Bristol-Myers Squibb (BMY) 8-K Bristol-Myers Squibb Reports Third Quarter 2012 Financial Results

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

Net Sales	2011														2012												% 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	$	5,011	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244	$	5,251	$	4,443	$	9,694	$	3,736	$	13,430			(30)%	(15)%	(3)%	(2)%
US		3,250		3,562		6,812		3,477		10,289		3,556		13,845		3,453		2,591		6,044		1,985		8,029			(43)%	(22)%	—	—
Europe		868		954		1,822		916		2,738		929		3,667		883		865		1,748		800		2,548			(13)%	(7)%	(11)%	(8)%
JPAC		449		462		911		464		1,375		487		1,862		413		430		843		438		1,281			(6)%	(7)%	(2)%	(1)%
Intercon		214		220		434		230		664		230		894		220		226		446		208		654			(10)%	(2)%	(6)%	(5)%
Emerging Markets		206		215		421		238		659		228		887		202		254		456		230		686			(3)%	4%	(5)%	(4)%
Other		24		21		45		20		65		24		89		80		77		157		75		232			*	*	—	—
% of Total Sales	2011														2012												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		64.9%		65.5%		65.2%		65.1%		65.2%		65.2%		65.2%		65.8%		58.3%		62.3%		53.1%		59.8%			(1200)	(540)
Europe		17.3%		17.6%		17.4%		17.1%		17.3%		17.0%		17.2%		16.8%		19.5%		18.1%		21.4%		19.0%			430	170
JPAC		9.0%		8.5%		8.7%		8.7%		8.7%		8.9%		8.8%		7.9%		9.7%		8.7%		11.7%		9.5%			300	80
Intercon		4.3%		4.0%		4.2%		4.3%		4.2%		4.2%		4.2%		4.2%		5.1%		4.6%		5.6%		4.9%			130	70
Emerging Markets		4.0%		4.0%		4.0%		4.4%		4.2%		4.2%		4.2%		3.8%		5.7%		4.7%		6.2%		5.1%			180	90
Other		0.5%		0.4%		0.5%		0.4%		0.4%		0.5%		0.4%		1.5%		1.7%		1.6%		2.0%		1.7%			160	130

* in excess of +/- 100%

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED SEPTEMBER 30, 2012

($ in millions)

QUARTER-TO-DATE	Net Sales					Analysis of % Change
	2012			2011		Total Change		Volume		Price		Foreign Exchange
US	$	1,985		$	4             3,477		(43)%		(45)%		2%		—
Europe		800			916		(13)%		2%		(4)%		(11)%
JPAC		438			464		(6)%		—		(4)%		(2)%
Intercon		208			230		(10)%		(4)%		—		(6)%
Emerging Markets		230			238		(3)%		2%		—		(5)%
Other		75			20		*		N/A		N/A		—
Total	$	3,736		$	5,345		(30)%		(28)%		1%		(3)%
YEAR-TO-DATE	Net Sales					Analysis of % Change
	2012			2011		Total Change		Volume		Price		Foreign Exchange
US	$	8,029		$	10,289		(22)%		(28)%		6%		—
Europe		2,548			2,738		(7)%		4%		(3)%		(8)%
JPAC		1,281	��		1,375		(7)%		(3)%		(3)%		(1)%
Intercon		654			664		(2)%		1%		2%		(5)%
Emerging Markets		686			659		4%		9%		(1)%		(4)%
Other		232			65		*		N/A		N/A		—
Total	$	13,430		$	15,790		(15)%		(16)%		3%		(2)%

* in excess of +/- 100%

2

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

($ in millions, except per share amounts)

