Jim CorneliusJim CorneliusChief Executive OfficerChief Executive Officer

Merrill Lynch Healthcare ConferenceMerrill Lynch Healthcare ConferenceFebruary 6, 2008February 6, 2008

During this meeting, we will make statements about the CompanyDuring this meeting, we will make statements about the Company’’s future s future plans and prospects, including statements about our financial poplans and prospects, including statements about our financial position, sition, business strategy, research pipeline concerning product developmbusiness strategy, research pipeline concerning product development and ent and product potential, that constitute forwardproduct potential, that constitute forward--looking statements for purposes looking statements for purposes of the safe harbor provisions under the Private Securities Litigof the safe harbor provisions under the Private Securities Litigation Reform ation Reform Act of 1995.Act of 1995.

Actual results may differ materially from those indicated by theActual results may differ materially from those indicated by these forwardse forward--looking statements as a result of various important factors, inclooking statements as a result of various important factors, including those luding those discussed in the companydiscussed in the company’’s most recent annual report on Form 10s most recent annual report on Form 10--K, K, periodic reports on Form 10periodic reports on Form 10--Q and current reports on Form 8Q and current reports on Form 8--K. These K. These documents are available from the SEC, the Bristoldocuments are available from the SEC, the Bristol--Myers Squibb websiteMyers Squibb websiteor from Bristolor from Bristol--Myers Squibb Investor Relations.Myers Squibb Investor Relations.

In addition, any forwardIn addition, any forward--looking statements represent our estimates only as looking statements represent our estimates only as of today and should not be relied upon as representing our estimof today and should not be relied upon as representing our estimates as of ates as of any subsequent date. While we may elect to update forwardany subsequent date. While we may elect to update forward--looking looking statements at some point in the future, we specifically disclaimstatements at some point in the future, we specifically disclaim any any obligation to do so, even if our estimates change.obligation to do so, even if our estimates change.

February 6, 2008February 6, 2008

3

Next Generation Next Generation BioPharmaBioPharma

Next GenerationBioPharma

Best of PharmaBest of Biotech

Innovative Innovative PortfolioPortfolio

Selectively Selectively Integrated Integrated

Business ModelBusiness ModelContinuous Continuous

ImprovementImprovement

Nimble and Entrepreneurial Culture

4

Therapeutic Therapeutic AreaArea Disease AreaDisease Area Unmet Medical NeedUnmet Medical Need

Athero/ThrombosisAthero/Thrombosis •• Improved therapeutic windowImproved therapeutic window

DiabetesDiabetes •• Prevention of complicationsPrevention of complications•• Slowing or halting of disease progressionSlowing or halting of disease progression

CardioCardio--vascularvascularandandMetabolicsMetabolics ObesityObesity •• Increased efficacy and high degree of safety Increased efficacy and high degree of safety

HIVHIV •• Overcoming resistanceOvercoming resistanceVirologyVirology

OncologyOncology

NeuroscienceNeuroscience

ImmunologyImmunology

HepatitisHepatitis •• Targeted Targeted antiviralsantivirals that improve cure ratesthat improve cure rates•• Overcoming resistanceOvercoming resistance

OncologyOncology •• Increasing survivalIncreasing survival •• Less toxicityLess toxicity•• Improved quality of lifeImproved quality of life •• Personalized therapyPersonalized therapy

Psychiatric DisordersPsychiatric Disorders •• Onset of action Onset of action •• Improved efficacy and tolerabilityImproved efficacy and tolerability•• Enhanced complianceEnhanced compliance

AlzheimerAlzheimer’’ss •• Delay disease onsetDelay disease onset •• Disease modificationDisease modification•• Better symptom reliefBetter symptom relief

RA and Related RA and Related DiseasesDiseases

•• Oral agentsOral agents •• Disease modificationDisease modification•• Improved tolerability and safetyImproved tolerability and safety

Solid Organ TransplantSolid Organ Transplant •• Increased longIncreased long--term efficacy with improved safetyterm efficacy with improved safety

BMS Disease Areas and Unmet Medical NeedBMS Disease Areas and Unmet Medical Need

5

CultureCultureOn track to embed a culture that supports theOn track to embed a culture that supports theNext Generation BioPharma ModelNext Generation BioPharma Model

Nimble and entrepreneurialNimble and entrepreneurialClear accountability and delegation of authorityClear accountability and delegation of authorityInnovation and performance with integrityInnovation and performance with integrityContinuous improvementContinuous improvement

What we need to doWhat we need to doInitiate change management programInitiate change management programEngage employeesEngage employeesCreate incentivesCreate incentives

6

Our Approach and Savings AchievedOur Approach and Savings Achieved

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

7

Four Strategic Clusters: 2007 Four Strategic Clusters: 2007 –– 2010 Growth2010 Growth

SpecialtySpecialty

CV / CV / MetabolicsMetabolics

Mature BrandsMature Brands

Health Care Group Health Care Group Brands Brands –– nonnon--pharmapharma

+ + + ++ + + +

+ + ++ + +

––

+ ++ +

8

Health Care Group BrandsHealth Care Group Brands

ConvaTecConvaTec

Mead JohnsonMead Johnson

Strategic Question:Strategic Question:Does nonDoes non--pharmapharma mean nonmean non--core?core?

