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Bristol-Myers Squibb Reports Fourth Quarter and Full Year 2012 Financial Results

  Bristol-Myers Squibb Reports Fourth Quarter and Full Year 2012 Financial
  Results

  *Significant Regulatory Approvals Gained in Fourth Quarter

       *Eliquis^®  Approved  in the U.S., Europe, Japan, Canada and South
         Korea to Reduce the Risk of Stroke in Patients with Nonvalvular
         Atrial Fibrillation
       *Forxiga^®  Approved in Europe for Type 2 Diabetes

  *GAAP EPS Increased 12% to $0.56; Non-GAAP EPS Decreased 11% to $0.47 in
    the Fourth Quarter
  *Company Provided 2013 GAAP EPS Guidance Range of $1.54 to $1.64; non-GAAP
    EPS Guidance Range of $1.78 to $1.88

Business Wire

NEW YORK -- January 24, 2013

Bristol-Myers Squibb Company (NYSE: BMY) today announced results for the
fourth quarter of 2012 highlighted by regulatory approvals for Eliquis^® and
Forxiga^®. This concluded a year in which the Company delivered growth of its
key products as it transitioned to its promising future portfolio. In
addition, the company provided financial guidance for 2013.

“With regulatory approvals for Eliquis and Forxiga, and good operating
performance in the fourth quarter, Bristol-Myers Squibb had a strong finish to
an important year of transition,” said Lamberto Andreotti, chief executive
officer, Bristol-Myers Squibb. “In 2012 we continued to effectively execute
our strategy, and continued to build the post-Plavix portfolio and operating
structure that provide a solid foundation for our future growth. As we begin
2013, I am looking forward to our many opportunities, including the growth of
the existing key brands, the execution of the new launches, and the continued
delivery of a diverse and sustainable R&D pipeline.”

                                           
                                              Fourth Quarter
$ amounts in millions, except per share                            
amounts
                                              2012         2011         Change
Net Sales                                     $ 4,191      $ 5,454      (23)%
GAAP Diluted EPS                                0.56         0.50       12%
Non-GAAP Diluted EPS                            0.47         0.53       (11)%
                                                                        
                                              Full Year
$ amounts in millions, except per share
amounts
                                              2012         2011         Change
Net Sales                                     $ 17,621     $ 21,244     (17)%
GAAP Diluted EPS                                1.16         2.16       (46)%
Non-GAAP Diluted EPS                            1.99         2.28       (13)%
                                                                        

FOURTH QUARTER FINANCIAL RESULTS

  *Bristol-Myers Squibb posted fourth quarter 2012 net sales of $4.2 billion,
    a decrease of 23% compared to the same period a year ago, following the
    U.S. patent expiration of Avapro^®/Avalide^® in March 2012 and Plavix^® 
    in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 13%
    compared to the fourth quarter of 2011.
  *U.S. net sales decreased 38% to $2.2 billion in the quarter, compared to
    the same period a year ago. International net sales increased 6% to $2.0
    billion.
  *Gross margin as a percentage of net sales was 74.3% in the quarter,
    compared to 74.9% in the same period a year ago.
  *Marketing, selling and administrative expenses decreased 6% to $1.1
    billion in the quarter.
  *Advertising and product promotion spending decreased 26% to $212 million
    in the quarter.
  *Research and development expenses increased 7% to $1.1 billion in the
    quarter.
  *The Company reported an overall tax benefit rate of 80.1% attributed to a
    capital loss deduction in the quarter. The effective tax rate on earnings
    before income taxes was 22.8% in the fourth quarter last year.
  *The Company reported net earnings attributable to Bristol-Myers Squibb of
    $925 million, or $0.56 per share, in the quarter compared to $852 million,
    or $0.50 per share, a year ago.
  *The Company reported non-GAAP net earnings attributable to Bristol-Myers
    Squibb of $777 million, or $0.47 per share, in the fourth quarter,
    compared to $906 million, or $0.53 per share, for the same period in 2011.
    An overview of specified items is discussed under the “Use of Non-GAAP
    Financial Information” section.
  *Cash, cash equivalents and marketable securities were $6.4 billion, with a
    net debt position of $1.0 billion, as of December 31, 2012.

