	—
	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
Pharmaceuticals
Gross Profit	$	2,524		$	2,664		$	5,188		$	2,151		$	7,339		$	2,095		$	9,434		$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		41	%	14	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			—			—			—			—			—			—			—			102			102		—		—
Downsizing and streamlining of worldwide operations		46			20			66			71			137			13			150			16			13			29			17			46			31			77		138	%	-49	%
Subtotal		46			20			66			71			137			13			150			16			13			29			17			46			133			179		*		19	%
Gross Profit Excluding Specified Items	$	2,570		$	2,684		$	5,254		$	2,222		$	7,476		$	2,108		$	9,584		$	2,434		$	2,691		$	5,125		$	2,732		$	7,857		$	3,089		$	10,946		47	%	14	%
	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
Pharmaceuticals
Earnings Before Minority Interest and Income Taxes	$	837		$	945		$	1,782		$	501		$	2,283		$	286		$	2,569		$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		132	%	35	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			—			—			—			—			—			—			—			110			110		—		—
Upfront and milestone payments and acquired in-process research and development		18			—			18			7			25			—			25			80			17			97			60			157			235			392		—		*
Downsizing and streamlining of worldwide operations		50			21			71			72			143			27			170			16			13			29			17			46			31			77		15	%	-55	%
Litigation matters		40			—			40			(40	)		—			13			13			—			—			—			—			—			—			—		-100	%	-100	%
Subtotal		108			21			129			39			168			40			208			96			30			126			77			203			376			579		*		178	%
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	945		$	966		$	1,911		$	540		$	2,451		$	326		$	2,777		$	921		$	1,035		$	1,956		$	1,054		$	3,010		$	1,040		$	4,050		*		46	%

* In Excess of +/- 200%

** MJN had a specified item relating to a charge for an asset impairment of $16M in December 2006.

*** There are no specified items relating to ConvaTec in 2006 and 2007.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS 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
Continuing Operations	$	4,495	$	4,703	$	9,198	$	4,001	$	13,199	$	4,057	$	17,256	$	4,317	$	4,757	$	9,074	$	4,893	$	13,967	$	5,381	$	19,348	33	%	12	%
PHARMACEUTICALS		3,700		3,859		7,559		3,154		10,713		3,148		13,861		3,457		3,851		7,308		3,926		11,234		4,388		15,622	39	%	13	%
Cardiovascular		1,917		1,907		3,824		1,239		5,063		1,093		6,156		1,475		1,763		3,238		1,793		5,031		1,938		6,969	77	%	13	%
Plavix		986		1,145		2,131		630		2,761		496		3,257		938		1,189		2,127		1,254		3,381		1,374		4,755	177	%	46	%
Pravachol		536		323		859		192		1,051		146		1,197		135		132		267		86		353		90		443	-38	%	-63	%
Avapro/ Avalide		233		280		513		277		790		307		1,097		270		297		567		309		876		328		1,204	7	%	10	%
Coumadin		55		55		110		53		163		57		220		46		52		98		50		148		53		201	-7	%	-9	%
Virology		468		524		992		532		1,524		580		2,104		590		608		1,198		647		1,845		752		2,597	30	%	23	%
Reyataz		207		236		443		233		676		255		931		263		254		517		273		790		334		1,124	31	%	21	%
Sustiva Franchise(a)		175		193		368		201		569		222		791		226		233		459		237		696		260		956	17	%	21	%
Baraclude		11		14		25		22		47		36		83		45		59		104		72		176		99		275	175	%	*
Oncology		361		401		762		399		1,161		394		1,555		355		360		715		402		1,117		445		1,562	13	%	—
Erbitux		138		172		310		175		485		167		652		160		162		322		185		507		185		692	11	%	6	%
Taxol		147		149		296		137		433		130		563		111		95		206		102		308		114		422	-12	%	-25	%
Sprycel		—		—		—		11		11		14		25		21		35		56		46		102		56		158	*		*
Ixempra		—		—		—		—		—		—		—		—		—		—		—		—		15		15	—		—
Affective (Psychiatric) Disorders		323		376		699		354		1,053		404		1,457		408		458		866		467		1,333		511		1,844	26	%	27	%
Abilify(b)		283		324		607		313		920		362		1,282		366		412		778		420		1,198		462		1,660	28	%	29	%
Immunoscience		5		18		23		34		57		32		89		41		55		96		60		156		75		231	134	%	160	%
Orencia		5		18		23		34		57		32		89		41		55		96		60		156		75		231	134	%	160	%
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81		69		150		71		221		87		308	18	%	16	%
HEALTH CARE GROUP		795		844		1,639		847		2,486		909		3,395		860		906		1,766		967		2,733		993		3,726	9	%	10	%
NUTRITIONALS		565		582		1,147		582		1,729		618		2,347		606		620		1,226		675		1,901		670		2,571	8	%	10	%
Enfamil		237		253		490		246		736		271		1,007		254		267		521		281		802		280		1,082	3	%	7	%
Enfagrow		67		59		126		69		195		67		262		72		70		142		74		216		79		295	18	%	13	%
CONVATEC		230		262		492		265		757		291		1,048		254		286		540		292		832		323		1,155	11	%	10	%
Ostomy		123		141		264		139		403		151		554		130		150		280		147		427		167		594	11	%	7	%
Wound Therapeutics		98		107		205		113		318		123		441		107		119		226		126		352		136		488	11	%	11	%

