This excerpt taken from the BMY 8-K filed Apr 28, 2005.
Unmet Medical Need
(NEW YORK, April 28, 2005) Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the first quarter of 2005, in line with expectations, detailed recent pipeline achievements and reaffirmed its non-GAAP earnings guidance for the year.
The company posted first quarter 2005 net sales of $4.5 billion from continuing operations, excluding the Oncology Therapeutics Network unit being sold by Bristol-Myers Squibb in a previously announced transaction, a decrease of 2% compared to first quarter 2004 net sales of $4.6 billion. As expected, continued exclusivity losses on older products were partially offset by the growth of the companys in-line and new products.
The company reported first quarter 2005 net earnings from continuing operations of $626 million, or $.32 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $961 million, or $.49, the same period last year.
Bristol-Myers Squibb reported first quarter 2005 net earnings from continuing operations of $670 million, or $.34 per diluted share, on a non-GAAP basis excluding specified items, compared to $804 million, or $.41, the same period last year.
Our first quarter financial results were in line with the portfolio transition that weve been discussing for some time, said Peter R. Dolan, chairman and chief executive officer, Bristol-Myers Squibb. The company is on track to achieve its goals and our non-GAAP earnings per share guidance for the year remains unchanged. We continue to execute our strategy and our pipeline continues to advance as we add more growth drivers for the future. We continue to invest in research and development, with a 7% increase, excluding milestone payments, in the first quarter of 2005 over the same period in the prior year.