Stable cash flowsStable cash flows

Slower revenue growthSlower revenue growth

Lack of synergiesLack of synergies

9

Growth Driven by Expanding Global PortfolioGrowth Driven by Expanding Global Portfolioand Continued Strong Pipelineand Continued Strong Pipeline

New Product LaunchesNew Product Launches

PipelinePipeline

Key ProductsKey Products

ipilimumabipilimumab saxagliptinsaxagliptin apixabanapixabandapagliflozindapagliflozin belataceptbelatacept

+46+46%% ++29%29% +21+21%% +10+10%% +6+6%%

Full Year 2007 % Sales Increase Full Year 2007 % Sales Increase –– as reportedas reported-- vs. 2006vs. 2006PLAVIX increase reflects adverse impact of generic competition iPLAVIX increase reflects adverse impact of generic competition in 2006n 2006

10

Strings of Pearls Are Focused on Strings of Pearls Are Focused on Selected Disease AreasSelected Disease Areas

Disease areas of interest are rooted in patient care and Disease areas of interest are rooted in patient care and characterized by:characterized by:

–– Scientifically sound and mechanismScientifically sound and mechanism--based clinical based clinical programsprograms

–– Unmet medical needUnmet medical need–– Both nearBoth near--term and longerterm and longer--term revenue potentialterm revenue potential–– Ability to leverage BMS assets and capabilitiesAbility to leverage BMS assets and capabilities–– Presence of a critical mass of potential dealsPresence of a critical mass of potential deals

Acquiring strings that meet these criteria will position Acquiring strings that meet these criteria will position BMS to capitalize on growth in these marketsBMS to capitalize on growth in these markets

These acquisitions will provide options in a rapidlyThese acquisitions will provide options in a rapidly--changing environmentchanging environment

11

Execution of BMS Biologics StrategyExecution of BMS Biologics Strategy

AdnexusAdnexus

DomantisDomantis

Therapeutic Therapeutic Area BiologyArea Biology

Ipilimumab(Cancer)

Belatacept(Solid Organ Transplant)

Angiocept(Cancer)

Anti-CD137(Cancer)

Devens Bulk Devens Bulk ManufacturingManufacturing

SyracuseSyracuse

Third Party Third Party ManufacturersManufacturers

ErbituxErbitux(Cancer)(Cancer)

OrenciaOrencia(Rheumatoid (Rheumatoid Arthritis)Arthritis)

12

Development PortfolioDevelopment PortfolioFull Development(Registrational, Filed)

•• IxempraIxempra ((IxabepiloneIxabepilone) ) (Cancer)(Cancer)

•• IpilimumabIpilimumab(Cancer)(Cancer)

•• BelataceptBelatacept(Solid Organ Transplant)(Solid Organ Transplant)

•• SaxagliptinSaxagliptin(Diabetes)(Diabetes)

•• DapagliflozinDapagliflozin(Diabetes)(Diabetes)

•• ApixabanApixaban(Thrombosis)(Thrombosis)

Life Cycle Management

•• Sprycel Sprycel (Cancer) (Cancer)

•• Erbitux Erbitux (Cancer)(Cancer)

•• OrenciaOrencia(Rheumatoid Arthritis)(Rheumatoid Arthritis)

•• PlavixPlavix((AtherothrombosisAtherothrombosis))

•• AvaproAvapro / / AvalideAvalide(Hypertension)(Hypertension)

•• Abilify Abilify (Psychiatric Disorders)(Psychiatric Disorders)

•• Baraclude Baraclude (Hepatitis B)(Hepatitis B)

•• Reyataz Reyataz (HIV/AIDS)(HIV/AIDS)

•• SustivaSustiva / ATRIPLA / ATRIPLA (HIV/AIDS)(HIV/AIDS)

