Bristol-Myers Squibb (BMY) 8-K Led By Double-Digit Global Net Sales Growth and Strong Earnings Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT

($ in millions)

Net Sales	2007																					2008																	% 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	$	3,457		$	3,851		$	7,308		$	3,926		$	11,234		$	4,388		$	15,622		$	4,188		$	4,475		$	8,663		$	4,510		$	13,173				15	%	17	%
US Pharmaceuticals		1,932			2,235			4,167			2,295			6,462			2,496			8,958			2,451			2,610			5,061			2,695			7,756				17	%	20	%
Primary Care		1,090			1,344			2,434			1,363			3,797			1,460			5,257			1,407			1,483			2,890			1,517			4,407				11	%	16	%
Oncology/Virology		504			511			1,015			539			1,554			602			2,156			619			633			1,252			641			1,893				19	%	22	%
Neuroscience		298			327			625			336			961			368			1,329			352			407			759			440			1,199				31	%	25	%
Immunoscience		40			53			93			57			150			66			216			73			87			160			97			257				70	%	71	%
Europe and Middle East Medicines		916			939			1,855			944			2,799			1,086			3,885			1,077			1,135			2,212			1,091			3,303				16	%	18	%
Latin America/Canada		297			311			608			331			939			396			1,335			316			333			649			342			991				3	%	6	%
Asia/Pacific Medicines		289			333			622			319			941			377			1,318			323			365			688			352			1,040				10	%	11	%
Nutritionals		606			620			1,226			675			1,901			670			2,571			703			728			1,431			744			2,175				10	%	14	%
Continuing Operations		4,063			4,471			8,534			4,601			13,135			5,058			18,193			4,891			5,203			10,094			5,254			15,348				14	%	17	%
Discontinued Operations		413			457			870			449			1,319			465			1,784			308			330			638			127			765				-72	%	-42	%
Total Company	$	4,476		$	4,928		$	9,404		$	5,050		$	14,454		$	5,523		$	19,977		$	5,199		$	5,533		$	10,732		$	5,381		$	16,113				7	%	11	%
% of Total Sales	2007																					2008																	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		77.2	%		78.1	%		77.7	%		77.7	%		77.7	%		79.4	%		78.2	%		80.6	%		80.9	%		80.7	%		83.8	%		81.8	%			610		410
US Pharmaceuticals		43.2	%		45.4	%		44.3	%		45.4	%		44.7	%		45.2	%		44.8	%		47.2	%		47.2	%		47.2	%		50.1	%		48.1	%			470		340
Primary Care		24.4	%		27.3	%		25.9	%		26.9	%		26.3	%		26.4	%		26.3	%		27.1	%		26.8	%		26.9	%		28.2	%		27.4	%			130		110
Oncology/Virology		11.3	%		10.4	%		10.8	%		10.7	%		10.8	%		10.9	%		10.8	%		11.9	%		11.4	%		11.7	%		11.9	%		11.7	%			120		90
Neuroscience		6.7	%		6.6	%		6.6	%		6.7	%		6.6	%		6.7	%		6.7	%		6.8	%		7.4	%		7.1	%		8.2	%		7.4	%			150		80
Immunoscience		0.8	%		1.1	%		1.0	%		1.1	%		1.0	%		1.2	%		1.0	%		1.4	%		1.6	%		1.5	%		1.8	%		1.6	%			70		60
Europe and Middle East Medicines		20.5	%		19.1	%		19.7	%		18.7	%		19.4	%		19.7	%		19.4	%		20.7	%		20.5	%		20.6	%		20.3	%		20.5	%			160		110
Latin America/Canada		6.6	%		6.3	%		6.5	%		6.6	%		6.5	%		7.2	%		6.7	%		6.1	%		6.0	%		6.0	%		6.4	%		6.2	%			(20	)	(30	)
Asia/Pacific Medicines		6.5	%		6.8	%		6.6	%		6.3	%		6.5	%		6.8	%		6.6	%		6.2	%		6.6	%		6.4	%		6.5	%		6.5	%			20		—
Nutritionals		13.5	%		12.6	%		13.0	%		13.4	%		13.2	%		12.2	%		12.9	%		13.5	%		13.1	%		13.3	%		13.8	%		13.5	%			40		30
Continuing Operations		90.7	%		90.7	%		90.7	%		91.1	%		90.9	%		91.6	%		91.1	%		94.1	%		94.0	%		94.0	%		97.6	%		95.3	%			650		440
Discontinued Operations		9.3	%		9.3	%		9.3	%		8.9	%		9.1	%		8.4	%		8.9	%		5.9	%		6.0	%		6.0	%		2.4	%		4.7	%			(650	)	(440	)
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	%