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Bristol-Myers Squibb’s global sales in the fourth quarter included Orencia^®,
which grew 26%, Yervoy^®, which grew 47%, Sprycel^®, which grew 24%,
Onglyza^®/Kombiglyze^™, which grew 29%, and Baraclude^®, which grew 13%.

Eliquis

  *In December, the U.S. Food and Drug Administration (FDA) approved Eliquis
    to reduce the risk of stroke and systemic embolism in patients with
    nonvalvular atrial fibrillation. Eliquis also received regulatory approval
    for this indication in Japan and Canada in December, in Europe in
    November, and in South Korea in January. The Company co-develops and
    co-commercializes Eliquis with its partner, Pfizer.
  *In December, at the 54^th Annual Meeting of the American Society of
    Hematology in Atlanta, results of the Phase III AMPLIFY-EXT trial were
    announced in which Eliquis demonstrated superiority versus placebo in
    reducing symptomatic, recurrent venous thromboembolism and all-cause death
    versus placebo without increasing the rate of major bleeding during one
    year of extended treatment. The data were also published in The New
    England Journal of Medicine.

Forxiga

  *In November, the European Commission approved Forxiga for the treatment of
    type 2 diabetes in the European Union. The Company co-develops and
    co-commercializes Forxiga with its partner, AstraZeneca.

Orencia

  *In November, at the 2012 American College of Rheumatology Annual
    Scientific Meeting in Washington, D.C., results were presented showing the
    subcutaneous formulation of Orencia, on a background of methotrexate
    (MTX), was similar to Humira^® (adalimumab) plus MTX in demonstrating
    clinical improvements in patient-reported outcomes that were sustained for
    one year among adults with moderate to severe rheumatoid arthritis.

Elotuzumab

  *In December, at the 54^th Annual Meeting of the American Society of
    Hematology in Atlanta, the Company and its partner, Abbott, presented
    encouraging results from a small, randomized, Phase II open-label study of
    patients with previously treated multiple myeloma which showed that in
    patients treated with elotuzumab 10mg/kg plus lenalidomide and low-dose
    dexamethasone progression-free survival was not reached after 20.8 months
    of follow up and the objective response rate was 92%.

Hepatitis C

  *In November, at the American Association for the Study of Liver Diseases
    congress in Boston, data from several Phase II clinical trials involving
    various investigational compounds for the treatment of hepatitis C virus
    (HCV) within the Company’s pipeline were presented, including:

       *An investigational treatment regimen of three direct-acting
         antivirals—daclatasvir, an NS5A replication complex inhibitor,
         asunaprevir, an NS3 protease inhibitor, and BMS-791325, an NS5B
         non-nucleoside polymerase inhibitor—achieved sustained virologic
         response 12 weeks post-treatment in 94 percent of treatment-naïve,
         genotype 1 chronic HCV patients.
       *The investigational dual regimen of daclatasvir and asunaprevir,
         without interferon or ribavirin, achieved high rates of sustained
         virologic response 12 weeks post-treatment in patients with genotype
         1b hepatitis C virus who were prior null responders to alfa
         interferon and ribavirin.

Phase II data on an investigational quadruple therapy regimen combining
daclatasvir, asunaprevir, alfa interferon and ribarvirin, and first-time
interim Phase IIb results on peginterferon lambda-1a in combination with
daclatasvir and ribavirin were also presented.

FOURTH QUARTER BUSINESS DEVELOPMENT UPDATE

  *In November, the Company and its partner, Pfizer, announced a clinical
    collaboration agreement with Portola Pharmaceuticals to conduct a
    proof-of-concept study of PRT4445, a universal Factor Xa inhibitor
    antidote, and Eliquis, an oral Factor Xa inhibitor.

  *In December, the Company announced a global license agreement and two-year
    collaboration with The Medicines Company under which The Medicines Company
    will assume responsibility for the worldwide sales, distribution,
    marketing, and regulatory activities for Recothrom^®, the surgical
    hemostat product Bristol-Myers Squibb acquired in 2010 through its
    acquisition of ZymoGenetics.

