Rich, BMY paid the first $200 MM of the $1 B progress payment, as far as I know. In the September Q, suddenly they have from nowhere a long term liability of $193 MM, which I believe is related to that "progress" payment and a corresponding increase in cash to $348 MM. Mind you, they have $242 in debt, so i am not sure what Ichan is after. Their net tangible is barely $.25/share. See:
We have earned approximately $64,221,000 from license fees,
contract research and development fees and royalties from
collaborative partners. Additionally, we have approximately
$205,759,000 in deferred revenue related to up-front
payments received from our ERBITUX commercial agreement with
BMS and E.R. Squibb, our ERBITUX development and license
agreement with Merck KGaA and our BEC2 development and
commercialization agreement with Merck KGaA. These amounts
are being recognized as revenue over the expected lives of
the respective agreements (see Note 12 of the consolidated
financial statements)
from their Sep 30/2001 report. |
