Bristol-Myers Squibb (BMY) 8-K Net Sales Rise 7% to $5.5 Billion in Fourth Quarter

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	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244	7%	9%	—	2%
US		3,089		3,105		6,194		3,135		9,329		3,284		12,613		3,250		3,562		6,812		3,477		10,289		3,556		13,845	8%	10%	—	—
Europe Pharmaceuticals		886		822		1,708		804		2,512		936		3,448		868		954		1,822		916		2,738		929		3,667	(1)%	6%	(1)%	5%
JPAC Pharmaceuticals		371		403		774		419		1,193		458		1,651		449		462		911		464		1,375		487		1,862	6%	13%	3%	8%
Intercon Pharmaceuticals		225		199		424		207		631		225		856		214		220		434		230		664		230		894	2%	4%	(4)%	1%
Emerging Markets		203		201		404		211		615		189		804		206		215		421		238		659		228		887	21%	10%	(2)%	3%
Other		33		38		71		22		93		19		112		24		21		45		20		65		24		89	26%	(21)%	—	—
% 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%		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%		65.5%		65.2%		65.1%		65.2%		65.2%		65.2%	90		50
Europe Pharmaceuticals		18.4%		17.2%		17.8%		16.8%		17.5%		18.3%		17.7%		17.3%		17.6%		17.4%		17.1%		17.3%		17.0%		17.2%	(130)		(50)
JPAC Pharmaceuticals		7.7%		8.5%		8.1%		8.7%		8.3%		9.0%		8.5%		9.0%		8.5%		8.7%		8.7%		8.7%		8.9%		8.8%	(10)		30
Intercon Pharmaceuticals		4.7%		4.2%		4.4%		4.3%		4.4%		4.4%		4.4%		4.3%		4.0%		4.2%		4.3%		4.2%		4.2%		4.2%	(20)		(20)
Emerging Markets		4.2%		4.2%		4.2%		4.4%		4.3%		3.7%		4.1%		4.0%		4.0%		4.0%		4.4%		4.2%		4.2%		4.2%	50		10
Other		0.7%		0.8%		0.8%		0.5%		0.6%		0.3%		0.6%		0.5%		0.4%		0.5%		0.4%		0.4%		0.5%		0.4%	20		(20)

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED DECEMBER 31, 2011

($ in millions)

		Foreign Exchange		Foreign Exchange		Foreign Exchange		Foreign Exchange		Foreign Exchange		Foreign Exchange
QUARTER-TO-DATE	Net Sales				Analysis of % Change
	2011		2010		Total Change		Volume		Price		Foreign Exchange
US	$	3,556	$	3,284		8%		2%		6%		—
Europe		929		936		(1)%		4%		(4)%		(1)%
JPAC		487		458		6%		1%		2%		3%
Intercon		230		225		2%		6%		—		(4)%
Emerging Markets		228		189		21%		31%		(8)%		(2)%
Other		24		19		26%		N/A		N/A		—
Total	$	5,454	$	5,111		7%		4%		3%		—
YEAR-TO-DATE	Net Sales				Analysis of % Change
	2011		2010		Total Change		Volume		Price		Foreign Exchange
US	$	13,845	$	12,613		10%		3%		7%		—
Europe		3,667		3,448		6%		5%		(4)%		5%
JPAC		1,862		1,651		13%		6%		(1)%		8%
Intercon		894		856		4%		3%		—		1%
Emerging Markets		887		804		10%		13%		(6)%		3%
Other		89		112		(21)%		N/A		N/A		—
Total	$	21,244	$	19,484		9%		4%		3%		2%

