Jim Cornelius
Chief Executive Officer
Merrill Lynch Healthcare Conference
February 6, 2008

February 6, 2008
During this meeting, we will make statements about the Company’s future
plans and prospects, including statements about our financial position,
business strategy, research pipeline concerning product development and
product potential, that constitute forward-looking statements for purposes
of the safe harbor provisions under the Private Securities Litigation Reform
Act of 1995.
Actual results may differ materially from those indicated by these forward-
looking statements as a result of various important factors, including those
discussed in the company’s most recent annual report on Form 10-K,
periodic reports on Form 10-Q and current reports on Form 8-K. These
documents are available from the SEC, the Bristol-Myers Squibb website
or from Bristol-Myers Squibb Investor Relations.
In addition, any forward-looking statements represent our estimates only as
of today and should not be relied upon as representing our estimates as of
any subsequent date. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any
obligation to do so, even if our estimates change.

Next Generation BioPharma
Best of Pharma
Best of Biotech
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Nimble and Entrepreneurial Culture
3

BMS Disease Areas and Unmet Medical Need
Therapeutic
Area Disease Area Unmet Medical Need
Athero/Thrombosis • Improved therapeutic window
Cardio-
vascular • Prevention of complications
Diabetes
and • Slowing or halting of disease progression
Metabolics Obesity • Increased efficacy and high degree of safety
HIV • Overcoming resistance
Virology • Targeted antivirals that improve cure rates
Hepatitis
• Overcoming resistance
• Increasing survival • Less toxicity
Oncology Oncology
• Improved quality of life • Personalized therapy
• Onset of action • Improved efficacy and tolerability
Psychiatric Disorders
• Enhanced compliance
Neuroscience
• Delay disease onset • Disease modification
Alzheimer’s
• Better symptom relief
• Oral agents • Disease modification
RA and Related
Diseases • Improved tolerability and safety
Immunology
Solid Organ Transplant • Increased long-term efficacy with improved safety
4

Culture
On track to embed a culture that supports the
Next Generation BioPharma Model
Nimble and entrepreneurial
Clear accountability and delegation of authority
Innovation and performance with integrity
Continuous improvement
What we need to do
Initiate change management program
Engage employees
Create incentives
5

Our Approach and Savings Achieved
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
6

Four Strategic Clusters: 2007 – 2010 Growth
++++
Specialty
+++
CV / Metabolics
–
Mature Brands
Health Care Group
++
Brands – non-pharma
7

Health Care Group Brands
ConvaTec Stable cash flows
Mead Johnson Slower revenue growth
Lack of synergies
Strategic Question:
Does non-pharma mean non-core?
8

Growth Driven by Expanding Global Portfolio
and Continued Strong Pipeline
Key Products
+46% +29% +21% +10% +6%
New Product Launches
Pipeline
ipilimumab saxagliptin dapagliflozin apixaban belatacept
Full Year 2007 % Sales Increase – as reported- vs. 2006
PLAVIX increase reflects adverse impact of generic competition in 2006 9

Strings of Pearls Are Focused on
Selected Disease Areas
Disease areas of interest are rooted in patient care and
characterized by:
– Scientifically sound and mechanism-based clinical
programs
– Unmet medical need
– Both near-term and longer-term revenue potential
– Ability to leverage BMS assets and capabilities
– Presence of a critical mass of potential deals
Acquiring strings that meet these criteria will position
BMS to capitalize on growth in these markets
These acquisitions will provide options in a rapidly-
changing environment
10

Execution of BMS Biologics Strategy
Adnexus Ipilimumab Devens Bulk Erbitux
Manufacturing
(Cancer) (Cancer)
Domantis
Belatacept Orencia
Syracuse
Therapeutic (Solid Organ (Rheumatoid
Area Biology Third Party
Transplant) Arthritis)
Angiocept Manufacturers
(Cancer)
Anti-CD137
(Cancer)
11

