1. Research & Development
Update
JP Morgan Healthcare Conference
January 7, 2008
Elliott Sigal, MD, PhD
Executive Vice President
Chief Scientific Officer & President, R&D
Not for promotional use
1

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.
Not for promotional use
2

3. Agenda
Evolving to the Next Generation
BioPharma Model
R&D Strategy
Pipeline Update
Not for promotional use
3

4. Forces Driving Industry Change
Increased regulatory / clinical requirements
Decreased access to physicians by sales
model
Increased power of payers on pricing and
prescribing
Consolidation / cost-reduction across
industry
Not for promotional use
4

5. Evolution of Biotech and Pharmaceutical
Companies
’80s/’90s 2000 – now Future Model
Small
More
Biotechs
Traditional
consolidation?
Biotech
Major
Biotechs
Next
Generation
Model
Mid-Cap
Pharma
More
Traditional
consolidation?
Large Pharma
Mega
Focus on
Pharma
productivity/
execution
Not for promotional use
5

6. Next Generation BioPharma Model
Best of Pharma
Best of Biotech
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Nimble and Entrepreneurial Culture
Not for promotional use
6

7. Innovative Portfolio
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Innovative Portfolio: Implications to R&D
Focus is on serious unmet medical needs in
specialty and high prevalence disease areas
Flexibility to choose the right modality for the
right target
Generation of clinical and economic data that
demonstrate value for payers and patients
Not for promotional use
7

8. Record of Priority Review is External
Validation of Innovative Portfolio 2006
Average FDA Pharma
Review Time R&D Spend
(Months) ($B)
Pfizer 6 $7.2
5 19
Merck 4 4 $4.5
8
BMS 6 1 $2.8
7
GSK 4 3 $6.2
14
Nov artis 2 5 $4.3
18
S-A 2 4 $5.6
23
Lilly 1 4 $3.0
18
Roche* 3 2 $4.7
11
Priority
Non-Priority
AZ 1 2 $3.8
16
W yeth 2 1 $2.9
15
1
J&J $5.0
2 10
0 1 2 3 4 5 6 7 8 9 10 11
US NME Approvals January 2002 – October 2007
with FDA Review Status and Average Review Time
Note: Includes compounds designated as classification “1” (NDA chemical type – new molecular entity) by the FDA. Novel biologics and novel vaccines are included.
* Includes compounds Genentech filed in the US (i.e., Avastin, Tarceva) for which Roche had significant development participation.
Approval for Boniva credited to both Roche and GSK based on co-development agreement.
Source: PhRMA, FDA, Company Reports, BMS internal analysis
Not for promotional use
8

9. Selectively Integrated Business Model
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Selectively Integrated Business Model:
Implications to R&D
External sources of innovation to complement
internal capabilities
Co-development and co-commercialization
partnerships
Focusing internal activities in core, high-value areas
Not for promotional use
9

10. Co-development and Co-commercialization to
Optimize the Value of a Pipeline
Share risk and cost associated with large late-
stage development investments
Allow greater investment in broader portfolio
Make big products even bigger by leveraging
partner’s capabilities
Apixaban Saxagliptin Dapagliflozin
Not for promotional use
10

11. Focus on Continuous Improvement
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Focus on Continuous Improvement:
Implications to R&D
Improving yield
Increasing cost-effectiveness
Not for promotional use
11

12. Nine New Drug Approvals in
Less Than Five Years
Cancer
HIV / AIDS
Depression
Cancer
Cancer
Schizophrenia,
Depression Rheumatoid Arthritis
HIV / AIDS
Hepatitis B
2007
2003 2004 2005 2006
Otsuka America Somerset
ImClone Systems
PHARMACEUTICALS INC.
Incorporated
Pharmaceutical, Inc.
Not for promotional use
12

13. Bristol-Myers Squibb R&D Productivity
Counter to Industry Trend
3 Yr Pharma R&D Spend 3 Yr R&D NME Approvals
Industry Avg Industry Avg 12
$10
BMS BMS 11
$9
10
$8
9
$7
NME Approvals
8
$ Billions
$6 7
$5 6
5
$4
4
$3
3
$2
2
$1 1
0
$0
R&D Spend: 1996-1998 1997-1999 1998-2000 1999-2001 2000-2002 2001-2003
NME Approvals: 2004-2006
1999-2001 2000-2002 2001-2003 2002-2004 2003-2005
Rolling 3 year totals for Pharma R&D spend vs. U.S. NME approvals
Industry based on top 11 pharma companies
Source: Company reports, PhRMA, BMS internal analysis
Not for promotional use
13

14. Continuous Productivity Occurring
Company-wide
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
Not for promotional use
14