* In excess of +/- 200%

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

^(b) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

5

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC** NET SALES FROM CONTINUING OPERATIONS 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
Continuing Operations	$	2,476	$	2,655	$	5,131	$	2,033	$	7,164	$	1,977	$	9,140	$	2,363	$	2,679	$	5,042	$	2,781	$	7,823		$	2,985	$	10,808	51	%	18	%
PHARMACEUTICALS		2,076		2,205		4,281		1,619		5,900		1,517		7,417		1,944		2,243		4,187		2,302		6,489			2,503		8,992	65	%	21	%
Cardiovascular		1,341		1,330		2,671		752		3,423		616		4,039		1,045		1,279		2,324		1,316		3,640			1,426		5,066	131	%	25	%
Plavix		850		988		1,838		474		2,312		343		2,655		787		1,015		1,802		1,080		2,882			1,178		4,060	*		53	%	*		34	%
Pravachol		302		128		430		73		503		50		553		57		47		104		17		121	��		18		139	-64	%	-75	%	-80	%	-82	%
Avapro/ Avalide		139		167		306		159		465		182		647		163		170		333		176		509			183		692	1	%	7	%	-5	%	-4	%
Coumadin		47		46		93		45		138		48		186		38		43		81		40		121			43		164	-10	%	-12	%	-14	%	-16	%
Virology		259		270		529		292		821		327		1,148		319		323		642		328		970			371		1,341	13	%	17	%
Reyataz		119		122		241		129		370		144		514		143		138		281		141		422			165		587	15	%	14	%	12	%	13	%
Sustiva Franchise(a)		108		115		223		128		351		144		495		144		147		291		151		442			162		604	13	%	22	%	15	%	20	%
Baraclude		9		9		18		14		32		18		50		17		20		37		22		59			29		88	61	%	76	%	59	%	77	%
Oncology		159		187		346		201		547		195		742		182		187		369		208		577			230		807	18	%	9	%
Erbitux		136		172		308		173		481		165		646		158		160		318		183		501			182		683	10	%	6	%	N/A		N/A
Taxol		4		4		8		2		10		2		12		4		4		8		1		9			5		14	150	%	17	%	N/A		N/A
Sprycel		—		—		—		11		11		11		22		10		14		24		17		41			17		58	55	%	164	%	96	%	*
Ixempra		—		—		—		—		—		—		—		—		—		—		—		—			15		15	—		—		N/A		N/A
Affective (Psychiatric) Disorders		237		286		523		266		789		302		1,091		305		333		638		346		984			373		1,357	24	%	24	%
Abilify(b)		231		267		498		260		758		294		1,052		293		322		615		329		944			361		1,305	23	%	24	%	11	%	12	%
Immunoscience		5		18		23		34		57		31		88		40		53		93		57		150			66		216	113	%	145	%
Orencia		5		18		23		34		57		31		88		40		53		93		57		150			66		216	113	%	145	%	N/A		N/A
Other Pharmaceuticals
Efferalgan		—		—		—		—		—		—		—		—		—		—		—		—			—		—	—		—		N/A		N/A
HEALTH CARE GROUP		320		367		687		351		1,038		396		1,434		352		368		720		398		1,118			381		1,499	-4	%	5	%	N/A		N/A
NUTRITIONALS		247		282		529		267		796		295		1,091		274		275		549		304		853			275		1,128	-7	%	3	%
Enfamil		155		174		329		169		498		190		688		171		177		348		195		543			179		722	-6	%	5	%	N/A		N/A
Enfagrow		—		—		—		—		—		—		—		—		—		—		—		—			—		—	—		—		N/A		N/A
CONVATEC		73		85		158		84		242		101		343		78		93		171		94		265			106		371	5	%	8	%
Ostomy		34		41		75		39		114		45		159		34		41		75		42		117			47		164	4	%	3	%	N/A		N/A
Wound Therapeutics		30		34		64		36		100		43		143		32		36		68		38		106			43		149	—		4	%	N/A		N/A

