Strong Double-Digit Net Sales Growth and Solid Earnings Growth Highlight First Quarter for Bristol-Myers Squibb Company

- Reports Broad-Based Net Sales Growth of 20% from Continuing Operations Driven by Strong Performance of Pharmaceutical Business

NEW YORK, April 24, 2008 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company today reported strong double-digit net sales growth and solid earnings growth for the first quarter 2008 and reaffirmed 2008 earnings guidance.

"Our medicines are performing well, as was evident this quarter, and our pipeline is steadily advancing. This is good news for patients and healthcare professionals who count on us, as well as shareholders who invest in us," said James M. Cornelius, chairman and chief executive officer, Bristol-Myers Squibb. "As we have pledged to patients and investors, we remain focused on discovering and developing medicines that will help people prevail in their fight against serious disease. We continue to review options within our "String of Pearls" strategy, to further complement our existing pipeline, technology and talent pool.

"We also continue to invest in our business as we embed a mindset of continuous improvement, which is helping us grow our profit margins. Our strong first quarter performance and our focus on execution put us on the right track for continued growth in 2008."

UPDATE ON STRATEGIC REVIEW OF NON-PHARMACEUTICAL BUSINESSES

Bristol-Myers Squibb completed the sale of Bristol-Myers Squibb Medical Imaging to Avista Capital Partners in January 2008 for approximately $525 million.

The company has made significant progress on a strategic direction for ConvaTec and expects to provide updates in the near future.

Bristol-Myers Squibb currently plans to file a registration statement by year-end to sell approximately 10 percent and no more than 20 percent of Mead Johnson Nutritionals to the public through an initial public offering and to retain at least an 80% equity interest in Mead Johnson Nutritionals as part of the overall business portfolio for the foreseeable future. After extensively considering strategic options, management believes this plan will allow Mead Johnson Nutritionals to implement its growth plans, increase shareholder value, and maintain its important financial contribution to Bristol-Myers Squibb. The execution of the plan is dependent upon and subject to a number of factors and uncertainties including business and market conditions.

    FIRST QUARTER RESULTS

    -- Bristol-Myers Squibb posted first quarter 2008 net sales from

       continuing operations of $5.2 billion, an increase of 20% compared to

       the same period in 2007, driven by increased pharmaceutical net sales

       which totaled $4.2 billion in the first quarter of 2008.  The net sales

       growth included a 9% increase from product performance and a 5%

       favorable foreign exchange impact. Sales growth was also estimated to

       be 6% favorably impacted by the residual sales of generic clopidogrel

       bisulfate in the first quarter of 2007, after which time the generic

       inventory in the distribution channels was substantially depleted.

       U.S. net sales from continuing operations increased 23% to $2.9 billion

       for the quarter compared to first quarter 2007, primarily due to the

       continued growth of ABILIFY(R) and increased sales of PLAVIX(R), as

       well as strong results from the HIV and hepatitis portfolio and

       increased contribution from recent launches.  International net sales

       from continuing operations increased 16% to $2.3 billion, including a

       12% favorable foreign exchange impact.


    -- The company recorded earnings from continuing operations before

       minority interest and income taxes of $1,290 million in the first

       quarter of 2008, an increase of 51% compared to $852 million in the

       same period in 2007. The increase was driven by strong product

       performance in the pharmaceutical business.


    -- On a GAAP basis, the company reported first quarter 2008 net earnings

       from continuing operations of $701 million, or $0.35 per diluted share,

       compared to net earnings from continuing operations of $643 million or

       $0.33 per diluted share for the same period in 2007. The 2008 operating

       results include charges of $113 million associated with the

       implementation of the previously announced Productivity Transformation

       Initiative (PTI), while the 2007 results included a lower tax rate of

       8.0% reflecting a tax benefit due to a favorable resolution of certain

       tax matters. On a non-GAAP basis excluding specified items, first

       quarter 2008 net earnings from continuing operations were $842 million,

       or $0.42 per diluted share, compared to $697 million, or $0.36 per

       diluted share for the same period in 2007.


