The document summarizes a presentation given by Brian Daniels, MD at the Cowen Healthcare Conference on March 17, 2008. It discusses Bristol-Myers Squibb's research and development pipeline, including nine new drug approvals in the past five years. It highlights several investigational drugs and indications in development, including Belatacept for kidney transplant, Ipilimumab and Dapagliflozin for cancer and diabetes. Clinical trial data is presented demonstrating the drugs' efficacy and safety profiles. The presentation aims to provide investors an update on Bristol-Myers Squibb's product pipeline and future growth prospects.

1. Research & Development
Update
Cowen Healthcare Conference
March 17, 2008
Brian Daniels, MD
Senior Vice President,
Global Development
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 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.
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 2

3. Track Record of Success: 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
Somerset
Otsuka America ImClone Systems
PHARMACEUTICALS INC.
Incorporated
Pharmaceutical, Inc.
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 3

4. Next Generation BioPharma Model
Best of Pharma
Best of Biotech
Next Generation
BioPharma
Selectively
Innovative Continuous
Integrated
Portfolio Improvement
Business Model
Agile, Entrepreneurial and Accountable Culture
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 4

5. 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 5

6. Development Portfolio
Life Cycle
Full Development
Exploratory Development Management
(Registrational, Filed)
• Androgen Receptor Antagonists (Cancer) • Ixempra (Ixabepilone) • Sprycel (Cancer)
• IGF-1R Antagonist (Cancer) (Cancer)
• VEGF R-2 Inhibitor (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)
• 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 6

7. Building Pipelines Within Products:
Full Development Program Target Profiles
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
Dapagliflozin Apixaban
Saxagliptin
Providing a new insulin- Predictable and reliable
Bringing a new choice independent mechanism for anticoagulant with a wider
to the management of diabetes improved outcomes in therapeutic window than
– driven by the partnership of overweight and obese diabetes current standard of care –
Bristol-Myers Squibb patients – driven by the driven by the partnership of
and AstraZeneca partnership of Bristol-Myers Bristol-Myers Squibb and
Squibb and AstraZeneca Pfizer
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 7

8. Current Therapies for Kidney 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 8

9. 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,
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 9

10. 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 10

11. 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 11

12. Building Pipelines Within Products:
Full Development Program Target Profiles
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
Dapagliflozin Apixaban
Saxagliptin
Providing a new insulin- Predictable and reliable
Bringing a new choice independent mechanism for anticoagulant with a wider
to the management of diabetes improved outcomes in therapeutic window than
– driven by the partnership of overweight and obese diabetes current standard of care –
Bristol-Myers Squibb patients – driven by the driven by the partnership of
and AstraZeneca partnership of Bristol-Myers Bristol-Myers Squibb and
Squibb and AstraZeneca Pfizer
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 12

13. 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 13

14. 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 14

15. Saxagliptin Registrational Program
NDA submission targeted for mid-2008
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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 15

16. Building Pipelines Within Products:
Full Development Program Target Profiles
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
Dapagliflozin Apixaban
Saxagliptin
Providing a new insulin- Predictable and reliable
Bringing a new choice
independent mechanism for anticoagulant with a wider
to the management of diabetes
improved outcomes in therapeutic window than
– driven by the partnership of
overweight and obese diabetes current standard of care –
Bristol-Myers Squibb
patients – driven by the driven by the partnership of
and AstraZeneca
partnership of Bristol-Myers Bristol-Myers Squibb and
Squibb and AstraZeneca Pfizer
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 16

17. Dapagliflozin: Unique Insulin
Independent Mechanism of Action
Indirect Glucose Management Direct Glucose Management
Insulin Action
Insulin-independent
• Kidney
• Muscle
TZDs
• Fat cells glucose reabsorption
Metformin
• Liver
inhibition
SGLT2
Insulin Release
1. Complementary to any other
Sulfonylureas
mechanisms to treat diabetes
• ß-cells
GLP-1 analogues
• Pancreas
DPP4 inhibitors 2. Directly reduces hyperglycemia
3. Promotes calorie loss through
glucosuria
Enhanced glucose utilization, Glucose elimination /
caloric loss
Increased storage
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 17

18. Dapagliflozin Demonstrated Efficacy in
Reducing Fasting Serum Glucose
15
Change in Serum Glucose (mg/dl)
Day 2
10
Day 13
5
1.3
3.1
0
from Day -2 (%)
-6.3
-5
-9.3 -9.8
-10
-14.5
-15 -17.3
†
-20 -21.9
-25
-30
* †
*
-35 Placebo 5 mg 25 mg 100 mg
N = 47 Dapagliflozin dose
* p<0.05
† p<0.001
Phase IIa study, ADA, June 2007
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 18

19. Dapagliflozin: Increased Urinary Glucose
Excretion Leading to Increased Calorie Loss
120 Day -1
Day 14
urinary glucose (g/day)
Mean (SD) Cumulative
100
80
68g/
60 66g/
day day
40
35g/
20 day 4g/
2g/
2g/ 2g/ 1 g/ day
day
day day day
0
Placebo 5 mg 25 mg 100 mg
Dapagliflozin dose
Phase IIa study, ADA, June 2007
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 19

20. Dapagliflozin Registrational Program
Patient Population Treatment Types
Treatment Naïve Monotherapy vs. Initial combination
placebo with metformin
Treatment Add-on Therapy
Experienced
(previous failure) Versus placebo: Active control:
• metformin • sulfonylurea
• sulfonylurea • others under
consideration
• TZD
• insulin
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 20

21. Building Pipelines Within Products:
Full Development Program Target Profiles
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
Dapagliflozin Apixaban
Saxagliptin
Providing a new insulin- Predictable and reliable
Bringing a new choice
independent mechanism for anticoagulant with a wider
to the management of diabetes
improved outcomes in therapeutic window than
– driven by the partnership of
overweight and obese diabetes current standard of care –
Bristol-Myers Squibb
patients – driven by the driven by the partnership of
and AstraZeneca
partnership of Bristol-Myers Bristol-Myers Squibb and
Squibb and AstraZeneca Pfizer
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 21

22. 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 significant food or drug
Simplified dosing
interactions
No routine coagulation
Predictable anticoagulant
effect monitoring
Safe in patients with renal
Renal and 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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 22

23. 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
Enox Warf
Enox Warf
QD BID QD BID QD BID QD BID QD BID QD BID
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
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 23

24. 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 To start 2Q 08
Acute Coronary Syndrome II APPRAISE-1 1,700
VTE prevention in cancer II Pilot Trial 160
VTE – venous thromboembolism
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 24

25. 2008 Key Data Flow
Lupus: ACR, Oct 2008
Orencia Early RA: ACR, Oct 2008
RA Prevention: EULAR, June 2008
Sprycel Prostate cancer: ASCO, June 2008
Erbitux Lung cancer: 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: ESC, Aug/Sept 2008
Apixaban
Ph III VTE prevention data: ASH, Dec 2008
This presentation is intended solely for an investment community/industry audience-not for promotional use
community/industry audience- 25