As former exec indicted, BMS posts growth

A triad of Bristol-Myers Squibb news today, some good, some not-so-good. First, let's get the earnings out of the way: The company reported a decline in earnings on restructuring charges, but adjusted results beat Wall Street forecasts; Bristol-Myers also managed to boost sales by 20 percent--yes, 20 percent--to $5.18 billion. Whither those restructuring charges? You'll recall that BMS announced 4,300 job cuts and a plethora of plant closures, measures designed to save $1.5 billion annually by 2010.

Meanwhile, a former Bristol-Myers senior VP has been indicted for misleading the government about a deal to keep generic Plavix off the market. According to the indictment, Andrew Bodnar told regulators that Bristol hadn't cut a deal with Apotex when he himself had negotiated it. Bodnar's indictment is just the latest bit of fallout from the 2006 deal; BMS already kicked out its CEO and pleaded guilty to federal charges, paying a $1 million fine.

And in the U.K., Bristol-Myers got the thumbs-down from the National Institute for Clinical Excellence on its rheumatoid arthritis treatment Orencia. NICE says it's not cost-effective and so it shouldn't be paid for by the National Health Service.

- get the earnings news in the Houston Chronicle
- see the indictment story at the WSJ Health Blog
- find out more on the indictment from Pharmalot
- check out the NICE brief at CNN Money

Related Articles:
Better times ahead for BMS?
Bristol profits leap on Plavix sales

BMS cuts 4,800 jobs
BMS board fires Dolan, general counsel

Suggested Articles

Imbruvica has enjoyed a nice run in previously untreated CLL over the last few years. But major competition is here in the form of AZ's Calquence.

Pennsylvania's Supreme Court revived thousands of lawsuits alleging the antipsychotic med Risperdal caused males to develop breasts.

In the asthma biologics race, there doesn't appear to be a clear favorite among Xolair, Dupixent, Fasenra and Nucala for a group of pulmonologists.