1

BRISTOL-MYERS SQUIBB COMPANY

SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED SEPTEMBER 30, 2008

($ in millions)

QUARTER-TO-DATE
	Pharmaceuticals			Nutritionals			Continuing Operations
Price Increases/(Decreases)		2	%		9	%		3	%
Foreign Exchange		3	%		3	%		3	%
Volume		10	%		-2	%		8	%
Total Change		15	%		10	%		14	%
Total 2008 Period to Date Sales	$	4,510		$	744		$	5,254
Total 2007 Period to Date Sales	$	3,926		$	675		$	4,601
YEAR-TO-DATE
	Pharmaceuticals			Nutritionals			Continuing Operations
Price Increases		3	%		9	%		4	%
Foreign Exchange		4	%		4	%		4	%
Volume		10	%		1	%		9	%
Total Change		17	%		14	%		17	%
Total 2008 Period to Date Sales	$	13,173		$	2,175		$	15,348
Total 2007 Period to Date Sales	$	11,234		$	1,901		$	13,135

2

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS

($ in millions, except per share amounts)

	2007																					2008																	% 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	$	4,063		$	4,471		$	8,534		$	4,601		$	13,135		$	5,058		$	18,193		$	4,891		$	5,203		$	10,094		$	5,254		$	15,348				14	%	17	%
Cost of products sold		1,266			1,408			2,674			1,478			4,152			1,717			5,869			1,570			1,670			3,240			1,634			4,874				11	%	17	%
Marketing, selling and administrative		1,052			1,103			2,155			1,105			3,260			1,256			4,516			1,134			1,165			2,299			1,208			3,507				9	%	8	%
Advertising and product promotion		258			354			612			338			950			465			1,415			319			420			739			362			1,101				7	%	16	%
Research and development		781			755			1,536			802			2,338			889			3,227			782			826			1,608			834			2,442				4	%	4	%
Acquired in-process research and development		—			—			—			—			—			230			230			—			32			32			—			32				—		—
Provision for restructuring, net		37			7			44			—			44			139			183			11			30			41			26			67				—		52	%
Litigation expense, net		—			14			14			—			14			—			14			—			2			2			30			32				—		129	%
Gain on sale of product assets		—			(26	)		(26	)		(247	)		(273	)		—			(273	)		—			—			—			—			—				100	%	100	%
Equity in net income of affiliates		(126	)		(128	)		(254	)		(139	)		(393	)		(131	)		(524	)		(164	)		(150	)		(314	)		(164	)		(478	)			-18	%	-22	%
Other expense/(income), net		22			(1	)		21			8			29			322			351			32			(13	)		19			169			188				*		*
Total expenses		3,290			3,486			6,776			3,345			10,121			4,887			15,008			3,684			3,982			7,666			4,099			11,765				23	%	16	%
Earnings from Continuing Operations Before Minority Interest and Income Taxes	$	773		$	985		$	1,758		$	1,256		$	3,014		$	171		$	3,185		$	1,207		$	1,221		$	2,428		$	1,155		$	3,583				-8	%	19	%
Provision for income taxes		40			203			243			292			535			146			681			330			258			588			308			896				5	%	67	%
Minority interest, net of taxes		141			194			335			211			546			217			763			230			241			471			259			730				23	%	34	%
Net Earnings/(Loss) - Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)	$	1,741		$	647		$	722		$	1,369		$	588		$	1,957				-22	%	1	%
Discontinued Operations		98			118			216			105			321			103			424			14			42			56			1,990			2,046				*		*
Net Earnings/(Loss)	$	690		$	706		$	1,396		$	858		$	2,254		$	(89	)	$	2,165		$	661		$	764		$	1,425		$	2,578		$	4,003				*		78	%
Net Earnings/(Loss) - Continuing Operations	$	592		$	588		$	1,180		$	753		$	1,933		$	(192	)	$	1,741		$	647		$	722		$	1,369		$	588		$	1,957
Interest expense on conversion of convertible debt bonds, net of tax		9			9			18			10			28			—	(a)		—	(b)		8			4			12			4			16
