Bristol-Myers Squibb (BMY) 8-K Robust Clinical Data and the Strategic Acquisition of ZymoGenetics

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales

	2009														2010												% Change				FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
Total	$	4,322	$	4,665	$	8,987	$	4,788	$	13,775	$	5,033	$	18,808	$	4,807	$	4,768	$	9,575	$	4,798	$	14,373				—		4%		-1%		—
US		2,766		2,974		5,740		3,012		8,752		3,115		11,867		3,089		3,105		6,194		3,135		9,329				4%		7%		N/A		N/A
Intercon Pharmaceuticals		196		215		411		213		624		219		843		225		199		424		207		631				-3%		1%		—		2%
JPAC Pharmaceuticals		326		372		698		394		1,092		430		1,522		371		403		774		419		1,193				6%		9%		7%		10%
Emerging Markets		166		174		340		203		543		210		753		203		201		404		211		615				4%		13%		2%		5%
Europe Pharmaceuticals		827		883		1,710		911		2,621		1,004		3,625		886		822		1,708		804		2,512				-12%		-4%		-9%		-2%
Other		41		47		88		55		143		55		198		33		38		71		22		93				-60%		-35%		-1%		1%

% of Total Sales

	2009														2010												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
Total		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%				—			—
US Pharmaceuticals		64.0%		63.8%		63.9%		62.9%		63.5%		61.9%		63.1%		64.3%		65.1%		64.7%		65.3%		64.9%				240			140
Intercon Pharmaceuticals		4.5%		4.6%		4.6%		4.5%		4.5%		4.4%		4.5%		4.7%		4.2%		4.4%		4.3%		4.4%				(20	)		(10	)
JPAC Pharmaceuticals		7.6%		8.0%		7.7%		8.2%		7.9%		8.5%		8.1%		7.7%		8.5%		8.1%		8.7%		8.3%				50			40
Emerging Markets		3.8%		3.7%		3.8%		4.2%		4.0%		4.2%		4.0%		4.2%		4.2%		4.2%		4.4%		4.3%				20			30
Europe Pharmaceuticals		19.1%		18.9%		19.0%		19.0%		19.0%		19.9%		19.3%		18.4%		17.2%		17.8%		16.8%		17.5%				(220	)		(150	)
Other		1.0%		1.0%		1.0%		1.2%		1.1%		1.1%		1.0%		0.7%		0.8%		0.8%		0.5%		0.6%				(70	)		(50	)

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED SEPTEMBER 30, 2010

($ in millions)

QUARTER-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		3%		-3%		—
Foreign Exchange		—		-3%		-1%
Volume		1%		—		1%
Total Change		4%		-6%		—
Total 2010 Period to Date Sales	$	3,135	$	1,663	$	4,798
Total 2009 Period to Date Sales	$	3,012	$	1,776	$	4,788

YEAR-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		4%		-2%		2%
Foreign Exchange		—		1%		—
Volume		3%		1%		2%
Total Change		7%		—		4%
Total 2010 Period to Date Sales	$	9,329	$	5,044	$	14,373
Total 2009 Period to Date Sales	$	8,752	$	5,023	$	13,775

2

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS

($ in millions, except per share amounts)

