bristol myerd squibb Sanford C. Bernstein & Co. Strategic Decisions Conference

Jim Cornelius
Chairman and CEO

Sanford C. Bernstein & Co.
Strategic Decisions Conference
May 30, 2008

This presentation is intended solely for an investment community/industry audience – not for promotional use
community/industry

Forward-Looking Statements and
Non-GAAP Financial Information
During this meeting we will discuss projected financial
and other quot;forward-lookingquot; information. Actual results
could differ materially from those projected in forward-
looking statements due to a number of factors disucssed
in our Annual Report on Form 10-K and in our reports on
Form 10-Q and 8-K.

We will also discuss certain financial measures that were
not prepared in accordance with generally accepted
accounting principles (GAAP). Reconciliations of those
non-GAAP financial measures to the most directly
comparable GAAP financial measures that excludes
specified items can be found our in our Form 8-K reports.

These reports are available at our website at
www.bms.com under quot;SEC Filings”.
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 2

2007 Performance Exceeded Expectations

Initial EPS Guidance for 2007
GAAP $1.12 – $1.22
Non-GAAP $1.20 – $1.30

Actual EPS for 2007 (continuing operations)
GAAP $0.99
Non-GAAP $1.38

Actual EPS for 2007 (including Medical Imaging)
GAAP $1.09
Non-GAAP $1.48

1st Quarter 2008 Performance & Strategy
Growth phase of our strategic plan is underway

20% growth of net sales from continuing operations

All key products growing
– 26% sales increase in the U.S.
– 14% internationally

Non-GAAP EPS of $0.42 vs. $0.36 Q1 2007

Managing costs better; profitability improving

Innovative plan for Mead Johnson


Q1 2008 Growth Over Q1 2007
(by Key Product)

+13%
+24%
+39%* +30%

+21% +17% +140% +112%

*Q1 2007 Plavix sales impacted negatively by Apotex generic clopidogrel
Continuing operations reported in U.S. dollars. International sales growth
aided by weak dollar translations.

Q1 2008 Growth Over Q1 2007
(by Geography & Segment)

U.S. Pharma +27%*
Europe & Middle East Medicines +18%
Latin America/Canada + 6%
Asia Pacific +30%
Japan Medicines ( 8%)
Mead Johnson +16%
ConvaTec +14%
Total BMS +20%

*Q1 2007 Plavix sales impacted negatively by Apotex generic clopidogrel
Continuing operations reported in U.S. dollars. International sales growth
aided by weak dollar translations.

BioPharma Strategy Helping Us Break
Out of the Pharma Industry Cliff
• Patent expirations starting in 2011
• Pipelines less productive
• Regulatory, political environment
Pharma
• Intellectual property under assault
Industry
profitability

Competitive
advantage in a
ma
Phar
less attractive
B io gy
trate
BMS strong
industry
S
participation in
a successful
industry

History Now Future


Best of Biotech Best of Pharma

Next-Generation
BioPharma Leader
Helping more patients prevail in their
fight against serious disease

Innovate Integrate Improve

Agile, Entrepreneurial & Accountable Culture


Our Productivity Approach
Management Council
Productivity Transformation Team

Supply Chain R&D G&A
Commercial
Operations
$400 MM $200 MM $550 MM $350 MM

$1.5 Billion
Cost Savings + Cost Avoidance


Supply Chain Redesigned to Support
BioPharma Model
Strategic Filters
Current 2011
27 Plants >50% Reduction

Future Geographic Product
Portfolio Footprint Rationalization

Network segmented and specialized
In-house Biologics capability
Aggressive outsourcing of mature products

Generating $400 Million in Productivity

Monetizing and Redeploying our
Non-Pharma Assets
Sold to Avista Partners in Dec.
for $525M (gross purchase price)

Sold to Nordic & Avista in May
for approximately $4.1B

Plan IPO of 10 to 20%

Selected acquisition / licensing
String of Pearls of key technologies, people,
capabilities

Three Year Growth Plan 2008-2010
2008
Confirmed non-GAAP EPS guidance of $1.60-$1.70
ConvaTec recorded as discontinued operation for
all of 2008 (when sold)

2008–2010
Sales growth in high to single digits
$1.5 billion productivity transformation initiative
Margin expansion and improved cash flow
15% EPS compound growth rate (non-GAAP)


Innovative New Product Portfolio in Development

Saxagliptin Belatacept
Potential new addition Potential novel biologic
to the management of to replace cornerstone
diabetes therapy in solid organ
transplantation

Ipilimumab Dapagliflozin Apixaban
Potential new Potential new insulin- Potential improved
immunotherapy independent medicine for anticoagulant compared to
for the treatment helping overweight and current standard of care
of cancer obese diabetes patients


Key 2008 Events
ASCO (May 30–June 3)
Erbitux FLEX data
Sprycel phase II prostate data
Ipilimumab data
ADA (June 6–10)
Saxagliptin phase III data
Dapaglifozin phase IIb data
EASD (Sept. 7–11)
Saxagliptin phase III data
ASH (Dec. 6–9)
Apixiban phase III data

Strategic Focus on 2012–2013

Accelerate revenue growth

Continued pipeline success

Additional productivity opportunities

Aggressively pursue business development


Best of Biotech Best of Pharma

Next-Generation
BioPharma Leader
Helping more patients prevail in their
fight against serious disease

Innovate Integrate Improve

Agile, Entrepreneurial & Accountable Culture


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