	2011														2012												% 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	$	5,011	$	5,434	$	10,445	$	5,345	$	15,790	$	5,454	$	21,244	$	5,251	$	4,443	$	9,694	$	3,736	$	13,430				(30)%		(15)%
Cost of products sold		1,343		1,481		2,824		1,407		4,231		1,367		5,598		1,303		1,245		2,548		987		3,535				(30)%		(16)%
Marketing, selling and administrative		928		1,040		1,968		1,019		2,987		1,216		4,203		1,002		1,004		2,006		1,071		3,077				5%		3%
Advertising and product promotion		214		253		467		205		672		285		957		194		224		418		167		585				(19)%		(13)%
Research and development		935		923		1,858		973		2,831		1,008		3,839		909		962		1,871		951		2,822				(2)%		—
Impairment charge for BMS-986094 intangible asset		—		—		—		—		—		—		—		—		—		—		1,830		1,830				—		—
Provision for restructuring		44		40		84		8		92		24		116		22		20		42		29		71				*		(23)%
Litigation expense/(recoveries)		—		—		—		—		—		—		—		(172)		—		(172)		50		(122)				—		—
Equity in net income of affiliates		(82)		(62)		(144)		(71)		(215)		(66)		(281)		(57)		(53)		(110)		(40)		(150)				(44)%		(30)%
Other (income)/expense		(138)		(31)		(169)		(26)		(195)		26		(169)		23		(18)		5		(50)		(45)				92%		(77)%
Total expenses		3,244		3,644		6,888		3,515		10,403		3,860		14,263		3,224		3,384		6,608		4,995		11,603				42%		12%
Earnings/(Loss) from Operations Before Income Taxes	$	1,767	$	1,790	$	3,557	$	1,830	$	5,387	$	1,594	$	6,981	$	2,027	$	1,059	$	3,086	($	1,259)	$	1,827				*		(66)%
Provision for/(benefit from) income taxes		400		483		883		475		1,358		363		1,721		545		251		796		(546)		250				*		(82)%
Net Earnings/(Loss) from Operations	$	1,367	$	1,307	$	2,674	$	1,355	$	4,029	$	1,231	$	5,260	$	1,482	$	808	$	2,290	($	713)	$	1,577				*		(61)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest		381		405		786		386		1,172		379		1,551		381		163		544		(2)		542				*		(54)%
Net Earnings/(Loss) from Operations Attributable to BMS	$	986	$	902	$	1,888	$	969	$	2,857	$	852	$	3,709	$	1,101	$	645	$	1,746	($	711)	$	1,035				*		(64)%
Earnings attributable to unvested restricted shares		(2)		(2)		(4)		(2)		(6)		(1)		(8)		(1)		—		(2)		—		(1)				(100)%		(83)%
Net Earnings/(Loss) used for Diluted EPS Calculation	$	984	$	900	$	1,884	$	967	$	2,851	$	851	$	3,701	$	1,100	$	645	$	1,744	($	711)	$	1,034				*		(64)%
Diluted Earnings/(Loss) Attributable to BMS per Common Share **	$	0.57	$	0.52	$	1.10	$	0.56	$	1.66	$	0.50	$	2.16	$	0.64	$	0.38	$	1.02	($	0.43)	$	0.61				*		(63)%
Average Common Shares Outstanding - Diluted		1,714		1,722		1,718		1,715		1,717		1,712		1,717		1,706		1,701		1,704		1,666		1,697				(3)%		(1)%
Dividends declared per common share	$	0.33	$	0.33	$	0.66	$	0.33	$	0.99	$	0.34	$	1.33	$	0.34	$	0.34	$	0.68	$	0.34	$	1.02				3%		3%
% of Net Sales	2011														2012												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		73.2%		72.7%		73.0%		73.7%		73.2%		74.9%		73.6%		75.2%		72.0%		73.7%		73.6%		73.7%				(10)		50
Cost of products sold		26.8%		27.3%		27.0%		26.3%		26.8%		25.1%		26.4%		24.8%		28.0%		26.3%		26.4%		26.3%				10		(50)
Marketing, selling and administrative		18.5%		19.1%		18.8%		19.1%		18.9%		22.3%		19.8%		19.1%		22.6%		20.7%		28.7%		22.9%				960		400
Advertising and product promotion		4.3%		4.7%		4.5%		3.8%		4.3%		5.2%		4.5%		3.7%		5.0%		4.3%		4.5%		4.4%				70		10
Research and development		18.7%		17.0%		17.8%		18.2%		17.9%		18.5%		18.1%		17.3%		21.7%		19.3%		25.5%		21.0%				730		310
Total expenses		64.7%		67.1%		65.9%		65.8%		65.9%		70.8%		67.1%		61.4%		76.2%		68.2%		*		86.4%				6,790		2,050
Earnings/ (Loss) from Operations Before Income Taxes		35.3%		32.9%		34.1%		34.2%		34.1%		29.2%		32.9%		38.6%		23.8%		31.8%		(33.7)%		13.6%				(6,790)		(2,050)
Net Earnings/ (Loss) from Operations Attributable to BMS		19.7%		16.6%		18.1%		18.1%		18.1%		15.6%		17.5%		21.0%		14.5%		18.0%		(19)%		7.7%				(3,710)		(1,040)
Other Ratios
Effective Tax Rate		22.6%		27.0%		24.8%		26.0%		25.2%		22.8%		24.7%		26.9%		23.7%		25.8%		43.4%		13.7%				1,740		(1,150)
Other (Income)/Expense	2011														2012												% 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	$	31	$	32	$	63	$	40	$	103	$	42	$	145	$	42	$	41	$	83	$	48	$	131				20%		27%
Investment income		(21)		(25)		(46)		(23)		(69)		(22)		(91)		(36)		(22)		(58)		(27)		(85)				17%		23%
Out-licensed intangible asset impairment		—		—		—		—		—		—		—		38		—		38		—		38				—		—
Gain on sale of product lines, businesses and assets		(9)		(2)		(11)		(25)		(36)		(1)		(37)		—		(3)		(3)		—		(3)				(100%)		(92)%
Other income from alliance partners		(22)		(41)		(63)		(44)		(107)		(33)		(140)		(46)		(83)		(129)		(96)		(225)				*		*
Pension curtailments and settlements		(3)		—		(3)		2		(1)		11		10		—		—		—		3		3				50%		*
Litigation charges/(recoveries)		(102)		(4)		(106)		1		(105)		80		(25)		—		22		22		—		22				(100%)		*
Product liability charges		26		—		26		10		36		(5)		31		—		—		—		—		—				(100%)		(100%)
Other		(38)		9		(29)		13		(16)		(46)		(62)		25		27		52		22		74				69%		*
	($	138)	($	31)	($	169)	($	26)	($	195)	$	26	($	169)	$	23	($	18)	$	5	($	50)	($	45)				92%		(77)%