	2009																					2010																		% 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	$	4,322		$	4,665		$	8,987		$	4,788		$	13,775		$	5,033		$	18,808		$	4,807		$	4,768		$	9,575			$	4,798		$	14,373					—		4%
Cost of products sold		1,165			1,225			2,390			1,317			3,707			1,433			5,140			1,306			1,277			2,583				1,280			3,863					-3%		4%
Marketing, selling and administrative		901			922			1,823			953			2,776			1,170			3,946			900			894			1,794				892			2,686					-6%		-3%
Advertising and product promotion		248			298			546			256			802			334			1,136			212			263			475				231			706					-10%		-12%
Research and development		908			811			1,719			820			2,539			1,108			3,647			910			822			1,732				824			2,556					—		1%
Provision for restructuring, net		19			19			38			51			89			47			136			11			24			35				15			50					-71%		-44%
Litigation expense, net		104			28			132			—			132			—			132			—			—			—				22			22					—		-83%
Equity in net income of affiliates		(146	)		(150	)		(296	)		(139	)		(435	)		(115	)		(550	)		(97	)		(85	)		(182	)			(70	)		(252	)				-50%		-42%
Other (income)/expense, net		(72	)		(10	)		(82	)		(35	)		(117	)		(264	)		(381	)		113			(19	)		94				(10	)		84					-71%		-172%
Total expenses		3,127			3,143			6,270			3,223			9,493			3,713			13,206			3,355			3,176			6,531				3,184			9,715					-1%		2%
Earnings from Continuing Operations Before Income Taxes	$	1,195		$	1,522		$	2,717		$	1,565		$	4,282		$	1,320		$	5,602		$	1,452		$	1,592		$	3,044			$	1,614		$	4,658					3%		9%
Provision for income taxes		275			353			628			366			994			188			1,182			351			324			675				312			987					-15%		-1%
Net Earnings from Continuing Operations	$	920		$	1,169		$	2,089		$	1,199		$	3,288		$	1,132		$	4,420		$	1,101		$	1,268		$	2,369			$	1,302		$	3,671					9%		12%
Net Earnings Attributable to Noncontrolling Interest		271			289			560			307			867			314			1,181			358			341			699				353			1,052					15%		21%
Net Earnings from Continuing Operations Attributable to BMS Company	$	649		$	880		$	1,529		$	892		$	2,421		$	818		$	3,239		$	743		$	927		$	1,670			$	949		$	2,619					6%		8%
Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)		(5	)		(8	)		(5	)		(13	)		(4	)		(17	)		(3	)		(3	)		(7	)	��		(4	)		(11	)				-20%		-15%
Net Earnings used for Diluted EPS Calc - Continuing Operations - Attributable to BMS Company	$	645		$	875		$	1,521		$	887		$	2,408		$	814		$	3,222		$	740		$	924		$	1,663			$	945		$	2,608					7%		8%
Diluted Earnings Attributable to BMS Company per Common Share** - Continuing Operations	$	0.33		$	0.44		$	0.77		$	0.45		$	1.21		$	0.41		$	1.63		$	0.43		$	0.53		$	0.96			$	0.55		$	1.51					22%		25%
Average Common Shares Outstanding - Diluted		1,981			1,983			1,982			1,984			1,982			1,967			1,978			1,725			1,728			1,727				1,726			1,726					-13%		-13%
Dividends declared per common share	$	0.31		$	0.31		$	0.62		$	0.31		$	0.93		$	0.32		$	1.25		$	0.32		$	0.32		$	0.64			$	0.32		$	0.96					3%		3%