15. Agenda
Evolving to the Next Generation
BioPharma Model
R&D Strategy
Pipeline Update
Not for promotional use
15

16. Building Pipelines Within Products:
Full Development Programs
Ipilimumab Belatacept
Novel co-stimulation blocker
Establishing a new
developed to replace
immunotherapy paradigm
cornerstone therapy in solid
for the treatment of cancer
A new cytotoxic designed to organ transplantation
overcome resistance
Saxagliptin Dapagliflozin Apixaban
Bringing a new choice Providing a new insulin- Predictable and reliable
to the management of diabetes independent mechanism for anticoagulant with a wider
– driven by the partnership of improved outcomes in therapeutic window than
Bristol-Myers Squibb overweight and obese current standard of care
and AstraZeneca diabetes patients
Not for promotional use
16

17. Building Pipelines Within Products:
Full Development Programs
Ipilimumab Belatacept
Novel co-stimulation blocker
Establishing a new
developed to replace
immunotherapy paradigm
cornerstone therapy in solid
for the treatment of cancer
A new cytotoxic designed to organ transplantation
overcome resistance
Saxagliptin Dapagliflozin Apixaban
Bringing a new choice Providing a new insulin- Predictable and reliable
to the management of diabetes independent mechanism for anticoagulant with a wider
– driven by the partnership of improved outcomes in therapeutic window than
Bristol-Myers Squibb overweight and obese current standard of care
and AstraZeneca diabetes patients
Not for promotional use
17

18. Current Therapies for Solid Organ Transplant
Significant gains in one-year graft survival rates with
current therapy
Less progress on five-year patient and graft survival
– 34% graft loss for deceased donors
– 21% graft loss for living related donors
Calcineurin inhibitors (CNIs) are associated with
long-term complications
– Increased risk of chronic allograft nephropathy
leading to graft loss
– Increased risk factors for cardiovascular disease
– Increased risk of diabetes
Not for promotional use
18

19. Belatacept Showed Comparable Efficacy and
Improved Safety Over Cyclosporine at 1 Year
Immunosuppressive Efficacy
Low rates of acute rejection, comparable across arms
Comparable patient and graft survival
Safety Profile
Low rates of serious infections and malignancies,
comparable across arms
Addressing Key Areas of Unmet Need
Protection of renal function
Lower rates of chronic allograft nephropathy
Favorable trends in CV and metabolic parameters
Phase II Study IM103-100, 12 month results, NEJM, 353:770, August 25, 2005
IM103-
IM103-100,
Not for promotional use
19

20. Belatacept Showed Stable Kidney
Function Over Four Years
Belatacept (N = 102)
Calculated GFR (Glomerular Filtration Rate)
Cyclosporine (N = 26)
90
(ml/min/1.73m2)
80
70
60
12 18 24 30 36 42 48
Months After Transplant
Oral Presentations: 2007 ATC, San Francisco; 2007 ESOT, Prague
Not for promotional use
20

21. Belatacept: Initial Registrational Program
in Renal Transplant
Study Study Design Endpoints N
Broad-criteria belatacept vs. • Death/Graft Loss 660
donor cyclosporine
• Renal function (GFR)
• Acute rejection
Extended- belatacept vs. 540
• Chronic allograft
criteria donor cyclosporine
nephropathy
Planning for BLA submission in 1H 09
Not for promotional use
21

22. Building Pipelines Within Products:
Full Development Programs
Ipilimumab Belatacept
Novel co-stimulation blocker
Establishing a new
developed to replace
immunotherapy paradigm
cornerstone therapy in solid
for the treatment of cancer
A new cytotoxic designed to organ transplantation
overcome resistance
Saxagliptin Dapagliflozin Apixaban
Bringing a new choice Providing a new insulin- Predictable and reliable
to the management of diabetes independent mechanism for anticoagulant with a wider
– driven by the partnership of improved outcomes in therapeutic window than
Bristol-Myers Squibb overweight and obese current standard of care
and AstraZeneca diabetes patients
Not for promotional use
22

23. Saxagliptin: DPP4 Inhibition – An Emerging
Mechanism for Diabetes Treatment
Once a day, oral route of administration
Weight neutral and low incidence of hypoglycemia
In clinical trials, safety profile comparable to
placebo
Prolonged glycemic control at low dose due to:
– Highly potent inhibition of DPP4
– Sustained binding to DPP4 active site
Fixed-dose combinations facilitated by:
– Unique formulation
– Efficacy at low dose
Not for promotional use
23

24. Saxagliptin + Metformin Show Improved
HbA1c Reductions at Week 24
Adjusted Change From Baseline
Difference in Adjusted Change from Baseline vs Placebo + Metformin
0.4
0.2
% Change in HbA1c
0
-0.2 -0.83 -0.72
-0.73
-0.4
-0.6
*
-0.8 *
*
-1
SAXA 10mg
SAXA 5mg
SAXA 2.5mg
PBO
+ MET
+ MET
+ MET
+ MET
(N = 180)
(N = 186)
(N = 186)
(N = 175)
* p<0.0001
Bars indicate 95% two-sided confidence interval
two-
Phase III Study -014, ADA, June 2007
Not for promotional use
24