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	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244		7%		9%
Cost of products sold		1,306		1,277		2,583		1,280		3,863		1,414		5,277		1,343		1,481		2,824		1,407		4,231		1,367		5,598		(3)%		6%
Marketing, selling and administrative		900		894		1,794		892		2,686		1,000		3,686		928		1,040		1,968		1,019		2,987		1,216		4,203		22%		14%
Advertising and product promotion		212		263		475		231		706		271		977		214		253		467		205		672		285		957		5%		(2)%
Research and development		910		822		1,732		824		2,556		1,010		3,566		935		923		1,858		973		2,831		1,008		3,839		—		8%
Provision for restructuring, net		11		24		35		15		50		63		113		44		40		84		8		92		24		116		(62)%		3%
Litigation expense, net		—		—		—		22		22		(41)		(19)		—		—		—		—		—		—		—		(100)%		(100)%
Equity in net income of affiliates		(97)		(85)		(182)		(70)		(252)		(61)		(313)		(82)		(62)		(144)		(71)		(215)		(66)		(281)		8%		(10)%
Other (income)/expense, net		113		(19)		94		(10)		84		42		126		(138)		(31)		(169)		(26)		(195)		26		(169)		(38)%		*
Total expenses		3,355		3,176		6,531		3,184		9,715		3,698		13,413		3,244		3,644		6,888		3,515		10,403		3,860		14,263		4%		6%
Earnings from Operations Before Income Taxes	$	1,452	$	1,592	$	3,044	$	1,614	$	4,658	$	1,413	$	6,071	$	1,767	$	1,790	$	3,557	$	1,830	$	5,387	$	1,594	$	6,981		13%		15%
Provision for income taxes		351		324		675		312		987		571		1,558		400		483		883		475		1,358		363		1,721		(36)%		10%
Net Earnings from Operations	$	1,101	$	1,268	$	2,369	$	1,302	$	3,671	$	842	$	4,513	$	1,367	$	1,307	$	2,674	$	1,355	$	4,029	$	1,231	$	5,260		46%		17%
Net Earnings Attributable to Noncontrolling Interest		358		341		699		353		1,052		359		1,411		381		405		786		386		1,172		379		1,551		6%		10%
Net Earnings from Operations Attributable to BMS	$	743	$	927	$	1,670	$	949	$	2,619	$	483	$	3,102	$	986	$	902	$	1,888	$	969	$	2,857	$	852	$	3,709		76%		20%
Contingently convertible debt interest expense and earnings attributable to unvested shares		(3)		13)		(7)		(4)		(11)		(2)		(12)		(2)		(2)		(4)		(2)		(6)		(1)		(8)		(50)%		(33)%
Net Earnings used for Diluted EPS Calc—Attributable to BMS	$	740	$	924	$	1,663	$	945	$	2,608	$	481	$	3,090	$	984	$	900	$	1,884	$	967	$	2,851	$	851	$	3,701		77%		20%
Diluted Earnings Attributable to BMS per Common Share**	$	0.43	$	0.53	$	0.96	$	0.55	$	1.51	$	0.28	$	1.79	$	0.57	$	0.52	$	1.10	$	0.56	$	1.66	$	0.50	$	2.16		79%		21%
Average Common Shares Outstanding—Diluted		1,725		1,728		1,727		1,726		1,726		1,723		1,727		1,714		1,722		1,718		1,715		1,717		1,712		1,717		(1)%		(1)%
Dividends declared per common share	$	0.32	$	0.32	$	0.64	$	0.32	$	0.96	$	0.33	$	1.29	$	0.33	$	0.33	$	0.66	$	0.33	$	0.99	$	0.34	$	1.33		3%		3%
	2010														2011														Basis Point Change
% of Net Sales	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%		72.7%		73.0%		73.7%		73.2%		74.9%		73.6%		260		70
Cost of products sold		27.2%		26.8%		27.0%		26.7%		26.9%		27.7%		27.1%		26.8%		27.3%		27.0%		26.3%		26.8%		25.1%		26.4%		(260)		(70)
Marketing, selling and administrative		18.7%		18.8%		18.7%		18.6%		18.7%		19.6%		18.9%		18.5%		19.1%		18.8%		19.1%		18.9%		22.3%		19.8%		270		90
Advertising and product promotion		4.4%		5.5%		5.0%		4.8%		4.9%		5.3%		5.0%		4.3%		4.7%		4.5%		3.8%		4.3%		5.2%		4.5%		(10)		(50)
Research and development		18.9%		17.2%		18.1%		17.2%		17.8%		19.8%		18.3%		18.7%		17.0%		17.8%		18.2%		17.9%		18.5%		18.1%		(130)		(20)
Total expenses		69.8%		66.6%		68.2%		66.4%		67.6%		72.4%		68.8%		64.7%		67.1%		65.9%		65.8%		65.9%		70.8%		67.1%		(160)		(170)
Earnings from Operations Before Income Taxes		30.2%		33.4%		31.8%		33.6%		32.4%		27.6%		31.2%		35.3%		32.9%		34.1%		34.2%		34.1%		29.2%		32.9%		160		170
Net Earnings from Operations Attributable to BMS		15.5%		19.4%		17.4%		19.8%		18.2%		9.5%		15.9%		19.7%		16.6%		18.1%		18.1%		18.1%		15.6%		17.5%		610		160
Other Ratios
Effective Tax Rate		24.2%		20.4%		22.2%		19.3%		21.2%		40.4%		25.7%		22.6%		27.0%		24.8%		26.0%		25.2%		22.8%		24.7%		(1,760)		(100)
Other (Income)/Expense, net		2010														2011														% Change
	1st Qtr		2nd Qtr		6Months		3rd Qtr		9Months		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	$	32	$	63	$	40	$	103	$	42	$	145		—		—
Interest income		(15)		(16)		(31)		(23)		(54)		(21)		(75)		(21)		(25)		(46)		(23)		(69)		(22)		(91)		5%		21%
Impairment and loss on sale of manufacturing operations		200		15		215		10		225		11		236		—		—		—		—		—		—		—		(100)%		(100)%
Gain on sale of product lines, businesses and assets		(10)		(5)		(15)		(21)		(36)		(3)		(39)		(9)		(2)		(11)		(25)		(36)		(1)		(37)		(67)%		(5)%
Other income from alliance partners		(50)		(44)		(94)		(28)		(122)		(14)		(136)		(23)		(39)		(62)		(45)		(107)		(33)		(140)		136%		3%
Pension curtailment and settlement charges		—		14		14		2		16		12		28		(3)		—		(3)		2		(1)		11		10		(8)%		(64)%
Litigation charges/(recoveries)		—		—		—		—		—		—		—		(102)		(4)		(106)		1		(105)		80		(25)		—		—
Product liability charges		—		—		—		13		13		4		17		26		—		26		10		36		(5)		31		*		82%
Other		(45)		(15)		(60)		(1)		(61)		11		(50)		(37)		7		(30)		14		(16)		(46)		(62)		*		24%
	$	113	($	19)	$	94	($	10)	$	84	$	42	$	126	($	138)	($	31)	($	169)	($	26)	($	195)	$	26		(169)		(38)%		*

