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Bristol-Myers restates 1999-2001 profit downward


NEW YORK, March 10 (Reuters) - Bristol-Myers Squibb Co. <BMY.N> on Monday reported lower 2002 full-year profit and restated its earnings for 1999, 2000 and 2001 downward because questionable sales practices had artificially boosted profits for both years.

The New York-based drugmaker said it had earnings per share of 96 cents in 2002, versus $1.09 in 2001, as restated.

The company reiterated that it expects 2003 full-year earnings per share between $1.60 and $1.65.

The restatement for the three years was prompted by a Securities and Exchange Commission probe launched last July into the company's sales practices, especially how it coaxed wholesalers to buy far more company drugs than they needed during the two-year period.

The excessive purchases of drugs like diabetes treatment Glucophage and blood clot treatment Plavix had enabled the firm originally to boast 10-percent earnings growth in 2001, to $4.7 billion.

03/10/03 08:21 ET