25. Saxagliptin Registrational Program
NDA submission targeted for 1H 08
Target indications
– Monotherapy
– Add-on combination therapy
(metformin, TZD, sulfonylurea)
– Initial combination therapy with
metformin
Phase III data presentations
– ADA, June 2008
– EASD, Sept 2008
Not for promotional use
25

26. Building Pipelines Within Products:
Full Development Programs
Ipilimumab Belatacept
Novel co-stimulation blocker
Establishing a new
developed to replace
immunotherapy paradigm
cornerstone therapy in solid
for the treatment of cancer
A new cytotoxic designed to organ transplantation
overcome resistance
Saxagliptin Dapagliflozin Apixaban
Bringing a new choice Providing a new insulin- Predictable and reliable
to the management of diabetes independent mechanism for anticoagulant with a wider
– driven by the partnership of improved outcomes in therapeutic window than
Bristol-Myers Squibb overweight and obese current standard of care
and AstraZeneca diabetes patients
Not for promotional use
26

27. Properties of an Ideal Anticoagulant
Apixaban
target profile Properties Benefits
Orally active Ease of administration
Obviates need for overlap with
Rapid onset of action
a parenteral anticoagulant
No food or drug interactions Simplified dosing
No routine coagulation
Predictable anticoagulant
effect monitoring
Safe in patients with renal
Extra-renal clearance
insufficiency
Simplifies management in case
Rapid offset of action of bleed or need for
intervention
Treatment benefit outweighs
Optimal benefit/risk profile
risk
Not for promotional use
27

28. Apixaban Demonstrated Greater Efficacy in Preventing
VTE / Death Than Standard of Care (Phase II Study)
40
Venous
35
Thromboembolism (VTE) / Total Bleeding
Death
30
% of Patients
25
20
15
10
5
0
QD BID QD BID QD BID QD BID QD BID QD BID Enox Warf
Enox Warf
Daily Dose: 5 10 20 5 10 20
(mg) Apixaban Apixaban
BID dosing consistently produced lower rates of VTE/death
compared with QD dosing with comparable bleeding rates
Phase II VTE Prevention Study: APROPOS (CV185010), ASH December 2006
Not for promotional use
28

29. Apixaban Clinical Development:
Pursuing Multiple Indications Simultaneously
Indication Phase Trial N
VTE prevention (knee replacement) III ADVANCE-1 3,000
VTE prevention (knee replacement) III ADVANCE-2 3,000
VTE prevention (hip replacement) III ADVANCE-3 4,000
VTE prevention (medical) III ADOPT 6,500
Stroke prevention in AF (vs. warfarin) III ARISTOTLE 15,000
Stroke prevention in AF (vs. aspirin) III AVERROES 5,600
VTE treatment III In Final Planning
Acute Coronary Syndrome II APPRAISE-1 1,800
VTE prevention in cancer II ADVOCATE 160
VTE – venous thromboembolism
Not for promotional use
29

30. Building Pipelines Within Products:
Full Development Programs
Ipilimumab Belatacept
Novel co-stimulation blocker
Establishing a new
developed to replace
immunotherapy paradigm
cornerstone therapy in solid
for the treatment of cancer
A new cytotoxic designed to organ transplantation
overcome resistance
Saxagliptin Dapagliflozin Apixaban
Bringing a new choice Providing a new insulin- Predictable and reliable
to the management of diabetes independent mechanism for anticoagulant with a wider
– driven by the partnership of improved outcomes in therapeutic window than
Bristol-Myers Squibb overweight and obese current standard of care
and AstraZeneca diabetes patients
Not for promotional use
30

31. Execution of BMS Biologics Strategy
Adnexus Ipilimumab Devens Bulk Erbitux
Manufacturing
(Cancer) (Cancer)
Domantis
Belatacept Orencia
Syracuse
Therapeutic (Solid Organ (Rheumatoid
Transplant)
Area Biology Third Party Arthritis)
Angiocept Manufacturers
(Cancer)
Anti-CD137
(Cancer)
Not for promotional use
31

32. Adnexus: The Opportunity
Novel fibronectin-based protein therapeutics platform
Distinct from conventional and domain antibodies
Freedom to operate in existing MAb space
E. coli-based production may result in lower cost
of goods
Improved Discovery cycle time and associated lower
cost per development candidate
Ability to bind two targets simultaneously
Adnexus’ lead product, Angiocept, in Phase II
Not for promotional use
32

33. Angiocept
Potent and specific antagonist of VEGFR-2
Comparable or better activity than Avastin
in animal models
Encouraging clinical profile
– Generally well tolerated
– Favorable and consistent pharmacokinetic
profile
– Clinical observations of VEGFR-2 blockade
– Stable disease demonstrated in several patients
with advanced, refractory malignancies
Transitioned to Phase II
Not for promotional use
33

34. 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
Not for promotional use
34