* 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 DECEMBER 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	$	5,454	$	5,111	$	343		7%		(9)	$	5,463		—		7%
Marketing, selling and administrative (a)		1,216		1,000		216		22%		5		1,221		—		22%
Marketing, selling and administrative excluding specified items (b)		1,206		992		214		22%		5		1,211		—		22%
Advertising and product promotion		285		271		14		5%		—		285		—		5%
Research and development		1,008		1,010		(2)		—		1		1,009		—		—
Research and development excluding specified items (b)		1,008		940		68		7%		2		1,010		—		7%

(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		1,216		1,000		22%
Specified items		10		8		25%
Marketing, selling and administrative excluding specified items		1,206		992		22%
Annual pharmaceutical company fee		55		—		N/A
Adjusted marketing, selling and administrative excluding specified items		1,151		992		16%

(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.

YEAR-TO-DATE
	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2011 Excluding FX		Favorable / (Unfavorable) FX Impact $ *		Growth % Excluding FX
Net sales	$	21,244	$	19,484	$	1,760		9%		332	$	20,912		2%		7%
Marketing, selling and administrative (a)		4,203		3,686		517		14%		(83)		4,120		(2)%		12%
Marketing, selling and administrative excluding specified items (b)		4,174		3,651		523		14%		(83)		4,091		(2)%		12%
Advertising and product promotion		957		977		(20)		(2)%		(17)		940		(2)%		(4)%
Research and development		3,839		3,566		273		8%		(36)		3,803		(1)%		7%
Research and development excluding specified items (b)		3,604		3,424		180		5%		(37)		3,567		(1)%		4%

(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		4,203		3,686		14%
Specified items		29		35		(17)%
Marketing, selling and administrative excluding specified items		4,174		3,651		14%
Annual pharmaceutical company fee		220		—		N/A
Adjusted marketing, selling and administrative excluding specified items		3,954		3,651		8%

(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.

* 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 DECEMBER 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		1,672		1,715		(43)		(3)%		(3)		1,675		(1)%		(2)%
Avapro/Avalide		195		252		(57)		(23)%		—		195		(1)%		(22)%
Abilify		737		707		30		4%		(2)		739		(1)%		5%
Reyataz		416		374		42		11%		(3)		419		(1)%		12%
Sustiva Franchise		412		360		52		14%		(2)		414		(1)%		15%
Baraclude		318		264		54		20%		3		315		—		20%
Erbitux		181		165		16		10%		1		180		—		10%
Sprycel		227		169		58		34%		(1)		228		(1)%		35%
Yervoy		144		—		144		N/A		—		144		N/A		N/A
Orencia		257		202		55		27%		1		256		—		27%
Nulojix		1		—		1		N/A		—		1		N/A		N/A
Onglyza/Kombiglyze		153		73		80		110%		(1)		154		—		110%
Mature Products and All Other		741		830		(89)		(11)%		(2)		743		(1)%		(10)%
Total		5,454		5,111		343		7%		(9)		5,463		—		7%
YEAR-TO-DATE
	2011		2010		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2011 Excluding FX		Favorable / (Unfavorable) FX Impact $ **		Growth % Excluding FX
Plavix		7,087		6,666		421		6%		13		7,074		—		6%
Avapro/Avalide		952		1,176		(224)		(19)%		21		931		2%		(21)%
Abilify		2,758		2,565		193		8%		35		2,723		2%		6%
Reyataz		1,569		1,479		90		6%		33		1,536		2%		4%
Sustiva Franchise		1,485		1,368		117		9%		24		1,461		2%		7%
Baraclude		1,196		931		265		28%		48		1,148		5%		23%
Erbitux		691		662		29		4%		1		690		—		4%
Sprycel		803		576		227		39%		23		780		3%		36%
Yervoy		360		—		360		N/A		—		360		N/A		N/A
Orencia		917		733		184		25%		16		901		2%		23%
Nulojix		3		—		3		N/A		—		3		N/A		N/A
Onglyza/Kombiglyze		473		158		315		199%		5		468		3%		196%
Mature Products and All Other		2,950		3,170		(220)		(7)%		113		2,837		4%		(11)%
Total		21,244		19,484		1,760		9%		332		20,912		2%		7%