% of Net Sales
	2009																					2010																	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		73.0%			73.7%			73.4%			72.5%			73.1%			71.5%			72.7%			72.8%			73.2%			73.0%			73.3%			73.1%					80		—
Cost of products sold		27.0%			26.3%			26.6%			27.5%			26.9%			28.5%			27.3%			27.2%			26.8%			27.0%			26.7%			26.9%					(80)		—
Marketing, selling and administrative		20.8%			19.8%			20.3%			19.9%			20.2%			23.2%			21.0%			18.7%			18.8%			18.7%			18.6%			18.7%					(130)		(150)
Advertising and product promotion		5.7%			6.4%			6.1%			5.3%			5.8%			6.6%			6.0%			4.4%			5.5%			5.0%			4.8%			4.9%					(50)		(90)
Research and development		21.0%			17.4%			19.1%			17.1%			18.4%			22.0%			19.4%			18.9%			17.2%			18.1%			17.2%			17.8%					10		(60)
Total expenses		72.4%			67.4%			69.8%			67.3%			68.9%			73.8%			70.2%			69.8%			66.6%			68.2%			66.4%			67.6%					(90)		(130)
Earnings from Continuing Operations Before Income Taxes		27.6%			32.6%			30.2%			32.7%			31.1%			26.2%			29.8%			30.2%			33.4%			31.8%			33.6%			32.4%					90		130
Net Earnings from Continuing Operations Attributable to BMS Company		15.0%			18.9%			17.0%			18.6%			17.6%			16.3%			17.2%			15.5%			19.4%			17.4%			19.8%			18.2%					120		60
Other Ratios
Effective Tax Rate		23.0%			23.2%			23.1%			23.4%			23.2%			14.2%			21.1%			24.2%			20.4%			22.2%			19.3%			21.2%					(410)		(200)
Other (Income)/Expense, net
	2009																					2010																	% 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	$	52		$	42		$	94		$	47		$	141		$	43		$	184		$	33		$	32		$	65		$	38		$	103					-19%		-27%
Interest income		(13	)		(14	)		(27	)		(13	)		(40	)		(14	)		(54	)		(15	)		(16	)		(31	)		(23	)		(54	)				77%		35%
Impairment and loss on sale of manufacturing operations		—			—			—			—			—			—			—			200			15			215			10			225					—		—
(Gain)/Loss on debt buyback and termination of interest rate swap agreements		—			(11	)		(11	)		4			(7	)		—			(7	)		—			—			—			—			—					100%		-100%
Net foreign exchange transaction (gains)/losses		(13	)		17			4			13			17			(15	)		2			(16	)		(16	)		(32	)		9			(23	)				-31%		*
Gain on sale of product lines, businesses and assets		(44	)		(11	)		(55	)		(17	)		(72	)		(288	)		(360	)		(10	)		(5	)		(15	)		(21	)		(36	)				24%		-50%
Medarex acquisition		—			—			—			(10	)		(10	)		—			(10	)		—			—			—			—			—					-100%		-100%
Other income received from alliance partners		(35	)		(34	)		(69	)		(50	)		(119	)		(29	)		(148	)		(50	)		(44	)		(94	)		(28	)		(122	)				-44%		3%
Pension curtailment and settlement charges		—			25			25			—			25			18			43			—			14			14			2			16					—		-36%
Other		(19	)		(24	)		(43	)		(9	)		(52	)		21			(31	)		(29	)		1			(28	)		3			(25	)				133%		-52%
	($	72	)	($	10	)	($	82	)	($	35	)	($	117	)	($	264	)	($	381	)	$	113		$	(19	)	$	94		($	10	)	$	84					-71%		-172%

* in excess of +/- 200%

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

3

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING  FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED SEPTEMBER 30, 2010

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2010		2009		Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2010 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding  FX
Net sales	$	4,798	$	4,788	$	10			—		(50	)	$	4,848		-1%		1	%
Marketing, selling and administrative(a)		892		953		(61	)		-6%		17			909		1%		-5	%
Marketing, selling and administrative excluding specified items(b)		884		933		(49	)		-5%		17			901		1%		-4	%
Advertising and product promotion		231		256		(25	)		-10%		1			232		—		-10	%
Research and development		824		820		4			—		5			829		1%		1	%
Research and development excluding specified items(b)		824		820		4			—		5			829		1%		1	%
(a) General and administrative		333		353		(20	)		-6%		4			337		1%		-5	%
General and administrative excluding specified items(c)		325		333		(8	)		-2%		3			328		—		-2	%
(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.
(c) The following table provides a reconciliation of General and administrative GAAP to Non-GAAP figures:
		2010		2009
General and administrative		333		353
Specified Items:
Process standardization implementation costs		8		20
General and administrative excluding specified items		325		333
YEAR-TO-DATE
	2010		2009		Growth $			Growth %		Favorable / (Unfavorable) FX Impact $ *			2010 Excluding FX		Favorable  / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	14,373	$	13,775		598			4%		93			14,280		—		4%
Marketing, selling and administrative(a)		2,686		2,776		(90	)		-3%		(8	)		2,678		-1%		-4%
Marketing, selling and administrative excluding specified items(b)		2,659		2,711		(52	)		-2%		(9	)		2,650		—		-2%
Advertising and product promotion		706		802		(96	)		-12%		(7	)		699		-1%		-13%
Research and development		2,556		2,539		17			1%		(7	)		2,549		-1%		—
Research and development excluding specified items(b)		2,484		2,365		119			5%		(7	)		2,477		—		5%
(a) General and administrative		1,011		1,024		(13	)		-1%		(5	)		1,006		-1%		-2%
General and administrative excluding specified items(c)		984		959		25			3%		(6	)		978		-2%		1%
(b) Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:
		2010		2009
General and administrative		1,011		1,024
Specified Items:
Process standardization implementation costs		27		65
General and administrative excluding specified items		984		959