Development Portfolio
Life Cycle
Full Development
Exploratory Development Management
(Registrational, Filed)
• Androgen Receptor Antagonists (Cancer) • Ixempra (Ixabepilone) • Sprycel (Cancer)
• IGF-1R Antagonist (Cancer) (Cancer)
• Angiocept (Cancer) • Erbitux (Cancer)
• Brivanib-VEGFR/FGFR Inhibitor (Cancer)
• Ipilimumab
• ErbB/VEGF Receptor Inhibitor (Cancer) • Orencia
(Cancer)
• Anti-CD137 Antibody (Cancer) (Rheumatoid Arthritis)
• Epothilone-Folate (Cancer)
• Belatacept
• Met Kinase Inhibitor (Cancer) • Plavix
• SMO Inhibitor (Cancer) (Solid Organ Transplant) (Atherothrombosis)
• Hsp90 Inhibitor (Cancer)
• p38 Kinase Inhibitors (Rheumatoid Arthritis) • Saxagliptin • Avapro / Avalide
• CCR2/CCR5 Dual Antagonist (Immunology) (Diabetes) (Hypertension)
• CCR2 Antagonist (CV / Met)
• 11βHSD Inhibitor (Diabetes)
• Abilify
• Dapagliflozin
• DPP4 Inhibitor Backup (Diabetes)
(Psychiatric Disorders)
(Diabetes)
• CB1 Antagonist (Obesity)
• DGAT Inhibitors (CV / Met)
• Baraclude
• Apixaban
• LXR Agonist (Atherosclerosis)
(Hepatitis B)
• Pexacerfont-CRF Antagonists (Affective Disorders) (Thrombosis)
• Triple Reuptake Inhibitor (Depression)
• Reyataz (HIV/AIDS)
• Gamma Secretase Inhibitor (Alzheimer’s)
• HCV Inhibitor Target 1 (Hepatitis C)
• Sustiva / ATRIPLA
• HCV Inhibitor Target 2 (Hepatitis C)
(HIV/AIDS)
• HCV Inhibitor Target 3 (Hepatitis C)
• HIV Attachment Inhibitor (HIV/AIDS)
• HIV Integrase Inhibitor (HIV/AIDS)
As of December 2007
12

BMS Late-Stage Portfolio Targets
Unmet Medical Need
ipilimumab
dapagliflozin
Clinical Advance
belatacept
ixabepilone apixaban
saxagliptin
Medical Need
* Circle size is relative peak year sales
by BMS estimates. 13

2008 Key Data Flow
Lupus: ACR, Oct 2008
Orencia Early RA: ACR, Oct 2008
RA Prevention: EULAR, June 2008
Sprycel Solid Tumors: data available 1H 2008
Erbitux Lung: ASCO, June 2008
ACTIVE-A data available: 2H 2008
Plavix
CURRENT data available: 2H 2008
MBC -046 survival data: ASCO Breast, Sept 2008
Ixempra
MBC -048 survival data: SABCS, Dec 2008
Ipilimumab Metastatic melanoma: ASCO, June 2008
Belatacept Ph III data available: 4Q 2008
Ph III data: ADA, June 2008
Saxagliptin
Ph III data: EASD, Sept 2008
Dapagliflozin Ph IIb data: ADA, June 2008
Ph II ACS data available: 3Q 2008
Apixaban
Ph III VTE prevention data: ASH, Dec 2008
14

Long Range Plan – 15% EPS Growth
2008–2010
Productivity Initiative
+
Near-term Portfolio
+
Cultural Shift
=
2008–2010
15% Non-GAAP EPS CAGR*
* Excludes specified items that cannot currently be quantified; information relating to comparable
GAAP measures is available with the materials provided in connection with the reporting of the
Company’s fourth quarter and full year results for 2007on the Company’s website
15

Jim Cornelius
Chief Executive Officer
Merrill Lynch Healthcare Conference
February 6, 2008