Bristol-Myers Squibb (BMY) 8-K Bristol-Myers Squibb Reports Fourth Quarter and Full Year 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	$	4,191	$	17,621	(23)%	(17)%	(1)%	(2)%
US and Puerto Rico		3,295		3,614		6,909		3,526		10,435		3,604		14,039		3,501		2,629		6,130		2,016		8,146		2,238		10,384	(38)%	(26)%	—	—
Europe		907		1,004		1,911		996		2,907		972		3,879		922		926		1,848		858		2,706		1,000		3,706	3%	(4)%	(3)%	(7)%
Rest of the World		785		795		1,580		803		2,383		854		3,237		748		811		1,559		787		2,346		858		3,204	—	(1)%	(1)%	(2)%
Other		24		21		45		20		65		24		89		80		77		157		75		232		95		327	*	*	—	—
% 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%		100.0%		100.0%	—		—
US and Puerto Rico		65.7%		66.5%		66.1%		66.0%		66.1%		66.1%		66.1%		66.7%		59.2%		63.2%		54.0%		60.7%		53.4%		58.9%	(1270)		(720)
Europe		18.1%		18.5%		18.3%		18.6%		18.4%		17.8%		18.3%		17.6%		20.8%		19.1%		23.0%		20.1%		23.9%		21.0%	610		270
Rest of the World		15.7%		14.6%		15.1%		15.0%		15.1%		15.6%		15.2%		14.2%		18.3%		16.1%		21.0%		17.5%		20.5%		18.2%	490		300
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%		2.2%		1.9%	170		150

* in excess of +/- 100%

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED DECEMBER 31, 2012

($ in millions)

QUARTER-TO-DATE	Net Sales				Analysis of % Change
	2012		2011		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	2,238	$	3,604		(38)%		��            (39)%		1%		—
Europe		1,000		972		3%		7%		(1)%		(3)%
Rest of the World		858		854		—		3%		(2)%		(1)%
Other		95		24		*		N/A		N/A		—
Total	$	4,191	$	5,454		(23)%		(23)%		1%		(1)%
YEAR-TO-DATE	Net Sales				Analysis of % Change
	2012		2011		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	10,384	$	14,039		(26)%		(30)%		4%		—
Europe		3,706		3,879		(4)%		6%		(3)%		(7)%
Rest of the World		3,204		3,237		(1)%		2%		(1)%		(2)%
Other		327		89		*		N/A		N/A		—
Total	$	17,621	$	21,244		(17)%		(17)%		2%		(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	$	4,191	$	17,621		(23)%		(17)%
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		1,075		4,610		(21)%		(18)%
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		1,143		4,220		(6)%		—
Advertising and product promotion		214		253		467		205		672		285		957		194		224		418		167		585		212		797		(26)%		(17)%
Research and development		935		923		1,858		973		2,831		1,008		3,839		909		962		1,871		951		2,822		1,082		3,904		7%		2%
Impairment charge for BMS-986094 intangible asset		—		—		—		—		—		—		—		—		—		—		1,830		1,830		—		1,830		—		—
Other (income)/expense		(176)		(53)		(229)		(89)		(318)		(16)		(334)		(184)		(51)		(235)		(11)		(246)		166		(80)		*		(76)%
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		3,678		15,281		(5)%		7%
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	$	513	$	2,340		(68)%		(66)%
Provision for/(benefit from) income taxes		400		483		883		475		1,358		363		1,721		545		251		796		(546)		250		(411)		(161)		*		*
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	$	924	$	2,501		(25)%		(52)%
Net Earnings/(Loss) Attributable to Noncontrolling Interest		381		405		786		386		1,172		379		1,551		381		163		544		(2)		542		(1)		541		(100)%		(65)%
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	$	925	$	1,960		9%		(47)%
Earnings attributable to unvested restricted shares		(2)		(2)		(4)		(2)		(6)		(1)		(8)		(1)		—		(2)		—		(1)		(1)		(1)		—		(88)%
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	$	924	$	1,959		9%		(47)%
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	$	0.56	$	1.16		12%		(46)%
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		1,662		1,688		(3)%		(2)%
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	$	0.35	$	1.37		3%		3%
	2011														2012														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		73.2%		72.7%		73.0%		73.7%		73.2%		74.9%		73.6%		75.2%		72.0%		73.7%		73.6%		73.7%		74.3%		73.8%		(60)		20
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%		25.7%		26.2%		60		(20)
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%		27.3%		23.9%		500		410
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%		5.1%		4.5%		(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%		25.8%		22.2%		730		410
Total expenses		64.7%		67.1%		65.9%		65.8%		65.9%		70.8%		67.1%		61.4%		76.2%		68.2%		*		86.4%		87.8%		86.7%		1,700		1,960
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%		12.2%		13.3%		(1,700)		(1,960)
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%		(19.0)%		7.7%		22.1%		11.1%		650		(640)
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%		(80.1)%		(6.9)%		(10,290)		(3,160)
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	$	51	$	182		21%		26%
Investment income		(21)		(25)		(46)		(23)		(69)		(22)		(91)		(36)		(22)		(58)		(27)		(85)		(21)		(106)		(5)%		16%
Provision for restructuring		44		40		84		8		92		24		116		22		20		42		29		71		103		174		*		50%
Litigation charges/(recoveries)		(76)		(4)		(80)		11		(69)		75		6		(172)		22		(150)		50		(100)		55		(45)		(27)%		*
Equity in net income of affiliates		(82)		(62)		(144)		(71)		(215)		(66)		(281)		(57)		(53)		(110)		(40)		(150)		(33)		(183)		(50)%		(35)%
Out-licensed intangible asset impairment		—		—		—		—		—		—		—		38		—		38		—		38		—		38		—		—
Gain on sale of received product lines, businesses and assets		(9)		(2)		(11)		(25)		(36)		(1)		(37)		—		(3)		(3)		—		(3)		(50)		(53)		*		43%
Other income received from alliance partners, net		(22)		(41)		(63)		(44)		(107)		(33)		(140)		(46)		(83)		(129)		(96)		(225)		(87)		(312)		*		*
Pension curtailments and settlements		(3)		—		(3)		2		(1)		11		10		—		—		—		3		3		155		158		*		*
Other		(38)		9		(29)		13		(16)		(46)		(62)		25		27		52		22		74		(7)		67		(85)%		*
	$	(176)	$	(53)	$	(229)	$	(89)	$	(318)	$	(16)	$	(334)	$	(184)	$	(51)	$	(235)	$	(11)	$	(246)	$	166	$	(80)		*		(76)%

