Bristol-Myers Squibb (BMY) 10-Q 2010 Q2 Quarterly report

EXHIBIT 12.

Computation of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges:	Six Months Ended June 30,		Years Ended December 31,
Dollars in Millions	2010		2009		2008		2007		2006		2005
Earnings
Earnings from continuing operations before income taxes	$	3,044	$	5,602	$	4,776	$	2,523	$	1,450	$	3,398
Less:
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		1,020		1,717		1,444		1,106		609		812
Equity in net income of affiliates		182		550		617		524		474		334
Capitalized interest		4		13		21		24		16		8
Income adjusted for equity income		1,838		3,322		2,694		869		351		2,244
Add:
Fixed charges		94		242		387		497		560		403
Distributed income of equity investments		88		550		590		488		439		383
Total Earnings	$	2,020	$	4,114	$	3,671	$	1,854	$	1,350	$	3,030
Fixed Charges
Interest	$	65	$	184	$	310	$	422	$	498	$	349
Capitalized interest		4		13		21		24		16		8
One-third of rental expense(1)		25		45		56		51		46		46
Total Fixed Charges	$	94	$	242	$	387	$	497	$	560	$	403
Ratio of Earnings to Fixed Charges		21.49		17.00		9.49		3.73		2.41		7.52

⁽¹⁾ Rents included in the computation consist of one-third of rental expense which the Company believes to be a conservative estimate of an interest factor in its leases.

E-12-1