Replies to post #84823 on Zeev's Turnips Patch-No Politics (ZEEV)

[Bearmove]

BMY....

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

[gravity]

I will be watching the volume on IMCL closely here. I believe there will be enough profit takers offering a 14 and change exit this week. My plan is to add 16.80ish and use a 17.50ish stop.
I too did the HD thing yesterday and was shocked at the # of consumers at a LOW vs. HD. From a retail customer's point, LOW does offer a better environment and selection. The HD store I was in had 3 checkers and no lines and LOW had 5 with 3-4 in line at each. These two stores are less than 2 mi. apart. Stalking QCOM this morning.