* In excess of +/- 200%

** 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.

*** 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.

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

^(b) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

6

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL** NET SALES FROM CONTINUING OPERATIONS 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
Continuing Operations	$	2,019	$	2,048	$	4,067	$	1,968	$	6,035	$	2,080	$	8,116	$	1,954	$	2,078	$	4,032	$	2,112	$	6,144	$	2,396	$	8,540	15	%	5	%
PHARMACEUTICALS		1,624		1,654		3,278		1,535		4,813		1,631		6,444		1,513		1,608		3,121		1,624		4,745		1,885		6,630	16	%	3	%
Cardiovascular		576		577		1,153		487		1,640		477		2,117		430		484		914		477		1,391		512		1,903	7	%	-10	%
Plavix		136		157		293		156		449		153		602		151		174		325		174		499		196		695	28	%	15	%
Pravachol		234		195		429		119		548		96		644		78		85		163		69		232		72		304	-25	%	-53	%
Avapro/Avalide		94		113		207		118		325		125		450		107		127		234		133		367		145		512	16	%	14	%
Coumadin		8		9		17		8		25		9		34		8		9		17		10		27		10		37	11	%	9	%
Virology		209		254		463		240		703		253		956		271		285		556		319		875		381		1,256	51	%	31	%
Reyataz		88		114		202		104		306		111		417		120		116		236		132		368		169		537	52	%	29	%
Sustiva Franchise(a)		67		78		145		73		218		78		296		82		86		168		86		254		98		352	26	%	19	%
Baraclude		2		5		7		8		15		18		33		28		39		67		50		117		70		187	*		*
Oncology		202		214		416		198		614		199		813		173		173		346		194		540		215		755	8	%	-7	%
Erbitux		2		—		2		2		4		2		6		2		2		4		2		6		3		9	50	%	50	%
Taxol		143		145		288		135		423		128		551		107		91		198		101		299		109		408	-15	%	-26	%
Sprycel		—		—		—		—		—		3		3		11		21		32		29		61		39		100	*		*
Ixempra		—		—		—		—		—		—		—		—		—		—		—		—		—		—	—		—
Affective (Psychiatric) Disorders		86		90		176		88		264		102		366		103		125		228		121		349		138		487	35	%	33	%
Abilify(b)		52		57		109		53		162		68		230		73		90		163		91		254		101		355	49	%	54	%
Immunoscience		—		—		—		—		—		1		1		1		2		3		3		6		9		15	*		*
Orencia		—		—		—		—		—		1		1		1		2		3		3		6		9		15	*		*
Other Pharmaceuticals
Efferalgan		68		62		130		62		192		74		266		81		69		150		71		221		87		308	18	%	16	%
HEALTH CARE GROUP		475		477		952		496		1,448		513		1,961		508		538		1,046		569		1,615		612		2,227	19	%	14	%
NUTRITIONALS		318		300		618		315		933		323		1,256		332		345		677		371		1,048		395		1,443	22	%	15	%
Enfamil		82		79		161		77		238		81		319		83		90		173		86		259		101		360	25	%	13	%
Enfagrow		67		59		126		69		195		67		262		72		70		142		74		216		79		295	18	%	13	%
CONVATEC		157		177		334		181		515		190		705		176		193		369		198		567		217		784	14	%	11	%
Ostomy		89		100		189		100		289		106		395		96		109		205		105		310		120		430	13	%	9	%
Wound Therapeutics		68		73		141		77		218		80		298		75		83		158		88		246		93		339	16	%	14	%