* The company calculates the foreign exchange (FX) impact by determining the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

4

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN

EXCHANGE IMPACT

FOR THE PERIOD ENDED SEPTEMBER 30, 2010

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2010		2009		Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ **	2010 Excluding FX	Favorable / (Unfavorable) FX Impact % **	Growth % Excluding  FX
Plavix		1,658		1,554		104		7%	1	1,657	—	7%
Avapro/Avalide		303		329		(26	)	-8%	(1)	304	-1%	-7%
Abilify		608		653		(45	)	-7%	(11)	619	-2%	-5%
Reyataz		375		360		15		4%	(8)	383	-3%	7%
Sustiva Franchise		342		315		27		9%	(9)	351	-3%	12%
Baraclude		228		191		37		19%	—	228	-1%	20%
Orencia		184		162		22		14%	(2)	186	-1%	15%
Erbitux		159		179		(20	)	-11%	—	159	—	-11%
Sprycel		144		107		37		35%	(3)	147	-2%	37%
Ixempra		29		28		1		4%	1	28	6%	-2%
Onglyza		47		20		27		135%	—	47	—	135%
Mature Products and All Other		721		890		(169	)	-19%	(18)	739	-2%	-17%

YEAR-TO-DATE
	2010		2009		Growth $			Growth %	Favorable / (Unfavorable) FX Impact $ **	2010 Excluding  FX		Favorable / (Unfavorable) FX Impact % **	Growth % Excluding  FX
Plavix		4,951		4,528		423		9%	26		4,925	—	9%
Avapro/Avalide		924		944		(20	)	-2%	17		907	2%	-4%
Abilify		1,858		1,885		(27	)	-1%	(6)		1,864	—	-1%
Reyataz		1,105		1,013		92		9%	—		1,105	—	9%
Sustiva Franchise		1,008		919		89		10%	(5)		1,013	—	10%
Baraclude		667		522		145		28%	15		652	2%	26%
Orencia		531		434		97		22%	1		530	—	22%
Erbitux		497		516		(19	)	-4%	—		497	—	-4%
Sprycel		407		302		105		35%	4		403	2%	33%
Ixempra		87		81		6		7%	1		86	1%	6%
Onglyza		85		20		65		*	—		85	—	*
Mature Products and All Other		2,253		2,611		(358	)	-14%	40		2,213	1%	-15%

* In excess of +/- 200%

** The company calculates the foreign exchange (FX) impact by determining the change in a product’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

5

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2009														2010												% Change				FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
TOTAL		4,322		4,665		8,987		4,788		13,775		5,033		18,808		4,807		4,768		9,575		4,798		14,373				—		4%		-1%		—
Key Products
Plavix		1,435		1,539		2,974		1,554		4,528		1,618		6,146		1,666		1,627		3,293		1,658		4,951				7%		9%		—		—
Avapro/Avalide		302		313		615		329		944		339		1,283		314		307		621		303		924				-8%		-2%		-1%		2%
Reyataz		322		331		653		360		1,013		388		1,401		373		357		730		375		1,105				4%		9%		-3%		—
Sustiva Franchise (a)		292		312		604		315		919		358		1,277		335		331		666		342		1,008				9%		10%		-3%		—
Baraclude		152		179		331		191		522		212		734		216		223		439		228		667				19%		28%		-1%		2%
Erbitux		164		173		337		179		516		167		683		166		172		338		159		497				-11%		-4%		—		—
Sprycel		88		107		195		107		302		119		421		131		132		263		144		407				35%		35%		-2%		2%
Ixempra		24		29		53		28		81		28		109		29		29		58		29		87				4%		7%		6%		1%
Abilify(b)		589		643		1,232		653		1,885		707		2,592		617		633		1,250		608		1,858				-7%		-1%		-2%		—
Orencia		124		148		272		162		434		168		602		169		178		347		184		531				14%		22%		-1%		—
Onglyza		—		—		—		20		20		4		24		10		28		38		47		85				135%		*		—		—
Mature Products and All Other(c)		830		891		1,721		890		2,611		925		3,536		781		751		1,532		721		2,253				-19%		-14%		-2%		1%
	2009														2010												% Change				FX Impact
	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
Net Sales by Therapeutic Area:
Cardiovascular		1,892		2,050		3,942		2,055		5,997		2,118		8,115		2,129		2,069		4,198		2,086		6,284				2%		5%		—		1%
Virology		794		848		1,642		890		2,532		981		3,513		945		929		1,874		963		2,837				8%		12%		-2%		—
Oncology		407		450		857		447		1,304		437		1,741		435		444		879		443		1,322				-1%		1%		—		1%
Neuroscience		621		660		1,281		668		1,949		727		2,676		635		650		1,285		618		1,903				-7%		-2%		-1%		—
Immunoscience		124		148		272		162		434		168		602		169		178		347		184		531				14%		22%		-1%		—
Metabolics		25		36		61		52		113		30		143		37		55		92		75		167				44%		48%		-1%		—
Other Therapeutic Areas		459		473		932		514		1,446		572		2,018		457		443		900		429		1,329				-17%		-8%		-4%		1%