Net Earnings/(Loss) used for diluted earnings per common share calculation - Continuing Operations	$	601		$	597		$	1,198		$	763		$	1,961		$	(192	)(a)	$	1,741	(b)	$	655		$	726		$	1,381		$	592		$	1,973
Diluted Earnings/(Loss) per Common Share** - Continuing Operations	$	0.30		$	0.30		$	0.60		$	0.38		$	0.98		$	(0.10	)(a)	$	0.88	(b)	$	0.32		$	0.36		$	0.69		$	0.30		$	0.98				-21	%	—
Diluted Earnings per Common Share** - Discontinued Operations		0.05			0.06			0.11			0.05			0.16			0.05			0.21			0.01			0.02			0.03			0.99			1.02				*		*
Diluted Earnings/(Loss) per Common Share**	$	0.35		$	0.36		$	0.71		$	0.43		$	1.14		$	(0.05	)(a)	$	1.09	(b)	$	0.33		$	0.38		$	0.72		$	1.29		$	2.00				200	%	75	%
Average Common Shares Outstanding - Diluted		1,997			2,006			2,002			2,012			2,005			1,975	(a)		1,980	(b)		2,008			2,008			2,007			2,004			2,006				—		—
Dividends declared per common share	$	0.28		$	0.28		$	0.56		$	0.28		$	0.84		$	0.31		$	1.15		$	0.31		$	0.31		$	0.62		$	0.31		$	0.93				11	%	11	%
% of Net Sales	2007																					2008																	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		68.8	%		68.5	%		68.7	%		67.9	%		68.4	%		66.1	%		67.7	%		67.9	%		67.9	%		67.9	%		68.9	%		68.2	%			100		(20	)
Cost of products sold		31.2	%		31.5	%		31.3	%		32.1	%		31.6	%		33.9	%		32.3	%		32.1	%		32.1	%		32.1	%		31.1	%		31.8	%			(100	)	20
Marketing, selling and administrative		25.9	%		24.7	%		25.3	%		24.0	%		24.8	%		24.8	%		24.8	%		23.2	%		22.4	%		22.8	%		23.0	%		22.8	%			(100	)	(200	)
Advertising and product promotion		6.3	%		7.9	%		7.2	%		7.3	%		7.2	%		9.2	%		7.8	%		6.5	%		8.1	%		7.3	%		6.9	%		7.2	%			(40	)	—
Research and development		19.2	%		16.9	%		18.0	%		17.4	%		17.8	%		17.6	%		17.7	%		16.0	%		15.9	%		15.9	%		15.9	%		15.9	%			(150	)	(190	)
Acquired in-process research and development		—			—			—			—			—			4.5	%		1.3	%		—			0.6	%		0.3	%		—			0.2	%			—		20
Total expenses		81.0	%		78.0	%		79.4	%		72.7	%		77.1	%		96.6	%		82.5	%		75.3	%		76.5	%		75.9	%		78.0	%		76.7	%			530		(40	)
Earnings from Continuing Operations Before Minority Interest and Income Taxes		19.0	%		22.0	%		20.6	%		27.3	%		22.9	%		3.4	%		17.5	%		24.7	%		23.5	%		24.1	%		22.0	%		23.3	%			(530	)	40
Net Earnings/(Loss) - Continuing Operations		14.6	%		13.2	%		13.8	%		16.4	%		14.7	%		-3.8	%		9.6	%		13.2	%		13.9	%		13.6	%		11.2	%		12.8	%			(520	)	(190	)
Other Ratios
Effective Tax Rate		5.2	%		20.6	%		13.8	%		23.2	%		17.8	%		85.4	%		21.4	%		27.3	%		21.1	%		24.2	%		26.7	%		25.0	%			350		720
Other Expense/(Income), net	2007																					2008																	% 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	$	109		$	107		$	216		$	109		$	325		$	96		$	421		$	73		$	80		$	153		$	84		$	237				-23	%	-27	%
Interest income		(53	)		(62	)		(115	)		(69	)		(184	)		(57	)		(241	)		(43	)		(31	)		(74	)		(37	)		(111	)			46	%	40	%
Impairment charge of marketable securities		—			—			—			—			—			275			275			25			(2	)		23			224			247				—		—
Foreign exchange transaction (gains)/losses		8			(5	)		3			21			24			(9	)		15			19			(2	)		17			(51	)		(34	)			*		*
Other, net		(42	)		(41	)		(83	)		(53	)		(136	)		17			(119	)		(42	)		(58	)		(100	)		(51	)		(151	)			4	%	-11	%
	$	22		$	(1	)	$	21		$	8		$	29		$	322		$	351		$	32		$	(13	)	$	19		$	169		$	188				*		*

* 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 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)

