bristol myerd squibb Cowen and Company Health Care Conference

1This presentation is intended solely for an investment communityThis presentation is intended solely for an investment community/industry audience/industry audience--not for promotional use not for promotional use

Research & DevelopmentResearch & DevelopmentUpdateUpdate

Brian Daniels, MDBrian Daniels, MDSenior Vice President,Senior Vice President,Global DevelopmentGlobal Development

Cowen Healthcare ConferenceMarch 17, 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.


Track Record of Success: Nine New Track Record of Success: Nine New Drug Approvals in Less Than Five YearsDrug Approvals in Less Than Five Years

20042004 20052005 20062006 20072007

Otsuka AmericaPharmaceutical, Inc.

ImClone SystemsIncorporated

HIV / AIDS

Schizophrenia, Depression

Cancer

Hepatitis B

Rheumatoid ArthritisHIV / AIDS

Cancer

Cancer

Depression

SomersetPHARMACEUTICALS INC.

20032003


Next Generation Next Generation BioPharmaBioPharma ModelModel

Next GenerationBioPharma

Best of PharmaBest of Biotech

Innovative Innovative PortfolioPortfolio

Selectively Selectively Integrated Integrated

Business ModelBusiness ModelContinuous Continuous

ImprovementImprovement

Agile, Entrepreneurial and Accountable Culture


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 Improved efficacy and

tolerabilitytolerability•• 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


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)•• VEGF RVEGF R--2 Inhibitor 2 Inhibitor (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)•• 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


Building Pipelines Within Products: Building Pipelines Within Products: Full Development Program Target ProfilesFull Development Program Target Profiles

A new cytotoxic designed to overcome resistance

IpilimumabEstablishing a new

immunotherapy paradigm for the treatment of cancer

SaxagliptinBringing a new choice

to the management of diabetes – driven by the partnership of

Bristol-Myers Squibband AstraZeneca

DapagliflozinProviding a new insulin-

independent mechanism for improved outcomes in

overweight and obese diabetes patients – driven by the

partnership of Bristol-Myers Squibb and AstraZeneca

ApixabanPredictable and reliable

anticoagulant with a wider therapeutic window than

current standard of care –driven by the partnership of Bristol-Myers Squibb and

Pfizer

BelataceptNovel co-stimulation blocker

developed to replace cornerstone therapy in solid

organ transplantation


Current Therapies for Kidney TransplantCurrent Therapies for Kidney Transplant

Significant gains in oneSignificant gains in one--year graft survival rates with year graft survival rates with current therapy current therapy

Less progress on fiveLess progress on five--year patient and graft survivalyear patient and graft survival–– 34% graft loss for deceased donors34% graft loss for deceased donors–– 21% graft loss for living related donors21% graft loss for living related donors

Calcineurin inhibitors (CNIs) are associated withCalcineurin inhibitors (CNIs) are associated withlonglong--term complications term complications

–– Increased risk of chronic allograft nephropathy Increased risk of chronic allograft nephropathy leading to graft loss leading to graft loss

–– Increased risk factors for cardiovascular diseaseIncreased risk factors for cardiovascular disease–– Increased risk of diabetesIncreased risk of diabetes


Belatacept Showed Comparable Efficacy and Belatacept Showed Comparable Efficacy and Improved Safety Over Cyclosporine at 1 YearImproved Safety Over Cyclosporine at 1 YearImmunosuppressive Efficacy Immunosuppressive Efficacy

Low rates of acute rejection, comparable across armsLow rates of acute rejection, comparable across armsComparable patient and graft survivalComparable patient and graft survival

Safety ProfileSafety ProfileLow rates of serious infections and malignancies, Low rates of serious infections and malignancies, comparable across armscomparable across arms

Addressing Key Areas of Unmet NeedAddressing Key Areas of Unmet NeedProtection of renal function Protection of renal function Lower rates of chronic allograft nephropathyLower rates of chronic allograft nephropathyFavorable trends in CV and metabolic parametersFavorable trends in CV and metabolic parameters

Phase II Study IM103-100, 12 month results, NEJM, 353:770, August 25, 2005Phase II Study IM103Phase II Study IM103--100, 12 month results, NEJM, 353:770, August 25, 2005100, 12 month results, NEJM, 353:770, August 25, 2005


Cal

cula

ted

GFR

(Glo

mer

ular

Filt

ratio

n R

ate)

C

alcu

late

d G

FR (G

lom

erul

ar F

iltra

tion

Rat

e)

(ml/m

in/1

.73m

(ml/m

in/1

.73m

22 ))

Months After TransplantMonths After Transplant

Belatacept Showed Stable Kidney Belatacept Showed Stable Kidney Function Over Four YearsFunction Over Four Years

1212 1818 2424 3030 3636 4242 4848

Belatacept (N = 102) Belatacept (N = 102) Cyclosporine (N = 26)Cyclosporine (N = 26)

9090

8080

7070

6060

Oral Presentations: 2007 ATC, San Francisco; 2007 ESOT, Prague Oral Presentations: 2007 ATC, San Francisco; 2007 ESOT, Prague


