Bristol Myers Squibb company (NYSE:BMY) has released an update for its fiscal 2009 continuing operations financial guidance for GAAP and non-GAAP earnings per share. Bristol-Myers Chairman and Chief Executive Officer James Cornelius is pleased to report the successful completion of the split off of Mead Johnson Nutrition Company. The slit now enables the company to completely focus on biopharmaceuticals.
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The Mead Johnson split off will affect Bristol Myers and the company’s 2009 guidance in the way of Mead Johnson which will be reported as a discontinued operation for the full year of 2009. The 2009 financial reporting will also show an earnings per share impact of the 269 million share reduction which will be minimal due to the short period of time that the lower weighted average number of shares will be outstanding. The full updated report is available online at http://www.bms.com/.
Bristol-Myers Squibb Company (BMS) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of pharmaceutical and nutritional products. The Company had two segments: Pharmaceuticals and Nutritionals. The Pharmaceuticals segment is made up of the global pharmaceutical and international consumer medicines business. The Nutritionals segment consists of Mead Johnson Nutritionals (Mead Johnson), primarily an infant formula and children’s nutritionals business. In June 2008, BMS acquired Kosan Biosciences, Inc., a developer of oncology products. In August 2008, the Company completed the divestiture of its ConvaTec business to Cidron Healthcare Limited, an affiliate of Nordic Capital Fund VII and Avista. In December 2008, BMS completed the sale of its brand business in Egypt to GlaxoSmithKline. In July 2009, the Company's branded generics business, which comprises a portfolio of 13 branded pharmaceuticals was acquired by GlaxoSmithKline plc.
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