* 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 DECEMBER 31, 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	$	4,191	$	5,454		(1,263)		(23)%		($  34)		$  4,225		(1)%		(22)%
Gross profit		3,116		4,087		(971)		(24)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items (a)		3,200		4,102		(902)		(22)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		76.4%		75.2%
Marketing, selling and administrative		1,143		1,216		(73)		(6)%		9		1,152		1%		(5)%
Marketing, selling and administrative excluding specified items (a)		1,141		1,206		(65)		(5)%		8		1,149		—		(5)%
Advertising and product promotion		212		285		(73)		(26)%		2		214		1%		(25)%
SG&A excluding specified items as a % of sales		32.3%		27.3%
Research and development		1,082		1,008		74		7%		9		1,091		1%		8%
Research and development excluding specified items (a)		1,017		1,008		9		1%		9		1,026		1%		2%
Research and development excluding specified items as a % of sales		24.3%		18.5%
YEAR-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	17,621	$	21,244		(3,623)		(17)%		($  331)		$  17,952		(2)%		(15)%
Gross profit		13,011		15,646		(2,635)		(17)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items (a)		13,296		15,721		(2,425)		(15)%		N/A		N/A		N/A		N/A
Gross profit excluding specified items as a % of sales		75.5%		74.0%
Marketing, selling and administrative		4,220		4,203		17		—		93		4,313		3%		3%
Marketing, selling and administrative excluding specified items (a)		4,135		4,174		(39)		(1)%		94		4,229		2%		1%
Advertising and product promotion		797		957		(160)		(17)%		16		813		2%		(15)%
SG&A excluding specified items as a % of sales		28.0%		24.2%
Research and development		3,904		3,839		65		2%		37		3,941		1%		3%
Research and development excluding specified items (a)		3,688		3,604		84		2%		47		3,735		2%		4%
Research and development excluding specified items as a % of sales		20.9%		17.0%

