Bristol-Myers Squibb (BMY) 8-K Key R&D Milestones and Strong Financials

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales	2010														2011								% 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	$	4,807	$	4,768	$	9,575	$	4,798	$	14,373	$	5,111	$	19,484	$	5,011							4%	4%	1%	1%
US		3,089		3,105		6,194		3,135		9,329		3,284		12,613		3,250							5%	5%	N/A	N/A
Europe Pharmaceuticals		886		822		1,708		804		2,512		936		3,448		868							(2)%	(2)%	(1)%	(1)%
JPAC Pharmaceuticals		371		403		774		419		1,193		458		1,651		449							21%	21%	8%	8%
Intercon Pharmaceuticals		225		199		424		207		631		225		856		214							(5)%	(5)%	1%	1%
Emerging Markets		203		201		404		211		615		189		804		206							1%	1%	3%	3%
Other		33		38		71		22		93		19		112		24							(27)%	(27)%	(3)%	(3)%
% of Total Sales	2010														2011								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%							—	—
US Pharmaceuticals		64.3%		65.1%		64.7%		65.3%		64.9%		64.3%		64.7%		64.9%							60	60
Europe Pharmaceuticals		18.4%		17.2%		17.8%		16.8%		17.5%		18.3%		17.7%		17.3%							(110)	(110)
JPAC Pharmaceuticals		7.7%		8.5%		8.1%		8.7%		8.3%		9.0%		8.5%		9.0%							130	130
Intercon Pharmaceuticals		4.7%		4.2%		4.4%		4.3%		4.4%		4.4%		4.4%		4.3%							(40)	(40)
Emerging Markets		4.2%		4.2%		4.2%		4.4%		4.3%		3.7%		4.1%		4.0%							(20)	(20)
Other		0.7%		0.8%		0.8%		0.5%		0.6%		0.3%		0.6%		0.5%							(20)	(20)

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED MARCH 31, 2011

($ in millions)

QUARTER-TO-DATE

	US		Non-US		Total
Price Increases/(Decreases)		6%		(4)%		2%
Foreign Exchange		—		2%		1%
Volume		(1)%		5%		1%
Total Change		5%		3%		4%
Total 2011 Period to Date Sales	$	3,250	$	1,761	$	5,011
Total 2010 Period to Date Sales	$	3,089	$	1,718	$	4,807

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)

	2010														2011								% 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	$	4,807	$	4,768	$	9,575	$	4,798	$	14,373	$	5,111	$	19,484	$	5,011								4%		4%
Cost of products sold		1,306		1,277		2,583		1,280		3,863		1,414		5,277		1,343								3%		3%
Marketing, selling and administrative		900		894		1,794		892		2,686		1,000		3,686		928								3%		3%
Advertising and product promotion		212		263		475		231		706		271		977		214								1%		1%
Research and development		910		822		1,732		824		2,556		1,010		3,566		935								3%		3%
Provision for restructuring, net		11		24		35		15		50		63		113		44								*		*
Litigation expense, net		—		—		—		22		22		(41)		(19)		—								—		—
Equity in net income of affiliates		(97)		(85)		(182)		(70)		(252)		(61)		(313)		(82)								(15)%		(15)%
Other (income)/expense, net		113		(19)		94		(10)		84		42		126		(138)								*		*
Total expenses		3,355		3,176		6,531		3,184		9,715		3,698		13,413		3,244								(3)%		(3)%
Earnings from Operations Before Income Taxes	$	1,452	$	1,592	$	3,044	$	1,614	$	4,658	$	1,413	$	6,071	$	1,767								22%		22%
Provision for income taxes		351		324		675		312		987		571		1,558		400								14%		14%
Net Earnings from Operations	$	1,101	$	1,268	$	2,369	$	1,302	$	3,671	$	842	$	4,513	$	1,367								24%		24%
Net Earnings Attributable to Noncontrolling Interest		358		341		699		353		1,052		359		1,411		381								6%		6%
Net Earnings from Operations Attributable to BMS	$	743	$	927	$	1,670	$	949	$	2,619	$	483	$	3,102	$	986								33%		33%
Contingently convertible debt interest expense and earnings attributable to unvested shares		(3)		(3)		(7)		(4)		(11)		(2)		(12)		(2)								(33)%		(33)%
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	740	$	924	$	1,663	$	945	$	2,608	$	481	$	3,090	$	984								33%		33%
Diluted Earnings Attributable to BMS per Common Share**	$	0.43	$	0.53	$	0.96	$	0.55	$	1.51	$	0.28	$	1.79	$	0.57								33%		33%
Average Common Shares Outstanding - Diluted		1,725		1,728		1,727		1,726		1,726		1,723		1,727		1,714								(1)%		(1)%
Dividends declared per common share	$	0.32	$	0.32	$	0.64	$	0.32	$	0.96	$	0.33	$	1.29	$	0.33								3%		3%

