EXHIBIT 99.1

Contact: Robert F. Laverty                           John Elicker
         CORPORATE AFFAIRS                           INVESTOR RELATIONS
         609-252-5732                                212-546-3775
         bob.laverty@bms.com                         john.elicker@bms.com
         -------------------                         ---------------------


               BRISTOL-MYERS SQUIBB TO SETTLE ANTITRUST LITIGATION

      NEW YORK, N.Y. (January 7, 2003) - Bristol-Myers Squibb Company (NYSE:BMY)
today announced that it has reached agreements in principle that would settle
substantially all antitrust litigation surrounding two of its products, the
anti-anxiety drug BuSpar(R) and the anti-cancer drug Taxol(R) (paclitaxel).

      In this litigation, antitrust violations had been alleged against the
company based on actions the company took to protect patents and other
intellectual property for the drugs, both of which Bristol-Myers Squibb had
pioneered. And while the company said that it stood behind its actions and
believed they were entirely lawful, it decided that it would be prudent to enter
into settlements to put the uncertainty and risk of this litigation behind the
company.

      The BuSpar settlements, for $535 million, will resolve claims brought by
direct and indirect purchasers of the product, competitors and state attorneys
general. Of this amount, $125 million was accrued in the first quarter of 2002.
The remaining $410 million will be charged against 2002 results.

      The amount of the TAXOL antitrust settlements is $135 million and will be
charged against 2002 results.

      Some terms and conditions remain to be finalized, and certain settlements
require court approval. Among the provisions remaining to be negotiated are the
terms for incorporating certain claimants, including a number of health
insurers, into the existing framework. Final approval by the state attorneys
general in the BuSpar and Taxol litigation is contingent upon further agreements
on terms of injunctive relief.

      Bristol-Myers Squibb is a global pharmaceutical and related health care
products company whose mission is to extend and enhance human life.

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