* In excess of +/- 200%

** 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.

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

^(b) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

7

BRISTOL-MYERS SQUIBB COMPANY

NET SALES EXCLUDING ESTIMATED IMPACT OF LAUNCH OF GENERIC CLOPIDOGREL BISULFATE

($ in millions)

	TOTAL SALES					PLAVIX SALES
	2007		2006		% Change	2007		2006		% Change
	Q4		Q4		Qtr vs. Qtr	Q4		Q4		Qtr vs. Qtr
Worldwide Net Sales from Continuing Operations
Worldwide Net Sales from Continuing Operations as Reported	$	5,381	$	4,057	33%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—		700 to 750	—
Worldwide Net Sales from Continuing Operations Excluding the
Estimated Impact of Launch of Generic Clopidogrel Bisulfate	$	5,381	$	4,757 to $4,807	12% to 13%
Worldwide Pharmaceuticals Net Sales
Worldwide Pharmaceuticals Net Sales as Reported	$	4,388	$	3,148	39%	$	1,374	$	496	177%
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—		700 to 750	—		—		700 to 750	—
Worldwide Pharmaceuticals Net Sales Excluding the Estimated
Impact of Launch of Generic Clopidogrel Bisulfate	$	4,388	$	3,848 to $3,898	13% to 14%	$	1,374	$	1,196 to $1,246	10% to 15%
U.S Pharmaceuticals Net Sales
U.S Pharmaceuticals Net Sales as Reported	$	2,496	$	1,501	66%	$	1,178	$	343	*
Estimated Impact of Launch of Generic Clopidogrel Bisulfate		—		700 to 750	—		—		700 to 750	—
U.S Pharmaceuticals Net Sales Excluding the Estimated
Impact of Launch of Generic Clopidogrel Bisulfate	$	2,496	$	2,201 to $2,251	11% to 13%	$	1,178	$	1,043 to $1,093	8% to 13%

* In excess of +/-200%

8

BRISTOL-MYERS SQUIBB COMPANY

GROSS MARGIN FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Sales	$	4,317		$	4,757		$	4,893		$	5,381		$	19,348
Gross Profit
Gross Profit	$	2,977		$	3,265		$	3,324		$	3,564		$	13,130
Specified items*		16			13			17			133			179
Gross Profit Excluding Specified Items	$	2,993		$	3,278		$	3,341		$	3,697		$	13,309
Gross Margin %
Gross Margin %		69.0	%		68.6	%		67.9	%		66.2	%		67.9	%
Specified items*		0.3	%		0.3	%		0.4	%		2.5	%		0.9	%
Gross Margin % Excluding Specified Items		69.3	%		68.9	%		68.3	%		68.7	%		68.8	%

	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Net Sales	$	4,495		$	4,703		$	4,001		$	4,057		$	17,256
Gross Profit
Gross Profit	$	3,079		$	3,186		$	2,590		$	2,662		$	11,517
Specified items*		46			20			72			29			167
Gross Profit Excluding Specified Items	$	3,125		$	3,206		$	2,662		$	2,691		$	11,684
Gross Margin %
Gross Margin %		68.5	%		67.8	%		64.7	%		65.6	%		66.7	%
Specified items*		1.0	%		0.4	%		1.8	%		0.7	%		1.0	%
Gross Margin % Excluding Specified Items		69.5	%		68.2	%		66.5	%		66.3	%		67.7	%

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

9

BRISTOL-MYERS SQUIBB COMPANY

RESEARCH AND DEVELOPMENT EXPENSES FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1		Q2		Q3		Q4		TOTAL YEAR
Research and Development Expenses	$	791	$	767	$	816	$	1,138	$	3,512
Specified items*		80		17		60		235		392
Research and Development Expenses Excluding Specified Items	$	711	$	750	$	756	$	903	$	3,120
	2006
	Q1		Q2		Q3		Q4		TOTAL YEAR
Research and Development Expenses	$	732	$	723	$	737	$	799	$	2,991
Specified items*		18		1		17		49		85
Research and Development Expenses Excluding Specified Items	$	714	$	722	$	720	$	750	$	2,906

