2012 Annual Report Message from the Chairman of the Board “Going forward, the foundation established in  recent years – coupled  with our proven ability to deliver under difficult circumstances – should  help guarantee our continued success.” careful planning and smart execution,  we ended 2012 in a solid position. Going forward, the foundation estab- lished in recent years – coupled with  our proven ability to deliver under  difficult circumstances – should help  guarantee our continued success. Since joining our company in 2006,  I have had the opportunity to work  with some extraordinary people during  some extraordinary times. As CEO,  I was able to launch our BioPharma  Transformation and help guide the  organization through the early years of this important process. As Chair- man, I have been able to work closely  with CEO Lamberto Andreotti and his team as they take the company to the next level. In addition, I want to thank Louis Freeh, who recently  retired from the Board, and R. Sanders  Williams, who will retire on May 7,  for their dedicated and outstanding  service to the company. For years, we had been talking about  a “patent cliff” – an enormous drop in  sales and earnings that would occur  when two of our biggest products,  Plavix  and  Avapro/Avalide , lost their  exclusivity in the United States. We  discussed its likely impact on our  organization. We debated its effect on our portfolio. Some even wondered  whether we could recover. Over time, however, that conversation  took a different turn. In fact, when both products lost their  exclusivity in 2012, we did not fall off a cliff. We remained strong and  just continued doing what we do best: driving sales, launching products,  building our future. In the end, the  “cliff” turned into more of a “slope,”  and the conversation refocused on our bright future. This is an important story, because it  speaks to the strength, the resiliency  and the capacity of Bristol-Myers  Squibb. Over the past several years, our company has changed in significant  ways. We have evolved our mission  and strategy. We have diversified our portfolio and geographical focus.  We have repurposed and redirected  our organization. All in all, we have  done a great deal to transform Bristol-Myers Squibb into a bench- mark BioPharma company. We have literally transformed Bristol- Myers Squibb into a BioPharma leader and are making an important  difference in the lives of our patients  and in the communities in which we  live and work. And as we transition  to the portfolio of the future with an  organization well positioned to own  that future, I feel extremely confident  and genuinely proud. franchise through a major acquisi- tion, a new product approval and the  strengthening of our alliance with  AstraZeneca. The further develop- ment of our exciting work in immuno- oncology. The much-anticipated  approval in several countries of  Eliquis for atrial fibrillation. And last year, the results were impres- sive. Strong double-digit growth in  sales of our new and in-line products. The augmentation of our diabetes  All of this has made it possible to mitigate the impact of the patent  losses and find our way through an  increasingly complex, increasingly  challenging global economic environ- ment. Granted, we will continue to feel the effect of those losses, but  there is no mistaking it: Through 4 Bristol-Myers Squibb  James M. Cornelius Chairman March 11, 2013 James M. Cornelius, Chairman