Belatacept: Initial Registrational Program Belatacept: Initial Registrational Program in Renal Transplantin Renal Transplant

Planning for BLA submission in 1H 09Planning for BLA submission in 1H 09

StudyStudy Study DesignStudy Design EndpointsEndpoints NN

BroadBroad--criteria criteria donordonor

belatacept vs. belatacept vs. cyclosporinecyclosporine

belatacept vs. belatacept vs. cyclosporinecyclosporine

660660

ExtendedExtended--criteria donorcriteria donor

540540

••Death/Graft LossDeath/Graft Loss••Renal function (GFR)Renal function (GFR)••Acute rejectionAcute rejection••Chronic allograft Chronic allograft nephropathynephropathy



















Pfizer


Saxagliptin: DPP4 Inhibition Saxagliptin: DPP4 Inhibition –– An Emerging An Emerging Mechanism for Diabetes TreatmentMechanism for Diabetes Treatment

Once a day, oral route of administrationOnce a day, oral route of administrationWeight neutral and low incidence of hypoglycemiaWeight neutral and low incidence of hypoglycemiaIn clinical trials, safety profile comparable to In clinical trials, safety profile comparable to placeboplaceboProlonged glycemic control at low dose due to:Prolonged glycemic control at low dose due to:

–– Highly potent inhibition of DPP4Highly potent inhibition of DPP4–– Sustained binding to DPP4 active siteSustained binding to DPP4 active site

FixedFixed--dose combinations facilitated by:dose combinations facilitated by:–– Unique formulationUnique formulation–– Efficacy at low doseEfficacy at low dose


Saxagliptin + Metformin Show Improved Saxagliptin + Metformin Show Improved HbAHbA1c1c Reductions at Week 24Reductions at Week 24

* p<0.0001* p<0.0001Bars indicate 95% twoBars indicate 95% two--sided confidence intervalsided confidence intervalPhase III Study Phase III Study --014, ADA, June 2007014, ADA, June 2007

Adjusted Change From BaselineDifference in Adjusted Change from Baseline vs Placebo + Metformin

% C

hang

e in

HbA

% C

hang

e in

HbA

1c1c

PBOPBO+ MET + MET

(N = 175)(N = 175)

SAXA 2.5mgSAXA 2.5mg+ MET+ MET

(N = 186)(N = 186)

SAXA 5mgSAXA 5mg+ MET + MET

(N = 186)(N = 186)

SAXA 10mgSAXA 10mg+ MET+ MET

(N = 180)(N = 180)

*-1

* *-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

--0.730.73 --0.720.72--0.830.83


Saxagliptin Registrational ProgramSaxagliptin Registrational Program

NDA submission targeted for midNDA submission targeted for mid--20082008Target indicationsTarget indications

–– MonotherapyMonotherapy–– AddAdd--on combination therapy on combination therapy

(metformin, TZD, sulfonylurea)(metformin, TZD, sulfonylurea)–– Initial combination therapy with Initial combination therapy with

metforminmetforminPhase III data presentationsPhase III data presentations

–– ADA, June 2008ADA, June 2008–– EASD, Sept 2008EASD, Sept 2008



















Pfizer


DapagliflozinDapagliflozin: Unique Insulin : Unique Insulin Independent Mechanism of ActionIndependent Mechanism of Action

Indirect Glucose ManagementIndirect Glucose Management

Insulin ActionTZDs

Metformin

Insulin ReleaseSulfonylureas

GLP-1 analoguesDPP4 inhibitors

Enhanced glucose utilization,Increased storage

Direct Glucose ManagementDirect Glucose Management

Insulin-independentglucose reabsorption

inhibitionSGLT2

Glucose elimination / caloric loss

1.1. Complementary to any other Complementary to any other mechanisms to treat diabetesmechanisms to treat diabetes

2.2. Directly reduces hyperglycemiaDirectly reduces hyperglycemia3.3. Promotes calorie loss through Promotes calorie loss through

glucosuriaglucosuria

• ß-cells• Pancreas

• Muscle• Fat cells• Liver

• Kidney


DapagliflozinDapagliflozin Demonstrated Efficacy in Demonstrated Efficacy in Reducing Fasting Serum GlucoseReducing Fasting Serum Glucose

Cha

nge

in S

erum

Glu

cose

(mg/

dl)

Cha

nge

in S

erum

Glu

cose

(mg/

dl)

from

Day

fr

om D

ay -- 2

(%)

2 (%

)

N = 47N = 47**pp<0.05<0.05†† pp<0.001<0.001

Phase Phase IIaIIa study, ADA, June 2007study, ADA, June 2007

** ††**

††

-9.3 -9.8

3.11.31.3

-6.3

-14.5-17.3

-21.9

--3535

--3030

--2525

--2020

--1515

--1010

--55

00

55

1010

1515Day 2Day 2Day 13Day 13

Dapagliflozin doseDapagliflozin dosePlacebo Placebo 5 mg5 mg 25 mg25 mg 100 mg100 mg