Gross Profit	2007																					2008																	% 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	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886		$	3,108		$	5,994		$	3,189		$	9,183				17	%	18	%
Pharmaceuticals Excluding Specified Items		2,434			2,691			5,125			2,732			7,857			3,089			10,946			2,982			3,166			6,148			3,242			9,390				19	%	20	%
Nutritionals		391			392			783			427			1,210			415			1,625			452			460			912			458			1,370				7	%	13	%
Gross Margin %	2007																					2008																	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		69.9	%		69.5	%		69.7	%		69.2	%		69.5	%		67.4	%		68.9	%		68.9	%		69.5	%		69.2	%		70.7	%		69.7	%			150		20
Pharmaceuticals Excluding Specified Items		70.4	%		69.9	%		70.1	%		69.6	%		69.9	%		70.4	%		70.1	%		71.2	%		70.7	%		71.0	%		71.9	%		71.3	%			230		140
Nutritionals		64.5	%		63.2	%		63.9	%		63.3	%		63.7	%		61.9	%		63.2	%		64.3	%		63.2	%		63.7	%		61.6	%		63.0	%			(170	)	(70	)
Earnings Before Minority Interest and Income Taxes	2007																					2008																	% 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	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,227		$	1,219		$	2,446		$	1,403		$	3,849				44	%	37	%
Pharmaceuticals Excluding Specified Items		921			1,035			1,956			1,054			3,010			1,040			4,050			1,345			1,341			2,686			1,496			4,182				42	%	39	%
Nutritionals		173			167			340			196			536			172			708			231			214			445			200			645				2	%	20	%
Nutritionals Excluding Specified Items **		173			167			340			196			536			172			708			231			214			445			204			649				4	%	21	%
Net Margin %	2007																					2008																	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		23.9	%		26.1	%		25.0	%		24.9	%		25.0	%		15.1	%		22.2	%		29.3	%		27.2	%		28.2	%		31.1	%		29.2	%			620		420
Pharmaceuticals Excluding Specified Items		26.6	%		26.9	%		26.8	%		26.8	%		26.8	%		23.7	%		25.9	%		32.1	%		30.0	%		31.0	%		33.2	%		31.7	%			640		490
Nutritionals		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%		32.9	%		29.4	%		31.1	%		26.9	%		29.7	%			(210	)	150
Nutritionals Excluding Specified Items **		28.5	%		26.9	%		27.7	%		29.0	%		28.2	%		25.7	%		27.5	%		32.9	%		29.4	%		31.1	%		27.4	%		29.8	%			(160	)	160
Pharmaceuticals	2007																					2008																	% 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	$	2,418		$	2,678		$	5,096		$	2,715		$	7,811		$	2,956		$	10,767		$	2,886		$	3,108		$	5,994		$	3,189		$	9,183				17	%	18	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			102			102			96			58			154			53			207				—		—
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—			—			—			—			—				-100	%	-100	%
Subtotal		16			13			29			17			46			133			179			96			58			154			53			207				*		*
Gross Profit Excluding Specified Items	$	2,434		$	2,691		$	5,125		$	2,732		$	7,857		$	3,089		$	10,946		$	2,982		$	3,166		$	6,148		$	3,242		$	9,390				19	%	20	%
Pharmaceuticals	2007																					2008																	% 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	$	825		$	1,005		$	1,830		$	977		$	2,807		$	664		$	3,471		$	1,227		$	1,219		$	2,446		$	1,403		$	3,849				44	%	37	%
Specified Items:
Productivity Transformation Initiative		—			—			—			—			—			110			110			98			59			157			56			213				—		—
Upfront and milestone payments and acquired in-process research and development		80			17			97			60			157			235			392			20			63			83			37			120				-38	%	-24	%
Downsizing and streamlining of worldwide operations		16			13			29			17			46			31			77			—			—			—			—			—				-100	%	-100	%
Subtotal		96			30			126			77			203			376			579			118			122			240			93			333				21	%	64	%
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	921		$	1,035		$	1,956		$	1,054		$	3,010		$	1,040		$	4,050		$	1,345		$	1,341		$	2,686		$	1,496		$	4,182				42	%	39	%
Nutritionals	2007																					2008																	% 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	$	173		$	167		$	340		$	196		$	536		$	172		$	708		$	231		$	214		$	445		$	200		$	645				2	%	20	%
Specified Items:
Mead Johnson Nutritionals charges		—			—			—			—			—			—			—			—			—			—			4			4				—		—
Earnings Before Minority Interest and Income Taxes Excluding Specified Items	$	173		$	167		$	340		$	196		$	536		$	172		$	708		$	231		$	214		$	445		$	204		$	649				4	%	21	%

* In Excess of +/- 200%

** There were no specified items relating to Nutrionals in 2007 and the first quarter of 2008. In the second quarter of 2008, specified items for the Nutritionals segment were not material and did not have an impact on Gross Margin or Earnings Before Minority Interest and Income Taxes.