    -- Cost of products sold, as a percentage of net sales, increased to 32.0%

       in the first quarter of 2008 compared to 31.0% in the same period in

       2007. Costs of products sold include manufacturing rationalization

       charges of $96 million, or 1.9% of net sales, related to implementation

       of the PTI in 2008, compared to $16 million, or 0.4% of net sales, in

       2007. Excluding these charges, gross margin improved due to a favorable

       pharmaceutical product mix.


    -- Marketing, selling and administrative expenses increased by 8% to $1.2

       billion in the first quarter of 2008 compared to the same period in

       2007, primarily due to unfavorable foreign exchange impact and higher

       selling expenses in support of key products. General and administrative

       expenses decreased from 2007 levels resulting from the company's

       ongoing productivity initiatives, offset by implementation costs of the

       initiatives.


    -- Advertising and product promotion spending increased by 23% to $330

       million in the first quarter of 2008 from $268 million in the same

       period in 2007, primarily due to increased promotion of new indications

       for ABILIFY(R) in the United States and Europe and increased investment

       to support PLAVIX(R) and ORENCIA(R).


    -- Research and development expenses increased 1% to $795 million in the

       first quarter of 2008 from $791 million in the same period in 2007. The

       increase primarily reflects increased development spending for pipeline

       compounds partially offset by higher licensing upfront payments in

       2007.

INCOME TAX

The effective tax rate on earnings from continuing operations before minority interest and income taxes was 27.8% for the three months ended March 31, 2008, compared with 8.0% in the first quarter of 2007. The first quarter 2007 effective tax rate included $105 million of benefit due to a favorable resolution of certain tax matters, including a $39 million benefit related to a 2006 specified item. The company expects the full year 2008 non-GAAP effective tax rate from continuing operations to be in line with the previously issued guidance of approximately 24%.

SPECIFIED ITEMS

In the three months ended March 31, 2008 and 2007, the company recorded specified income and expense items that affected the comparability of the results. This included first quarter 2008 charges of $113 million in connection with the execution of the previously announced PTI and $25 million related to an additional impairment of the company's investments in auction rate securities that were previously impaired.

For information on specified items, see Appendix 1. Details reconciling these non-GAAP amounts with GAAP amounts including specified items are provided in Appendix 1 attached and in supplemental materials available on the company's website.

PHARMACEUTICAL BUSINESS PERFORMANCE

U.S. pharmaceutical sales increased 26% to $2.5 billion in the first quarter of 2008 compared to the same period in 2007, primarily due to the continued growth of ABILIFY(R) and increased sales of PLAVIX(R), as well as strong results from the HIV and hepatitis portfolio and increased contribution from recent launches.

International pharmaceutical sales increased 14%, including a 12% favorable foreign exchange impact, to $1.7 billion in the first quarter of 2008 compared to the same period in 2007. The increase was primarily due to strong results from ABILIFY(R) and increased contribution from recent launches including BARACLUDE(R) and SPRYCEL(TM), partially offset by continued generic erosion of PRAVACHOL(R) and TAXOL(R). The company's reported international sales do not include copromotion sales reported by its alliance partner, sanofi-aventis, for PLAVIX(R) and AVAPRO(R)/AVALIDE(R), which continue to show growth in the first quarter of 2008.

    -- Sales of PLAVIX(R), a platelet aggregation inhibitor that is part of

       the company's alliance with sanofi-aventis increased 39% to $1,308

       million in the first quarter of 2008, from $938 million in the same

       period in 2007. Sales of PLAVIX(R) increased in the U.S. to $1,139

       million in the first quarter of 2008 from $787 million in the same

       period in 2007. The comparison to the first quarter 2007 sales reflects

       the adverse impact of generic competition for PLAVIX(R) in 2007, which

       the company estimates to be in the range of $200 million to $250

       million. Estimated total U.S. prescription demand for clopidogrel

       bisulfate (branded and generic) increased by 4% in the first quarter of

       2008 compared to 2007. Estimated total U.S. prescription demand for

       branded PLAVIX(R) increased by 78% in the same period.