% of Net Sales	2010														2011								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		72.8%		73.2%		73.0%		73.3%		73.1%		72.3%		72.9%		73.2%								40		40
Cost of products sold		27.2%		26.8%		27.0%		26.7%		26.9%		27.7%		27.1%		26.8%								(40)		(40)
Marketing, selling and administrative		18.7%		18.8%		18.7%		18.6%		18.7%		19.6%		18.9%		18.5%								(20)		(20)
Advertising and product promotion		4.4%		5.5%		5.0%		4.8%		4.9%		5.3%		5.0%		4.3%								(10)		(10)
Research and development		18.9%		17.2%		18.1%		17.2%		17.8%		19.8%		18.3%		18.7%								(20)		(20)
Total expenses		69.8%		66.6%		68.2%		66.4%		67.6%		72.4%		68.8%		64.7%								(510)		(510)
Earnings from Operations Before Income Taxes		30.2%		33.4%		31.8%		33.6%		32.4%		27.6%		31.2%		35.3%								510		510
Net Earnings from Operations Attributable to BMS		15.5%		19.4%		17.4%		19.8%		18.2%		9.5%		15.9%		19.7%								420		420
Other Ratios
Effective Tax Rate		24.2%		20.4%		22.2%		19.3%		21.2%		40.4%		25.7%		22.6%								(160)		(160)
Other (Income)/Expense, net	2010														2011								% 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	$	33	$	32	$	65	$	38	$	103	$	42	$	145	$	31								(6)%		(6)%
Interest income		(15)		(16)		(31)		(23)		(54)		(21)		(75)		(21)								40%		40%
Impairment and loss on sale of manufacturing operations		200		15		215		10		225		11		236		—								(100)%		(100)%
(Gain)/Loss on debt repurchase		—		—		—		—		—		6		6		(8)								—		—
Net foreign exchange transaction (gains)/losses		(16)		(16)		(32)		9		(23)		17		(6)		(7)								(56)%		(56)%
Gain on sale of product lines, businesses and assets		(10)		(5)		(15)		(21)		(36)		(3)		(39)		(9)								(10)%		(10)%
Acquisition related items		—		—		—		—		—		10		10		—								—		—
Other income from alliance partners		(50)		(44)		(94)		(28)		(122)		(14)		(136)		(21)								(58)%		(58)%
Pension curtailment and settlement charges		—		14		14		2		16		12		28		(3)								—		—
Litigation charges/(recoveries), net		—		—		—		—		—		—		—		(102)								—		—
Product liability charges		—		—		—		—		—		—		—		26								—		—
Other		(29)		1		(28)		3		(25)		(18)		(43)		(24)								(17)%		(17)%
		113	($	19)	$	94	($	10)	$	84	$	42	$	126		(138)								*		*