* in excess of +/- 100%

** 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, 2012

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	3,736	$	5,345		(1,609)		(30)%	($	140)	$	3,876		(3)%		(27)%
Gross profit		2,749		3,938		(1,189)		(30)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)		2,803		3,957		(1,154)		(29)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		75.0%		74.0%
Marketing, selling and administrative		1,071		1,019		52		5%		37		1,108		4%		9%
Marketing, selling and administrative excluding specified items(a)		1,001		1,014		(13)		(1)%		39		1,040		4%		3%
Advertising and product promotion		167		205		(38)		(19)%		4		171		3%		(16)%
SG&A excluding specified items as a % of sales		31.3%		22.8%
Research and development		951		973		(22)		(2)%		10		961		1%		(1)%
Research and development excluding specified items(a)		903		891		12		1%		14		917		2%		3%
Research and development excluding specified items as a % of sales		24.2%		16.7%
YEAR-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	13,430	$	15,790		(2,360)		(15)%	($	313)	$	13,743		(2)%		(13)%
Gross profit		9,895		11,559		(1,664)		(14)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items(a)		10,096		11,619		(1,523)		(13)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		75.2%		73.6%
Marketing, selling and administrative		3,077		2,987		90		3%		85		3,162		3%		6%
Marketing, selling and administrative excluding specified items(a)		2,994		2,968		26		1%		87		3,081		3%		4%
Advertising and product promotion		585		672		(87)		(13)%		15		600		2%		(11)%
SG&A excluding specified items as a % of sales		26.6%		23.1%
Research and development		2,822		2,831		(9)		—		31		2,853		1%		1%
Research and development excluding specified items(a)		2,671		2,596		75		3%		38		2,709		1%		4%
Research and development excluding specified items as a % of sales		19.9%		16.4%

(a) Refer to the Specified Items tab for detail of specified items.

