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bristol myerd squibb Merrill Lynch Global Pharmaceutical, Biotechnology & Medical Device Conference


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  • 1. Jim Cornelius Chief Executive Officer Merrill Lynch Healthcare Conference February 6, 2008
  • 2. 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.
  • 3. 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
  • 4. 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
  • 5. 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
  • 6. 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
  • 7. Four Strategic Clusters: 2007 – 2010 Growth ++++ Specialty +++ CV / Metabolics – Mature Brands Health Care Group ++ Brands – non-pharma 7
  • 8. 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
  • 9. 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
  • 10. 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
  • 11. 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
  • 12. 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
  • 13. 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
  • 14. 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
  • 15. 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
  • 16. Jim Cornelius Chief Executive Officer Merrill Lynch Healthcare Conference February 6, 2008