Bank of America Merrill Lynch
Healthcare Conference
Teri Loxam
Director, Investor Relations
September 15, 2011
NOT FOR PRODUCT PROMOTIONAL USE 1
Forward-Looking and Non-GAAP
Financial Information September 2011
During this meeting, we will make statements about the Company’s future
plans and prospects 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 as a
result of various important factors, including those discussed in the
company’s most recent annual report on Form 10-K and reports on
Form 10-Q and 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.
During this meeting, we will also discuss certain non-GAAP financial
measures, adjusted to include certain costs, expenses, gains and losses and
other specified items. Reconciliations of these non-GAAP financial measures
to the most comparable GAAP measures are available on the company’s
website at www.bms.com.
NOT FOR PRODUCT PROMOTIONAL USE 2
We Have a Unique Strategy
Best of Biotech Best of Pharma
Next Generation
BioPharma
Selective Continuous
Innovation
Integration Improvement
Agile, Entrepreneurial & Accountable Culture
NOT FOR PRODUCT PROMOTIONAL USE 3
Execution of Our BioPharma Strategy
Executed health care group strategy
Productive R&D
Delivered on productivity efforts
Strong operating performance
Strong financial position
Disciplined Capital Allocation
NOT FOR PRODUCT PROMOTIONAL USE 4
Delivering Long-Term Growth
Optimize balance of short term results and investment
for long term growth
– Maximize value of marketed products
– Drive continuous productivity improvements while maintaining
appropriate investments
Successfully execute new product launches
Continue to advance R&D productivity to ensure long-
term pipeline sustainability
Remain focused on disciplined capital allocation
NOT FOR PRODUCT PROMOTIONAL USE 5
Evolving Approach to Customer Engagement
WHO to engage From: Physician-centric
To: Unit of Care focus
with WHAT offerings From: Clinical trial data
To: Evolving, real-world information
From: Standardized field models
and HOW to maximize To: Tailored, triggered interactions
safe and appropriate use - and -
of BMS products From: Pushing information to customers
To: On-demand information & services
NOT FOR PRODUCT PROMOTIONAL USE 6
Launch Model Innovation
Coordinated Team Delivers Full Support to Unit of Care
Medical Medical Science
Service Center Liaison
Online
Education
Side Effect Reimbursement
Manager Specialist
Sales Representative
(Account Coordinator)
Prescriber
Reimbursement Manager
Patient
Patient Educator
Dosing / Admin
NOT FOR PRODUCT PROMOTIONAL USE 7
Significant Unmet Need in Atrial Fibrillation (AF)
AF is the most common chronic arrhythmia in humans
Affects ~9 million people worldwide
Symptomatic condition which increases the risk of
stroke in many patients
AF is an independent risk factor for stroke, increasing
the risk 5-fold, and is responsible for ~15%-20% of all
strokes
Strokes from AF are frequently devastating,
particularly in the elderly
NOT FOR PRODUCT PROMOTIONAL USE 8
Warfarin is Current Standard of Care …
but with Limitations
Risk of Bleeding (2-fold increase in ICH)
Narrow therapeutic range
Multiple drug and diet interactions
Need for life-long monitoring and dose adjustment
Difficulties with interruption/re-titration for
procedures, surgery
Patient based and cultural factors
Substantial proportion of AF patients are not started on warfarin
or not maintained on warfarin
ICH = Intracranial Hemorrhage
NOT FOR PRODUCT PROMOTIONAL USE 9
ARISTOTLE: Statistical Significance
Reached on Endpoints
Endpoint RRR p-Value
Non-Inferiority – Stroke/ SE 21% p<0.0001
Superiority – Stroke/ SE 21% p=0.011
Superiority – ISTH Major Bleeding 31% p<0.0001
Superiority – All-Cause Death 11% p=0.047
RRR = Relative Risk Reduction
Granger et al, ESC 2011
NOT FOR PRODUCT PROMOTIONAL USE 10
Priorities for Capital Allocation
Almost $10B of cash and securities end of June 2011:
Business Development Remains Top Priority
– Deals that build our late-stage pipeline in 2011/2012
– Deals that improve 2012-2013 and that are supportive to our
growth in 2013 and beyond
Dividend Commitment
– 3.2% increase in 2010 vs. 2009
– 2nd consecutive annual increase
Share Repurchase
– $3 Billion program authorization announced in Spring 2010
NOT FOR PRODUCT PROMOTIONAL USE 11
Keys For Success
Drive sales of currently marketed products
Effectively launch new products
Advance pipeline through development and
regulatory
Drive shareholder value through disciplined
capital allocation
Manage macro environmental / industry factors
NOT FOR PRODUCT PROMOTIONAL USE 12
Bank of America Merrill Lynch
Healthcare Conference
Teri Loxam
Director, Investor Relations
September 15, 2011
NOT FOR PRODUCT PROMOTIONAL USE 13