Bristol-Myers Squibb 2012 Annual Report TO OUR STOCKHOLDERS Message from the Chief Executive Officer 2012 was a year of strategic transition – one that allowed us to deliver meaningful results, while laying the groundwork for 2013 and beyond – one that further established Bristol-Myers Squibb as a benchmark BioPharma company.  During the year, we evolved our portfolio. We reaffirmed our leadership in a range of therapeutic  areas. We set the stage for sustained, long-term growth. Our revenues and earnings declined – due to the expected losses of exclusivity of  Plavix  and  Avapro/Avalide  – but we closed the year in a very good position. Our financials were solid. Our  pipeline robust. Our portfolio strengthened by the addition of new, innovative medicines. Specifically, our new and in-line product sales grew by 15% in 2012. Among the strongest drivers  with double-digit growth were  Yervoy  (metastatic melanoma),  Onglyza  (type 2 diabetes),  Orencia (rheumatoid arthritis),  Sprycel  (myeloid leukemia) and  Baraclude  (hepatitis B). We had several key  regulatory successes, including the European approval of  Forxiga  (type 2 diabetes) and multiple  approvals of  Eliquis  (atrial fibrillation). And we made some significant clinical advances, particularly  with respect to our immuno-oncology and hepatitis C assets. Taken together, it was an important year that ended strong. Clearly, we did not get to our good position overnight. Beginning in 2007, our BioPharma Transformation has been comprehensive, impacting all parts of  our organization in all parts of the world. It has been a journey. It has taken vision. And it has taken a lot of hard work. Our Solid Foundation • It has also taken a new Mission – one based on helping patients prevail over serious diseases  exclusively through innovative pharmaceutical products. • It has taken a new strategy – one premised on the three pillars of innovation, continuous  improvement and selective integration. • It has taken a new approach to the way we do business – one guided and fueled by a more  agile, entrepreneurial and accountable culture.  • And it has taken an unwavering commitment to compliance, business ethics and personal integ- rity – a commitment that has become central to who we are, what we do and how we do it. Simply stated, our BioPharma Transformation has been built on a solid foundation of realistic expecta- tions, high aspirations and a commitment to excellence that runs throughout our entire company.