* Foreign exchange (FX) impact determined by 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, 2012

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		64		1,788		(1,724)		(96)%		(1)		65		—		(96)%
Avapro/Avalide		95		216		(121)		(56)%		(6)		101		(3)%		(53)%
Eliquis		—		—		—		N/A		(1)		1		N/A		N/A
Abilify		676		691		(15)		(2)%		(19)		695		(2)%		—
Reyataz		363		391		(28)		(7)%		(17)		380		(4)%		(3)%
Sustiva Franchise		370		359		11		3%		(12)		382		(3)%		6%
Baraclude		346		311		35		11%		(10)		356		(4)%		15%
Erbitux		173		172		1		1%		1		172		1%		—
Sprycel		263		211		52		25%		(13)		276		(6)%		31%
Yervoy		179		121		58		48%		(6)		185		(5)%		53%
Orencia		307		233		74		32%		(7)		314		(3)%		35%
Nulojix		3		—		3		—		—		3		—		—
Onglyza/Kombiglyze		178		127		51		40%		(4)		182		(3)%		43%
Byetta		55		—		55		N/A		—		55		N/A		N/A
Bydureon		20		—		20		N/A		—		20		N/A		N/A
Mature Products and All Other		644		725		(81)		(11)%		(45)		689		(6)%		(5)%
Total		3,736		5,345		(1,609)		(30)%		(140)		3,876		(3)%		(27)%
Total excluding Plavix and Avapro/Avalide		3,577		3,341		236		7%		(133)		3,710		(4)%		11%
YEAR-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		2,498		5,415		(2,917)		(54)%		(3)		2,501		—		(54)%
Avapro/Avalide		419		757		(338)		(45)%		(13)		432		(2)%		(43)%
Eliquis		1		—		1		N/A		—		1		N/A		N/A
Abilify		2,008		2,021		(13)		(1)%		(47)		2,055		(3)%		2%
Reyataz		1,127		1,153		(26)		(2)%		(41)		1,168		(3)%		1%
Sustiva Franchise		1,144		1,073		71		7%		(28)		1,172		(2)%		9%
Baraclude		1,028		878		150		17%		(20)		1,048		(2)%		19%
Erbitux		531		510		21		4%		—		531		—		4%
Sprycel		738		576		162		28%		(27)		765		(5)%		33%
Yervoy		495		216		279		*		(13)		508		(6)%		*
Orencia		851		660		191		29%		(15)		866		(2)%		31%
Nulojix		7		2		5		*		—		7		—		*
Onglyza/Kombiglyze		511		320		191		60%		(11)		522		(3)%		63%
Byetta		55		—		55		N/A		—		55		N/A		N/A
Bydureon		20		—		20		N/A		—		20		N/A		N/A
Mature Products and All Other		1,997		2,209		(212)		(10)%		(95)		2,092		(5)%		(5)%
Total		13,430		15,790		(2,360)		(15)%		(313)		13,743		(2)%		(13)%
Total excluding Plavix and Avapro/Avalide		10,513		9,618		895		9%		(297)		10,810		(3)%		12%

