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  1. 1. JP Morgan Healthcare Conference Elliott Sigal, M.D., Ph.D. Executive Vice President, Chief Scientific Officer and President, R&D January 14, 2009
  2. 2. 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. 2 BMS Confidential and Proprietary Information
  3. 3. Pharmaceuticals Bring Significant Benefits to Patients Since the mid-1990s, when researchers developed a new wave of medicines to treat HIV/AIDS, the U.S. death rate from AIDS has dropped about 70% (Lancet, 2003) Since 1971, the number of cancer medicines has tripled. These new drugs account for 50-60% of the increase in six-year cancer survival rates since 1975 (National Bureau of Economic Research, 2004) From 1993-2003, death rates from cardiovascular disease in general and coronary heart disease have declined roughly 22% and 30%, respectively (Circulation, 2006) New medicines generated 40% of the two-year gain in life expectancy achieved in 52 countries between 1986 and 2000 (PhRMA, quoting research from Health Affairs) 3 BMS Confidential and Proprietary Information
  4. 4. Pharma Industry Must Adapt to Changing External Environment Implications for Pharma External Challenges Accelerating patent expirations / Traditional “vertically integrated” challenges model is risky, costly and unsustainable Greater regulatory / clinical requirements and declining R&D True innovation must demonstrate productivity clinical and economic value with more comprehensive assessments Decreased access to physicians of benefit/risk Increasing role of payers in Partnering for both innovation access, pricing and prescribing and commercial success is key to remaining competitive – Heightened political focus on and may be an advantage healthcare / pharmaceuticals Productivity and cost Access to capital for smaller effectiveness must be companies a core competency 4 BMS Confidential and Proprietary Information
  5. 5. Best of Pharma Best of Biotech Next Generation BioPharma Innovative Selective Continuous Portfolio Integration Improvement • Strong continuous • Serious unmet medical • Internal capabilities improvement capabilities needs in specialty and complemented with external high prevalence disease innovation sources • Simplified processes • Multiple therapeutic • Co-development and • Enhanced efficiency and modalities (e.g. small & co-commercialization effectiveness large molecules) • Flexible global supply chain • Aligned infrastructure to • Greater value for payers support growth • Targeted approach to geographies and customers • Innovative sales and marketing approaches Agile, Entrepreneurial & Accountable Culture 5 BMS Confidential and Proprietary Information
  6. 6. Strong Execution in 2008 Towards The Next-Generation BioPharma Model Significant changes in BMS business portfolio Strong operating performance Improved overall financial position Important progress against String of Pearls Increased focus on longer term sustainability 6 BMS Confidential and Proprietary Information
  7. 7. Best of Pharma Best of Biotech Next Generation BioPharma Innovative Selective Continuous Portfolio Integration Improvement • Strong continuous • Serious unmet medical • Internal capabilities improvement capabilities needs in specialty and complemented with external high prevalence disease innovation sources • Simplified processes • Multiple therapeutic • Co-development and • Enhanced efficiency and modalities (e.g. small & co-commercialization effectiveness large molecules) • Flexible global supply chain • Aligned infrastructure to • Greater value for payers support growth • Targeted approach to geographies and customers • Innovative sales and marketing approaches Agile, Entrepreneurial & Accountable Culture 7 BMS Confidential and Proprietary Information
  8. 8. Unique Organization Enables Execution of String of Pearls Strategy Consolidated all transactional groups into a unique Strategic Transactions Group Streamlined governance process and due diligence for all transactions Enabled rapid decision-making, flexibility and involvement of the most senior level executives 8 BMS Confidential and Proprietary Information
  9. 9. String of Pearls Focuses on Key Disease Areas Migrate Into Build Expand Priority Sustain HIV Cardiology Alzheimer's Immuno- Focus Franchise Adjacencies Portfolio science Build on Expand Secondary Jumpstart Hematologic Solid Tumor Areas HCV Malignancy Capability Expand Additional Leverage Build Major Migrate Into Into Areas Psychiatric Metabolic Cognition Neuropathic Considered Franchise Capability Pain 9 BMS Confidential and Proprietary Information
  10. 10. String of Pearls Strengthen Key Disease Areas Zymo- Genetics Hepatitis C Exelixis HCV NS5A inhibitor, HCV target #2, Isis Kosan HCV target #3 KAI Alzheimer's Cardiology Gamma Apixaban Secretase Solid Tumor Hematologic Brivanib, Malignancy Exelixis anti-CD137, EVRI, AR, Epo Folate, Sprycel IGF, Met Kinase, Cdc7 Kosan Kosan Exelixis PDL Adnexus Medarex
  11. 11. String of Pearls Multiple Integration Approaches: Examples Full Integration Approach Facilities and personnel consolidated All assets developed internally by BMS Target company fully absorbed Hybrid Integration Approach Biologic (adnectin) discovery through proof of confidence runs independently Clinical development post proof of confidence by BMS Product Approach In-licensing of single or multiple products Shared development & commercialization or internal BMS development & commercialization 11 BMS Confidential and Proprietary Information