(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 DECEMBER 31, 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		49		1,672		(1,623)		(97)%		(3)		52		—		(97)%
Avapro/Avalide		84		195		(111)		(57)%		(2)		86		(1)%		(56)%
Eliquis		1		—		1		N/A		—		1		N/A		N/A
Abilify		819		737		82		11%		(4)		823		(1)%		12%
Reyataz		394		416		(22)		(5)%		(6)		400		(1)%		(4)%
Sustiva Franchise		383		412		(29)		(7)%		(4)		387		(1)%		(6)%
Baraclude		360		318		42		13%		(1)		361		(1)%		14%
Erbitux		171		181		(10)		(6)%		—		171		—		(6)%
Sprycel		281		227		54		24%		(4)		285		(2)%		26%
Yervoy		211		144		67		47%		(4)		215		(3)%		50%
Orencia		325		257		68		26%		(4)		329		(2)%		28%
Nulojix		4		1		3		*		—		4		N/A		*
Onglyza/Kombiglyze		198		153		45		29%		(2)		200		(1)%		30%
Byetta		94		—		94		N/A		—		94		N/A		N/A
Bydureon		58		—		58		N/A		—		58		N/A		N/A
Mature Products and All Other		759		741		18		2%		—		759		—		2%
Total		4,191		5,454		(1,263)		(23)%		(34)		4,225		(1)%		(22)%
Total excluding Plavix and Avapro/Avalide		4,058		3,587		471		13%		(29)		4,087		(1)%		14%
YEAR-TO-DATE
	2012		2011		Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ **		2012 Excluding FX		Favorable / (Unfavorable) FX Impact % **		Growth % Excluding FX
Plavix		2,547		7,087		(4,540)		(64)%		(4)		2,551		—		(64)%
Avapro/Avalide		503		952		(449)		(47)%		(14)		517		(1)%		(46)%
Eliquis		2		—		2		N/A		—		2		N/A		N/A
Abilify		2,827		2,758		69		3%		(52)		2,879		(1)%		4%
Reyataz		1,521		1,569		(48)		(3)%		(46)		1,567		(3)%		—
Sustiva Franchise		1,527		1,485		42		3%		(31)		1,558		(2)%		5%
Baraclude		1,388		1,196		192		16%		(21)		1,409		(2)%		18%
Erbitux		702		691		11		2%		—		702		—		2%
Sprycel		1,019		803		216		27%		(30)		1,049		(4)%		31%
Yervoy		706		360		346		96%		(16)		722		(5)%		*
Orencia		1,176		917		259		28%		(18)		1,194		(2)%		30%
Nulojix		11		3		8		*		—		11		N/A		*
Onglyza/Kombiglyze		709		473		236		50%		(12)		721		(2)%		52%
Byetta		149		—		149		N/A		—		149		N/A		N/A
Bydureon		78		—		78		N/A		—		78		N/A		N/A
Mature Products and All Other		2,756		2,950		(194)		(7)%		(87)		2,843		(3)%		(4)%
Total		17,621		21,244		(3,623)		(17)%		(331)		17,952		(2)%		(15)%
Total excluding Plavix and Avapro/Avalide		14,571		13,205		1,366		10%		(313)		14,884		(3)%		13%

