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

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

Jim CorneliusJim CorneliusChairman and CEOChairman and CEO

Sanford C. Bernstein & Co.Sanford C. Bernstein & Co.Strategic Decisions ConferenceStrategic Decisions Conference

May 30, 2008May 30, 2008

2This presentation is intended solely for an investment communityThis presentation is intended solely for an investment community/industry audience/industry audience--not for promotional use not for promotional use

ForwardForward--Looking Statements andLooking Statements andNonNon--GAAP Financial Information GAAP Financial Information

During this meeting we will discuss projected financial During this meeting we will discuss projected financial and other "forwardand other "forward--looking" information.looking" information. Actual results Actual results could differ materially from those projected in forwardcould differ materially from those projected in forward--looking statements due to a number of factors looking statements due to a number of factors disucsseddisucssedin our Annual Report on Form 10in our Annual Report on Form 10--K and in our reports on K and in our reports on Form 10Form 10--Q and 8Q and 8--K.K.

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

These reports are available at our website at These reports are available at our website at www.bms.comwww.bms.com under "SEC Filingsunder "SEC Filings””..

http://www.bms.com/


2007 Performance Exceeded Expectations2007 Performance Exceeded Expectations

Initial EPS Guidance for 2007Initial EPS Guidance for 2007GAAPGAAP $1.12$1.12 –– $1.22$1.22

NonNon--GAAPGAAP $1.20$1.20 –– $1.30$1.30

Actual EPS for 2007 (continuing operations)Actual EPS for 2007 (continuing operations)GAAPGAAP $0.99$0.99

NonNon--GAAPGAAP $1.38$1.38

Actual EPS for 2007 (including Medical Imaging) Actual EPS for 2007 (including Medical Imaging) GAAPGAAP $1.09$1.09

NonNon--GAAPGAAP $1.48$1.48


1st Quarter 2008 Performance & Strategy1st Quarter 2008 Performance & Strategy

Growth phase of our strategic plan is underwayGrowth phase of our strategic plan is underway

20% growth of net sales from continuing operations20% growth of net sales from continuing operations

All key products growingAll key products growing–– 26% sales increase in the U.S.26% sales increase in the U.S.–– 14% internationally14% internationally

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

Managing costs better; profitability improvingManaging costs better; profitability improving

Innovative plan for Mead Johnson Innovative plan for Mead Johnson


Q1 2008 Growth Over Q1 2007Q1 2008 Growth Over Q1 2007(by Key Product)(by Key Product)

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

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

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


Q1 2008 Growth Over Q1 2007Q1 2008 Growth Over Q1 2007(by Geography & Segment)(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 *Q1 2007 Plavix sales impacted negatively by Apotex generic clopidogrelclopidogrelContinuing operations reported in U.S. dollars. International saContinuing operations reported in U.S. dollars. International sales growth les growth aided by weak dollar translations.aided by weak dollar translations.


BioPharmaBioPharma Strategy Helping Us Break Strategy Helping Us Break Out of the Out of the PharmaPharma Industry CliffIndustry Cliff

PharmaPharmaIndustryIndustryprofitabilityprofitability

FutureFutureNowNow

BMS strong participation in

a successful industry

Competitive advantage in a less attractive

industryBioPharma

Strategy

HistoryHistory

•• Patent expirations starting in 2011Patent expirations starting in 2011•• Pipelines less productivePipelines less productive•• Regulatory, political environment Regulatory, political environment •• Intellectual property under assaultIntellectual property under assault


Next-Generation BioPharma Leader

Helping more patients prevail in their fight against serious disease

Best of PharmaBest of Biotech

InnovateInnovate IntegrateIntegrate ImproveImprove

Agile, Entrepreneurial & Accountable CultureAgile, Entrepreneurial & Accountable Culture


Our Productivity ApproachOur Productivity Approach

Productivity Transformation Team

Management Council

Supply ChainSupply Chain R&DR&D Commercial Commercial OperationsOperations

G&AG&A

$1.5 BillionCost Savings + Cost Avoidance

$400 MM$400 MM $200 MM$200 MM $550 MM$550 MM $350 MM$350 MM


Supply Chain Redesigned to Support Supply Chain Redesigned to Support BioPharma ModelBioPharma Model

Network segmented and specializedNetwork segmented and specializedInIn--house Biologics capabilityhouse Biologics capabilityAggressive outsourcing of mature productsAggressive outsourcing of mature products

Current Current 2727 PlantsPlants

Generating $400 Million in Productivity

Strategic FiltersStrategic Filters

FutureFuturePortfolioPortfolio

GeographicGeographicFootprintFootprint

ProductProductRationalizationRationalization

>50%>50% ReductionReduction2011 2011


Monetizing and Redeploying our Monetizing and Redeploying our NonNon--PharmaPharma AssetsAssets

Sold to Sold to AvistaAvista Partners in Dec. Partners in Dec. for $525M for $525M (gross purchase price)(gross purchase price)

Plan IPO of 10 to 20%Plan IPO of 10 to 20%

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

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


Three Year Growth Plan 2008Three Year Growth Plan 2008--20102010

20082008Confirmed nonConfirmed non--GAAP EPS guidance of $1.60GAAP EPS guidance of $1.60--$1.70$1.70

ConvaTecConvaTec recorded as discontinued operation for recorded as discontinued operation for all of 2008 (when sold)all of 2008 (when sold)

20082008––20102010Sales growth in high to single digitsSales growth in high to single digits

$1.5 billion productivity transformation initiative$1.5 billion productivity transformation initiative

Margin expansion and improved cash flowMargin expansion and improved cash flow

15% EPS compound growth rate (non15% EPS compound growth rate (non--GAAP)GAAP)


Innovative New Product Portfolio in DevelopmentInnovative New Product Portfolio in Development

IpilimumabPotential new

immunotherapyfor the treatment

of cancer

SaxagliptinPotential new additionto the management of

diabetes

DapagliflozinPotential new insulin-

independent medicine for helping overweight and obese diabetes patients

ApixabanPotential improved

anticoagulant compared to current standard of care

BelataceptPotential novel biologicto replace cornerstone therapy in solid organ

transplantation


Key 2008 EventsKey 2008 EventsASCOASCO (May 30(May 30––June 3)June 3)

ErbituxErbitux FLEX dataFLEX dataSprycelSprycel phase II prostate dataphase II prostate dataIpilimumabIpilimumab datadata

ADAADA (June 6(June 6––10)10)SaxagliptinSaxagliptin phase III dataphase III dataDapaglifozinDapaglifozin phase phase IIbIIb datadata

EASDEASD (Sept. 7(Sept. 7––11)11)SaxagliptinSaxagliptin phase III dataphase III data

ASHASH (Dec. 6(Dec. 6––9)9)ApixibanApixiban phase III dataphase III data


Strategic Focus on 2012Strategic Focus on 2012––20132013

Accelerate revenue growthAccelerate revenue growth

Continued pipeline successContinued pipeline success

Additional productivity opportunitiesAdditional productivity opportunities

Aggressively pursue business developmentAggressively pursue business development


Next-Generation BioPharma Leader

Helping more patients prevail in their fight against serious disease

Best of PharmaBest of Biotech

InnovateInnovate IntegrateIntegrate ImproveImprove

Agile, Entrepreneurial & Accountable CultureAgile, Entrepreneurial & Accountable Culture

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

Jim CorneliusJim CorneliusChairman and CEOChairman and CEO

Sanford C. Bernstein & Co.Sanford C. Bernstein & Co.Strategic Decisions ConferenceStrategic Decisions Conference

May 30, 2008May 30, 2008

Economy & Finance

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