* 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 MARCH 31, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	5,011	$	4,807	$	204		4%		31	$	4,980		1%		3%
Marketing, selling and administrative(a)		928		900		28		3%		(5)		923		—		3%
Marketing, selling and administrative excluding specified items(b)		924		887		37		4%		(5)		919		—		4%
Advertising and product promotion		214		212		2		1%		(3)		211		(1)%		—
Research and development		935		910		25		3%		(3)		932		(1)%		2%
Research and development excluding specified items(b)		832		855		(23)		(3)%		(3)		829		—		(3)%
(a)    The following table provides a reconciliation of GAAP to Non-GAAP figures and the impact of annual pharmaceutical company fee:
	2011		2010		% Change
Marketing, selling and administrative		928		900		3%
Specified items		4		13		(69)%
Marketing, selling and administrative excluding specified items		924		887		4%
Annual pharmaceutical company fee		62		—		N/A
Adjusted marketing, selling and administrative excluding specified items		862		887		(3)%

(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.

* 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 MARCH 31, 2011

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		1,762		1,666		96		6%		2		1,760		—		6%
Avapro/Avalide		290		314		(24)		(8)%		3		287		1%		(9)%
Abilify		624		617		7		1%		2		622		—		1%
Reyataz		366		373		(7)		(2)%		1		365		—		(2)%
Sustiva Franchise		343		335		8		2%		—		343		—		2%
Baraclude		275		216		59		27%		8		267		3%		24%
Erbitux		165		166		(1)		(1)%		—		165		—		(1)%
Sprycel		172		131		41		31%		1		171		—		31%
Orencia		199		169		30		18%		1		198		1%		17%
Onglyza/Kombiglyze		81		10		71		*		—		81		—		*
Mature Products and All Other		734		810		(76)		(9)%		13		721		2%		(11)%

* 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 OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2010							2011							% 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	4,807	4,768	9,575	4,798	14,373	5,111	19,484	5,011							4%	4%	1%	1%
Key Products
Plavix	1,666	1,627	3,293	1,658	4,951	1,715	6,666	1,762							6%	6%	—	—
Avapro/Avalide	314	307	621	303	924	252	1,176	290							(8)%	(8)%	1%	1%
Abilify(a)	617	633	1,250	608	1,858	707	2,565	624							1%	1%	—	—
Reyataz	373	357	730	375	1,105	374	1,479	366							(2)%	(2)%	—	—
Sustiva Franchise (b)	335	331	666	342	1,008	360	1,368	343							2%	2%	—	—
Baraclude	216	223	439	228	667	264	931	275							27%	27%	3%	3%
Erbitux	166	172	338	159	497	165	662	165							(1)%	(1)%	—	—
Sprycel	131	132	263	144	407	169	576	172							31%	31%	—	—
Orencia	169	178	347	184	531	202	733	199							18%	18%	1%	1%
Onglyza/Kombiglyze (c)	10	28	38	47	85	73	158	81							*	*	*	*
Mature Products and All Other(d)	810	780	1,590	750	2,340	830	3,170	734							(9)%	(9)%	2%	2%
	2010							2011							% 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	2,129	2,069	4,198	2,086	6,284	2,111	8,395	2,162							2%	2%	1%	1%
Virology	945	929	1,874	963	2,837	1,017	3,854	997							6%	6%	1%	1%
Oncology	435	444	879	443	1,322	478	1,800	466							7%	7%	2%	2%
Neuroscience	635	650	1,285	618	1,903	715	2,618	631							(1)%	(1)%	—	—
Immunoscience	169	178	347	184	531	202	733	199							18%	18%	1%	1%
Metabolics	37	55	92	75	167	97	264	107							189%	189%	5%	5%
Other Therapeutic Areas	457	443	900	429	1,329	491	1,820	449							(2)%	(2)%	—	—

* In excess of +/- 200%

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

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

(c) Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $4M in Q1 2011.