* 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		4,191		17,621	(23)%	(17)%	(1)%	(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		49		2,547	(97)%	(64)%	—	—
Avapro/Avalide		290		251		541		216		757		195		952		207		117		324		95		419		84		503	(57)%	(47)%	(1)%	(1)%
Eliquis		—		—		—		—		—		—		—		—		1		1		—		1		1		2	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		819		2,827	11%	3%	(1)%	(1)%
Reyataz		366		396		762		391		1,153		416		1,569		358		406		764		363		1,127		394		1,521	(5)%	(3)%	(1)%	(3)%
Sustiva Franchise (b)		343		371		714		359		1,073		412		1,485		386		388		774		370		1,144		383		1,527	(7)%	3%	(1)%	(2)%
Baraclude		275		292		567		311		878		318		1,196		325		357		682		346		1,028		360		1,388	13%	16%	(1)%	(2)%
Erbitux		165		173		338		172		510		181		691		179		179		358		173		531		171		702	(6)%	2%	—	—
Sprycel		172		193		365		211		576		227		803		231		244		475		263		738		281		1,019	24%	27%	(2)%	(4)%
Yervoy		—		95		95		121		216		144		360		154		162		316		179		495		211		706	47%	96%	(3)%	(5)%
Orencia (c)		199		228		427		233		660		257		917		254		290		544		307		851		325		1,176	26%	28%	(2)%	(2)%
Nulojix		—		2		2		—		2		1		3		1		3		4		3		7		4		11	*	*	N/A	N/A
Onglyza/Kombiglyze (d)		81		112		193		127		320		153		473		161		172		333		178		511		198		709	29%	50%	(1)%	(2)%
Byetta		—		—		—		—		—		—		—		—		—		—		55		55		94		149	N/A	N/A	N/A	N/A
Bydureon		—		—		—		—		—		—		—		—		—		—		20		20		58		78	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		759		2,756	2%	(7)%	—	(3)%
	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		223		3,415	(89)%	(60)%	(1)%	(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		1,145		4,476	(1)%	4%	(1)%	(2)%
Oncology		466		591		1,057		629		1,686		684		2,370		679		707		1,386		728		2,114		777		2,891	14%	22%	(1)%	(2)%
Neuroscience		631		714		1,345		698		2,043		742		2,785		627		716		1,343		680		2,023		823		2,846	11%	2%	(1)%	(2)%
Immunoscience		199		230		429		233		662		258		920		255		292		547		311		858		329		1,187	28%	29%	(1)%	(2)%
Metabolics		107		139		246		158		404		181		585		194		206		400		299		699		409		1,108	*	89%	—	(2)%
Other Therapeutic Areas		449		449		898		433		1,331		459		1,790		428		399		827		386		1,213		485		1,698	6%	(5)%	1%	(3)%

* 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, $75M for the three months ended December 31, 2012 and $213M for the twelve months ended December 31, 2012.

(d) Includes Kombiglyze sales of $48M and $164M for the three and twelve months ended December 31, 2012 and $29M and $68M for the three and twelve months ended December 31, 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 $23M and $36M for the three and twelve months ended December 31, 2012 respectively.

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 (a)		3,295		3,614		6,909		3,526		10,435		3,604		14,039		3,501		2,629		6,130		2,016		8,146		2,238		10,384	(38)%	(26)%
Key Products
Plavix		1,663		1,771		3,434		1,693		5,127		1,582		6,709		1,648		713		2,361		43		2,404		20		2,424	(99)%	(64)%	(96)%	(60)%
Avapro/Avalide		168		140		308		127		435		114		549		108		22		130		9		139		16		155	(86)%	(72)%	(91)%	(71)%
Abilify (b)		464		520		984		509		1,493		559		2,052		445		533		978		507		1,485		617		2,102	10%	2%	—	1%
Reyataz		183		192		375		187		562		209		771		188		199		387		197		584		199		783	(5)%	2%	(8)%	(5)%
Sustiva Franchise (c)		216		232		448		224		672		278		950		254		259		513		250		763		253		1,016	(9)%	7%	(3)%	(1)%
Baraclude		48		51		99		51		150		58		208		56		59		115		61		176		65		241	12%	16%	11%	11%
Erbitux		163		171		334		169		503		178		681		176		176		352		169		521		167		688	(6)%	1%	N/A	N/A
Sprycel		63		69		132		79		211		88		299		95		91		186		109		295		109		404	24%	35%	20%	29%
Yervoy		—		95		95		109		204		119		323		117		122		239		123		362		141		503	18%	56%	N/A	N/A
Orencia(d)		140		154		294		155		449		172		621		171		199		370		211		581		216		797	26%	28%	N/A	N/A
Nulojix		—		2		2		—		2		1		3		1		2		3		3		6		3		9	*	*	N/A	N/A
Onglyza/Kombiglyze (e)		58		81		139		93		232		114		346		120		126		246		130		376		140		516	23%	49%	28%	47%
Byetta		—		—		—		—		—		—		—		—		—		—		55		55		92		147	N/A	N/A	N/A	N/A
Bydureon		—		—		—		—		—		—		—		—		—		—		20		20		55		75	N/A	N/A	N/A	N/A
Mature Products and All Other (f)		129		136		265		130		395		132		527		122		128		250		129		379		145		524	10%	(1)%
Total excluding Plavix and Avapro/Avalide		1,464		1,703		3,167		1,706		4,873		1,908		6,781		1,745		1,894		3,639		1,964		5,603		2,202		7,805	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		1,863		1,950		3,813		1,854		5,667		1,729		7,396		1,784		766		2,550		79		2,629		61		2,690	(96)%		(64)%
Virology		449		477		926		463		1,389		545		1,934		498		519		1,017		509		1,526		518		2,044	(5)%		6%
Oncology		252		361		613		381		994		413		1,407		412		414		826		423		1,249		438		1,687	6%		20%
Neuroscience		464		521		985		511		1,496		559		2,055		445		534		979		506		1,485		617		2,102	10%		2%
Immunoscience		140		155		295		156		451		173		624		172		201		373		214		587		219		806	27%		29%
Metabolics		66		88		154		101		255		121		376		127		132		259		224		483		316		799	*		*
Other Therapeutic Areas		61		62		123		60		183		64		247		63		63		126		61		187		69		256	8%		4%

