Strong Double-Digit Net Sales Growth and Solid Earnings Growth Highlight First Quarter for Bristol-Myers Squi...(.9 billion for the quarter compare...)

for the quarter compared to first quarter 2007, primarily due to the

continued growth of ABILIFY(R) and increased sales of PLAVIX(R), as

well as strong results from the HIV and hepatitis portfolio and

increased contribution from recent launches. International net sales

from continuing operations increased 16% to $2.3 billion, including a

12% favorable foreign exchange impact.

-- The company recorded earnings from continuing operations before

minority interest and income taxes of $1,290 million in the first

quarter of 2008, an increase of 51% compared to $852 million in the

same period in 2007. The increase was driven by strong product

performance in the pharmaceutical business.

-- On a GAAP basis, the company reported first quarter 2008 net earnings

from continuing operations of $701 million, or $0.35 per diluted share,

compared to net earnings from continuing operations of $643 million or

$0.33 per diluted share for the same period in 2007. The 2008 operating

results include charges of $113 million associated with the

implementation of the previously announced Productivity Transformation

Initiative (PTI), while the 2007 results included a lower tax rate of

8.0% reflecting a tax benefit due to a favorable resolution of certain

tax matters. On a non-GAAP basis excluding specified items, first

quarter 2008 net earnings from continuing operations were $842 million,

or $0.42 per diluted share, compared to $697 million, or $0.36 per

diluted share for the same period in 2007.

-- Cost of products sold, as a percentage of net sales, increased to 32.0%

in the first quarter of 2008 compared to 31.0% in the same period in

2007. Costs of products sold include manufacturing rationalization

charges of $96 million, or 1.9% of net sales,
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