4

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2007														2008												% 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	$	4,063	$	4,471	$	8,534	$	4,601	$	13,135	$	5,058	$	18,193	$	4,891	$	5,203	$	10,094	$	5,254	$	15,348			14	%	17	%
PHARMACEUTICALS		3,457		3,851		7,308		3,926		11,234		4,388		15,622		4,188		4,475		8,663		4,510		13,173			15	%	17	%
Cardiovascular		1,475		1,763		3,238		1,793		5,031		1,938		6,969		1,824		1,927		3,751		1,943		5,694			8	%	13	%
Plavix		938		1,189		2,127		1,254		3,381		1,374		4,755		1,308		1,387		2,695		1,439		4,134			15	%	22	%
Avapro/ Avalide		270		297		567		309		876		328		1,204		305		335		640		334		974			8	%	11	%
Pravachol		135		132		267		86		353		90		443		73		69		142		34		176			-60	%	-50	%
Virology		590		608		1,198		647		1,845		752		2,597		734		791		1,525		824		2,349			27	%	27	%
Reyataz		263		254		517		273		790		334		1,124		297		324		621		342		963			25	%	22	%
Sustiva Franchise(a)		226		233		459		237		696		260		956		273		282		555		294		849			24	%	22	%
Baraclude		45		59		104		72		176		99		275		108		136		244		144		388			100	%	120	%
Oncology		355		360		715		402		1,117		445		1,562		436		474		910		447		1,357			11	%	21	%
Erbitux		160		162		322		185		507		185		692		187		196		383		184		567			-1	%	12	%
Taxol		111		95		206		102		308		114		422		94		101		195		91		286			-11	%	-7	%
Sprycel		21		35		56		46		102		56		158		66		76		142		82		224			78	%	120	%
Ixempra		—		—		—		—		—		15		15		25		26		51		25		76			—		—
Affective (Psychiatric) Disorders		408		458		866		467		1,333		511		1,844		498		575		1,073		607		1,680			30	%	26	%
Abilify(b)		366		412		778		420		1,198		462		1,660		454		529		983		564		1,547			34	%	29	%
Immunoscience		41		55		96		60		156		75		231		87		106		193		119		312			98	%	100	%
Orencia		41		55		96		60		156		75		231		87		106		193		119		312			98	%	100	%
NUTRITIONALS		606		620		1,226		675		1,901		670		2,571		703		728		1,431		744		2,175			10	%	14	%
Enfamil		254		267		521		281		802		280		1,082		290		287		577		295		872			5	%	9	%

* In excess of +/- 200%

^(a) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

^(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)

	2007														2008													% 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	$	2,282	$	2,583	$	4,865	$	2,683	$	7,548	$	2,874	$	10,422	$	2,823	$	2,966	$	5,789	$	3,064		$	8,853			14	%	17	%
PHARMACEUTICALS		1,944		2,243		4,187		2,302		6,489		2,503		8,992		2,459		2,625		5,084		2,708			7,792			18	%	20	%
Cardiovascular		1,045		1,279		2,324		1,316		3,640		1,426		5,066		1,367		1,437		2,804		1,474			4,278			12	%	18	%
Plavix		787		1,015		1,802		1,080		2,882		1,178		4,060		1,139		1,207		2,346		1,263			3,609			17	%	25	%	7	%	26	%
Avapro/ Avalide		163		170		333		176		509		183		692		174		184		358		189			547			7	%	7	%	-7	%	-7	%
Pravachol		57		47		104		17		121		18		139		15		10		25		(18	)		7			*		-94	%	-52	%	-78	%
Virology		319		323		642		328		970		371		1,341		378		376		754		405			1,159			23	%	19	%
Reyataz		143		138		281		141		422		165		587		160		159		319		176			495			25	%	17	%	18	%	15	%
Sustiva Franchise(a)		144		147		291		151		442		162		604		175		171		346		185			531			23	%	20	%	15	%	14	%
Baraclude		17		20		37		22		59		29		88		29		35		64		36			100			64	%	69	%	59	%	60	%
Oncology		182		187		369		208		577		230		807		237		254		491		234			725			13	%	26	%
Erbitux		158		160		318		183		501		182		683		185		193		378		182			560			-1	%	12	%	N/A		N/A
Taxol		4		4		8		1		9		5		14		—		3		3		(1	)		2			-200	%	-78	%	N/A		N/A
Sprycel		10		14		24		17		41		17		58		20		21		41		21			62			24	%	51	%	29	%	42	%
Ixempra		—		—		—		—		—		15		15		25		26		51		24			75			—		—		N/A		N/A
Affective (Psychiatric) Disorders		305		333		638		346		984		373		1,357		359		413		772		449			1,221			30	%	24	%
Abilify(b)		293		322		615		329		944		361		1,305		348		403		751		435			1,186			32	%	26	%	26	%	20	%
Immunoscience		40		53		93		57		150		66		216		73		87		160		97			257			70	%	71	%
Orencia		40		53		93		57		150		66		216		73		87		160		97			257			70	%	71	%	N/A		N/A
NUTRITIONALS		274		275		549		304		853		275		1,128		288		273		561		275			836			-10	%	-2	%
Enfamil		171		177		348		195		543		179		722		183		175		358		178			536			-9	%	-1	%	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.

