Incoming Bristol-Myers Squibb CEO Lamberto Andreotti (photo) certainly has his work cut out for him. As several news outlets have pointed out, job No. 1 will be overcoming the loss of $11 billion in revenue to generic competition by 2016. He's said that he's confident BMS can do so, in part by stepping up the pace of its "string of pearls" acquisition strategy.
But investors aren't so sure, so Andreotti is meeting with them today in an attempt to persuade, Bloomberg reports. And in advance of that meeting, Bristol released forecasts for 2013 sales that neatly beat analyst estimates, at $1.95 per share versus the expected $1.88. Beginning in 2014, the company says, it will embark on a period of "sustained growth."
"We have important strategic, operational and financial levers which will allow us to fully realize our potential as a biopharma leader, and to deliver on our near-term and long-term growth opportunities," Andreotti said in the statement. We're not sure which levers he's talking about, so we'll have to wait and see what specifics he shares with investors in that meeting.