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

10

BRISTOL-MYERS SQUIBB COMPANY

MARKETING, SELLING AND ADMINISTRATIVE EXPENSES FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1		Q2		Q3		Q4		TOTAL YEAR
Marketing, Selling and Administrative Expenses	$	1,133	$	1,187	$	1,192	$	1,343	$	4,855
Specified items*		—		—		—		13		13
Marketing, Selling and Administrative Expenses Excluding Specified Items	$	1,133	$	1,187	$	1,192	$	1,330	$	4,842
	2006
	Q1		Q2		Q3		Q4		TOTAL YEAR
Marketing, Selling and Administrative Expenses	$	1,207	$	1,151	$	1,158	$	1,284	$	4,800
Specified items*		4		—		—		—		4
Marketing, Selling and Administrative Expenses Excluding Specified Items	$	1,203	$	1,151	$	1,158	$	1,284	$	4,796

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

11

BRISTOL-MYERS SQUIBB COMPANY

EFFECTIVE TAX RATE FROM CONTINUING OPERATIONS

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Provision for Income Taxes
Provision for Income Taxes	$	68		$	235		$	323		$	177		$	803
Specified items*		79			5			(82	)		70			72
Provision for Income Taxes Excluding Specified Items	$	147		$	240		$	241		$	247		$	875
Earnings Before Minority Interest and Provision for Income Taxes	$	852		$	1,079		$	1,342		$	261		$	3,534
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	985		$	1,104		$	1,166		$	1,118		$	4,373
Effective Tax Rate
Effective Tax Rate		8.0	%		21.8	%		24.1	%		67.8	%		22.7	%
Effective Tax Rate Excluding Specified Items		14.9	%		21.7	%		20.7	%		22.1	%		20.0	%
	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Provision for Income Taxes
Provision/(Benefit) for Income Taxes	$	307		$	235		$	179		$	(183	)	$	538
Specified items*		(49	)		(3	)		(34	)		196			110
Provision for Income Taxes Excluding Specified Items	$	258		$	232		$	145		$	13		$	648
Earnings/(Loss) Before Minority Interest and Provision for Income Taxes	$	1,123		$	1,043		$	571		$	(337	)	$	2,400
Earnings Before Minority Interest and Provision for Income Taxes Excluding Specified Items	$	1,011		$	1,053		$	624		$	373		$	3,061
Effective Tax Rate
Effective Tax Rate		27.3	%		22.5	%		31.3	%		54.3	%		22.4	%
Effective Tax Rate Excluding Specified Items		25.5	%		22.0	%		23.2	%		3.5	%		21.2	%

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

12

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES

EXCLUDING SPECIFIED ITEMS

($ in millions)

	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings Before Minority Interest and Provision for Income Taxes	$	852		$	1,079		$	1,342		$	261		$	3,534
Specified items:
Productivity Transformation Initiative		—			—			—			292			292
Auction rate securities impairment		—			—			—			275			275
Upfront and milestone payments and acquired in-process research and development		80			17			60			235			392
Litigation matters		—			14			(6	)		10			18
Downsizing and streamlining of worldwide operations		53			20			17			54			144
Gain on sale of properties and product assets		—			(26	)		(247	)		(9	)		(282	)
Subtotal		133			25			(176	)		857			839
Earnings Before Minority Interest and Provision for Income Taxes
Excluding Specified Items	$	985		$	1,104		$	1,166		$	1,118		$	4,373
	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR
Earnings/(Loss) Before Minority Interest and Provision for Income Taxes	$	1,123		$	1,043		$	571		$	(337	)	$	2,400
Specified items:
Gain on sale of product asset		(200	)		—			—			—			(200	)
Litigation matters		19			(14	)		(38	)		359			326
Debt retirement costs		—			—			—			220			220
Downsizing and streamlining of worldwide operations		51			24			74			96			245
Upfront and milestone payments		18			—			17			35			70
Subtotal		(112	)		10			53			710			661
Earnings Before Minority Interest and Provision for Income Taxes
Excluding Specified Items	$	1,011		$	1,053		$	624		$	373		$	3,061