2013 FINANCIAL GUIDANCE

Bristol-Myers Squibb is setting its 2013 GAAP EPS guidance range from $1.54 to
$1.64 and its non-GAAP EPS guidance range from $1.78 to $1.88. Both GAAP and
non-GAAP guidance assume current exchange rates. Key 2013 non-GAAP guidance
assumptions include:

  *Worldwide sales between $16.2 billion and $17.0 billion.
  *Full-year gross margin as a percentage of sales between 72% and 73%.
  *Advertising and promotion expense increasing in the high single digit
    range.
  *Marketing, sales and administrative expenses remaining flat versus last
    year.
  *Research and development expenses growing in the low-single-digit range.
  *An effective tax rate of approximately 16%.

It is estimated that 30% to 40% of the research and development expenses in
2013 will be incurred on late-stage development programs. Total research and
development expenses include the costs of discovery research, preclinical
development, early- and late-clinical development and drug formulation, as
well as clinical trials and medical support of marketed products,
proportionate allocations of enterprise-wide costs, and other appropriate
costs. Late-stage development expenses refer to our investigational compounds
that are in Phase III clinical development and our marketed products that are
in Phase III development for additional indications or formulations.

The financial guidance for 2013 excludes the impact of any potential strategic
acquisitions and divestitures, and any specified items that have not yet been
identified and quantified. The non-GAAP 2013 guidance also excludes other
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.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP
earnings and related earnings per share information. These measures are
adjusted to exclude certain costs, expenses, significant 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:
restructuring and other exit costs; accelerated depreciation charges; IPRD and
asset impairments; charges and recoveries relating to significant legal
proceedings; upfront, milestone and other licensing payments for in-licensing
of products that have not achieved regulatory approval which are immediately
expensed; net amortization of acquired intangible assets and deferred income
related to Amylin; pension settlement charges; 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.
Non-GAAP financial measures provide the company and its investors with an
indication of the company’s baseline performance before items that are
considered by the company not to be reflective of the company’s ongoing
results. The company uses non-GAAP gross profit, non-GAAP marketing, selling
and administrative expense, non-GAAP research and development expense, and
non-GAAP other income and expense measures to set internal budgets, manage
costs, allocate resources, and plan and forecast future periods. Non-GAAP
effective tax rate measures are primarily used to plan and forecast future
periods. Non-GAAP earnings and earnings per share measures are primary
indicators the company uses as a basis for evaluating company performance,
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 financial measures 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, effects of the
continuing implementation of governmental laws and regulations related to
Medicare, Medicaid, Medicaid managed care organizations and entities under the
Public Health Service 340B program, pharmaceutical rebates and reimbursement,
market factors, competitive product development and approvals, 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, 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, changes to business
or tax planning strategies, difficulties and delays in product development,
manufacturing or sales including any potential future recalls, patent
positions and the ultimate outcome of any litigation matter. These factors
also include the company’s ability to execute successfully its strategic
plans, including its String of Pearls strategy, 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 biopharmaceutical company whose mission is to
discover, develop and deliver innovative medicines that help patients prevail
over serious diseases. For more information, please visit http://www.bms.com
or follow us on Twitter at http://twitter.com/bmsnews.

There will be a conference call on January 24, 2013, at 10:30 a.m. ET during
which company executives will review financial information and address
inquiries from investors and analysts. Investors and the general public are
invited to listen to a live webcast of the call at http://investor.bms.com or
by dialing 913-981-5581, confirmation code: 8041448. Materials related to the
call will be available at the same website prior to the call.

Abilify^® is a trademark of Otsuka Pharmaceutical Co., Ltd.

Atripla^® is a trademark of Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

Avapro^®, Avalide^®, and Plavix^® are trademarks of Sanofi.

Byetta^®  and  Bydureon^®  are trademarks of Amylin Pharmaceuticals, LLC and
AstraZeneca Pharmaceuticals LP.

Erbitux^® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned
subsidiary of Eli Lilly and Company.

Humira^® is a trademark of Abbott Biotechnology Ltd.

All other brand names are registered trademarks of the Company or one of its
subsidiaries.

                         BRISTOL-MYERS SQUIBB COMPANY
                              SELECTED PRODUCTS
            FOR THE THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
                       (Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for
selected products. 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.