* 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		5,434		10,445		5,345		15,790		5,454		21,244	7%	9%	—	2%
Key Products
Plavix		1,666		1,627		3,293		1,658		4,951		1,715		6,666		1,762		1,865		3,627		1,788		5,415		1,672		7,087	(3)%	6%	(1)%	—
Avapro/Avalide		314		307		621		303		924		252		1,176		290		251		541		216		757		195		952	(23)%	(19)%	(1)%	2%
Abilify (a)		617		633		1,250		608		1,858		707		2,565		624		706		1,330		691		2,021		737		2,758	4%	8%	(1)%	2%
Reyataz		373		357		730		375		1,105		374		1,479		366		396		762		391		1,153		416		1,569	11%	6%	(1)%	2%
Sustiva Franchise (b)		335		331		666		342		1,008		360		1,368		343		371		714		359		1,073		412		1,485	14%	9%	(1)%	2%
Baraclude		216		223		439		228		667		264		931		275		292		567		311		878		318		1,196	20%	28%	—	5%
Erbitux		166		172		338		159		497		165		662		165		173		338		172		510		181		691	10%	4%	—	—
Sprycel		131		132		263		144		407		169		576		172		193		365		211		576		227		803	34%	39%	(1)%	3%
Yervoy		—		—		—		—		—		—		—		—		95		95		121		216		144		360	N/A	N/A	N/A	N/A
Orencia		169		178		347		184		531		202		733		199		228		427		233		660		257		917	27%	25%	—	2%
Nulojix		—		—		—		—		—		—		—		—		2		2		—		2		1		3	N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)		10		28		38		47		85		73		158		81		112		193		127		320		153		473	110%	199%	—	3%
Mature Products and All Other (d)		810		780		1,590		750		2,340		830		3,170		734		750		1,484		725		2,209		741		2,950	(11)%	(7)%	(1)%	4%
	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		2,236		4,398		2,114		6,512		1,972		8,484	(7)%	1%	(1)%	—
Virology		945		929		1,874		963		2,837		1,017		3,854		997		1,075		2,072		1,080		3,152		1,158		4,310	14%	12%	—	3%
Oncology		435		444		879		443		1,322		478		1,800		466		591		1,057		629		1,686		684		2,370	43%	32%	—	3%
Neuroscience		635		650		1,285		618		1,903		715		2,618		631		714		1,345		698		2,043		742		2,785	4%	6%	—	1%
Immunoscience		169		178		347		184		531		202		733		199		230		429		233		662		258		920	28%	26%	1%	3%
Metabolics		37		55		92		75		167		97		264		107		139		246		158		404		181	��	585	87%	122%	(1)%	4%
Other Therapeutic Areas		457		443		900		429		1,329		491		1,820		449		449		898		433		1,331		459		1,790	(7)%	(2)%	(1)%	3%

* 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 $29M and $68M for the three and twelve months ended December 31, 2011 respectively.

(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		3,562		6,812		3,477		10,289		3,556		13,845	8%	10%
Key Products
Plavix		1,531		1,496		3,027		1,534		4,561		1,593		6,154		1,641		1,747		3,388		1,672		5,060		1,562		6,622	(2)%	8%	(7)%	(5)%
Avapro/Avalide		186		170		356		168		524		118		642		160		133		293		121		414		107		521	(9)%	(19)%	(43)%	(39)%
Abilify (a)		470		491		961		462		1,423		535		1,958		460		517		977		505		1,482		555		2,037	4%	4%	4%	5%
Reyataz		186		185		371		189		560		194		754		181		189		370		184		554		206		760	6%	1%	2%	2%
Sustiva Franchise (b)		214		213		427		227		654		227		881		215		228		443		222		665		275		940	21%	7%	6%	7%
Baraclude		42		42		84		46		130		49		179		48		51		99		51		150		57		207	16%	16%	10%	9%
Erbitux		163		168		331		155		486		160		646		162		167		329		168		497		175		672	9%	4%	N/A	N/A
Sprycel		38		42		80		47		127		61		188		61		68		129		78		207		87		294	43%	56%	38%	30%
Yervoy		—		—		—		—		—		—		—		—		95		95		109		204		118		322	N/A	N/A	N/A	N/A
Orencia		126		137		263		138		401		146		547		138		152		290		154		444		171		615	17%	12%	N/A	N/A
Nulojix		—		—		—		—		—		—		—		—		2		2		—		2		1		3	N/A	N/A	N/A	N/A
Onglyza/Kombiglyze (c)		6		23		29		37		66		53		119		57		80		137		91		228		111		339	109%	185%	112%	175%
Mature Products and All Other (d)		127		138		265		132		397		148		545		127		133		260		122		382		131		513	(11)%	(6)%
	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		1,919		3,751		1,826		5,577		1,701		7,278	(4)%		4%
Virology		445		441		886		462		1,348		472		1,820		446		470		916		457		1,373		540		1,913	14%		5%
Oncology		233		239		472		233		705		249		954		249		356		605		377		982		409		1,391	64%		46%
Neuroscience		473		494		967		464		1,431		538		1,969		460		518		978		506		1,484		554		2,038	3%		4%
Immunoscience		126		137		263		138		401		146		547		138		154		292		154		446		171		617	17%		13%
Metabolics		16		30		46		48		94		61		155		64		84		148		98		246		116		362	90%		134%
Other Therapeutic Areas		26		57		83		47		130		48		178		61		61		122		59		181		65		246	35%		38%

