Replies to post #33518 on Biotech Values

[DewDiligence]

Here’s is BMY’s own PR on the EPS reduction
due to Plavix, which was issued on the Friday
evening of a long holiday weekend. How stupid
of the company to think that such timing would
lessen the impact.

http://biz.yahoo.com/prnews/060901/nyf093.html?.v=46

>>
Bristol-Myers Squibb Lowers 2006 Earnings Per Share Guidance

Friday September 1, 7:33 pm ET

- Not Less Than $0.95 on a GAAP Basis and Non-GAAP Basis

NEW YORK, Sept. 1 /PRNewswire-FirstCall/ -- On August 8, 2006, Apotex Corp. ("Apotex") announced that it was launching at risk in the United States a generic clopidogrel bisulfate product that competes with PLAVIX®, a product marketed jointly by sanofi-aventis and Bristol-Myers Squibb (NYSE: BMY ). On August 31, 2006, the U.S. District Court for the Southern District of New York granted the motion by sanofi-aventis and Bristol-Myers Squibb for a preliminary injunction, which halted sales of Apotex's generic clopidogrel bisulfate product. Neither the amount of sales made by Apotex prior to this injunction, nor the effect of these sales on market conditions, is currently known. The Company is currently seeking to evaluate the impact of Apotex's sales of its generic product prior to the injunction on market conditions, including whether such sales generated or resulted in quantities of generic clopidogrel bisulfate in the distribution channels that could satisfy substantially all market demand in the U.S. in 2006 and possibly into 2007.

Based on the assumption that Apotex sales of generic clopidogrel made prior to the imposition of the preliminary injunction satisfy substantially all market demand in the U.S. in 2006, Bristol-Myers Squibb is lowering its previously disclosed full year 2006 guidance for fully diluted earnings per share from continuing operations to no less than $0.95 on a GAAP basis and no less than $0.95 on an adjusted non-GAAP basis. Fully-diluted earnings per share from continuing operations on an adjusted non-GAAP basis excludes specified items as discussed under "Use of Non-GAAP Financial Information." The non-GAAP guidance provided above does not include other specified items, which may occur during the year such as milestone payments in connection with previously announced external development, copromotion or alliance charges and payments for in-process research and development, gains or losses from asset disposals, charges related to new transactions, charges and recoveries relating to significant legal proceedings, and restructuring activities. Details reconciling the specified items excluded from adjusted non-GAAP guidance to GAAP guidance are provided in Appendix 1 to this release.
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