DapagliflozinDapagliflozin: Increased Urinary Glucose : Increased Urinary Glucose Excretion Leading to Increased Calorie LossExcretion Leading to Increased Calorie Loss

Phase Phase IIaIIa study, ADA, June 2007study, ADA, June 2007

Mea

n (S

D) C

umul

ativ

eM

ean

(SD

) Cum

ulat

ive

urin

ary

gluc

ose

(g/d

ay)

urin

ary

gluc

ose

(g/d

ay)

Dapagliflozin doseDapagliflozin dose

2g/2g/dayday

2g/2g/dayday

4g/4g/dayday2g/2g/

dayday1 g/1 g/dayday

35g/day

66g/day

68g/day

00

2020

4040

6060

8080

100100

120120

Placebo Placebo 5 mg5 mg 25 mg25 mg 100 mg100 mg

Day Day --11Day 14Day 14


DapagliflozinDapagliflozin Registrational ProgramRegistrational Program

Patient PopulationPatient Population Treatment TypesTreatment TypesTreatment NaTreatment Naïïveve MonotherapyMonotherapy vs. vs.

placeboplaceboInitial combination Initial combination with with metforminmetformin

AddAdd--on Therapyon TherapyTreatment Treatment Experienced Experienced (previous failure)(previous failure) Versus placebo:Versus placebo:

•• metforminmetformin•• sulfonylureasulfonylurea•• TZDTZD•• insulininsulin

Active control:Active control:•• sulfonylureasulfonylurea•• others under others under

considerationconsideration



















Pfizer


PropertiesProperties BenefitsBenefits

Orally active Ease of administration

Rapid onset of action Obviates need for overlap with a parenteral anticoagulant

No significant food or drug interactions Simplified dosing

Predictable anticoagulant effect

No routine coagulation monitoring

Renal and extra-renal clearance

Safe in patients with renal insufficiency

Rapid offset of actionSimplifies management in case of bleed or need for intervention

Optimal benefit/risk profile Treatment benefit outweighs risk

Apixaban target profile

Properties of an Ideal AnticoagulantProperties of an Ideal Anticoagulant


(mg)(mg)

0

5

10

15

20

25

30

35

40

Daily Dose: 5 10 20 Daily Dose: 5 10 20 5 10 20 5 10 20 QD BID QD BID QD BID QD BID QD BID QD BID QD BID QD BID QD BID QD BID QD BID QD BID Enox WarfEnox Warf Enox WarfEnox Warf

% o

f Pat

ient

s%

of P

atie

nts

Phase II VTE Prevention Study: APROPOS (CV185010), ASH December Phase II VTE Prevention Study: APROPOS (CV185010), ASH December 20062006

Apixaban Demonstrated Greater Efficacy in Preventing Apixaban Demonstrated Greater Efficacy in Preventing VTE / Death Than Standard of Care (Phase II Study)VTE / Death Than Standard of Care (Phase II Study)

ApixabanApixaban ApixabanApixabanBID dosing consistently produced lower rates of VTE/death BID dosing consistently produced lower rates of VTE/death compared with QD dosing with comparable bleeding ratescompared with QD dosing with comparable bleeding rates

VenousVenousThromboembolism (VTE) / Thromboembolism (VTE) /

DeathDeathTotal BleedingTotal Bleeding


Indication Indication PhasePhase Trial NTrial NVTE prevention (knee replacement)VTE prevention (knee replacement) IIIIII ADVANCEADVANCE--11 3,0003,000

VTE prevention (knee replacement)VTE prevention (knee replacement) IIIIII ADVANCEADVANCE--22 3,0003,000

VTE prevention (hip replacement)VTE prevention (hip replacement) IIIIII ADVANCEADVANCE--3 3 4,0004,000

VTE prevention (medical) VTE prevention (medical) IIIIII ADOPT ADOPT 6,5006,500

Stroke prevention in AF (vs. warfarin)Stroke prevention in AF (vs. warfarin) IIIIII ARISTOTLEARISTOTLE 15,00015,000

Stroke prevention in AF (vs. aspirin)Stroke prevention in AF (vs. aspirin) IIIIII AVERROESAVERROES 5,6005,600

VTE treatment VTE treatment IIIIII To start 2Q 08To start 2Q 08

Acute Coronary Syndrome Acute Coronary Syndrome IIII APPRAISEAPPRAISE--11 1,7001,700

VTE prevention in cancer VTE prevention in cancer IIII Pilot Trial Pilot Trial 160160

Apixaban Clinical Development:Apixaban Clinical Development:Pursuing Multiple Indications SimultaneouslyPursuing Multiple Indications Simultaneously

VTE VTE –– venous thromboembolismvenous thromboembolism


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 Prostate cancer: ASCO, June 2008Prostate cancer: ASCO, June 2008ErbituxErbitux Lung cancer: ASCO, June 2008Lung cancer: 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: ESC, Aug/Sept 2008Ph II ACS data: ESC, Aug/Sept 2008Ph III VTE prevention data: ASH, Dec 2008Ph III VTE prevention data: ASH, Dec 2008

Economy & Finance

bristol myerd squibb Cowen and Company Health Care Conference