* In excess of +/- 200%

** The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, federal facilities including Veterans Administration hospitals, and long-term care, among others. The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit. As of December 31, 2011, SPRYCEL demand is based upon information from the Next-Generation Prescription Service (NGPS) version 2.0 of the National Prescription Audit provided by the IMS Health (IMS). The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error.

(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.

	2010				2011				% Change
	4th Qtr		12 Months		4th Qtr		12 Months		Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported		535		1,958		555		2,037		4%		4%
Contractual share change from 58% to 53.5%		—		—		47		171		N/A		N/A
Incremental U.S. healthcare reform		—		—		4		15		N/A		N/A
Abilify Net Sales—Adjusted		535		1,958		606		2,223		13%		14%

(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 $29M and $67M for the three and twelve months ended December 31, 2011 respectively.

(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)

	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		1,872		3,633		1,868		5,501		1,898		7,399	4%	8%	—	5%
Key Products
Plavix		135		131		266		124		390		122		512			121		118		239		116		355		110		465	(10)%	(9)%	(2)%	3%
Avapro/Avalide		128		137		265		135		400		134		534			130		118		248		95		343		88		431	(34)%	(19)%	—	4%
Abilify (a)		147		142		289		146		435		172		607			164		189		353		186		539		182		721	6%	19%	(2)%	6%
Reyataz		187		172		359		186		545		180		725			185		207		392		207		599		210		809	17%	12%	(2)%	5%
Sustiva Franchise (b)		121		118		239		115		354		133		487			128		143		271		137		408		137		545	3%	12%	(1)%	5%
Baraclude		174		181		355		182		537		215		752			227		241		468		260		728		261		989	21%	32%	1%	7%
Erbitux		3		4		7		4		11		5		16			3		6		9		4		13		6		19	20%	19%	—	3%
Sprycel		93		90		183		97		280		108		388			111		125		236		133		369		140		509	30%	31%	—	6%
Yervoy		—		—		—		—		—		—		—			—		—		—		12		12		26		38	N/A	N/A	N/A	N/A
Orencia		43		41		84		46		130		56		186			61		76		137		79		216		86		302	54%	62%	2%	8%
Onglyza/Kombiglyze		4		5		9		10		19		20		39			24		32		56		36		92		42		134	110%	*	(4)%	*
Mature Products and All Other (c)		683		642		1,325		618		1,943		682		2,625			607		617		1,224		603		1,827		610		2,437	(11)%	(7)%	—	5%
	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		317		647		288		935		271		1,206	(21)%	(14)%	(1)%	4%
Virology		500		488		988		501		1,489		545		2,034			551		605		1,156		623		1,779		618		2,397	13%	18%	—	5%
Oncology		202		205		407		210		617		229		846			217		235		452		252		704		275		979	20%	16%	—	6%
Neuroscience		162		156		318		154		472		177		649			171		196		367		192		559		188		747	6%	15%	(1)%	5%
Immunoscience		43		41		84		46		130		56		186			61		76		137		79		216		87		303	55%	63%	1%	9%
Metabolics		21		25		46		27		73		36		109			43		55		98		60		158		65		223	81%	105%	1%	9%
Other Therapeutic Areas		431		386		817		382		1,199		443		1,642			388		388		776		374		1,150		394		1,544	(11)%	(6)%	—	5%

* 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.

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2011 AND 2010

(Unaudited, amounts in millions except per share data)