    -- Total revenue for ABILIFY(R), an agent for the treatment of

       schizophrenia, bipolar disorders and major depressive disorder,

       increased 24% to $454 million in the first quarter of 2008 from $366

       million in the same period in 2007. U.S. sales increased 19% to $348

       million in the first quarter 2008 from $293 million in the same period

       in 2007, primarily due to higher demand. Estimated total U.S.

       prescription demand increased approximately 14% compared to the same

       period last year. International sales increased 45%, including a 16%

       favorable foreign exchange impact, to $106 million in the first quarter

       of 2008 from $73 million in the same period in 2007, due to continued

       growth across European markets. Total revenue for ABILIFY(R) primarily

       consists of alliance revenue representing the company's 65% share of

       net sales in countries where it copromotes with Otsuka Pharmaceutical

       Co., Ltd.


    -- Sales of AVAPRO(R)/AVALIDE(R), an angiotensin II receptor blocker for

       the treatment of hypertension, also part of the sanofi-aventis

       alliance, increased 13%, including a 6% favorable foreign exchange

       impact, to $305 million in the first quarter of 2008 from $270 million

       in the same period in 2007. U.S. sales increased 7% to $174 million in

       the first quarter of 2008 from $163 million in the same period in 2007

       primarily due to higher average net selling prices, partially offset by

       lower demand. Estimated total U.S. prescription demand decreased

       approximately 7% compared to 2007.  International sales increased

       22%, including a 14% favorable foreign exchange impact, to $131 million

       compared to $107 million in the same period in 2007.


    -- Sales of REYATAZ(R), a protease inhibitor for the treatment of HIV,

       increased 13% to $297 million in the first quarter of 2008 from $263

       million in the same period in 2007. U.S. sales increased 12% to $160

       million in the first quarter of 2008 from $143 million in the same

       period in 2007, primarily due to higher demand. Estimated total U.S.

       prescription demand increased approximately 12% compared to the same

       period in 2007.  International sales increased 14%, including an 11%

       favorable foreign exchange impact, to $137 million in the first quarter

       of 2008 from $120 million in the same period in 2007.


    -- Sales of the SUSTIVA(R) Franchise, a non-nucleoside reverse

       transcriptase inhibitor for the treatment of HIV, increased 21% to $273

       million in the first quarter of 2008 from $226 million in the same

       period in 2007. U.S. sales increased 22% to $175 million in the first

       quarter of 2008 from $144 million in the same period in 2007, primarily

       due to higher demand for ATRIPLA(TM). Estimated total U.S. prescription

       demand increased approximately 15% compared to 2007. International

       sales increased 20%, including an 11% favorable foreign exchange

       impact, to $98 million in the first quarter of 2008 from $82 million in

       the same period in 2007. Total revenue for the SUSTIVA(R) Franchise

       includes sales of SUSTIVA(R), as well as revenue from bulk efavirenz

       included in the combination therapy ATRIPLA(TM), which is sold through

       a joint venture in the U.S., Canada and Europe with Gilead Sciences,

       Inc.


    -- Sales of BARACLUDE(R), an oral antiviral agent for the treatment of

       chronic hepatitis B, increased 140% to $108 million in the first

       quarter of 2008 from $45 million in the same period in 2007, due to

       continued growth across all markets.


    -- Sales of ORENCIA(R), a fusion protein indicated for rheumatoid

       arthritis, increased 112% to $87 million in the first quarter of 2008

       from $41 million in the same period in 2007, primarily due to strong

       growth in the U.S.


    -- Sales of ERBITUX(R), which is sold by the company almost exclusively in

       the U.S., increased 17% to $187 million in the first quarter of 2008

       from $160 million in the same period in 2007, due to growth in the use

       for head and neck and colorectal cancer. ERBITUX(R) is marketed by the

       company under a distribution and copromotion agreement with ImClone

       Systems Incorporated.


    -- Sales for SPRYCEL(TM), an oral inhibitor of multiple tyrosine kinases

       and indicated for treatment of chronic myeloid leukemia, increased to

       $66 million in the first quarter of 2008 from $21 million in the same

       period in 2007. This growth was driven by additional launches in

       various international markets as well as growth in the U.S.