* In excess of +/- 100%

** Foreign exchange (FX) impact determined by 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.

5

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012													% 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		5,011		5,434		10,445		5,345		15,790		5,454		21,244		5,251		4,443		9,694		3,736		13,430					(30)%		(15)%		(3)%		(2)%
Key Products
Plavix		1,762		1,865		3,627		1,788		5,415		1,672		7,087		1,693		741		2,434		64		2,498					(96)%		(54)%		—		—
Avapro/Avalide		290		251		541		216		757		195		952		207		117		324		95		419					(56)%		(45)%		(3)%		(2)%
Eliquis		—		—		—		—		—		—		—		—		1		1		—		1					N/A		N/A		N/A		N/A
Abilify(a)		624		706		1,330		691		2,021		737		2,758		621		711		1,332		676		2,008					(2)%		(1)%		(2)%		(3)%
Reyataz		366		396		762		391		1,153		416		1,569		358		406		764		363		1,127					(7)%		(2)%		(4)%		(3)%
Sustiva Franchise(b)		343		371		714		359		1,073		412		1,485		386		388		774		370		1,144					3%		7%		(3)%		(2)%
Baraclude		275		292		567		311		878		318		1,196		325		357		682		346		1,028					11%		17%		(4)%		(2)%
Erbitux		165		173		338		172		510		181		691		179		179		358		173		531					1%		4%		1%		—
Sprycel		172		193		365		211		576		227		803		231		244		475		263		738					25%		28%		(6)%		(5)%
Yervoy		—		95		95		121		216		144		360		154		162		316		179		495					48%		*		(5)%		(6)%
Orencia(c)		199		228		427		233		660		257		917		254		290		544		307		851					32%		29%		(3)%		(2)%
Nulojix		—		2		2		—		2		1		3		1		3		4		3		7					—		*		—		—
Onglyza/Kombiglyze (d)		81		112		193		127		320		153		473		161		172		333		178		511					40%		60%		(3)%		(3)%
Byetta		—		—		—		—		—		—		—		—		—		—		55		55					N/A		N/A		N/A		N/A
Bydureon		—		—		—		—		—		—		—		—		—		—		20		20					N/A		N/A		N/A		N/A
Mature Products and All Other(e)		734		750		1,484		725		2,209		741		2,950		681		672		1,353		644		1,997					(11)%		(10)%		(6)%		(5)%
	2011														2012													% 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		2,162		2,236		4,398		2,114		6,512		1,972		8,484		1,991		958		2,949		243		3,192		��			(89)%		(51)%		(1)%		—
Virology		997		1,075		2,072		1,080		3,152		1,158		4,310		1,077		1,165		2,242		1,089		3,331					1%		6%		(4)%		(3)%
Oncology		466		591		1,057		629		1,686		684		2,370		679		707		1,386		728		2,114					16%		25%		(3)%		(3)%
Neuroscience		631		714		1,345		698		2,043		742		2,785		627		716		1,343		680		2,023					(3)%		(1)%		(3)%		(2)%
Immunoscience		199		230		429		233		662		258		920		255		292		547		311		858					33%		30%		(4)%		(2)%
Metabolics		107		139		246		158		404		181		585		194		206		400		299		699					89%		73%		(3)%		(2)%
Other Therapeutic Areas		449		449		898		433		1,331		459		1,790		428		399		827		386		1,213					(11)%		(9)%		(8)%		(6)%

* In excess of +/- 100%

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

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

(c) Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011, $61M for the three months ended September 30, 2012 and $138M for the nine months ended September 30, 2012.

(d) Includes Kombiglyze sales of $44M and $116M for the three and nine months ended September 30, 2012 and $21M and $39M for the three and nine months ended September 30, 2011 respectively.

(e) Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Symlin sales of $13M for the three and nine months ended September 30, 2012.

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012												% 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		3,250		3,562		6,812		3,477		10,289		3,556		13,845		3,453		2,591		6,044		1,985		8,029				(43)%		(22)%
Key Products
Plavix		1,641		1,747		3,388		1,672		5,060		1,562		6,622		1,630		701		2,331		41		2,372				(98)%		(53)%		(95)%		(48)%
Avapro/Avalide		160		133		293		121		414		107		521		100		20		120		7		127				(94)%		(69)%		(89)%		(65)%
Abilify(a)		460		517		977		505		1,482		555		2,037		440		530		970		502		1,472				(1)%		(1)%		(1)%		1%
Reyataz		181		189		370		184		554		206		760		187		196		383		194		577				5%		4%		(6)%		(3)%
Sustiva Franchise(b)		215		228		443		222		665		275		940		251		256		507		245		752				10%		13%		(2)%		(1)%
Baraclude		48		51		99		51		150		57		207		55		59		114		61		175				20%		17%		12%		11%
Erbitux		162		167		329		168		497		175		672		173		173		346		166		512				(1)%		3%		N/A		N/A
Sprycel		61		68		129		78		207		87		294		93		90		183		107		290				37%		40%		22%		33%
Yervoy		—		95		95		109		204		118		322		117		121		238		123		361				13%		77%		N/A		N/A
Orencia (c)		138		152		290		154		444		171		615		169		197		366		209		575				36%		30%		N/A		N/A
Nulojix		—		2		2		—		2		1		3		1		2		3		3		6				—		*		N/A		N/A
Onglyza/Kombiglyze (d)		57		80		137		91		228		111		339		118		123		241		127		368				40%		61%		42%		56%
Byetta		—		—		—		—		—		—		—		—		—		—		55		55				N/A		N/A		N/A		N/A
Bydureon		—		—		—		—		—		—		—		—		—		—		20		20				N/A		N/A		N/A		N/A
Mature Products and All Other(e)		127		133		260		122		382		131		513		119		123		242		125		367				2%		(4)%
Total excluding Plavix and Avapro/Avalide		1,449		1,682		3,131		1,684		4,815		1,887		6,702		1,723		1,870		3,593		1,937		5,530				15%		15%
	2011														2012												% 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		1,832		1,919		3,751		1,826		5,577		1,701		7,278		1,757		751		2,508		74		2,582				(96)%		(54)%
Virology		446		470		916		457		1,373		540		1,913		494		512		1,006		502		1,508				10%		10%
Oncology		249		356		605		377		982		409		1,391		407		409		816		418		1,234				11%		26%
Neuroscience		460		518		978		506		1,484		554		2,038		440		530		970		502		1,472				(1)%		(1)%
Immunoscience		138		154		292		154		446		171		617		170		199		369		211		580				37%		30%
Metabolics		64		84		148		98		246		116		362		123		127		250		219		469				*		91%
Other Therapeutic Areas		61		61		122		59		181		65		246		62		63		125		59		184				—		2%