	Q4 2011						Q4 2010
	GAAP		Specified Items		Non GAAP		GAAP		Specified Items		Non GAAP
Net Sales	$	5,454		—	$	5,454	$	5,111		—	$	5,111
Cost of products sold		1,367		(15)		1,352		1,414		(28)		1,386
Gross Profit		4,087		15		4,102		3,697		28		3,725
Gross profit as a % of sales		74.9%		0.3%		75.2%		72.3%		0.6%		72.9%
Marketing, selling and administrative		1,216		(10)		1,206		1,000		(8)		992
Advertising and product promotion		285		—		285		271		—		271
Total SG&A		1,501		(10)		1,491		1,271		(8)		1,263
SG&A as a % of sales		27.5%		(0.2)%		27.3%		24.9%		(0.2)%		24.7%
Research and development		1,008		—		1,008		1,010		(70)		940
R&D as a % of sales		18.5%		—		18.5%		19.8%		(1.4)%		18.4%
Operating Margin		1,578		25		1,603		1,416		106		1,522
Operating Margin as a % of sales		28.9%		0.5%		29.4%		27.7%		2.1%		29.8%
Provision for restructuring, net		24		(24)		—		63		(63)		—
Litigation expense, net		—		—		—		(41)		41		—
Equity in net income of affiliates		(66)		—		(66)		(61)		—		(61)	��
Other (income)/expense, net		26		(68)		(42)		42		(35)		7
Earnings Before Income Taxes	$	1,594		117	$	1,711	$	1,413		163	$	1,576
Provision for income taxes		363		63		426		571		(161)		410
Net Earnings	$	1,231		54	$	1,285	$	842		324	$	1,166
Net Earnings—Attributable to Noncontrolling Interest		379				379		359				359
Net Earnings—Attributable to BMS	$	852		54	$	906	$	483		324	$	807
Contingently convertible debt interest expense and earnings attributable to unvested shares		(1)				(1)		(2)				(2)
Net Earnings used for Diluted EPS Calc—Attributable to BMS	$	851		54	$	905	$	481		324	$	805
Average Common Shares Outstanding—Diluted		1,712				1,712		1,723				1,723
Diluted EPS—Attributable to BMS	$	0.50		0.03	$	0.53	$	0.28		0.19	$	0.47
Net Earnings Attributable to BMS as a % of sales		15.6%		1.0%		16.6%		9.5%		6.3%		15.8%
Effective Tax Rate		22.8%		2.1%		24.9%		40.4%		(14.4)%		26.0%

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS

TO NON-GAAP RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2011 AND 2010

(Unaudited, amounts in millions except per share data)

	YTD 2011						YTD 2010
	GAAP		Specified Items		Non GAAP		GAAP		Specified Items		Non GAAP
Net Sales	$	21,244		—	$	21,244	$	19,484		—	$	19,484
Cost of products sold		5,598		(75)		5,523		5,277		(113)		5,164
Gross Profit		15,646		75		15,721		14,207		113		14,320
Gross profit as a % of sales		73.6%		0.4%		74.0%		72.9%		0.6%		73.5%
Marketing, selling and administrative		4,203		(29)		4,174		3,686		(35)		3,651
Advertising and product promotion		957		—		957		977		—		977
Total SG&A		5,160		(29)		5,131		4,663		(35)		4,628
SG&A as a % of sales		24.3%		(0.1)%		24.2%		23.9%		(0.1)%		23.8%
Research and development		3,839		(235)		3,604		3,566		(142)		3,424
R&D as a % of sales		18.1%		(1.1)%		17.0%		18.3%		(0.7)%		17.6%
Operating Margin		6,647		339		6,986		5,978		290		6,268
Operating Margin as a % of sales		31.3%		1.6%		32.9%		30.7%		1.5%		32.2%
Provision for restructuring, net		116		(116)		—		113		(113)		—
Litigation expense, net		—		—		—		(19)		19		—
Equity in net income of affiliates		(281)		—		(281)		(313)		—		(313)
Other (income)/expense, net		(169)		10		(159)		126		(281)		(155)
Earnings Before Income Taxes	$	6,981		445	$	7,426	$	6,071		665	$	6,736
Provision for income taxes		1,721		233		1,954		1,558		32		1,590
Net Earnings	$	5,260		212	$	5,472	$	4,513		633	$	5,146
Net Earnings—Attributable to Noncontrolling Interest		1,551				1,551		1,411				1,411
Net Earnings—Attributable to BMS	$	3,709		212	$	3,921	$	3,102		633	$	3,735
Contingently convertible debt interest expense and earnings attributable to unvested shares		(8)				(8)		(12)				(12)
Net Earnings used for Diluted EPS Calc—Attributable to BMS	$	3,701		212	$	3,913	$	3,090		633	$	3,723
Average Common Shares Outstanding—Diluted		1,717				1,717		1,727				1,727
Diluted EPS—Attributable to BMS	$	2.16		0.12	$	2.28	$	1.79		0.37	$	2.16
Net Earnings Attributable to BMS as a % of sales		17.5%		1.0%		18.5%		15.9%		3.3%		19.2%
Effective Tax Rate		24.7%		1.6%		26.3%		25.7%		(2.1)%		23.6%

10

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

($ in millions)