*** The estimated total U.S. prescription change for the retail and mail order channels are calculated based on Next-Generation Prescription Services (NGPS) 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) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. 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)

	2007														2008												% 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	$	1,781	$	1,888	$	3,669	$	1,918	$	5,587	$	2,184	$	7,771	$	2,068	$	2,237	$	4,305	$	2,190	$	6,495			14	%	16	%
PHARMACEUTICALS		1,513		1,608		3,121		1,624		4,745		1,885		6,630		1,729		1,850		3,579		1,802		5,381			11	%	13	%
Cardiovascular		430		484		914		477		1,391		512		1,903		457		490		947		469		1,416			-2	%	2	%
Plavix		151		174		325		174		499		196		695		169		180		349		176		525			1	%	5	%
Avapro/ Avalide		107		127		234		133		367		145		512		131		151		282		145		427			9	%	16	%
Pravachol		78		85		163		69		232		72		304		58		59		117		52		169			-25	%	-27	%
Virology		271		285		556		319		875		381		1,256		356		415		771		419		1,190			31	%	36	%
Reyataz		120		116		236		132		368		169		537		137		165		302		166		468			26	%	27	%
Sustiva Franchise(a)		82		86		168		86		254		98		352		98		111		209		109		318			27	%	25	%
Baraclude		28		39		67		50		117		70		187		79		101		180		108		288			116	%	146	%
Oncology		173		173		346		194		540		215		755		199		220		419		213		632			10	%	17	%
Erbitux		2		2		4		2		6		3		9		2		3		5		2		7			—		17	%
Taxol		107		91		198		101		299		109		408		94		98		192		92		284			-9	%	-5	%
Sprycel		11		21		32		29		61		39		100		46		55		101		61		162			110	%	166	%
Ixempra		—		—		—		—		—		—		—		—		—		—		1		1			—		—
Affective (Psychiatric) Disorders		103		125		228		121		349		138		487		139		162		301		158		459			31	%	32	%
Abilify(b)		73		90		163		91		254		101		355		106		126		232		129		361			42	%	42	%
Immunoscience		1		2		3		3		6		9		15		14		19		33		22		55			*		*
Orencia		1		2		3		3		6		9		15		14		19		33		22		55			*		*
NUTRITIONALS		332		345		677		371		1,048		395		1,443		415		455		870		469		1,339			26	%	28	%
Enfamil		83		90		173		86		259		101		360		107		112		219		117		336			36	%	30	%

* 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) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

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

7

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited, amounts in millions except per share data)

	Q3 2008
				Specified		Non
	GAAP			Items*		GAAP
Net Sales	$	5,254		—		$	5,254
Cost of products sold		1,634		(53	)		1,581
Gross Profit		3,620		53			3,673
Gross margin as a % of sales		68.9	%	1.0	%		69.9	%
Marketing, selling and administrative		1,208		(37	)		1,171
Advertising and product promotion		362		—			362
Total SGA		1,570		(37	)		1,533
SG&A as a % of sales		29.9	%	(0.7	)%		29.2	%
Research and development		834		(37	)		797
R&D as a % of sales		15.9	%	(0.7	)%		15.2	%
Provision for restructuring, net		26		(26	)		—
Litigation expense, net		30		(30	)		—
Equity in net income of affiliates		(164	)	—			(164	)
Other expense / (income), net		169		(226	)		(57	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	1,155		409		$	1,564
Provision for income taxes		308		87			395
Minority Interest, net of taxes		259		—			259
Net Earnings - Continuing Operations	$	588		322		$	910
Net Earnings - Discontinued Operations		1,990					1,990
Net Earnings	$	2,578		322		$	2,900
Net Earnings - Continuing Operations	$	588		322		$	910
Interest expense on conversion of convertible debt bonds, net of tax		4					4
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	$	592		322		$	914
Average Common Shares Outstanding - Diluted		2,004					2,004
Diluted Earnings per Common Share - Continuing Operations	$	0.30		0.16		$	0.46
Net Earnings - Continuing Operations as a % of sales		11.2	%	6.1	%		17.3	%
Effective Tax Rate		26.7	%	(1.4	)%		25.3	%