    -- Sales of IXEMPRA(TM), a microtubule inhibitor for the treatment of

       patients with metastatic or locally advanced breast cancer, were $25

       million in the first quarter of 2008. IXEMPRA(TM) was launched in the

       U.S. in October 2007.


    MEAD JOHNSON NUTRITIONALS, CONVATEC PERFORMANCE


    MEAD JOHNSON NUTRITIONALS


    -- Worldwide Nutritional sales increased 16%, including a 5% favorable

       foreign exchange impact, to $703 million in the first quarter of 2008

       from $606 million in the same period in 2007.  U.S. Nutritional sales

       increased 5% to $288 million in the first quarter of 2008 from $274

       million in the same period in 2007 primarily due to increased sales of

       ENFAMIL(R). International Nutritional sales increased 25% to $415

       million in the first quarter of 2008, including a 10% favorable foreign

       exchange impact, due to growth in both infant formulas and children's

       nutritionals.


    CONVATEC

    -- Worldwide ConvaTec sales increased 14%, including a 7% favorable

       foreign exchange impact, to $290 million in the first quarter of 2008

       from $254 million in the same period in 2007 due to growth in both the

       wound therapeutics and ostomy businesses.

PIPELINE DEVELOPMENTS

The company continues to advance a robust pipeline and expects to submit a U.S. regulatory filing for the diabetes medicine, saxagliptin, in mid-2008. New scientific data on marketed products and compounds in development are scheduled to be presented at upcoming meetings of the American Diabetes Association and the American Society of Clinical Oncology.

In February, a supplemental New Drug Application for ABILIFY(R) was approved by the U.S. Food and Drug Administration (FDA) for the acute treatment of manic and mixed episodes associated with Bipolar I Disorder, with or without psychotic features in pediatric patients (10 to 17 years old). In March, the European Commission authorized marketing of ABILIFY(R) in the treatment of moderate to severe manic episodes in Bipolar I Disorder and for the prevention of a new manic episode in patients who experienced predominantly manic episodes and whose manic episodes responded to ABILIFY(R) treatment.

At the Asian Pacific Association for the Study of the Liver meeting in March, new data demonstrated a continued low incidence of resistance to BARACLUDE(R) in nucleoside-naive patients through five years of treatment, which is important for many chronic hepatitis B patients requiring long-term treatment. BARACLUDE(R) is indicated for the treatment of chronic hepatitis B.

In April, ORENCIA(R) was approved by the FDA for treatment of juvenile rheumatoid arthritis. Additionally, the U.S. label for ORENCIA(R) was revised with an indication that means ORENCIA(R) is an appropriate option for patients with moderate-to-severe rheumatoid arthritis, regardless of prior treatment received.

The European Committee for Medicinal Products for Human Use (CHMP) in March issued a positive opinion recommending approval of the 300 milligram loading dose tablet of PLAVIX(R). This positive opinion was ratified by the European Commission in April.

The first data comparing boosted REYATAZ(R) (REYATAZ plus ritonavir) and lopinavir/ritonavir was presented at the Congress on Retroviruses and Opportunistic Infections in February. The CASTLE study showed similar efficacy between once-daily REYATAZ (atazanavir sulfate)/ritonavir and twice- daily lopinavir/ritonavir at 48 weeks in previously untreated HIV-infected adult patients. Data also showed differences in gastrointestinal and lipid effects between REYATAZ/ritonavir and lopinavir/ritonavir among the study population.

2008 GUIDANCE

Bristol-Myers Squibb reaffirms its 2008 earnings guidance for fully diluted earnings per share from continuing operations on a GAAP basis to be between $1.36 and $1.46. The company also reaffirms its 2008 fully diluted earnings per share from continuing operations guidance on a non-GAAP basis to be between $1.60 and $1.70. The non-GAAP guidance excludes specified items as discussed under "Use of Non-GAAP Financial Information." Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company's website.

The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15 percent compounded annual growth rate, from the 2007 base through 2010, excluding costs associated with the Productivity Transformation Initiative and other specified items that have not yet been identified and quantified.

The 2008 guidance and the three-year compound annual growth rate exclude other specified items such as gains or losses from sale of businesses and product lines; from sale of equity investments and from discontinuations of operations; restructuring and other exit costs; accelerated depreciation charges ; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for licensing arrangements; payments for in-process research and development; debt retirement costs; impairments to investments; and significant tax events.

