Effects of Accounting Scandal 2002 on Bristol Myer Business

 Effects of Accounting Scandal 2002 on Bristol Myer Firm Essay

Their will. Our drugs.

Together we could prevail.

06\ Annual Record



Bristol-Myers Squibb's

health care items. integrity of its maker.

Our provider's mission is always to extend and enhance individual life by providing the high quality pharmaceutical and related

We pledge—to the patients and customers, to the employees and partners, to the shareholders and neighbors, and also to the world all of us serve—to make up to our idea that the priceless ingredient of every product is the honor and


For Bristol-Myers Squibb, we develop medicines and related healthcare products to help people live total and lively lives. Several of our patients and consumers are imagined on the cover. These and other patients happen to be profiled in our Special Statement, beginning on-page 7.

To Our Stockholders

2006 was a difficult transitional 12 months for Bristol-Myers Squibb. We experienced the significant negative impact of general competition inside our pharmaceutical business, and made the difficult decision to change management of the organization. We likewise achieved preliminary settlement associated with an investigation of drug prices, sales and marketing techniques that began many years ago. At the same time, we were successful in launching a lot of promising new items, expanding essential businesses and advancing our robust pipeline—all in parts of serious unmet medical want. As a result, Bristol-Myers Squibb has become well situated to begin developing sales and earnings, and build shareholder value. ECONOMICAL PERFORMANCE

In 2006, the company's net earnings from continuing procedures on a GAAP (Generally Accepted Accounting Principles) basis had been $1. six billion, or $0. 81 per diluted share, from net product sales from carrying on operations of $17. being unfaithful billion. This kind of compares to revenue of $3. 0 billion dollars, or $1. 52 every diluted talk about, on revenue of $19. 2 billion in 2005. On a non-GAAP basis, eliminating specified products, net earnings from continuing operations 5 years ago were $2. 1 billion, or $1. 09 per diluted share, compared to $2. 8 billion, or $1. 43 every diluted discuss, in june 2006. Sales and earnings were adversely affected by several innovations in the year. 1st, as expected, we lost exclusivity on Pravachol, our cholesterol-lowering medicine, in the U. H. and in a lot of European countries. For quite some time, Pravachol was one of the leading products. More recently, we experienced the negative impact of general competition with this topselling product Plavix (clopidogrel bisulfate), an antiplatelet treatments that Bristol-Myers Squibb and sanofi-aventis (Sanofi) are codeveloping and co-commercializing around the world. That kicks off in august 2006, the Canadian pharmaceutic company Apotex launched it is generic edition of Plavix in the U. S., flooding the market for many weeks till sales were halted by a court order. This action by simply Apotex decreased our Plavix sales in the range of $1. 2 billion to $1. 4 billion dollars in 2006, and was shown in an general 15 percent decline in Plavix revenue for the season. We anticipate the general supply on the market will have a residual impact on 2007 Plavix sales.

06\ Annual Survey

Bristol-Myers Squibb



In the past, Apotex filed a demand with the U. S. Food and Drug Administration (FDA) to sell its universal clopidogrel item in the U. S., regardless of the existence of patents about Plavix placed by Sanofi and Bristol-Myers Squibb in the U. S i9000. and other countries. Believing our patents to get valid and infringed, we sued Apotex to protect the valuable intellectual property legal rights. Bristol-Myers Squibb and Sanofi had invested extensively in Plavix above more than a decade to conduct specialized medical research demonstrating its benefits to individuals. Because of the way U. T. law in this area is methodized, Apotex surely could apply for and receive permission to market its generic clopidogrel in the U. S., although the dispute within the validity with the Plavix patent had not however been resolved. In early 2006, the Authorized Apotex's demand, enabling that...



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