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EXHIBIT 99
Contact: MEDIA: INVESTORS:
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Peggy Ballman Becky Taylor John Elicker Sue Walser
609-252-3366 609-252-4476 212-546-3775 212-546-4631
BRISTOL-MYERS SQUIBB ANNOUNCES
FIRST QUARTER SALES AND EARNINGS FOR 2003
- - COMPANY REPORTS FULLY DILUTED EPS OF $.39
- - GLOBAL SALES OF KEY BRANDS INCLUDING PRAVACHOL(R), AVAPRO(R), PARAPLATIN(R)
AND SUSTIVA(R) CONTINUE TO GROW
- - ABILIFY(TM) GARNERS 4 PERCENT WEEKLY NEW RX MARKET SHARE IN THE U.S. IN 5
MONTHS ON THE MARKET
- - INVESTMENT IN ADVERTISING AND PROMOTION SIGNIFICANTLY BOOSTED TO SUPPORT NEW
PRODUCT LAUNCHES AND MAXIMIZE IN-LINE OPPORTUNITIES
- - COMPANY REAFFIRMS FULL YEAR 2003 EPS GUIDANCE OF $1.60-1.65 ON FULLY DILUTED
BASIS
(NEW YORK, April 29, 2003) -- Bristol-Myers Squibb Company (NYSE:BMY) today
reported net earnings of $761 million on sales of $4.7 billion for the first
quarter of 2003. Fully diluted earnings per share for the quarter were $.39.
"Several of our leading pharmaceutical products in key franchises continue to
demonstrate solid gains," said Peter R. Dolan, chairman and chief executive
officer. "We are investing in our growth opportunities by increasing advertising
and promotion, and those investments rose very significantly in the quarter.
"Prescriptions for ABILIFY(TM), our treatment for schizophrenia, continue to
grow steadily, capturing approximately 4 percent weekly new prescription
market share in the U.S. in the fifth month of its U.S. rollout. We and our
partner, Otsuka Pharmaceuticals, are committed to maximizing the potential of
this important new therapy.
"Overall, we are pleased with our company's performance, and are confirming our
full year 2003 guidance of $1.60-$1.65 in earnings per share on a fully diluted
basis."
FINANCIAL HIGHLIGHTS:
- - The company reported that first quarter 2003 net sales remained at the prior
year level of $4.7 billion. Domestic sales decreased 6%, while international
sales increased 15%, including a 9% favorable foreign exchange impact. The
international sales increase was driven by strong performance of
PRAVACHOL(R) in Europe and TAXOL(R) in Europe and Japan. The decline in
domestic sales is primarily attributable to lower PLAVIX(R)sales and
continued generic competition in the U.S. for GLUCOPHAGE(R)IR and TAXOL(R).
$255 million of deferred revenue was reversed and recognized as sales
(calculated net of discounts and rebates) in the
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first quarter of 2003. The deferred revenue, recorded at gross invoice sales
prices, related to the inventory of pharmaceutical products accounted for
using the consignment model, was reduced to $174 million at March 31, 2003,
compared to $470 million at December 31, 2002.
- - In the first quarters of 2003 and 2002, the company recorded certain items
that affected the comparability of results. The 2003 non-comparable items
include, $26 million of pre-tax charges related to the rationalization of its
manufacturing facilities and $21 million of pre-tax income from the
settlement of an antitrust litigation involving vitamins manufacturers. The
charges related to manufacturing and rationalization activities consisted of
severance of $12 million in restructuring expense, $10 million for asset
impairments in cost of products sold and $4 million in other income and
expense for accelerated depreciation for facilities expected to be closed by
the end of 2004. The total cost of these rationalization activities is
expected to be approximately $34 million in 2003. The 2002 non-comparable
items include a pre-tax litigation charge of $90 million, primarily related
to BUSPAR(R) proposed settlements, a pre-tax in-process research and
development charge of $160 million related to the revised agreement with
ImClone Systems, Inc., and a gain on sale of product lines of $30 million. In
addition, in the first quarter of 2002 the company recorded a $14 million
after-tax gain in discontinued operations on the sale of its Clairol business
as a result of the final purchase price settlement.