* In excess of +/- 100%

** 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.

	2012				2011				% Change
	3rd Qtr		9 Months		3rd Qtr		9 Months		Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported		502		1,472		505		1,482		(1)%		(1)%
Contractual share change from 53.5% to 51.5%		19		57		20		58		N/A		N/A
Abilify Net Sales - Adjusted		521		1,529		525		1,540		(1)%		(1)%

(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) Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011, and $58 and $133M for the three and nine months ended September 30, 2012, respectively.

(d) Includes Kombiglyze sales of $42M and $112M for the three and nine months ended September 30, 2012 and $20M and $38M for the three and nine months ended September 30, 2011 respectively.

(e) Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin sales of $13M for the nine months ended September 30, 2012.

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

	2011														2012												% 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		1,761		1,872		3,633		1,868		5,501		1,898		7,399		1,798		1,852		3,650		1,751		5,401				(6)%		(2)%		(7)%		(5)%
Key Products
Plavix		121		118		239		116		355		110		465		63		40		103		23		126				(80)%		(65)%		—		(2)%
Avapro/Avalide		130		118		248		95		343		88		431		107		97		204		88		292				(7)%		(15)%		(4)%		(3)%
Eliquis		—		—		—		—		—		—		—		—		1		1		—		1				N/A		N/A		N/A		N/A
Abilify(a)		164		189		353		186		539		182		721		181		181		362		174		536				(6)%		(1)%		(9)%		(9)%
Reyataz		185		207		392		207		599		210		809		171		210		381		169		550				(18)%		(8)%		(7)%		(7)%
Sustiva Franchise(b)		128		143		271		137		408		137		545		135		132		267		125		392				(9)%		(4)%		(9)%		(7)%
Baraclude		227		241		468		260		728		261		989		270		298		568		285		853				10%		17%		(4)%		(3)%
Erbitux		3		6		9		4		13		6		19		6		6		12		7		19				75%		46%		(2)%		(2)%
Sprycel		111		125		236		133		369		140		509		138		154		292		156		448				17%		21%		(10)%		(8)%
Yervoy		—		—		—		12		12		26		38		37		41		78		56		134				*		*		*		*
Orencia		61		76		137		79		216		86		302		85		93		178		98		276				24%		28%		(9)%		(6)%
Nulojix		—		—		—		—		—		—		—		—		1		1		—		1				N/A		N/A		N/A		N/A
Onglyza/Kombiglyze		24		32		56		36		92		42		134		43		49		92		51		143				42%		55%		(9)%		(12)%
Mature Products and All Other (c)		607		617		1,224		603		1,827		610		2,437		562		549		1,111		519		1,630				(14)%		(11)%		(5)%		(4)%
	2011														2012												% 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		330		317		647		288		935		271		1,206		234		207		441		169		610				(41)%		(35)%		(3)%		(3)%
Virology		551		605		1,156		623		1,779		618		2,397		583		653		1,236		587		1,823				(6)%		2%		(7)%		(6)%
Oncology		217		235		452		252		704		275		979		272		298		570		310		880				23%		25%		(9)%		(6)%
Neuroscience		171		196		367		192		559		188		747		187		186		373		178		551				(7)%		(1)%		(9)%		(8)%
Immunoscience		61		76		137		79		216		87		303		85		93		178		100		278				27%		29%		(7)%		(6)%
Metabolics		43		55		98		60		158		65		223		71		79		150		80		230				33%		46%		(7)%		(5)%
Other Therapeutic Areas		388		388		776		374		1,150		394		1,544		366		336		702		327		1,029				(13)%		(11)%		(7)%		(4)%

* In excess of +/- 100%

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

(b) The Sustiva Franchise includes sales of Sustiva and 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, over the counter brands and royalty-related revenue.

