This excerpt taken from the BMY 10-K filed Feb 20, 2009.
The Company faces intense competition from other pharmaceutical manufacturers, including from lower-priced generic products.
Competition from manufacturers of competing products, including lower-priced generic versions of the Companys products is a major challenge, both within the United States (U.S.) and internationally. Our Pharmaceuticals Segment is confronted by a record level of industry patent expirations and increasingly aggressive generic competition. Such competition may include (i) new products developed by competitors that have lower prices or superior performance features or that are otherwise competitive with the Companys current products; (ii) technological advances and patents attained by competitors; (iii) results of clinical studies related to the Companys products or a competitors products; and (iv) business combinations among the Companys competitors and major customers.