- - First quarter 2003 earnings from continuing operations before minority
interest and income taxes decreased 12% to $1,075 million from $1,228 million
in 2002 primarily as a result of increases in cost of products sold due to a
change in product mix and increased advertising and promotion spending on
in-line products. Net earnings from continuing operations decreased 10% to
$761 million in 2003 compared to $842 million in 2002. The effective income
tax rate on earnings from continuing operations before minority interest and
income taxes increased to 27.3% in 2003 from 27.1% in 2002. Basic and diluted
earnings per share from continuing operations each decreased 9% to $.39 in
2003 from $.43 in 2002. Basic and diluted average shares outstanding for the
quarter were 1,936 million and 1,940 million, respectively, in 2003 compared
to 1,935 million and 1,952 million, respectively, in 2002.
- - The company continues to increase promotional support of new and in line
product sales, with marketing, selling and administrative expenses increasing
13% to $1,032 million and advertising and product promotion increasing 41% to
$364 million. Research and development expenses declined 5% to $476 million
due to the timing of clinical trials and reductions in discovery spending.
PHARMACEUTICAL HIGHLIGHTS:
- - Worldwide pharmaceutical sales of $3.7 billion were consistent with the prior
year level. U.S. pharmaceutical sales decreased 5% to $2.4 billion, while
international pharmaceutical sales increased 13%, including a 10% favorable
foreign exchange impact, to $1.3 billion.
- - Recorded alliance revenue for ABILIFY(TM) for the first three months of 2003
was $37 million. The schizophrenia agent was introduced in the U.S. in
November 2002 and has achieved a 4% weekly new prescription share of the U.S.
antipsychotic market. Bristol-Myers Squibb and its partner, Otsuka
Pharmaceuticals, recently filed a Supplemental New Drug Application for the
use of ABILIFY(TM) in the long-term treatment of schizophrenia. At the
upcoming American Psychiatric Association meeting to be held in May, the two
companies will present new data from ABILIFY(TM) clinical trials in poster
presentations and at company-sponsored symposia. A
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filing for the use of ABILIFY(TM) in bipolar acute mania is expected to be
submitted to the U.S. Food and Drug Administration (FDA) later this year.
- - Worldwide sales of PRAVACHOL(R), a cholesterol-lowering agent and the
company's largest selling product, increased 13%, including a 7% favorable
foreign exchange impact, to $613 million, due largely to stronger sales in
Europe.
- - Sales of PLAVIX(R), a platelet aggregation inhibitor, declined 11% to $408
million. Sales of AVAPRO(R), an angiotensin II receptor blocker for the
treatment of hypertension, increased 26% to $175 million. AVAPRO(R) and
PLAVIX(R) are cardiovascular products that were launched from the alliance
between Bristol-Myers Squibb and Sanofi-Synthelabo.
PLAVIX(R) sales at the end of 2002 increased due, in part, to purchasing by
some domestic wholesalers in anticipation of a January price increase.
Consequently, there was a decline in first quarter 2003 PLAVIX(R) results in
the U.S. We estimate that domestic prescription demand for PLAVIX(R) grew
approximately 30% in first quarter 2003 versus first quarter 2002. Given
continued strong prescription demand and fluctuations in buying patterns of
wholesalers, the company expects full year 2003 reported sales of PLAVIX(R)
will largely be in line with overall prescription growth, and wholesaler
inventory levels at the end of 2003 will be approximately the same as at the
end of 2002. In addition, the first quarter year-on-year comparison is not a
fully valid measure of PLAVIX(R) domestic performance because the inventory
workdown for PLAVIX(R) did not begin until the second quarter of 2002.
- - Sales of the GLUCOPHAGE franchise decreased 14% to $247 million. GLUCOPHAGE
IR(R) sales decreased 75% to $37 million, while GLUCOVANCE(R) sales grew 89%
to $108 million, and GLUCOPHAGE XR(R) Extended Release tablets sales grew 28%
to $101 million. In April, the company announced that the FDA approved the
GLUCOPHAGE XR(R) (metformin HCI extended release tablets) 750 mg tablet.
GLUCOPHAGE XR(R) 750 was developed to provide physicians with an additional
option to make titration to higher doses more convenient, when needed and
appropriate.