* 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.

(c) Includes products which have lost their exclusivity in major markets and over the counter brands.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2009														2010												% Change				% Change in U.S.  Total Prescription**
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
TOTAL		2,766		2,974		5,740		3,012		8,752		3,115		11,867		3,089		3,105		6,194		3,135		9,329				4%		7%
Key Products
Plavix		1,296		1,393		2,689		1,406		4,095		1,461		5,556		1,531		1,496		3,027		1,534		4,561				9%		11%		-2%		—
Avapro/Avalide		173		179		352		186		538		184		722		186		170		356		168		524				-10%		-3%		-19%		-16%
Reyataz		176		169		345		186		531		196		727		186		185		371		189		560				2%		5%		2%		5%
Sustiva Franchise (a)		190		194		384		195		579		224		803		214		213		427		227		654				16%		13%		6%		9%
Baraclude		36		39		75		41		116		44		160		42		42		84		46		130				12%		12%		13%		13%
Erbitux		162		171		333		175		508		163		671		163		168		331		155		486				-11%		-4%		N/A		N/A
Sprycel		30		33		63		28		91		32		123		38		42		80		47		127				68%		40%		5%		6%
Ixempra		22		26		48		26		74		25		99		25		26		51		25		76				-4%		3%		N/A		N/A
Abilify(b)		481		518		999		520		1,519		563		2,082		470		491		961		462		1,423				-11%		-6%		3%		6%
Orencia		99		116		215		126		341		126		467		126		137		263		138		401				10%		18%		N/A		N/A
Onglyza		—		—		—		20		20		2		22		6		23		29		37		66				85%		*		N/A		N/A
Mature Products and All Other(c)		101		136		237		103		340		95		435		102		112		214		107		321				4%		-6%

	2009														2010												% 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 by Therapeutic Area:
Cardiovascular		1,515		1,652		3,167		1,650		4,817		1,693		6,510		1,770		1,707		3,477		1,743		5,220				6%		8%
Virology		406		404		810		424		1,234		466		1,700		445		441		886		462		1,348				9%		9%
Oncology		218		233		451		233		684		219		903		233		239		472		233		705				—		3%
Neuroscience		491		513		1,004		520		1,524		566		2,090		473		494		967		464		1,431				-11%		-6%
Immunoscience		99		116		215		126		341		126		467		126		137		263		138		401				10%		18%
Metabolics		11		21		32		36		68		12		80		16		30		46		48		94				33%		38%
Other Therapeutic Areas		26		35		61		23		84		33		117		26		57		83		47		130				104%		55%

* In excess of +/- 200%

** The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit which is a product of WK’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. The change in SPRYCEL demand is calculated based upon tablets sold though retail and mail order channels based upon data obtained from the IMS Health (IMS) National Sales Perspectives Audit, which is a product of IMS’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. ERBITUX, IXEMPRA and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products.

(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. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement and U.S. healthcare reform.

(c) Includes products which have lost their exclusivity in major markets and over the counter brands.