* 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) Domestic net sales include United States and Puerto Rico.

(b) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement.

	2012				2011				% Change
	4th Qtr		12 Months		4th Qtr		12 Months		Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported		617		2,102		559		2,052		10%		2%
Contractual share change from 53.5% to 51.5%		24		82		—		—		N/A		N/A
Abilify Net Sales—Adjusted		641		2,184		559		2,052		15%		6%

(c) 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.

(d) Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011, and $67 and $201M for the three and twelve months ended December 31, 2012, respectively.

(e) Includes Kombiglyze sales of $45M and $160M for the three and twelve months ended December 31, 2012 and $29M and $68M for the three and twelve months ended December 31, 2011 respectively.

(f) Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin sales of $23M and $36 for the three and twelve months ended December 31, 2012 respectively.

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		1,716		1,820		3,536		1,819		5,355		1,850		7,205		1,750		1,814		3,564		1,720		5,284		1,953		7,237	6%	—	(1)%	(5)%
Key Products
Plavix		99		94		193		95		288		90		378		45		28		73		21		94		29		123	(68)%	(67)%	—	(1)%
Avapro/Avalide		122		111		233		89		322		81		403		99		95		194		86		280		68		348	(16)%	(14)%	(1)%	(3)%
Eliquis		—		—		—		—		—		—		—		—		1		1		—		1		1		2	N/A	N/A	N/A	N/A
Abilify (a)		160		186		346		182		528		178		706		176		178		354		169		523		202		725	13%	3%	(3)%	(7)%
Reyataz		183		204		387		204		591		207		798		170		207		377		166		543		195		738	(6)%	(8)%	(3)%	(6)%
Sustiva Franchise (b)		127		139		266		135		401		134		535		132		129		261		120		381		130		511	(3)%	(4)%	(1)%	(5)%
Baraclude		227		241		468		260		728		260		988		269		298		567		285		852		295		1,147	13%	16%	(1)%	(2)%
Erbitux		2		2		4		3		7		3		10		3		3		6		4		10		4		14	33%	40%	4%	(2)%
Sprycel		109		124		233		132		365		139		504		136		153		289		154		443		172		615	24%	22%	(3)%	(6)%
Yervoy		—		—		—		12		12		25		37		37		40		77		56		133		70		203	*	*	(8)%	(25)%
Orencia		59		74		133		78		211		85		296		83		91		174		96		270		109		379	28%	28%	(5)%	(6)%
Nulojix		—		—		—		—		—		—		—		—		1		1		—		1		1		2	—	—	N/A	N/A
Onglyza/Kombiglyze		23		31		54		34		88		39		127		41		46		87		48		135		58		193	49%	52%	(2)%	(9)%
Byetta		—		—		—		—		—		—		—		—		—		—		—		—		2		2	N/A	N/A	N/A	N/A
Bydureon		—		—		—		—		—		—		—		—		—		—		—		—		3		3	N/A	N/A	N/A	N/A
Mature Products and All Other (c)		605		614		1,219		595		1,814		609		2,423		559		544		1,103		515		1,618		614		2,232	1%	(8)%	1%	(3)%
	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		299		286		585		260		845		243		1,088		207		192		399		164		563		162		725	(33)%	(33)%	(1)%	(2)%
Virology		548		598		1,146		617		1,763		613		2,376		579		646		1,225		580		1,805		627		2,432	2%	2%	(2)%	(5)%
Oncology		214		230		444		248		692		271		963		267		293		560		305		865		339		1,204	25%	25%	(5)%	(6)%
Neuroscience		167		193		360		187		547		183		730		182		182		364		174		538		206		744	13%	2%	(2)%	(7)%
Immunoscience		59		75		134		77		211		85		296		83		91		174		97		271		110		381	29%	29%	(5)%	(6)%
Metabolics		41		51		92		57		149		60		209		67		74		141		75		216		93		309	55%	48%	—	(3)%
Other Therapeutic Areas		388		387		775		373		1,148		395		1,543		365		336		701		325		1,026		416		1,442	5%	(7)%	1%	(3)%