Exploratory Development•• Androgen Receptor AntagonistsAndrogen Receptor Antagonists (Cancer)(Cancer)•• IGFIGF--1R Antagonist 1R Antagonist (Cancer)(Cancer)•• AngioceptAngiocept (Cancer)(Cancer)•• BrivanibBrivanib--VEGFR/FGFR Inhibitor VEGFR/FGFR Inhibitor (Cancer)(Cancer)•• ErbBErbB/VEGF Receptor Inhibitor /VEGF Receptor Inhibitor (Cancer)(Cancer)•• AntiAnti--CD137 Antibody CD137 Antibody (Cancer)(Cancer)•• EpothiloneEpothilone--FolateFolate (Cancer)(Cancer)•• Met Met KinaseKinase InhibitorInhibitor (Cancer) (Cancer) •• SMO InhibitorSMO Inhibitor (Cancer)(Cancer)•• Hsp90 InhibitorHsp90 Inhibitor (Cancer)(Cancer)•• p38 Kinase Inhibitorsp38 Kinase Inhibitors (Rheumatoid Arthritis)(Rheumatoid Arthritis)•• CCR2/CCR5 Dual AntagonistCCR2/CCR5 Dual Antagonist (Immunology)(Immunology)•• CCR2 Antagonist CCR2 Antagonist (CV / Met)(CV / Met)•• 1111ββHSD InhibitorHSD Inhibitor (Diabetes)(Diabetes)•• DPP4 Inhibitor BackupDPP4 Inhibitor Backup (Diabetes)(Diabetes)•• CB1 Antagonist CB1 Antagonist (Obesity)(Obesity)•• DGAT Inhibitors DGAT Inhibitors (CV / Met)(CV / Met)•• LXR Agonist LXR Agonist (Atherosclerosis)(Atherosclerosis)•• PexacerfontPexacerfont--CRF Antagonists CRF Antagonists (Affective Disorders)(Affective Disorders)•• Triple Reuptake InhibitorTriple Reuptake Inhibitor (Depression)(Depression)•• Gamma Gamma SecretaseSecretase InhibitorInhibitor (Alzheimer(Alzheimer’’s) s) •• HCV Inhibitor Target 1 HCV Inhibitor Target 1 (Hepatitis C)(Hepatitis C)•• HCV InhibitorHCV Inhibitor Target 2 Target 2 (Hepatitis C)(Hepatitis C)•• HCV InhibitorHCV Inhibitor Target 3Target 3 (Hepatitis C)(Hepatitis C)•• HIV Attachment Inhibitor HIV Attachment Inhibitor (HIV/AIDS)(HIV/AIDS)•• HIV HIV IntegraseIntegrase Inhibitor Inhibitor (HIV/AIDS)(HIV/AIDS)

As of December 2007

13

BMS LateBMS Late--Stage Portfolio Targets Stage Portfolio Targets Unmet Medical Need Unmet Medical Need

apixabanapixaban

dapagliflozindapagliflozin

ipilimumabipilimumab

belataceptbelatacept

ixabepiloneixabepilone

saxagliptinsaxagliptin

Medical NeedMedical Need

Clin

ical

Adv

ance

Clin

ical

Adv

ance

* Circle size is relative peak year sales * Circle size is relative peak year sales by BMS estimates.by BMS estimates.

14

2008 Key Data Flow2008 Key Data Flow

OrenciaOrenciaLupus: ACR, Oct 2008Lupus: ACR, Oct 2008Early RA: ACR, Oct 2008Early RA: ACR, Oct 2008RA Prevention: EULAR, June 2008RA Prevention: EULAR, June 2008

SprycelSprycel Solid Tumors: data available 1H 2008Solid Tumors: data available 1H 2008ErbituxErbitux Lung: ASCO, June 2008Lung: ASCO, June 2008

IxempraIxempra MBC MBC --046 survival data: ASCO Breast, Sept 2008046 survival data: ASCO Breast, Sept 2008MBC MBC --048 survival data: SABCS, Dec 2008048 survival data: SABCS, Dec 2008

BelataceptBelatacept Ph III data available: 4Q 2008Ph III data available: 4Q 2008IpilimumabIpilimumab Metastatic melanoma: ASCO, June 2008Metastatic melanoma: ASCO, June 2008

SaxagliptinSaxagliptin Ph III data: ADA, June 2008Ph III data: ADA, June 2008Ph III data: EASD, Sept 2008Ph III data: EASD, Sept 2008

DapagliflozinDapagliflozin Ph IIb data: ADA, June 2008Ph IIb data: ADA, June 2008

PlavixPlavix ACTIVEACTIVE--A data available: 2H 2008A data available: 2H 2008CURRENT data available: 2H 2008CURRENT data available: 2H 2008

ApixabanApixaban Ph II ACS data available: 3Q 2008Ph II ACS data available: 3Q 2008Ph III VTE prevention data: ASH, Dec 2008Ph III VTE prevention data: ASH, Dec 2008

15

Long Range Plan Long Range Plan –– 15% EPS Growth 15% EPS Growth 20082008––20102010

Productivity InitiativeProductivity Initiative

++NearNear--term Portfolioterm Portfolio

++Cultural ShiftCultural Shift

==20082008––20102010

15% Non15% Non--GAAP EPS CAGR*GAAP EPS CAGR** Excludes specified items that cannot currently be quantified; * Excludes specified items that cannot currently be quantified; information relating to comparable information relating to comparable GAAP measures is available with the materials provided in connecGAAP measures is available with the materials provided in connection with the reporting of the tion with the reporting of the CompanyCompany’’s fourth quarter and full year results for 2007on the Companys fourth quarter and full year results for 2007on the Company’’s websites website

Jim CorneliusJim CorneliusChief Executive OfficerChief Executive Officer

Merrill Lynch Healthcare ConferenceMerrill Lynch Healthcare ConferenceFebruary 6, 2008February 6, 2008