	2009				2010				% Change
	3rd Qtr		9 Months		3rd Qtr		9 Months		Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported		520		1,519		462		1,423		-11%		-6%
Contractual share change from 65% to 58%		—		—		56		172		N/A		N/A
Incremental amortization of extension payment		—		—		—		16		N/A		N/A
U.S. healthcare reform		—		—		28		82		N/A		N/A
Abilify Net Sales - Adjusted		520		1,519		546		1,693		5%		11%

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2009														2010												% Change				FX Impact
	1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr		Year		1st Qtr		2nd Qtr		6 Months		3rd Qtr		9 Months		4th Qtr	Year	Qtr vs. Qtr		YTD vs. YTD		Qtr vs. Qtr		YTD vs. YTD
TOTAL		1,556		1,691		3,247		1,776		5,023		1,918		6,941		1,718		1,663		3,381		1,663		5,044				-6%		—		-3%		1%
Key Products
Plavix		139		146		285		148		433		157		590		135		131		266		124		390				-16%		-10%		1%		5%
Avapro/Avalide		129		134		263		143		406		155		561		128		137		265		135		400				-6%		-1%		-1%		5%
Reyataz		146		162		308		174		482		192		674		187		172		359		186		545				7%		13%		-5%		—
Sustiva Franchise (a)		102		118		220		120		340		134		474		121		118		239		115		354				-4%		4%		-9%		-2%
Baraclude		116		140		256		150		406		168		574		174		181		355		182		537				21%		32%		1%		3%
Erbitux		2		2		4		4		8		4		12		3		4		7		4		11				—		38%		3%		5%
Sprycel		58		74		132		79		211		87		298		93		90		183		97		280				23%		33%		-2%		3%
Ixempra		2		3		5		2		7		3		10		4		3		7		4		11				100%		57%		3%		11%
Abilify(b)		108		125		233		133		366		144		510		147		142		289		146		435				10%		19%		-9%		-1%
Orencia		25		32		57		36		93		42		135		43		41		84		46		130				28%		40%		-4%		3%
Onglyza		—		—		—		—		—		2		2		4		5		9		10		19				*		*		—		—
Mature Products and All Other(c)		729		755		1,484		787		2,271		830		3,101		679		639		1,318		614		1,932				-22%		-15%		-2%		2%

	2009														2010												% Change				FX Impact
	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
Net Sales by Therapeutic Area:
Cardiovascular		377		398		775		405		1,180		425		1,605		359		362		721		343		1,064				-15%		-10%		-1%		4%
Virology		388		444		832		466		1,298		515		1,813		500		488		988		501		1,489				8%		15%		-4%		1%
Oncology		189		217		406		214		620		218		838		202		205		407		210		617				-2%		—		1%		3%
Neuroscience		130		147		277		148		425		161		586		162		156		318		154		472				4%		11%		-6%		—
Immunoscience		25		32		57		36		93		42		135		43		41		84		46		130				28%		40%		—		3%
Metabolics		14		15		29		16		45		18		63		21		25		46		27		73				69%		62%		-4%		0%
Other Therapeutic Areas		433		438		871		491		1,362		539		1,901		431		386		817		382		1,199				-22%		-12%		-3%		2%

* 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.

(c) Includes products which have lost their exclusivity in major markets and over the counter brands.

8

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, 2010

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items			Non GAAP
Net Sales	$	4,798			—		$	4,798
Cost of products sold		1,280			(27	)		1,253
Gross Profit		3,518			27			3,545
Gross profit as a % of sales		73.3	%		0.6	%		73.9	%
Marketing, selling and administrative		892			(8	)		884
Advertising and product promotion		231			—			231
Total SG&A		1,123			(8	)		1,115
SG&A as a % of sales		23.4	%		(0.2	)%		23.2	%
Research and development		824			—			824
R&D as a % of sales		17.2	%		0.0	%		17.2	%
Operating Margin		1,571			35			1,606
Operating Margin as a % of sales		32.7	%		0.8	%		33.5	%
Provision for restructuring, net		15			(15	)		—
Litigation expense, net		22			(22	)		—
Equity in net income of affiliates		(70	)		—			(70	)
Other income, net		(10	)		(26	)		(36	)
Earnings from Continuing Operations Before Income Taxes	$	1,614			98		$	1,712
Provision for income taxes		312			30			342
Net Earnings - Continuing Operations	$	1,302			68		$	1,370
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		353						353
Net Earnings - Continuing Operations Attributable to BMS Company	$	949			68		$	1,017
Contingently convertible debt interest expense and dividends attributable to unvested shares		(4	)					(4	)
Net Earnings used for Diluted EPS Calc - Continuing Operations
-Attributable to BMS Company	$	945			68		$	1,013
Average Common Shares Outstanding - Diluted		1,726						1,726
Diluted EPS - Continuing Operations Attributable to BMS Company	$	0.55			0.04		$	0.59
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		19.8	%		1.4	%		21.2	%
Effective Tax Rate		19.3	%		0.7	%		20.0	%