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

(Unaudited, amounts in millions except per share data)

	2011														2012
	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
Gross Profit	$	3,668	$	3,953	$	7,621	$	3,938	$	11,559	$	4,087	$	15,646	$	3,948	$	3,198	$	7,146	$	2,749	$	9,895
Specified items(a)		23		18		41		19		60		15		75		—		147		147		54		201
Gross profit excluding specified items		3,691		3,971		7,662		3,957		11,619		4,102		15,721		3,948		3,345		7,293		2,803		10,096
Marketing, selling and administrative		928		1,040		1,968		1,019		2,987		1,216		4,203		1,002		1,004		2,006		1,071		3,077
Specified items(a)		(4)		(10)		(14)		(5)		(19)		(10)		(29)		(8)		(5)		(13)		(70)		(83)
Marketing, selling and administrative excluding specified items		924		1,030		1,954		1,014		2,968		1,206		4,174		994		999		1,993		1,001		2,994
Research and development		935		923		1,858		973		2,831		1,008		3,839		909		962		1,871		951		2,822
Specified items(a)		(103)		(50)		(153)		(82)		(235)		—		(235)		(58)		(45)		(103)		(48)		(151)
Research and development excluding specified items		832		873		1,705		891		2,596		1,008		3,604		851		917		1,768		903		2,671
Other (income)/expense		(138)		(31)		(169)		(26)		(195)		26		(169)		23		(18)		5		(50)		(45)
Specified items(a)		76		—		76		2		78		(68)		10		(69)		(23)		(92)		(37)		(129)
Other (income)/expense excluding specified items		(62)		(31)		(93)		(24)		(117)		(42)		(159)		(46)		(41)		(87)		(87)		(174)
Effective Tax Rate		22.6%		27.0%		24.8%		26.0%		25.2%		22.8%		24.7%		26.9%		23.7%		25.8%		43.4%		13.7%
Specified items(a)		3.4%		0.9%		2.1%		0.4%		1.5%		2.1%		1.6%		(0.2)%		1.6%		0.3%		(22.9)%		11.3%
Effective Tax Rate excluding specified items		26.0%		27.9%		26.9%		26.4%		26.7%		24.9%		26.3%		26.7%		25.3%		26.1%		20.5%		25.0%

(a) Refer to the Specified Items tab for detail of specified items.

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BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

($ in millions)

