Event Brief of Q4 2007 Bristol-Myers Squibb Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

PARTICIPANTS

. John Elicker, Bristol-Myers Squibb Company, VP of IR . Jim Cornelius, Bristol-Myers Squibb Company, CEO . Andrew Bonfield, Bristol-Myers Squibb Company, EVP & CFO . David Risinger, Merrill Lynch, Analyst

. Elliott Segal, Bristol-Myers Squibb Company, EVP, Chief Scientific Officer & President, Research and Development . Steve Scala, Cowen and Company, Analyst . Barbara Ryan, Deutsche Bank, Analyst . Roopesh Patel, UBS, Analyst . Tim Anderson, Sanford C. Bernstein & Company, Inc., Analyst . Lamberto Andreotti, Bristol-Myers Squibb Company, EVP & COO,Worldwide Pharmaceuticals . John Boris, Bear, Stearns & Co., Analyst . Jami Rubin, Morgan Stanley, Analyst . Bert Hazlett, BMO Capital Markets, Analyst . Chris Schott, Banc of America Securities, Analyst . Harlan Sonderling, Columbia Management Advisors, Inc., Analyst . James Kelly, Goldman Sachs, Analyst . Tony Butler, Lehman Brothers, Analyst

OVERVIEW

BMY announced 4Q07 adjusted EPS of $0.35, and a 4Q07 per-share loss from continuing operations of $0.07, on 4Q07 sales from continuing operations of $5.4b. 2007 adjusted EPS of $1.48 was above the high end of previous guidance. 2008 EPS guidance was given at $1.36-1.46 for GAAP EPS, and $1.60-1.70 for non-GAAP EPS.

FINANCIAL DATA

A. Key Data From Call 1. 4Q07 total sales from continuing operations = $5.4b. 2. 2007 EPS (adjusted) = $1.48. 3. 4Q07 EPS loss from continuing operations = $0.07. 4. 4Q07 EPS (adjusted) = $0.35. 5. 4Q07 GM (adjusted) = 68.7%. 6. 4Q07 ending net debt = $4b. 7. 2008 EPS guidance (GAAP) = $1.36-1.46. 8. 2008 EPS guidance (non-GAAP) = $1.60-1.70.

PRESENTATION SUMMARY

S1. Overview (J.C.) 1. 4Q07 Highlights: 1. Strong conclusion to good year. 2. 33% 4Q07 reported revenue growth. 1. 13% growth excluding estimated impact of launch of generic clopidogrel in 2006. 2. Growth achieved through excellent marketplace execution on key products. 3. Adjusted earnings for four financial items, three from activities that directly support biopharma strategy.

4. Fourth was unplanned, resulted from impairment related to

investment portfolio, reflecting state of global credit markets. 5. Excluding these items, co. earned $0.35, above top end of recent guidance range, and $0.01 ahead of consensus analyst

estimates. 2. Special Items: 1. Sale of Medical Imaging, completed early in January. 1. Supports strategy to actively manage mix of products and businesses to better focus on specialty and biologic medicines. 2. Following GAAP, reported Medical Imaging as single line in discontinued operations, contributing $0.02 EPS in 4Q07 and $0.10 in 2007. 2. October purchase of Adnexus Therapeutics supports business development strategy to expand biologics capabilities and pipeline. 1. As part of acquisition, recorded one-time in-process R&D charge of $230m, reducing GAAP EPS by $0.12. 3. On track to achieve $1.5b in cost savings and cost avoidance by 2010, as part of productivity transformation initiative.

1. Making co. more nimble, flexible, and better able to execute

its next-generation biopharma strategy. 2. Co. continues to streamline corporate and support functions, rationalize mfg., and better position global supply network. 1. Announced in 4Q07 impending closure of two mfg. facilities in Puerto Rico. 3. Productivity efforts further reduced GAAP EPS by $0.12 in 4Q07. 4. $0.14 off EPS due to impairment of some short-term investments. 1. Global credit crisis impacted small portion of short-term investment portfolio. 2. Situation will not affect significantly co.'s liquidity or financial flexibility. 1. Co. has more than enough cash to fund strategy, and expects stronger operating cash flows from business to fund higher dividend. 5. At beginning of growth cycle.

1. Strong underlying operating momentum in 4Q07 and 2007.

2. Continue to realize valid gains from key products and franchises treating cardiovascular disease, psychiatric disorders, and bio-illness.

6. Plavix grew 13% adjusted for negative impact of competition

from generic clopidogrel in 2006. 7. Abilify grew 28% in 4Q07. 8. Sales of Reyataz increased 31% in 4Q07. 9. Among commercial successes driving growth were several from newer specialty and biologics medicines. 1. Pleased with initial market uptake for Ixempra, launched October 2007. 2. Orencia US sales strong, as were Sprycel overseas sales. 3. In November, gained approval to market Abilify as add-on treatment to anti-depressant therapy in adults with major depression. 10. R&D continues to advance pipeline. 11. On track to submit saxagliptin by middle of 2008.

1. Plan to present additional data at ADA. 12. At ASCO, expect strong showing with new clinical data on Sprycel, Ixempra, and Erbitux. 13. Executing plan to emphasize specialty and biologics

medicines. 14. Sold Medical Imaging and purchased Adnexus.

15. Remain open to opportunities for possible alliances, partnerships, external acquisitions, and other business arrangements that enhance co.'s ability to make important medicines to help patients prevail against serious disease. 16. Productivity transformation inspiring culture of continuous improvement. 17. Maintain positive outlook. 18. Reaffirming non-GAAP EPS growth avg. of at least 15% through 2010 from the 2000 base year, subject to assumptions explained in December.

S2. Financial Review (A.B.) 1. 4Q07 Results: 1. Recorded loss from continuing operations of $0.07 per share. 1. Includes impact from specified items, and sale of Medical Imaging, now recorded as discontinued operation. 2. Adjusting for specified items and Medical Imaging, fully diluted EPS on a non-GAAP basis were $0.35 in 4Q07 and $1.48 for 2007, above top end of guidance. 3. Total sales from continuing operations were $5.4b, up 33% or approx. 13% excluding impact from generic clopidogrel in 4Q06. 4. Overall, saw 3% benefit from price. 5. 5% benefit from FX. 6. 25% increase in volumes. 7. Worldwide pharmaceutical sales, excluding generic clopidogrel, increased 13% to $4.4b. 1. Reflects strong sales of key products and 4% benefit from FX. 8. Healthcare group sales were $1b, up 9%. 1. Includes 5% benefit from FX. 2. Excludes …