Bristol-Myers Squibb Net Slumps

R&D spending increased 9% to $615 million.

The company reaffirmed its previous full-year EPS guidance of $1.60 to $1.65 on an adjusted non-GAAP basis. Including items, the forecast is $1.39 to $1.44 a share.

Bristol-Myers Squibb, however, also repeated that it expects "substantial incremental sales losses" in 2005, 2006 and 2007, representing continuing declines in sales of the products that lost or will lose exclusivity protection in 2003 and 2004, and additional declines attributable to products that will lose exclusivity protection primarily in 2005 and 2006.

Shares ended at $24.01 Thursday.