                                                                                      
                       Worldwide Net Sales                U.S. Net Sales
                                           %                              %          % Change in
                                                                                             U.S. Total
                       2012        2011        Change     2012        2011        Change     Prescriptions
                                                                                             vs. 2011
Three Months Ended
December 31,
Key Products
Plavix                 $ 49        $ 1,672     (97)%      $ 20        $ 1,582     (99)%      (96)%
Avapro/Avalide           84          195       (57)%        16          114       (86)%      (91)%
Eliquis                  1           -         N/A          -           -         N/A        N/A
Abilify                  819         737       11%          617         559       10%        -
Reyataz                  394         416       (5)%         199         209       (5)%       (8)%
Sustiva Franchise        383         412       (7)%         253         278       (9)%       (3)%
Baraclude                360         318       13%          65          58        12%        11%
Erbitux                  171         181       (6)%         167         178       (6)%       N/A
Sprycel                  281         227       24%          109         88        24%        20%
Yervoy                   211         144       47%          141         119       18%        N/A
Orencia                  325         257       26%          216         172       26%        N/A
Nulojix                  4           1         *            3           1         *          N/A
Onglyza/Kombiglyze       198         153       29%          140         114       23%        28%
Byetta                   94          -         N/A          92          -         N/A        N/A
Bydureon                 58          -         N/A          55          -         N/A        N/A
                                                                                             
Mature Products          759         741       2%           145         132       10%        N/A
and All Other
Total                    4,191       5,454     (23)%        2,238       3,604     (38)%      N/A
Total excluding
Plavix and               4,058       3,587     13%          2,202       1,908     15%        N/A
Avapro/Avalide
                                                                                             
* In excess of +/-
100%
                                                                                             

                                                                                          
BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, dollars in millions)
                                                                                                 
                       Worldwide Net Sales                  U.S. Net Sales
                                             %                                %          % Change in
                                                                                                 U.S. Total
                       2012         2011         Change     2012         2011         Change     Prescriptions
                                                                                                 vs. 2011
Twelve Months
Ended December 31,
Key Products
Plavix                 $ 2,547      $ 7,087      (64)%      $ 2,424      $ 6,709      (64)%      (60)%
Avapro/Avalide           503          952        (47)%        155          549        (72)%      (71)%
Eliquis                  2            -          N/A          -            -          N/A        N/A
Abilify                  2,827        2,758      3%           2,102        2,052      2%         1%
Reyataz                  1,521        1,569      (3)%         783          771        2%         (5)%
Sustiva Franchise        1,527        1,485      3%           1,016        950        7%         (1)%
Baraclude                1,388        1,196      16%          241          208        16%        11%
Erbitux                  702          691        2%           688          681        1%         N/A
Sprycel                  1,019        803        27%          404          299        35%        29%
Yervoy                   706          360        96%          503          323        56%        N/A
Orencia                  1,176        917        28%          797          621        28%        N/A
Nulojix                  11           3          *            9            3          *          N/A
Onglyza/Kombiglyze       709          473        50%          516          346        49%        47%
Byetta                   149          -          N/A          147          -          N/A        N/A
Bydureon                 78           -          N/A          75           -          N/A        N/A
                                                                                                 
Mature Products          2,756        2,950      (7)%         524          527        (1)%       N/A
and All Other
Total                    17,621       21,244     (17)%        10,384       14,039     (26)%      N/A
Total excluding
Plavix and               14,571       13,205     10%          7,805        6,781      15%        N/A
Avapro/Avalide

* In excess of +/- 100%
                                                                                                 

                                                
BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, amounts in millions except per share data)
                                                     
                         Three Months                Twelve Months
                         Ended December 31,          Ended December 31,
                          2012      2011        2012       2011   
Net Sales                $ 4,191      $ 5,454      $ 17,621      $ 21,244 
Cost of products           1,075         1,367         4,610          5,598
sold
Marketing, selling         1,143         1,216         4,220          4,203
and administrative
Advertising and            212           285           797            957
product promotion
Research and               1,082         1,008         3,904          3,839
development
Impairment charge
for BMS-986094             —             —             1,830          —
intangible asset
Other                     166         (16   )      (80    )      (334   )
(income)/expense
Total expenses            3,678       3,860       15,281       14,263 
                                                                             
Earnings before            513           1,594         2,340          6,981
Income Taxes
Provision for/
(benefit from)            (411  )      363         (161   )      1,721  
income taxes
                                                                             