* 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	$	3,116	$	13,011
Specified items (a)		23		18		41		19		60		15		75		—		147		147		54		201		84		285
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		3,200		13,296
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		1,143		4,220
Specified items (a)		(4)		(10)		(14)		(5)		(19)		(10)		(29)		(8)		(5)		(13)		(70)		(83)		(2)		(85)
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		1,141		4,135
Research and development		935		923		1,858		973		2,831		1,008		3,839		909		962		1,871		951		2,822		1,082		3,904
Specified items (a)		(103)		(50)		(153)		(82)		(235)		—		(235)		(58)		(45)		(103)		(48)		(151)		(65)		(216)
Research and development excluding specified items		832		873		1,705		891		2,596		1,008		3,604		851		917		1,768		903		2,671		1,017		3,688
Other (income)/expense		(176)		(53)		(229)		(89)		(318)		(16)		(334)		(184)		(51)		(235)		(11)		(246)		166		(80)
Specified items (a)		32		(40)		(8)		(6)		(14)		(92)		(106)		81		(43)		38		(116)		(78)		(249)		(327)
Other (income)/expense excluding specified items		(144)		(93)		(237)		(95)		(332)		(108)		(440)		(103)		(94)		(197)		(127)		(324)		(83)		(407)
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%		(80.1)%		(6.9)%
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%		95.1%		30.1%
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%		15.0%		23.2%