The financial guidance for 2008 and the three-year compound annual growth rate exclude the impact of any potential strategic acquisitions and divestitures and further assume that the company and its product partner, sanofi-aventis, maintain exclusivity for the PLAVIX(R) patent through at least 2010.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non- GAAP earnings and earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from sale and leaseback of properties and from discontinuations of operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; payments for in-process research and development; impairments to investments; and significant tax events. This information is intended to enhance an investor's overall understanding of the company's past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company's baseline performance before items that are considered by the company to be not reflective of the company's ongoing results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.

Statement on Cautionary Factors

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, (including whether uncertainties in the credit and capital markets or a further deterioration of these markets will lead to future impairments to the company's investment portfolio) competitive product development, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in- line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter, including whether Apotex will prevail in its appeal of the District court's decision in the PLAVIX(R) patent litigation. These factors also include the company's ability to execute successfully its strategic plans, including its productivity transformation initiatives, the expiration of patents or data protection on certain products, and the impact and result of governmental investigations. 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 necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Company and Conference Call Information

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 24, 2008 at 10:30 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 web cast of the call at www.bms.com/ir or by dialing 913-312-0861, confirmation code 4556649. Materials related to the call will be available at the same website prior to the call.

ABILIFY(R) is the trademark of Otsuka Pharmaceutical Co., Ltd.

ATRIPLA(TM) is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

    AVAPRO(R), AVALIDE(R) and PLAVIX(R) are trademarks of sanofi-aventis

    Erbitux(R) is a trademark of ImClone Systems Incorporated




                         BRISTOL-MYERS SQUIBB COMPANY

                     NET SALES FROM CONTINUING OPERATIONS

              FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

                       (Unaudited, dollars in millions)


    BY OPERATING SEGMENT:                    Three Months Ended March 31,

                                             2008       2007     % Change


    Pharmaceuticals                        $4,188     $3,457        21%

    Nutritionals                              703        606        16%

    ConvaTec                                  290        254        14%

    Net Sales                              $5,181     $4,317        20%


FOR SELECTED PRODUCTS:

The following table sets forth worldwide and U.S. reported net sales for selected products for the three months ended March 31, 2008 compared to the three months ended March 31, 2007. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company's U.S. pharmaceutical products based on third-party data. A significant portion of the company's U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.


                                                                    % Change

                                                                     in U.S.

                                                                       Total

                                                                     Prescrip-

                           Worldwide Net Sales        U.S. Net Sales    tions

                                           %                      %      vs.

                         2008    2007    Change    2008   2007  Change  2007


    Three Months Ended

     March 31,


    Pharmaceuticals

    Cardiovascular

     Plavix              $1,308    $938    39%    $1,139    $787    45%   78%

     Avapro/Avalide         305     270    13%       174     163     7%   (7)%

     Pravachol               73     135   (46)%       15      57   (74)% (82)%

    Virology

     Reyataz                297     263    13%       160     143    12%   12%

     Sustiva Franchise

      (total revenue)       273     226    21%       175     144    22%   15%

     Baraclude              108      45   140%        29      17    71%   59%

    Oncology

     Erbitux                187     160    17%       185     158    17%   N/A

     Taxol                   94     111   (15)%        -       4  (100)%  N/A

     Sprycel                 66      21    **         20      10   100%   49%

     Ixempra                 25       -     -         25       -     -    N/A

    Affective (Psychiatric)

     Disorders

     Abilify

      (total revenue)       454     366   24%        348     293    19%   14%

    Immunoscience

     Orencia                 87      41  112%         73      40    83%   N/A

    Nutritionals

     Enfamil                290     254   14%        183     171     7%   N/A

    ConvaTec

     Ostomy                 143     130   10%         32      34    (6)%  N/A

     Wound Therapeutics     122     107   14%         34      32     6%   N/A


     ** Change is in excess of 200%.




                         BRISTOL-MYERS SQUIBB COMPANY

                     CONSOLIDATED STATEMENTS OF EARNINGS

              FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

            (Unaudited, amounts in millions except per share data)