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

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited, amounts in millions except per share data)

	SEPTEMBER YTD 2008
				Specified		Non
	GAAP			Items*		GAAP
Net Sales	$	15,348		—		$	15,348
Cost of products sold		4,874		(207	)		4,667
Gross Profit		10,474		207			10,681
Gross margin as a % of sales		68.2	%	1.4	%		69.6	%
Marketing, selling and administrative		3,507		(74	)		3,433
Advertising and product promotion		1,101		—			1,101
Total SGA		4,608		(74	)		4,534
SG&A as a % of sales		30.0	%	(0.5	)%		29.5	%
Research and development		2,442		(88	)		2,354
R&D as a % of sales		15.9	%	(0.6	)%		15.3	%
Acquired in-process research and development		32		(32	)		—
Provision for restructuring, net		67		(67	)		—
Litigation expense, net		32		(32	)		—
Equity in net income of affiliates		(478	)	—			(478	)
Other expense / (income), net		188		(256	)		(68	)
Earnings from Continuing Operations Before Minority Interest & Taxes	$	3,583		756		$	4,339
Provision for income taxes		896		154			1,050
Minority Interest, net of taxes		730		—			730
Net Earnings - Continuing Operations	$	1,957		602		$	2,559
Net Earnings - Discontinued Operations		2,046					2,046
Net Earnings	$	4,003		602		$	4,605
Net Earnings - Continuing Operations	$	1,957		602		$	2,559
Interest expense on conversion of convertible debt bonds, net of tax		16					16
Net Earnings used for diluted earnings per common share calculation - Continuing Operations	$	1,973		602		$	2,575
Average Common Shares Outstanding - Diluted		2,006					2,006
Diluted Earnings per Common Share - Continuing Operations	$	0.98		0.30		$	1.28
Net Earnings - Continuing Operations as a % of sales		12.8	%	3.9	%		16.7	%
Effective Tax Rate		25.0	%	(0.8	)%		24.2	%

* Please refer to the Specified Items YTD tab for detail of specified items.

9

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

($ in millions)

Three months ended September 30, 2008

	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net		Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	26	$	—	$	—	$	26
Accelerated depreciation and other shutdown costs		53		—		—		—		—		—		53
Process standardization implementation costs		—		28		—		—		—		—		28
		53		28		—		26		—		—		107
Litigation Matters:
Litigation settlement		—		—		—		—		30		—		30
Other:
Mead Johnson Nutritionals charges		—		9		—		—		—		—		9
Product liability		—		—		—		—		—		2		2
Upfront and milestone payments		—		—		37		—		—		—		37
Auction rate securities impairment		—		—		—		—		—		224		224
	$	53	$	37	$	37	$	26	$	30	$	226		409
Income taxes on items above														(87	)
(Increase)/Decrease to Net Earnings from Continuing Operations													$	322

Three months ended September 30, 2007
	Cost of products sold		Research and development		Gain on sale of product assets			Other (income)/ expense, net			Total
Litigation Matters:
Insurance recovery	$	—	$	—	$	—		$	(11	)	$	(11	)
Product liability		—		—		—			5			5
		—		—		—			(6	)		(6	)
Other:
Upfront and milestone payments		—		60		—			—			60
Accelerated depreciation and asset impairment		17		—		—			—			17
Gain on sale of product assets		—		—		(247	)		—			(247	)
	$	17	$	60	$	(247	)	$	(6	)		(176	)
Income taxes on items above												82
(Increase)/Decrease to Net Earnings from Continuing Operations											$	(94	)

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

($ in millions)