(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		$	—	$	147
Amortization of acquired Amylin intangible assets		—		—		—		—		—		—		—		—		—		—		91		91			138		229
Amortization of Amylin collaboration proceeds		—		—		—		—		—		—		—		—		—		—		(46)		(46)			(68)		(114)
Amortization of inventory fair value adjustment		—		—		—		—		—		—		—		—		—		—		9		9			14		23
Cost of products sold		23		18		41		19		60		15		75		—		147		147		54		201			84		285
Stock compensation expense from accelerated vesting of Amylin awards		—		—		—		—		—		—		—		—		—		—		67		67			—		67
Process standardization implementation costs		4		10		14		5		19		10		29		8		5		13		3		16			2		18
Marketing, selling and administrative		4		10		14		5		19		10		29		8		5		13		70		83			2		85
Stock compensation expense from accelerated vesting of Amylin awards		—		—		—		—		—		—		—		—		—		—		27		27			—		27
Upfront, milestone and other licensing payments		88		50		138		69		207		—		207		—		—		—		21		21			26		47
IPRD impairment		15		—		15		13		28		—		28		58		45		103		—		103			39		142
Research and development		103		50		153		82		235		—		235		58		45		103		48		151			65		216
Impairment charge for BMS-986094 intangible asset		—		—		—		—		—		—		—		—		—		—		1,830		1,830			—		1,830
Provision for restructuring		44		40		84		8		92		24		116		22		20		42		29		71			103		174
Gain on sale of product lines, businesses and assets		—		—		—		(12)		(12)		—		(12)		—		—		—		—		—	��		(51)		(51)
Pension curtailments and settlements		—		—		—		—		—		13		13		—		—		—		—		—			151		151
Acquisition related expenses		—		—		—		—		—		—		—		12		1		13		29		42			1		43
Litigation charges/(recoveries)		(76)		—		(76)		10		(66)		75		9		(172)		22		(150)		50		(100)			55		(45)
Out-licensed intangible asset impairment		—		—		—		—		—		—		—		38		—		38		—		38			—		38
Loss on debt repurchase		—		—		—		—		—		—		—		19		—		19		8		27			—		27
Upfront, milestone and other licensing receipts		—		—		—		—		—		(20)		(20)		—		—		—		—		—			(10)		(10)
Other (income)/expense		(32)		40		8		6		14		92		106		(81)		43		(38)		116		78			249		327
Increase/(Decrease) to pretax income		98		118		216		112		328		117		445		(15)		240		225		2,118		2,343			400		2,743
Income tax on items above		(28)		(34)		(62)		(37)		(99)		(37)		(136)		8		(77)		(69)		(722)		(791)			(156)		(947)
Specified tax benefit*		(56)		(15)		(71)		—		(71)		(26)		(97)		—		—		—		—		—			(392)		(392)
Income taxes		(84)		(49)		(133)		(37)		(170)		(63)		(233)		8		(77)		(69)		(722)		(791)			(548)		(1,339)
Increase/(Decrease) to net earnings	$	14	$	69	$	83	$	75	$	158	$	54	$	212	($	7)	$	163	$	156	$	1,396	$	1,552		($	148)	$	1,404

* The 2012 specified tax benefit relates to a capital loss deduction. 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		$	1,656
Marketable securities—current		3,388		4,005		3,722		2,957		2,722		2,236		1,427			1,173
Marketable securities—long term		3,065		2,734		2,819		2,909		3,585		3,732		3,698			3,523
Cash, cash equivalents and marketable securities		9,858		10,404		11,012		11,642		8,614		8,769		6,628			6,352
Short-term borrowings and current portion of long-term debt		135		187		182		115		145		236		751			826
Long-term debt		5,276		5,332		5,437		5,376		5,270		5,209		6,608			6,568
Net cash/(debt) position	$	4,447	$	4,885	$	5,393	$	6,151	$	3,199	$	3,324	$	(731	)	$	(1,042	)

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BRISTOL-MYERS SQUIBB COMPANY

2013 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

	Full Year 2013
Projected Diluted Earnings Attributable to Shareholders per Common Share – GAAP	$	1.54 to $1.64
Projected Specified Items:
Downsizing and streamlining of worldwide operations		0.12
Upfront, milestone and other		0.01
Amortization of Amylin intangible assets and collaboration proceeds		0.11
Total		0.24
Projected Diluted Earnings Attributable to Shareholders per Common Share – Non-GAAP	$	1.78 to $1.88

Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended December 31, 2012 was 74.3% and 76.4%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2013 between 72% and 73%. 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 December 31, 2012 were $1.1 billion, which included specified items of $65 million. On a non-GAAP basis, for the three months ended December 31, 2012 research and development expenses were $1.0 billion. On a non-GAAP basis, the Company projects research and development expense for the full year 2013 to grow in the low single digit range compared to 2012. It is estimated that 30% to 40% of the research and development expenses in 2013 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 December 31, 2012 were $1.1 billion, which included specified items of $2 million. On a non-GAAP basis, for the three months ended December 31, 2012 marketing, selling and administrative expenses were $1.1 billion. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2013 to remain flat compared to 2012. 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 December 31, 2012 was 80.1%, which included specified items of $548 million. On a non-GAAP basis, for the three months ended December 31, 2012 the effective tax rate was 15.0%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 16%. 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 2013 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments, and net amortization of acquired intangible assets and deferred income related to Amylin. The GAAP financial results for the full year 2013 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, pension settlement charges 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 Fourth Quarter 2012 Financial Results, January 24, 2013 including “2013 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.

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