	2011														2012
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	$	23	$	18	$	41	$	19	$	60	$	15	$	75	$	—	$	147	$	147	$	—	$	147
Amortization of acquired Amylin intangible assets		—		—		—		—		—		—		—		—		—		—		91		91
Amortization of Amylin collaboration proceeds		—		—		—		—		—		—		—		—		—		—		(46)		(46)
Amortization of Amylin inventory adjustment		—		—		—		—		—		—		—		—		—		—		9		9
Cost of products sold	$	23	$	18	$	41		19		60	$	15	$	75		—		147		147		54		201
Stock compensation from accelerated vesting of Amylin awards		—		—		—		—		—		—		—		—		—		—		67		67
Process standardization implementation costs		4		10		14		5		19		10		29		8		5		13		3		16
Marketing, selling and administrative		4		10		14		5		19		10		29		8		5		13		70		83
Stock compensation from accelerated vesting of Amylin awards		—		—		—		—		—		—		—		—		—		—		27		27
Upfront, milestone and other licensing payments		88		50		138		69		207		—		207		—		—		—		21		21
IPRD impairment		15		—		15		13		28		—		28		58		45		103		—		103
Research and development		103		50		153		82		235		—		235		58		45		103		48		151
Impairment charge for BMS-986094 intangible asset		—		—		—		—		—		—		—		—		—		—		1,830		1,830
Provision for restructuring		44		40		84		8		92		24		116		22		20		42		29		71
Litigation expense/(recoveries)		—		—		—		—		—		—		—		(172)		—		(172)		50		(122)
Gain on sale of product lines, businesses and assets		—		—		—		(12)		(12)		—		(12)		—		—		—		—		—
Pension curtailments and settlements		—		—		—		—		—		13		13		—		—		—		—		—
Acquisition related expenses		—		—		—		—		—		—		—		12		1		13		29		42
Litigation charges/(recoveries)		(102)		—		(102)		—		(102)		80		(22)		—		22		22		—		22
Product liability charges		26		—		26		10		36		(5)		31		—		—		—		—		—
Out-licensed intangible asset impairment		—		—		—		—		—		—		—		38		—		38		—		38
Loss on debt repurchase		—		—		—		—		—		—		—		19		—		19		8		27
Upfront, milestone and other licensing receipts		—		—		—		—		—		(20)		(20)		—		—		—		—		—
Other (income)/expense		(76)		—		(76)		(2)		(78)		68		(10)		69		23		92		37		129
Increase/(Decrease) to pretax income		98		118		216	$	112	$	328		117		445		(15)		240		225	$	2,118	$	2,343
Income tax on items above		(28)		(34)		(62)		(37)		(99)		(37)		(136)		8		(77)		(69)		(722)		(791)
Specified tax benefit*		(56)		(15)		(71)		—		(71)		(26)		(97)		—		—		—		—		—
Income taxes		(84)		(49)		(133)		(37)		(170)		(63)		(233)		8		(77)		(69)		(722)		(791)
Increase/(Decrease) to net earnings	$	14	$	69	$	83	$	75	$	158	$	54	$	212	($	7)	$	163		156	$	1,396	$	1,552

* The 2011 specified tax benefit relates to releases of tax reserves that were specified in prior periods.

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BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011		March 31, 2012		June 30, 2012		September 30, 2012			December 31, 2012
Cash and cash equivalents	$	3,405	$	3,665	$	4,471	$	5,776	$	2,307	$	2,801	$	1,503
Marketable securities - current		3,388		4,005		3,722		2,957		2,722		2,236		1,427
Marketable securities - long term		3,065		2,734		2,819		2,909		3,585		3,732		3,698
Cash, cash equivalents and marketable securities		9,858		10,404		11,012		11,642		8,614		8,769		6,628
Short-term borrowings and current portion of long-term debt		135		187		182		115		145		236		751
Long-term debt		5,276		5,332		5,437		5,376		5,270		5,209		6,608
Net cash/(debt) position	$	4,447	$	4,885	$	5,393	$	6,151	$	3,199	$	3,324	$	(731	)

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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	$	0.95 to $1.05
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.05
Upfront, milestone and other		0.01
Amortization of Amylin intangible assets and collaboration proceeds		0.04
Amylin Acquisition expenses		0.07
Impairment charges		0.81
Litigation and product liability		(0.03	)
Total		0.95
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 and non-GAAP basis for the three months ended September 30, 2012 was 73.6% and 75.0%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 to improve approximately 100 basis points compared to 2011. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See “– Reconciliation of GAAP and NON-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact”.

Research and development expenses on a GAAP basis for the three months ended September 30, 2012 were $951 million, which included specified items of $48 million. On a non-GAAP basis, for the three months ended September 30, 2012 research and development expenses were $903 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 “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.

Marketing, selling and administrative expenses, on a GAAP basis for the three months ended September 30, 2012 were $1.1 billion, which included specified items of $70 million. On a non-GAAP basis, for the three months ended September 30, 2012 marketing, selling and administrative expenses were $1.0 billion. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the low-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 “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.

The effective tax benefit rate on a GAAP basis for the three months ended September 30, 2012 was 43.4%, which included specified tax benefit of $722 million, and had a (22.9)% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the three months ended September 30, 2012 the effective tax rate was 20.5%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 23%, 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 “– Reconciliation of Certain NON-GAAP Line Items to Certain GAAP Line Items”.

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, impairment charges, milestone payments, net amortization of Amylin intangible assets and deferred revenue, acquisitions costs and 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 and licensed asset 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 Reports Third Quarter 2012 Financial Results, October 24, 2012 including “2012 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.

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