Nine months ended September 30, 2008
	Cost of products sold		Marketing selling and administrative		Research and development		Provision for restructuring, net		Litigation expense, net			Other (income)/ expense, net			Total
Productivity Transformation Initiative:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	67	$	—		$	—		$	67
Accelerated depreciation and other shutdown costs		207		—		—		—		—			—			207
Process standardization implementation costs		—		64		—		—		—			—			64
Gain on sales and leaseback of properties		—		—		—		—		—			(9	)		(9	)
		207		64		—		67		—			(9	)		329
Litigation Matters:
Litigation settlement		—		—		—		—		32			—			32
Other:
Mead Johnson Nutritionals charges		—		10		—		—		—			—			10
Product liability		—		—		—		—		—			18			18
Upfront and milestone payments		—		—		88		—		—			—			88
Acquired in-process research and development		—		—		32		—		—			—			32
Auction rate securities impairment		—		—		—		—		—			247			247
	$	207	$	74	$	120	$	67	$	32		$	256			756
Income taxes on items above																(154	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	602
Nine months ended September 30, 2007
	Cost of products sold		Research and development		Provision for restructuring, net		Litigation expense, net		Other (income)/ expense, net			Gain on sale of product assets			Total
Litigation Matters:
Litigation settlement	$	—	$	—	$	—	$	14	$	—		$	—		$	14
Insurance recovery		—		—		—		—		(11	)		—			(11	)
Product liability		—		—		—		—		5			—			5
		—		—		—		14		(6	)		—			8
Other:
Upfront and milestone payments		—		157		—		—		—			—			157
Accelerated depreciation and asset impairment		46		—		—		—		—			—			46
Downsizing and streamlining of worldwide operations		—		—		44		—		—			—			44
Gain on sale of product assets		—		—		—		—		—			(273	)		(273	)
	$	46	$	157	$	44	$	14	$	(6	)	$	(273	)		(18	)
Income taxes on items above																37
Change in estimate for taxes on a prior year specified item																(39	)
(Increase)/Decrease to Net Earnings from Continuing Operations															$	(20	)

11

BRISTOL-MYERS SQUIBB COMPANY

SELECT BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			March 31, 2008			June 30, 2008			September 30, 2008		December 31, 2008
Cash, cash equivalents and marketable debt securities	$	4,012		$	4,646		$	3,582		$	2,225		$	2,637		$	4,402		$	7,431
Short-term borrowings		241			256			1,879			1,891			1,781			1,799			135
Long-term debt		7,132			6,978			4,248			4,381			4,660			6,021			6,120
Net (debt) / cash	$	(3,361	)	$	(2,588	)	$	(2,545	)	$	(4,047	)	$	(3,804	)	$	(3,418	)	$	1,176
Receivables, net of allowances	$	3,381		$	3,632		$	3,704		$	4,240		$	4,541		$	4,469		$	4,224
Stockholders’ equity		10,261			10,762			11,153			10,562			10,561			10,779			12,938
Capital expenditures and capitalized software (for the quarter ended)		202			206			185			248			250			210			196

12

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 - GAAP	$	1.61 to $1.66	*
Projected Specified Items:
Productivity Transformation Initiative		0.21
Auction rate securities impairment		0.10
Upfront and milestone payments		0.03
Acquired in-process research and development		0.02
Mead Johnson Nutritionals charges		0.01
Littigation Settlement		0.01
Product Liability		0.01
Gain on Sale of Imclone Shares		(0.29	)*
Gain on Sale of Assets		(0.06	)
Total		0.04
Projected Diluted Earnings per Common Share - Non-GAAP	$	1.65 to $1.70

* If the Company does not receive cash from tendering its Imclone shares, Projected Diluted Earnings per Common Share - GAAP is expected to be $1.32 to $1.37 per share.

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

Gross margin on a GAAP basis for the nine months ended September 30, 2008 was 68.2%, which included specified items of $207 million and had a 1.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 gross margin was 69.6%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 the Company projects gross margin for the full year 2008 to increase approximately 100 basis points compared to 2007, and 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

Research and development expenses on a GAAP basis for the nine months ended September 30, 2008 were $2,474 million, which included specified items of $120 million. On a non-GAAP basis, for the nine months ended September 30, 2008 research and development expenses were $2,354 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2008 were $3,507 million, which included specified items of $74 million. On a non-GAAP basis, for the nine months ended September 30, 2008 marketing, selling and administrative expenses were $3,433 million. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 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 GAAP to Non-GAAP PL Reconciliation - September YTD tab.

The effective tax rate on a GAAP basis for the nine months ended September 30, 2008 was 25.0%, which included specified items of $154 million in the tax provision, and had a .8% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2008 effective tax rate was 24.2%. On a non-GAAP basis, based on historical trends in 2007 and for the nine months ended September 30, 2008 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 GAAP to Non-GAAP PL Reconciliation - September YTD 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, announced in December 2007 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 this 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. Costs associated with the expansion of the Productivity Transformation Initiative announced in July 2008, which is expected to generate an additional $1.0 billion in cost savings, are not estimable at this point. 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 Third Quarter of 2008, October 23, 2008, including “2008 Guidance” and “Use of Non-GAAP Financial Information” therein.

On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

13