(d) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2010							2011							% 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	3,089	3,105	6,194	3,135	9,329	3,284	12,613	3,250								5%		5%
Key Products
Plavix	1,531	1,496	3,027	1,534	4,561	1,593	6,154	1,641								7%		7%		(4)%		(4)%
Avapro/Avalide	186	170	356	168	524	118	642	160								(14)%		(14)%		(32)%		(32)%
Abilify(a)	470	491	961	462	1,423	535	1,958	460								(2)%		(2)%		5%		5%
Reyataz	186	185	371	189	560	194	754	181								(3)%		(3)%		1%		1%
Sustiva Franchise(b)	214	213	427	227	654	227	881	215								—		—		8%		8%
Baraclude	42	42	84	46	130	49	179	48								14%		14%		11%		11%
Erbitux	163	168	331	155	486	160	646	162								(1)%		(1)%		N/A		N/A
Sprycel	38	42	80	47	127	61	188	61								61%		61%		9%		9%
Orencia	126	137	263	138	401	146	547	138								10%		10%		N/A		N/A
Onglyza/Kombiglyze (c)	6	23	29	37	66	53	119	57								*		*		*		*
Mature Products and All Other(d)	127	138	265	132	397	148	545	127								—		—
	2010							2011							% 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	1,770	1,707	3,477	1,743	5,220	1,770	6,990	1,832								4%		4%
Virology	445	441	886	462	1,348	472	1,820	446								—		—
Oncology	233	239	472	233	705	249	954	249								7%		7%
Neuroscience	473	494	967	464	1,431	538	1,969	460								(3)%		(3)%
Immunoscience	126	137	263	138	401	146	547	138								10%		10%
Metabolics	16	30	46	48	94	61	155	64								*		*
Other Therapeutic Areas	26	57	83	47	130	48	178	61								135%		135%

* 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 and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products.

(a) 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.

	2011		2010		% Change
	1st Qtr		1st Qtr		Qtr vs. Qtr
Abilify Net Sales As Reported		460		470		(2)%
Contractual share change from 58% to 53.5%		39		—		N/A
Incremental U.S. healthcare reform		2		—		N/A
Abilify Net Sales - Adjusted		501		470		7%

(b) 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.

(c) Kombiglyze was launched in Q4 2010. Includes Kombiglyze sales of $5M in 2010 and $4M in Q1 2011.

(d) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000	000000
	2010							2011							% 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	1,718	1,663	3,381	1,663	5,044	1,827	6,871	1,761							3%	3%	2%	2%
Key Products
Plavix	135	131	266	124	390	122	512	121							(10)%	(10)%	2%	2%
Avapro/Avalide	128	137	265	135	400	134	534	130							2%	2%	3%	3%
Abilify(a)	147	142	289	146	435	172	607	164							12%	12%	1%	1%
Reyataz	187	172	359	186	545	180	725	185							(1)%	(1)%	1%	1%
Sustiva Franchise (b)	121	118	239	115	354	133	487	128							6%	6%	—	—
Baraclude	174	181	355	182	537	215	752	227							30%	30%	4%	4%
Erbitux	3	4	7	4	11	5	16	3							—	—	(14)%	(14)%
Sprycel	93	90	183	97	280	108	388	111							19%	19%	2%	2%
Orencia	43	41	84	46	130	56	186	61							42%	42%	—	—
Onglyza	4	5	9	10	19	20	39	24							*	*	—	—
Mature Products and All Other (c)	683	642	1,325	618	1,943	682	2,625	607							(11)%	(11)%	2%	2%
	2010							2011							% 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	359	362	721	343	1,064	341	1,405	330							(8)%	(8)%	2%	2%
Virology	500	488	988	501	1,489	545	2,034	551							10%	10%	1%	1%
Oncology	202	205	407	210	617	229	846	217							7%	7%	4%	4%
Neuroscience	162	156	318	154	472	177	649	171							6%	6%	2%	2%
Immunoscience	43	41	84	46	130	56	186	61							42%	42%	—	—
Metabolics	21	25	46	27	73	36	109	43							105%	105%	5%	5%
Other Therapeutic Areas	431	386	817	382	1,199	443	1,642	388							(10)%	(10)%	1%	1%

* In excess of +/- 200%

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

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

(c) Represents all other products, including those which have lost their exclusivity in major markets and over the counter brands.