- - TAXOL(R) and PARAPLATIN(R), the company's leading anti-cancer agents, each
had sales of $209 million. International sales of TAXOL(R) increased 23%,
including favorable foreign exchange of 15%, to $192 million, led by strong
sales growth in Japan, while domestic sales decreased 73% to $17 million due
to generic competition. PARAPLATIN(R) sales increased by 29% driven by sales
in the U.S.
- - Sales by Oncology Therapeutics Network, a specialty distributor of
anti-cancer medicines and related products, increased 27% to $520 million.
- - Sales of SUSTIVA(R), an anti-retroviral for the treatment of HIV diseases,
were $150 million, an increase of 18% over the prior year.
- - Atazanavir, a novel protease inhibitor also for the treatment of HIV
diseases, is under priority review at the FDA. The company is looking forward
to presenting important data at the upcoming FDA advisory committee meeting
in May, a key milestone for this potential new product.
- - At the American Society of Clinical Oncology (ASCO) meeting in June, Merck
KgaA will present results of its clinical trial of cetuximab (Erbitux(R)),
the novel anti-cancer agent that
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Bristol-Myers Squibb is developing in partnership with ImClone Systems, Inc.,
for the U.S. and Japanese markets. At the same meeting, the company will
report Phase II data on the epothilone, its novel oncology compound.
- - In addition to the epothilone, the company's dual PPAR for diabetes has also
completed Phase II trials.
NUTRITIONALS AND OTHER HEALTHCARE
- - Nutritional sales of $433 million declined by 4%, including a 1% unfavorable
foreign exchange impact, from prior year levels, as international sales
increased 6%, including a 3% unfavorable foreign exchange impact, and U.S.
sales decreased 12%. Mead Johnson continues to be the leader in the U.S.
infant formula market. ENFAMIL(R), the company's largest-selling infant
formula, declined 11% to $161 million. ENFAGROW, a children's nutritional
supplement, increased 58% to $41 million.
- - Sales for the Other Healthcare segment increased 2% to $372 million, largely
driven by an increase in Medical Imaging sales of 13% to $119 million,
partially offset by a decrease in Consumer Medicines sales of 10% to $76
million. ConvaTec sales increased 1%, including an 8% favorable impact of
foreign exchange, to $177 million. The increase in Medical Imaging sales was
primarily the result of a 15% increase in sales of Cardiolite to $75 million.
The decline in Consumer Medicines sales was largely due to decreased demand
for Excedrin and Keri products.
The company reiterated previously issued 2003 earnings guidance of between
$1.60-$1.65 per share, excluding the impact from any in-process research and
development that may arise from any external development agreements and other
non-comparable items.
Bristol-Myers Squibb is a global pharmaceutical and related health care products
company whose mission is to extend and enhance human life.
There will be a conference call on April 29, 2003 at 10:00 a.m. (EDT) during
which company executives will address inquiries from investors and analysts.
Investors and the general public are invited to listen to a live webcast of the
call at www.bms.com/ir or by dialing (719) 457-2665. Materials related to the
call will be available at the same website prior to the call.
For more information, contact: Peggy Ballman, 609-252-3366, or Becky Taylor,
609-252-4476, Corporate Affairs, or John Elicker, 212-546-3775, or Sue
Walser, 212-546-4631, Investor Relations.
# # #
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 regarding, among
other things, statements relating to goals, plans and projections regarding the
company's financial position, results of operations market position, product
development and business strategy. These statements may be identified by the
fact that they use words such as "anticipate", "estimates", "should", "expect",
"guidance", "project", "intend", "plan", "believe" and other words and terms of
similar meaning in connection with any discussion of future operating or
financial performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including factors
that could delay, divert or change any of them, and could cause actual outcomes
and results to differ materially from current expectations. These factors
include, among other things, market factors, competitive product development,
changes to wholesaler inventory levels, governmental
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regulations and legislation, patent positions, litigation, and the impact and
result of any litigation or governmental investigations related to the financial
statement restatement process. There can be no guarantees with respect to
pipeline products that future clinical studies will support the data described
in this release, that the products will receive regulatory approvals, or that
they will prove to be commercially successful. For further details and a
discussion of these and other risks and uncertainties, see the company's
Securities and Exchange Commission filings. The company undertakes no obligation
to publicly update any forward-looking statement, whether as a result of new
information, future events or otherwise.