  12. 12. Best of Pharma Best of Biotech Next Generation BioPharma Innovative Selective Continuous Portfolio Integration Improvement • Strong continuous • Serious unmet medical • Internal capabilities improvement capabilities needs in specialty and complemented with external high prevalence disease innovation sources • Simplified processes • Multiple therapeutic • Co-development and • Enhanced efficiency and modalities (e.g. small & co-commercialization effectiveness large molecules) • Flexible global supply chain • Aligned infrastructure to • Greater value for payers support growth • Targeted approach to geographies and customers • Innovative sales and marketing approaches Agile, Entrepreneurial & Accountable Culture 12 BMS Confidential and Proprietary Information
  13. 13. 2009 Projected Key Data Flow & Events Mechanism of action study: ADA, June Phase III long-term safety & efficacy: ADA, June or EASD, Sept Onglyza US & EU approval decisions (Saxagliptin) US submission for once-daily, fixed-dose combination of saxagliptin + metformin Ph IIb highly insulin refractory study -009: ADA, June Dapagliflozin Initial Ph III data: ADA, June or EASD, Sept Erbitux US regulatory decisions for head & neck cancer and lung cancer Ipilimumab Additional survival data available Abilify US submission for autism Plavix CURRENT data Initiation of Ph III acute coronary syndrome Apixaban Ph III EU DVT prevention data: ISTH, July Ph III DVT prevention data: ASH, December Ph III subcutaneous safety data: ACR, October Orencia Ph II psoriatic arthritis data: ACR, October Ph III data: American Transplant Congress, May Belatacept US & EU submissions Note: Dependent on data availability, acceptance of medical meeting submissions or health authority actions 13 As of January 2009 BMS Confidential and Proprietary Information
  14. 14. Belatacept: High Unmet Medical Need in Renal Transplantation Long-term patient and graft survival are limited One year survival rates >90% Five year survival rates 66% – 79% Causes of death and graft loss Cardiovascular disease Chronic allograft nephropathy (CAN) Calcineurin Inhibitors (CNI) are associated with long-term complications Nephrotoxicity Hypertension, diabetes, hyperlipidemia 14 BMS Confidential and Proprietary Information
  15. 15. Belatacept Phase III Program Three-year clinical trials against Cyclosporine A Study -027 (BENEFIT-EXT): Extended criteria, deceased donors (N = 540) Study -008 (BENEFIT): Standard criteria, living or deceased donors (N = 660) Primary endpoints (12 months) focused on long-term outcomes Renal function: emerging as key predictor of long-term graft survival Subject and graft survival Acute rejection: co-primary endpoint in Study -008 15 BMS Confidential and Proprietary Information
  16. 16. Hepatitis C Virus (HCV): Unmet Medical Need 200 million infections worldwide, 5 million in the US Major cause of cirrhosis and hepatocellular carcinoma leading to ~10,000 deaths per year Current standard of care – 40-50% sustained response rate – 20-50% incidence of side effects often leading to reduction in dosage or discontinuation Death rate predicted to increase dramatically over the next 20 years in the absence of effective therapy 16 BMS Confidential and Proprietary Information
  17. 17. Multi-pronged Strategy for HCV Treatment Multiple approaches Small molecule antivirals as add-on to interferon Small molecule antiviral combinations to replace interferon Next generation interferon with fewer side effects to replace current interferon Current HCV Pipeline Interferon lambda from ZymoGenetics showing antiviral activity without typical interferon side effects Three mechanistically distinct, internal compounds in the clinic 17 BMS Confidential and Proprietary Information
  18. 18. HCV NS5A: Mean Change in HCV RNA from Baseline Following a Single Dose 0 log10 HCV RNA (IU/mL) -1 -2 -3 -4 06 16 24 36 48 72 144 Time (hours) Placebo n=2 BMS-790052 10mg n=5 BMS-790052 1mg n=6 BMS-790052 100mg n=5 Proof-of-concept study, AASLD, November 2008 18 BMS Confidential and Proprietary Information
  19. 19. Alzheimer’s Disease Unmet Medical Need Affects over 24 million people worldwide Prevalence expected to quadruple by 2050 due to aging population and lack of disease-modifying agents Current therapies offer transient symptomatic benefit Current Approach: Target the two hallmarks of Alzheimer’s Disease Amyloid plaques: gamma secretase inhibitors Tangles: microtubule stabilizers (internal and Kosan) 19 BMS Confidential and Proprietary Information
  20. 20. Gamma Secretase: Dose-dependent Reductions in Human CSF Aβ40/42 A β 40 150 A β 42 CSF Aβ (% baseline) 125 100 75 50 25 0 0 50 100 150 Dose, mg BMS Study CN156-002, ICAD, July 2008 20 BMS Confidential and Proprietary Information
  21. 21. Continuing Our Strong Track Record of Success Cancer Schizophrenia, Depression Solid Organ HIV / AIDS Translplant belatacept** Cancer Rheumatoid Arthritis Cancer Diabetes Onglyza HIV / AIDS (saxagliptin)* Hepatitis B 2003 2004 2005 2006 2007 2008 2009 ImClone Systems Otsuka America Incorporated Pharmaceutical, Inc. * NDA under review **Projected submission in 2009 21 BMS Confidential and Proprietary Information
  22. 22. JP Morgan Healthcare Conference Elliott Sigal, M.D., Ph.D. Executive Vice President, Chief Scientific Officer and President, R&D January 14, 2009

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