Net Earnings              924         1,231       2,501        5,260  
Net Earnings/ (Loss)
Attributable to           (1    )      379         541          1,551  
Noncontrolling
Interest
Net Earnings             $ 925        $ 852        $ 1,960       $ 3,709  
Attributable to BMS
                                                                    
Earnings per Common
Share Attributable
to BMS:
Basic                    $ 0.56        $ 0.50        $ 1.17         $ 2.18
Diluted                  $ 0.56        $ 0.50        $ 1.16         $ 2.16
                                                                    
Average Common
Shares Outstanding:
Basic                      1,644         1,692         1,670          1,700
Diluted                    1,662         1,712         1,688          1,717
                                                                    
Other
(income)/expense
Interest expense         $ 51          $ 42          $ 182          $ 145
Investment income          (21   )       (22   )       (106   )       (91    )
Provision for              103           24            174            116
restructuring
Litigation                 55            75            (45    )       6
charges/(recoveries)
Equity in net income       (33   )       (66   )       (183   )       (281   )
of affiliates
Out-licensed
intangible asset           —             —             38             —
impairment
Gain on sale of
product lines,             (50   )       (1    )       (53    )       (37    )
businesses and
assets
Other income
received from              (87   )       (33   )       (312   )       (140   )
alliance partners,
net
Pension curtailments       155           11            158            10
and settlements
Other                     (7    )      (46   )      67           (62    )
Other                    $ 166        $ (16   )     $ (80    )     $ (334   )
(income)/expense
                                                                             

                                                  
BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, dollars in millions)
                                                       
                             Three Months              Twelve Months
                             Ended December 31,        Ended December 31,
                              2012     2011       2012       2011 
Accelerated
depreciation, asset          $ —          $ 15         $ 147          $ 75
impairment and other
shutdown costs
Amortization of acquired       138          —            229            —
Amylin intangible assets
Amortization of Amylin         (68  )       —            (114   )       —
collaboration proceeds
Amortization of
inventory fair value          14         —          23           —    
adjustment
Cost of products sold          84           15           285            75
                                                                             
Stock compensation
expense from accelerated       —            —            67             —
vesting of Amylin awards
Process standardization       2          10         18           29   
implementation costs
Marketing, selling and         2            10           85             29
administrative
                                                                             
Stock compensation
expense from accelerated       —            —            27             —
vesting of Amylin awards
                                                                             
Upfront, milestone and         26           —            47             207
other licensing payments
IPRD impairment               39         —          142          28   
Research and development       65           —            216            235
                                                                             
Impairment charge for
BMS-986094 intangible          —            —            1,830          —
asset
                                                                             
Provision for                  103          24           174            116
restructuring
Gain on sale of product
lines, businesses and          (51  )       —            (51    )       (12  )
assets
Pension curtailments and       151          13           151            13
settlements
Out-licensed intangible        —            —            38             —
asset impairment
Loss on debt repurchase        —            —            27             —
Acquisition related            1            —            43             —
items
Litigation                     55           75           (45    )       9
charges/(recoveries)
Upfront, milestone and        (10  )      (20  )      (10    )      (20  )
other licensing receipts
Other (income)/expense         249          92           327            106
                                                                      
Increase/(Decrease) to         400          117          2,743          445
pretax income
                                                                             
Income tax on items            (156 )       (37  )       (947   )       (136 )
above
Specified tax (benefit)*      (392 )      (26  )      (392   )      (97  )
Income taxes                  (548 )      (63  )      (1,339 )      (233 )
                                                                             
Increase/(Decrease) to       $ (148 )     $ 54        $ 1,404       $ 212  
net earnings
                                                                             

* 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.