	2010														2011
Dollars in Millions	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
Accelerated depreciation, asset impairment and other shutdown costs	$	31	$	27	$	58	$	27	$	85	$	28	$	113	$	23	$	18	$	41	$	19	$	60	$	15	$	75
Cost of products sold		31		27		58		27		85		28		113		23		18		41		19		60		15		75
Process standardization implementation costs		13		6		19		8		27		8		35		4		10		14		5		19		10		29
Marketing, selling and administrative		13		6		19		8		27		8		35		4		10		14		5		19		10		29
Upfront, milestone and other licensing payments		55		17		72		—		72		60		132		88		50		138		69		207		—		207
IPRD impairment		—		—		—		—		—		10		10		15		—		15		13		28		—		28
Research and development		55		17		72		—		72		70		142		103		50		153		82		235		—		235
Provision for restructuring		11		24		35		15		50		63		113		44		40		84		8		92		24		116
Litigation expense		—		—		—		22		22		(41)		(19)		—		—		—		—		—		—		—
Impairment and loss on sale of manufacturing operations		200		15		215		10		225		11		236		—		—		—		—		—		—		—
Gain on sale of product lines, businesses and assets		—		—		—		—		—		—		—		—		—		—		(12)		(12)		—		(12)
Pension curtailment and settlement charges		—		5		5		3		8		10		18		—		—		—		—		—		13		13
Acquisition related items		—		—		—		—		—		10		10		—		—		—		—		—		—		—
Litigation charges/(recoveries)		—		—		—		—		—		—		—		(102)		—		(102)		—		(102)		80		(22)
Product liability charges		—		—		—		13		13		4		17		26		—		26		10		36		(5)		31
Upfront, milestone and other licensing receipts		—		—		—		—		—		—		—		—		—		—		—		—		(20)		(20)
Other (income)/expense		200		20		220		26		246		35		281		(76)		—		(76)		(2)		(78)		68		(10)
Decrease to pretax income		310		94		404		98		502		163		665		98		118		216		112		328		117		445
Income tax on items above		(86)		(18)		(104)		(30)		(134)		(46)		(180)		(28)		(34)		(62)		(37)		(99)		(37)		(136)
Out-of period tax adjustment		—		(59)		(59)		—		(59)		—		(59)		—		—		—		—		—		—		—
Specified tax (benefit)/charge		—		—		—		—		—		207		207		(56)		(15)		(71)		—		(71)		(26)		(97)
Income taxes		(86)		(77)		(163)		(30)		(193)		161		(32)		(84)		(49)		(133)		(37)		(170)		(63)		(233)
Decrease to net earnings	$	224	$	17	$	241	$	68	$	309	$	324	$	633	$	14	$	69	$	83	$	75	$	158	$	54	$	212

11

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	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	$	3,665	$	4,471	$	5,776
Marketable securities—current		1,641		1,536		778		2,268		3,388		4,005		3,722		2,957
Marketable securities—long term		2,997		2,795		2,562		2,681		3,065		2,734		2,819		2,909
Cash, cash equivalents and marketable securities		9,773		10,249		10,921		9,982		9,858		10,404		11,012		11,642
Short-term borrowings		208		290		243		117		135		187		182		115
Long-term debt		6,081		6,248		6,479		5,328		5,276		5,332		5,437		5,376
Net (debt) /cash	$	3,484	$	3,711	$	4,199	$	4,537	$	4,447	$	4,885	$	5,393	$	6,151

12

BRISTOL-MYERS SQUIBB COMPANY

2012 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2012
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	$1.90 to $2.00
Projected Specified Items:
Downsizing and streamlining of worldwide operations	0.05
Upfront, milestone and other	0.02
Litigation recoveries	(0.07)
Total	—
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	$1.90 to $2.00

Gross margin as a percentage of sales on a GAAP basis for the twelve months ended December 31, 2011 was 73.6%, which included specified items of $75 million and had a 0.4% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the twelve months ended December 31, 2011 gross margin as a percentage of sales was 74.0%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 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 - December YTD tab.

Research and development expenses on a GAAP basis for the twelve months ended December 31, 2011 were $3,839 million, which included specified items of $235 million. On a non-GAAP basis, for the twelve months ended December 31, 2011 research and development expenses were $3,604 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2012 to increase in the low single digit range compared to 2011. It is estimated that 30% to 40% of the research and development expenses in 2012 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 - December YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the twelve months ended December 31, 2011 were $4,203 million, which included specified items of $29 million. On a non-GAAP basis, for the twelve months ended December 31, 2011 marketing, selling and administrative expenses were $4,174 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the mid-single digit range compared to 2011. 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 - December YTD tab.

The effective tax rate on a GAAP basis for the twelve months ended December 31, 2011 was 24.7%, which included specified items of $233 million in the tax provision, and had a 1.6% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the twelve months ended December 31, 2011 the effective tax rate was 26.3%. On a non-GAAP basis, the Company projects an annual effective tax rate of between 25% and 26%, which assumes the extension of the R&D tax credit for the full year 2012. 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 - December YTD tab.

The GAAP financial results for the full year 2012 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, milestone payments and recoveries relating to significant legal proceedings. The GAAP financial results for the full year 2012 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development impairments, charges and recoveries relating to significant legal proceedings, restructuring activities 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 Fourth Quarter of 2011, January 26, 2012 including “2011 Guidance” and “Use of Non-GAAP Financial Information” therein.