                                                     Three Months

                                                    Ended March 31,

                                           2008            2007       % Change


    Net Sales                             $5,181          $4,317           20%

    Cost of products sold                  1,657           1,340           24%

    Marketing, selling and administrative  1,223           1,133            8%

    Advertising and product promotion        330             268           23%

    Research and development                 795             791            1%

    Provision for restructuring, net          11              37         (70)%

    Equity in net income of affiliates      (164)           (126)        (30)%

    Other expense, net (a)                    39              22           77%

                                           3,891           3,465           12%


    Earnings from Continuing Operations

     Before Minority Interest and Income

     Taxes                                 1,290             852           51%

    Provision for income taxes               359              68            **

    Minority interest, net of taxes          230             141           63%


    Net Earnings from Continuing Operations  701             643            9%

    Discontinued Operations:

    Earnings, net of taxes                     3              47

    Loss on Disposal, net of taxes           (43)              -

                                             (40)             47

    Net Earnings                            $661            $690


    Earnings per Common Share


    Basic:

    Net Earnings from Continuing Operations $.35            $.33            6%

    Discontinued Operations

      Earnings, net of taxes                   -             .02

      Loss on Disposal, net of taxes        (.02)              -

    Net Earnings per Common Share           $.33            $.35


    Diluted:

    Net Earnings from Continuing Operations $.35            $.33            6%

    Discontinued Operations

      Earnings, net of taxes                   -             .02

      Loss on Disposal, net of taxes        (.02)              -

    Net Earnings per Common Share           $.33            $.35


    Average Common Shares Outstanding:


    Basic                                  1,975           1,962

    Diluted                                2,008           1,997


     (a) Other expense, net

           Interest expense                  $73            $109

           Interest income                   (43)            (53)

           Foreign exchange transaction

            losses                            26               8

           Other income, net                 (17)            (42)

                                             $39             $22


     ** Change is in excess of 200%.




                                                                  APPENDIX 1


                         BRISTOL-MYERS SQUIBB COMPANY

                               SPECIFIED ITEMS

              FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007

                       (Unaudited, dollars in millions)


    Three months ended March 31, 2008


                                                            Pro

                                    Marketing            vision

                                      selling Research      for   Other

                             Cost of      and      and restruct- (income)/

                            products   admini- develop-   uring  expense,

                                sold strative     ment     net      net  Total


    Productivity Transformation

     Initiative:

    Downsizing and streamlining of

     worldwide operations         $-      $-     $-     $11      $-       $11

    Accelerated depreciation and

     other shutdown costs         96       -      -       -       -        96

    Process standardization

     implementation costs          -      15      -       -       -        15

    Gain on sale and leaseback of

     properties                    -              -       -      (9)       (9)

                                  96      15      -      11      (9)      113



    Other:

    Product liability              -       -      -       -       16       16

    Milestone payments             -       -     20       -        -       20

    Auction rate securities

     impairment                    -       -      -       -       25       25

                                 $96     $15    $20     $11      $32      174

    Income taxes on items above                                           (33)

     (Increase)/Decrease to Net

      Earnings from Continuing

      Operations                                                         $141




    Three months ended March 31, 2007


                                                        Provision

                                              Research        for

                                   Cost of         and   restruct-

                                  products     develop-     uring

                                      sold        ment        net        Total


    Upfront payments                    $-         $80         $-         $80

    Downsizing and streamlining of

     worldwide operations                -           -         37          37

    Accelerated depreciation            16           -          -          16

                                       $16         $80        $37         133

    Income taxes on items above                                           (40)

    Change in estimate for taxes on a

     prior year specified item                                            (39)

    (Increase)/Decrease to Net Earnings

      from Continuing Operations                                          $54


CONTACT: Communications, Brian Henry, +1-609-252-3337, Tracy Furey,+1-609-252-3208, Investor Relations: John Elicker, +1-212-546-3775, SuketuDesai, +1-609-252-5796, all for Bristol-Myers Squibb Company

Web site: http://www.bms.com//

Ticker Symbol: (NYSE:BMY)

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Posted: April 2008


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