9

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, 2010

(Unaudited, amounts in millions except per share data)

	GAAP			Specified Items			Non GAAP
Net Sales	$	14,373			—		$	14,373
Cost of products sold		3,863			(85	)		3,778
Gross Profit		10,510			85			10,595
Gross profit as a % of sales		73.1	%		0.6	%		73.7	%
Marketing, selling and administrative		2,686			(27	)		2,659
Advertising and product promotion		706			—			706
Total SG&A		3,392			(27	)		3,365
SG&A as a % of sales		23.6	%		(0.2	)%		23.4	%
Research and development		2,556			(72	)		2,484
R&D as a % of sales		17.8	%		(0.5	)%		17.3	%
Operating Margin		4,562			184			4,746
Operating Margin as a % of sales		31.7	%		1.3	%		33.0	%
Provision for restructuring, net		50			(50	)		—
Litigation expense, net		22			(22	)		—
Equity in net income of affiliates		(252	)		—			(252	)
Other income, net		84			(246	)		(162	)
Earnings from Continuing Operations Before Income Taxes	$	4,658			502		$	5,160
Provision for income taxes		987			193			1,180
Net Earnings - Continuing Operations	$	3,671			309		$	3,980
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest		1,052						1,052
Net Earnings - Continuing Operations Attributable to BMS Company	$	2,619			309		$	2,928
Contingently convertible debt interest expense and dividends attributable to unvested shares		(11	)					(11	)
Net Earnings used for Diluted EPS Calc - Continuing Operations
-Attributable to BMS Company	$	2,608			309		$	2,917
Average Common Shares Outstanding - Diluted		1,726						1,726
Diluted EPS - Continuing Operations Attributable to BMS Company	$	1.51			0.18		$	1.69
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales		18.2	%		2.2	%		20.4	%
Effective Tax Rate		21.2	%		1.7	%		22.9	%

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

($ in millions)

Three months ended September 30, 2010

	Cost of products sold		Marketing, selling and administrative		Provision for restructuring		Litigation expense		Other (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	15	$	—	$	—	$	15
Impairment and loss on sale of manufacturing operations		—		—		—		—		10		10
Accelerated depreciation, asset impairment and other shutdown costs		27		—		—		—		—		27
Pension curtailment and settlement charges		—		—		—		—		3		3
Process standardization implementation costs		—		8		—		—		—		8
Total Restructuring		27		8		15		—		13		63
Other:
Litigation charges		—		—		—		22		—		22
Product liability charges		—		—		—		—		13		13
Total	$	27	$	8	$	15	$	22	$	26		98
Income taxes on items above												(30	)
Decrease to Net Earnings from Continuing Operations											$	68

Three months ended September 30, 2009

	Cost of products sold		Marketing, selling and administrative		Provision for restructuring		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	48	$	—		$	48
Accelerated depreciation, asset impairment and other shutdown costs		30		—		3		—			33
Process standardization implementation costs		—		20		—		—			20
Gain on sale of product lines, businesses and assets		—		—		—		(17	)		(17	)
Total Restructuring		30		20		51		(17	)		84
Other:
Medarex acquisition		—		—		—		(10	)		(10	)
Debt buyback and swap terminations		—		—		—		4			4
Total	$	30	$	20	$	51	$	(23	)		78
Income taxes on items above											(26	)
Decrease to Net Earnings from Continuing Operations										$	52

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

($ in millions)