13

BRISTOL-MYERS SQUIBB COMPANY

WORKING CAPITAL PLUS CAPITAL EXPENDITURES AS A % OF NET SALES, NET OF FOREIGN EXCHANGE

GAAP TO NON-GAAP RECONCILIATIONS FOR EXECUTIVE COMPENSATION PROGRAM

($ in millions)

Working Capital Plus Capital Expenditures as a % of Net Sales, Net of Foreign Exchange^(a)

Calculated at Actual Exchange Rates

			Trade Receivables				Inventory(b)				Accounts Payable					Trade Working Capital
	Last Twelve Months (LTM) Net Sales		Actual		% LTM Net  Sales		Actual		% LTM Net Sales		Actual			% LTM Net  Sales		Actual		% LTM Net Sales
Q1 2011		19,688		2,046		10.4%		1,518		7.7%		(2,036	)		-10.3%		1,528		7.8%
Q2 2011		20,354		2,116		10.4%		1,740		8.5%		(2,401	)		-11.8%		1,455		7.1%
Q3 2011		20,901		2,181		10.4%		1,524		7.3%		(2,292	)		-11.0%		1,413		6.8%
Q4 2011		21,244		2,250		10.6%		1,644		7.7%		(2,603	)		-12.3%		1,291		6.1%
Qtr Avg						10.5%				7.8%					-11.4%				7.0%

	Full Year		% LTM Net Sales
Capital Expenditures		367		1.7%
Working Capital and Capital Expenditures Metric				8.7%

Converted to 2011 Budgeted Foreign Exchange Rates

			Trade  Receivables ex-FX				Inventory ex-FX				Accounts Payable ex-FX					Trade Working  Capital ex-FX
	Last Twelve Months (LTM) Net Sales ex-FX		At Budget Rate		% LTM Net Sales		At Budget Rate		% LTM Net Sales		At Budget Rate			% LTM Net  Sales		At Budget Rate		% LTM Net  Sales
Q1 2011		19,542		1,983		10.1%		1,461		7.5%		(2,008	)		-10.3%		1,436		7.3%
Q2 2011		20,039		2,056		10.3%		1,671		8.3%		(2,372	)		-11.8%		1,355		6.8%
Q3 2011		20,442		2,151		10.5%		1,492		7.3%		(2,281	)		-11.2%		1,362		6.7%
Q4 2011		20,789		2,236		10.8%		1,623		7.8%		(2,596	)		-12.5%		1,263		6.1%
Qtr Avg						10.4%				7.7%					-11.4%				6.7%

	Full Year		% LTM Net Sales
Capital Expenditures ex-FX		382		1.8%
Working Capital and Capital Expenditures Metric ex-FX				8.5%

(a) Trade working capital consists of trade receivables, inventory, and accounts payable for the biopharmaceutical business. The calculation consists of quarter-end balances taken as a percentage of the last twelve months’ net sales. The average of the four quarters is combined with the full year capital expenditures as a percentage of the last twelve months’ net sales. The Company calculates this excluding the impact of foreign exchange (FX) by adjusting the quarter end balances and the last twelve months’ net sales amounts for each quarter to the 2011 budget foreign exchange rates. This calculated metric is compared to the target to measure performance.

(b) Includes long term inventories reported in Other Assets of $196M at Q1 2011, $248M at Q2 2011, $167M at Q3 2011 and $260M at Q4 2011.

14

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP EARNINGS FROM CONTINUING OPERATIONS

BEFORE NONCONTROLLING INTEREST & TAXES AND GAAP PRETAX PROFIT MARGIN

TO NON-GAAP PRETAX PROFIT AND NON-GAAP PRETAX PROFIT MARGIN

FOR THE YEAR ENDED DECEMBER 31, 2011

(unaudited, dollar amounts in millions)

Net Sales	$	21,244
Earnings from Continuing Operations Before Noncontrolling Interest & Taxes	$	6,981
Earnings from Continuing Operations Before Noncontrolling Interest & Taxes as a % of Net Sales (GAAP Pretax Profit Margin)		32.9%
Excluding Specified Items1		445
Non-GAAP Earnings from Continuing Operations Before Noncontrolling Interest & Taxes Excluding Specified Items		7,426
Noncontrolling Interest2		2,343
Non-GAAP Earnings from Continuing Operations Before Taxes (Pretax Profit)	$	5,083
Non-GAAP Earnings from Continuing Operations Before Taxes as a % of Net Sales (Pretax Profit Margin)		23.9%

¹  Please refer to the Specified Items YTD tab for detail of specified items.

²  Noncontrolling Interest is computed as follows:

Noncontrolling interest, pre-tax	$	2,343
Income taxes		792
Noncontrolling interest, net of taxes	$	1,551

15