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BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2010

(Unaudited, amounts in millions except per share data)

	GAAP		Specified Items		Non GAAP
Net Sales	$	4,807		—	$	4,807
Cost of products sold		1,306		(31)		1,275
Gross Profit		3,501		31		3,532
Gross profit as a % of sales		72.8%		0.7%		73.5%
Marketing, selling and administrative		900		(13)		887
Advertising and product promotion		212		—		212
Total SG&A		1,112		(13)		1,099
SG&A as a % of sales		23.1%		(0.2)%		22.9%
Research and development		910		(55)		855
R&D as a % of sales		18.9%		(1.1)%		17.8%
Operating Margin		1,479		99		1,578
Operating Margin as a % of sales		30.8%		2.0%		32.8%
Provision for restructuring, net		11		(11)		—
Equity in net income of affiliates		(97)		—		(97)
Other (income)/expense, net		113		(200)		(87)
Earnings Before Income Taxes	$	1,452		310	$	1,762
Provision for income taxes		351		86		437
Net Earnings	$	1,101		224	$	1,325
Net Earnings - Attributable to Noncontrolling Interest		358				358
Net Earnings - Attributable to BMS	$	743		224	$	967
Contingently convertible debt interest expense and earnings attributable to unvested shares		(3)				(3)
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	740		224	$	964
Average Common Shares Outstanding - Diluted		1,725				1,725
Diluted EPS - Attributable to BMS	$	0.43		0.13	$	0.56
Net Earnings Attributable to BMS as a % of sales		15.5%		4.6%		20.1%
Effective Tax Rate		24.2%		0.6%		24.8%

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BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2011

(Unaudited, amounts in millions except per share data)

	GAAP		Specified Items		Non GAAP
Net Sales	$	5,011		—	$	5,011
Cost of products sold		1,343		(23)		1,320
Gross Profit		3,668		23		3,691
Gross profit as a % of sales		73.2%		0.5%		73.7%
Marketing, selling and administrative		928		(4)		924
Advertising and product promotion		214		—		214
Total SG&A		1,142		(4)		1,138
SG&A as a % of sales		22.8%		(0.1)%		22.7%
Research and development		935		(103)		832
R&D as a % of sales		18.7%		(2.1)%		16.6%
Operating Margin		1,591		130		1,721
Operating Margin as a % of sales		31.8%		2.5%		34.3%
Provision for restructuring, net		44		(44)		—
Equity in net income of affiliates		(82)		—		(82)
Other (income)/expense, net		(138)		76		(62)
Earnings Before Income Taxes	$	1,767		98	$	1,865
Provision for income taxes		400		84		484
Net Earnings	$	1,367		14	$	1,381
Net Earnings - Attributable to Noncontrolling Interest		381				381
Net Earnings - Attributable to BMS	$	986		14	$	1,000
Contingently convertible debt interest expense and earnings attributable to unvested shares		(2)				(2)
Net Earnings used for Diluted EPS Calc - Attributable to BMS	$	984		14	$	998
Average Common Shares Outstanding - Diluted		1,714				1,714
Diluted EPS - Attributable to BMS	$	0.57		0.01	$	0.58
Net Earnings Attributable to BMS as a % of sales		19.7%		0.3%		20.0%
Effective Tax Rate		22.6%		3.4%		26.0%

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED March 31, 2011 AND 2010

($ in millions)

Three months ended March 31, 2011

	Cost of products sold		Marketing, selling  and administrative		Research and development		Provision for restructuring		Other  (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	44	$	—	$	44
Accelerated depreciation, asset impairment and other shutdown costs		23		—		—		—		—		23
Process standardization implementation costs		—		4		—		—		—		4
Total Restructuring		23		4		—		44		—		71
Other:
Litigation charges/(recoveries), net		—		—		—		—		(102)		(102)
Upfront, milestone and other licensing payments		—		—		88		—		—		88
IPRD Impairment		—		—		15		—		—		15
Product liability charges		—		—		—		—		26		26
Total	$	23	$	4	$	103	$	44	$	(76)		98
Income taxes on items above												(28)
Specified tax benefit												(56)
Decrease to Net Earnings											$	14