Nine months ended September 30, 2010

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Litigation expense		Other (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	50	$	—	$	—	$	50
Impairment and loss on sale of manufacturing operations		—		—		—		—		—		225		225
Accelerated depreciation, asset impairment and other shutdown costs		85		—		—		—		—		—		85
Pension curtailment and settlement charges		—		—		—		—		—		8		8
Process standardization implementation costs		—		27		—		—		—		—		27
Total Restructuring		85		27		—		50		—		233		395
Other:
Litigation charges		—		—		—		—		22		—		22
Upfront licensing, milestone and other payments		—		—		72		—		—		—		72
Product liability charges		—		—		—		—		—		13		13
Total	$	85	$	27	$	72	$	50	$	22	$	246		502
Income taxes on items above														(134	)
Out-of-period tax adjustment														(59	)
Decrease to Net Earnings from Continuing Operations													$	309

Nine months ended September 30, 2009

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Litigation expense		Other (income)/ expense			Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	80	$	—	$	—		$	80
Accelerated depreciation, asset impairment and other shutdown costs		80		—		—		9		—		—			89
Pension curtailment and settlement charges		—		—		—		—		—		25			25
Process standardization implementation costs		—		65		—		—		—		—			65
Gain on sale of product lines, businesses and assets		—		—		—		—		—		(72	)		(72	)
Total Restructuring		80		65		—		89		—		(47	)		187
Other:
Litigation charges		—		—		—		—		132		—			132
Upfront licensing and milestone payments		—		—		174		—		—		—			174
Medarex acquisition		—		—		—		—		—		(10	)		(10	)
Debt buyback and swap terminations		—		—		—		—		—		(7	)		(7	)
Product liability charges/(insurance recoveries)		8		—		—		—		—		(5	)		3
Total	$	88	$	65	$	174	$	89	$	132	$	(69	)		479
Income taxes on items above															(161	)
Decrease to Net Earnings from Continuing Operations														$	318

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2009		June 30, 2009		September 30, 2009		December 31, 2009		March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Cash and cash equivalents	$	7,832	$	7,507	$	6,367	$	7,683	$	5,135	$	5,918	$	7,581
Marketable securities - current		1,088		613		302		831		1,641		1,536		778
Marketable securities - long term		184		983		1,202		1,369		2,997		2,795		2,562
Short-term borrowings		156		124		286		231		208		290		243
Long-term debt		6,492		6,235		6,307		6,130		6,081		6,248		6,479
Net (debt) / cash	$	2,456	$	2,744	$	1,278	$	3,522	$	3,484	$	3,711	$	4,199	$	—

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BRISTOL-MYERS SQUIBB COMPANY

2010 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2010
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	1.84 to $1.94
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.17
Accelerated depreciation and other shutdown costs		0.07
Upfront and milestone payments and other		0.04
Certain tax-related items		(0.03	)
Total		0.25
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.10 to $2.20

Gross margin on a GAAP basis for the nine months ended September 30, 2010 was 73.1%, which included specified items of $85 million and had a 0.6% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2010 gross margin was 73.7%. On a non-GAAP basis, the Company projects gross margin for the full year 2010 to remain consistent with last year. 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, 2010 were $2,556 million, which included specified items of $72 million. On a non-GAAP basis, for the nine months ended September 30, 2010 research and development expenses were $2,484 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2010 to increase in the mid single digit range compared to 2009. 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, 2010 were $2,686 million, which included specified items of $27 million. On a non-GAAP basis, for the nine months ended September 30, 2010 marketing, selling and administrative expenses were $2,659 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2010 to remain flat compared to 2009. 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, 2010 was 21.2%, which included specified items of $193 million in the tax provision, and had a 1.7% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2010 effective tax rate was 22.9%. On a non-GAAP basis, based on historical trends in 2009 the Company projects the annual effective tax rate between 23% and 24% for the full year 2010. 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 2010 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront and milestone payments and certain tax-related items. The GAAP results for the full year 2010 could also include other specified items that have not yet been identified and quantified, including any gains or losses from the purchase or sale of business or product lines, charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, additional 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 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 2010, October 26, 2010, including “2010 Guidance” and “Use of Non-GAAP Financial Information” therein.

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