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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Softechie who wrote (13280)12/13/2001 4:54:26 PM
From: Sully-  Read Replies (1) of 99280
 
Bristol-Myers sees 2002 profits below expectations

NEW YORK, Dec 13 (Reuters) - Drugmaker Bristol-Myers Squibb Co. (NYSE:BMY - news) on Thursday said it expects earnings next year to fall about 10 percent below Wall Street forecasts, a warning that was expected after it lost a battle in the U.S. Senate over its diabetes drug Glucophage.

The New York-based firm estimated profits between $2.25 and $2.35 in 2002, below the average forecast of $2.57 per share among analysts tracked by Thomson Financial/First Call. The statement comes on the heels of a warning by drug giant Merck & Co. Inc. (NYSE:MRK - news), which said on Tuesday that 2002 profits would not be above 2001 levels.

The Senate on Wednesday voted to renew a law that provides a six-month marketing exclusivity period to drugmakers that commit to test their drugs for children.

But the bill contained language that would allow the U.S. Food and Drug Administration to approve copycat versions of drugs after that six-month period even when generic drugmakers do not have data relating to pediatric tests in their labels.

If approved by the House of Representatives and signed by U.S. President George W. Bush, Bristol-Myers could face generic competition within days for Glucophage, which is expected to generate $2 billion in sales this year, or about 10 percent of the firm's revenues.
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