Three months ended March 31, 2010

	Cost of products sold		Marketing, selling and administrative		Research and development		Provision for restructuring		Other  (income)/ expense		Total
Restructuring Activity:
Downsizing and streamlining of worldwide operations	$	—	$	—	$	—	$	11	$	—	$	11
Impairment and loss on sale of manufacturing operations		—		—		—		—		200		200
Accelerated depreciation, asset impairment, and other shutdown costs		31		—		—		—		—		31
Process standardization implementation costs		—		13		—		—		—		13
Total Restructuring		31		13		—		11		200		255
Other:
Upfront, milestone and other licensing payments		—		—		55		—		—		55
Total	$	31	$	13	$	55	$	11	$	200		310
Income taxes on items above												(86)
Decrease to Net Earnings											$	224

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

		000000000		000000000		000000000		000000000		000000000		000000000		000000000		000000000
	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010		March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011
Cash and cash equivalents	$	5,135	$	5,918	$	7,581	$	5,033	$	3,405
Marketable securities - current		1,641		1,536		778		2,268		3,388
Marketable securities - long term		2,997		2,795		2,562		2,681		3,065
Short-term borrowings		208		290		243		117		135
Long-term debt		6,081		6,248		6,479		5,328		5,276
Net (debt) / cash	$	3,484	$	3,711	$	4,199	$	4,537	$	4,447

12

BRISTOL-MYERS SQUIBB COMPANY

2011 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2011
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$	2.00 to $2.10
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.08
Accelerated depreciation and other shutdown costs		0.06
Upfront, milestone and other licensing payments		0.06
Litigation recoveries/product liability charges		(0.03	)
Certain tax-related items		(0.05	)
Total		0.12
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$	2.10 to $2.20

Gross margin as a percentage of sales on a GAAP basis for the first quarter of 2011 was 73.2%, which included specified items of $23 million and had a 0.5% adverse impact on gross margin in aggregate. On a non-GAAP basis, gross margin as a percentage of sales was 73.7% for the first quarter of 2011. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2011 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 - March YTD tab.

Research and development expenses on a GAAP basis for the first quarter of 2011 were $935 million, which included specified items of $103 million. On a non-GAAP basis, for the first quarter 2011 research and development expenses were $832 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2011 to increase in the mid single digit range compared to 2010. It is estimated that 30% to 40% of the research and development expenses in 2011 will be incurred on late-stage development programs. 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 - March YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the first quarter of 2011 were $928 million, which included specified items of $4 million. On a non-GAAP basis, for the first quarter of 2011 marketing, selling and administrative expenses were $924 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2011 to grow in the mid-single diget range compared 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 -March YTD tab.

The effective tax rate on a GAAP basis for the first quarter 2011 was 22.6%, which included specified items of $84 million in the tax provision, and had a 3.4% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the first quarter 2011 the effective tax rate was 26.0%. On a non-GAAP basis, based on historical trends in 2010 the Company projects the annual effective tax rate between 25% and 26% for the full year 2011. 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 - March YTD tab.

The GAAP financial results for the full year 2011 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront, milestone and other licensing payments, charges and recoveries relating to significant legal proceedings, asset and IPR&D impairments and certain tax-related items. The GAAP financial results for the full year 2011 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, milestone and other licensing 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 First Quarter of 2011, April 28, 2011 including “2011 Guidance” and “Use of Non-GAAP Financial Information” therein.

The EPS impact of U.S. healthcare reform in 2010 was $0.10 and is expected to be approximately $0.25 in 2011. In 2011, we expect a reduction of net sales of approximately $250 million resulting from new discounts associated with the Medicare Part D coverage gap and an increase in marketing, sales and administrative expenses of approximately $250 million due to the new annual non-tax-deductible pharmaceutical company fee. The non-tax deductibility on our share of the net pharmaceutical company fee is expected to increase our effective tax rate by approximately 1% in 2011 which is considered in our effective tax rate guidance above.

13