                                                               
BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, dollars in millions)
                                                                      
Three months ended December 31, 2012      GAAP        Specified   Non
                                                        Items*        GAAP
                                                                      
Gross Profit                              $ 3,116       84            $ 3,200
                                                                      
Marketing, Selling and Administrative       1,143       (2)             1,141
                                                                      
Research and Development                    1,082       (65)            1,017
                                                                      
Other (income)/expense                      166         (249)           (83)
                                                                      
Effective Tax Rate                          (80.1)%     95.1%           15.0%
                                                                      
                                                                
                                                                      
Three months ended December 31, 2011      GAAP        Specified   Non
                                                        Items*        GAAP
                                                                      
Gross Profit                              $ 4,087       15            $ 4,102
                                                                      
Marketing, Selling and Administrative       1,216       (10)            1,206
                                                                      
Research and Development                    1,008       --              1,008
                                                                      
Other (income)/expense                      (16)        (92)            (108)
                                                                      
Effective Tax Rate                          22.8%       2.1%            24.9%
                                                                        

* Refer to the Specified Items schedules for further details.

                                                              
BRISTOL-MYERS SQUIBB COMPANY

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

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, dollars in millions)
                                                                     
Twelve months ended December 31, 2012     GAAP       Specified   Non
                                                       Items*        GAAP
                                                                     
Gross Profit                              $ 13,011     285           $ 13,296
                                                                     
Marketing, Selling and Administrative       4,220      (85)            4,135
                                                                     
Research and Development                    3,904      (216)           3,688
                                                                     
Other (income)/expense                      (80)       (327)           (407)
                                                                     
Effective Tax Rate                          (6.9)%     30.1%           23.2%
                                                                     
                                                               
                                                                     
Twelve months ended December 31, 2011     GAAP       Specified   Non
                                                       Items*        GAAP
                                                                     
Gross Profit                              $ 15,646     75            $ 15,721
                                                                     
Marketing, Selling and Administrative       4,203      (29)            4,174
                                                                     
Research and Development                    3,839      (235)           3,604
                                                                     
Other (income)/expense                      (334)      (106)           (440)
                                                                     
Effective Tax Rate                          24.7%      1.6%            26.3%
                                                                       

* Refer to the Specified Items schedules for further details.

                                                  
BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF NON-GAAP EPS TO GAAP EPS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(Unaudited, amounts in millions except per share data)
                                                       
                           Three Months                Twelve Months
                           Ended December 31,          Ended December 31,
                                                                
                            2012        2011        2012        2011  
Net Earnings
Attributable to BMS –      $ 925         $ 852         $ 1,960       $ 3,709
GAAP
Earnings attributable
to unvested restricted      (1    )      (1    )      (1    )      (8    )
shares
Net Earnings used for
Diluted EPS                $ 924        $ 851        $ 1,959      $ 3,701 
Calculation – GAAP
                                                                     


Net Earnings               $ 925         $ 852         $ 1,960       $ 3,709
Attributable to BMS –
GAAP
Specified Items*            (148  )      54          1,404       212   
Net Earnings -               777           906           3,364         3,921
Non-GAAP
Earnings attributable
to unvested restricted      (1    )      (1    )      (1    )      (8    )
shares
Net Earnings used for
Diluted EPS                $ 776        $ 905        $ 3,363      $ 3,913 
Calculation - Non-GAAP
                                                                     

                             1,662         1,712         1,688         1,717
Average Common Shares
Outstanding - Diluted
                                                                     

                           $ 0.56        $ 0.50        $ 1.16        $ 2.16
Diluted EPS - GAAP
Diluted EPS
Attributable to             (0.09 )      0.03        0.83        0.12  
Specified Items
Diluted EPS - Non-GAAP     $ 0.47       $ 0.53       $ 1.99       $ 2.28  
                                                                             

* Refer to the Specified Items schedules for further details.

                                                       
BRISTOL-MYERS SQUIBB COMPANY

NET DEBT CALCULATION

AS OF DECEMBER 31, 2012 AND SEPTEMBER 30, 2012

(Unaudited, dollars in millions)
                                                            
                                      December 31, 2012     September 30, 2012
Cash and cash equivalents             $    1,656            $    1,503
Marketable securities–current              1,173                 1,427
Marketable securities–long-term           3,523               3,698     
Cash, cash equivalents and                 6,352                 6,628
marketable securities
Short-term borrowings                      (826     )            (751      )
Long-term debt                            (6,568   )           (6,608    )
Net debt position                     $    (1,042   )       $    (731      )

Contact:

Bristol-Myers Squibb
Jennifer Fron Mauer, 609-252-6579
Communications
or
John Elicker, 609-252-4611
Investor Relations