ABILIFY(TM)is the trademark of Otsuka Pharmaceutical Company, Ltd.
AVAPRO(R), AVALIDE(R)and PLAVIX(R)are trademarks of Sanofi-Synthelabo S.A.
Erbitux(R)is a trademark of ImClone Systems Incorporated
GLUCOPHAGE IR(R), GLUCOPHAGE XR(R)and GLUCOVANCE(R)are registered trademarks of
Merck Sante, S.A.S., an associate of Merck KgaA of Darmstadt, Germany
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BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(Unaudited, in millions of dollars except prescription data)
The following table sets forth worldwide and U.S. net sales for the first
quarter of 2003, reported net sales changes compared to the first quarter of
2002 and the estimated total (both retail and mail-order customers)
prescription growth, compared to the first quarter of 2002, for certain of
the company's U.S. primary care pharmaceutical products. The estimated
prescription growth amounts are based on third-party data. A significant
portion of the company's domestic pharmaceutical sales is made to
wholesalers. Where changes in reported net sales differs from prescription
growth, this change in net sales may not reflect underlying prescriber
demand.
<Table>
<Caption>
Worldwide U.S. Change in U.S.
Net Sales % Net Sales %
--------------- ----------------
Prescription
2003 2002 Change 2003 2002 Change Demand vs. 1Q02
------------------------ ------------------------- ---------------
Pravachol $ 613 $ 543 13% $ 342 $ 332 3% -
Plavix 408 461 -11% 335 409 -18% 30%
Avapro* 175 139 26% 117 99 18% 15%
Sustiva 150 127 18% 104 97 7% 20%
Zerit 115 116 -1% 67 66 2% -21%
Glucovance 108 57 89% 107 56 91% 9%
Glucophage XR 101 79 28% 101 79 28% 6%
Videx/Videx EC 72 79 -9% 36 37 -3% 5%
</Table>
*Includes Avalide
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BRISTOL-MYERS SQUIBB COMPANY
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2003
(Unaudited, in millions of dollars except per share amounts)
<Table>
<Caption>
Three Months
Ended March 31,
---------------------------
2003 2002
------------ ------------
Net Sales $ 4,711 $ 4,661
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Cost of products sold 1,685 1,502
Marketing, selling and administrative 1,032 912
Advertising and product promotion 364 259
Research and development 476 502
Acquired in-process research and development - 160
Gain on sale of business / product lines - (30)
Provision for restructuring and other items 12 (1)
Litigation settlement (income) / charge (21) 90
Other (income)/expense, net (a) 88 39
-------- --------
3,636 3,433
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Earnings from Continuing Operations Before Minority Interest and Income Taxes 1,075 1,228
Provision for income taxes 294 333
Minority Interest, net of taxes 20 53
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Earnings from Continuing Operations $ 761 $ 842
Discontinued Operations
Net gain on disposal - 14
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Net Earnings $ 761 $ 856
======== ========
EARNINGS PER COMMON SHARE:
Basic:
Earnings from Continuing Operations $ 0.39 $ 0.43
Discontinued Operations
Net gain on disposal - 0.01
-------- --------
Net Earnings $ 0.39 $ 0.44
======== ========
Diluted:
Earnings from Continuing Operations $ 0.39 $ 0.43
Discontinued Operations
Net gain on disposal - 0.01
-------- --------
Net earnings $ 0.39 $ 0.44
======== ========
Average Common Shares Outstanding - Basic 1,936 1,935
======== ========
Average Common Shares Outstanding - Diluted 1,940 1,952
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(a) Other (income)/expense, net **
Interest expense $ 121 $ 98
Interest income (60) (23)
Foreign exchange transaction losses 4 3
Other 23 (39)
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$ 88 $ 39
======== ========
</Table>
** Includes $(12) million reflecting the company's estimate of its share of
ImClone's net losses
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related to ImClone's recent announcement that it will need to restate certain
of its financial statements for certain tax liabilities. On April 9, 2003,
ImClone stated that it expects that the total amount to be reflected on its
balance sheet relating to the matters giving rise to the expected restatement
could be up to $60 million, exclusive of penalties and interest, and that the
amount ultimately charged against its earnings will be determined by the
results of its ongoing review of these matters.