13

BRISTOL-MYERS SQUIBB COMPANY

DILUTED EARNINGS PER COMMON SHARE

EXCLUDING SPECIFIED ITEMS

	2007
	Q1			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings/(Loss) per Common Share from Continuing Operations	$	0.33		$	0.33		$	0.41		$	(0.07	)	$	0.99
Specified items:
Productivity Transformation Initiative		—			—			—			0.12			0.12
Auction rate securities impairment		—			—			—			0.14			0.14
Upfront and milestone payments and acquired in-process research and development		0.03			0.01			0.01			0.12			0.17
Downsizing and streamlining of worldwide operations		0.02			0.01			0.01			0.02			0.06
Gain on sale of properties and product assets		—			(0.01	)		(0.07	)		—			(0.08	)
Tax item		(0.02	)		—			—			—			(0.02	)
Subtotal		0.03			0.01			(0.05	)		0.40			0.39
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items	$	0.36		$	0.34		$	0.36		$	0.33		$	1.38
Diluted Earnings/(Loss) per Common Share Including Discontinued Operations	$	0.35		$	0.36		$	0.43		$	(0.05	)	$	1.09
Specified Items noted above		0.03			0.01			(0.05	)		0.40			0.39
Diluted Earnings per Common Share Including Discontinued Operations and Excluding Specified Items	$	0.38		$	0.37		$	0.38		$	0.35		$	1.48
	2006
	Q1			Q2			Q3			Q4			TOTAL YEAR *
Diluted Earnings/(Loss) per Common Share from Continuing Operations	$	0.34		$	0.32		$	0.16		$	(0.09	)	$	0.73
Specified items:
Gain on sale of product asset		(0.06	)		—			—			—			(0.06	)
Litigation matters		—			—			(0.01	)		0.14			0.13
Downsizing and streamlining of worldwide operations		0.02			0.01			0.03			0.04			0.10
Debt retirement costs		—			—			—			0.07			0.07
Upfront and milestone payments		—			—			0.01			0.01			0.02
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	$	0.30		$	0.33		$	0.21		$	0.17		$	1.01
Diluted Earnings/(Loss) per Common Share Including Discontinued Operations	$	0.36		$	0.34		$	0.17		$	(0.07	)	$	0.81
Specified Items noted above		(0.04	)		0.01			0.05			0.26			0.28
Diluted Earnings per Common Share Including Discontinued Operations and 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.

14

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006

($ in millions)

Three months ended December 31, 2007

	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		(Gain)/Loss on sale of product assets		Other (income)/expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	—	$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—		—			110
Process standardization implementation costs		—		5		—		—		—		32		—			37
		102		13		—		—		139		32		6			292
Other:
Product liability		—		—		—		—		—		—		10			10
Upfront and milestone payments and acquired in-process research and development		—		—		5		230		—		—		—			235
Auction rate securities impairment		—		—		—		—		—		—		275			275
Accelerated depreciation, asset impairment and contract termination		31		—		—		—		—		—		23			54
Gain on sale of properties		—		—		—		—		—		—		(9	)		(9	)
	$	133	$	13	$	5	$	230	$	139	$	32	$	305			857
Income taxes on items above																	(70	)
(Increase)/Decrease to Net Earnings from Continuing Operations																$	787

Three months ended December 31, 2006

	Cost of products sold		Research and development		Provision for restructuring, net		Litigation settlement expense/(income), net			Other expense/(income), net		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	)
(Increase)/Decrease to Net Earnings from Continuing Operations												$	514

15

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006

($ in millions)

Twelve months ended December 31, 2007

	Cost of products sold		Marketing selling and administrative		Research and development		Acquired in-process research and development		Provision for restructuring, net		Litigation expense, net		(Gain)/Loss on sale of product assets			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	—	$	139	$	—	$	—		$	6		$	145
Accelerated depreciation and asset impairment		102		8		—		—		—		—		—			—			110
Process standardization implementation costs		—		5		—		—		—		—		32			—			37
		102		13		—		—		139		—		32			6			292
Other:
Litigation settlement		—		—		—		—		—		14		—			—			14
Insurance recovery		—		—		—		—		—		—		—			(11	)		(11	)
Product liability		—		—		—		—		—		—		—			15			15
Upfront and milestone payments and acquired in-process research and development		—		—		162		230		—		—		—			—			392
Auction rate securities impairment		—		—		—		—		—		—		—			275			275
Downsizing and streamlining of worldwide operations		—		—		—		—		44		—		—			—			44
Accelerated depreciation, asset impairment and contract termination		77		—		—		—		—		—		—			23			100
Gain on sale of properties and product assets		—		—		—		—		—		—		(273	)		(9	)		(282	)
	$	179	$	13	$	162	$	230	$	183	$	14	$	(241	)	$	299			839
Income taxes on items above																				(33	)
Change in estimate for taxes on a prior year specified item																				(39	)
(Increase)/Decrease to Net Earnings from Continuing Operations																			$	767

Twelve months ended December 31, 2006

	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation settlement expense/(income), net			Gain on sale of product asset			Other expense/(income), net		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		4		15		—		—			—			—		186
Upfront and milestone payments		—		—		70		—		—			—			—		70
Downsizing and streamlining of worldwide operations		—		—		—		59		—			—			—		59
Gain on sale of product asset		—		—		—		—		—			(200	)		—		(200	)
	$	167	$	4	$	85	$	59	$	302		$	(200	)	$	244		661
Income taxes on items above																		(149	)
Change in estimate for taxes on prior year items																		39
(Increase)/Decrease to Net Earnings from Continuing Operations																	$	551

16

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	$	4,646	$	3,582	$	2,225
Short-term borrowings		234		189		630		187			241		256		1,879		1,891
Long-term debt		8,278		8,239		7,837		7,248			7,132		6,978		4,248		4,381
Net debt	$	3,231	$	3,071	$	2,962	$	3,422		$	3,361	$	2,588	$	2,545	$	4,047
Receivables, net of allowances	$	3,236	$	3,326	$	2,945	$	3,247		$	3,381	$	3,632	$	3,704	$	4,240
Stockholders’ equity		11,556		11,712		11,589		9,991	(1)		10,261		10,762		11,153		10,562
Capital expenditures and capitalized software (for the quarter ended)		202		160		199		224			202		206		185		248

⁽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)”

17

BRISTOL-MYERS SQUIBB COMPANY

2008 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2008
Projected Diluted Earnings per Common Share	$	1.36 to $1.46
Projected Specified Items:
Productivity Transformation Initiative		0.21
Upfront and milestone payments		0.03
Total		0.24
Projected Diluted Earnings per Common Share Excluding Specified Items	$	1.60 to $1.70

Gross Margin/Research and Development/Marketing, Selling and Administrative/Tax Rate Projections Excluding Specified Items

Gross margin on a GAAP basis for the full year 2007 was 67.9%, which included specified items of $179 million and had a 0.9% adverse impact on gross margin in aggregate. On a non-GAAP basis, 2007 gross margin was 68.8%. On a non-GAAP basis, based on historical trends in 2007 the Company projects gross margin for the full year 2008 to be essentially flat compared to 2007, and with continued improvement in its pharmaceutical margins for 2008 to 2010 driven by rationalization of its manufacturing network. 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 2007 were $3,512 million, which included specified items of $392 million. On a non-GAAP basis, for the full year 2007 research and development expenses were $3,120 million. On a non-GAAP basis, based on historical trends in 2007 the Company projects research and development expenses for the full year 2008 to increase in the mid single digit range compared to 2007. The Company projects 2008 to 2010 growth to also be in the mid single digit range. 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.

Marketing, selling and administrative expenses, on a GAAP basis for the full year 2007 were $4,855 million, which included specified items of $13 million. On a non-GAAP basis, for the full year ended 2007 marketing, selling and administrative expenses were $4,842 million. On a non-GAAP basis, based on historical trends in 2007 the Company projects marketing, selling and administrative expenses, for the full year 2008 to be flat compared to 2007, and remain flat from 2008 to 2010. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See MS&A non comparable tab.

The effective tax rate on a GAAP basis for the full year 2007 was 22.7%, which included specified items of $72 million in the tax provision, and had a 2.7% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the full year 2007 effective tax rate was 20.0%. On a non-GAAP basis, based on historical trends in 2007 the Company projects effective tax rate for the full year 2008 to increase to approximately 24%. The Company projects the effective tax rate for 2009 and 2010 to increase from 2008 levels. 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 2008 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative is expected to generate approximately $1.5 billion in cost reductions and avoidance on a pre-tax basis versus the company’s previous strategic plan for 2010. Costs associated with the implementation of the Productivity Transformation Initiative are estimated to be between $0.9 billion to $1.1 billion on a pre-tax basis, with approximately $500 million expected to be incurred in 2008. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2008 could also 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, other restructuring activities, impairments to marketable securities 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 Fourth Quarter and Twelve Months of 2007, January 31, 2008, including “2008 Guidance” and “Use of Non-GAAP Financial Information” therein.

On a non-GAAP basis, the Company projects 2008-2010 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

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