Bristol-Myers Posts Profit Rise
Looking ahead, Bristol, lowered full-year 2007 guidance to between $1.28 and $1.33 a share from between $1.35 and $1.45 a share. The company said the change reflects a charge for in-process research and development related to its Adnexus acquisition. On a non-GAAP basis, it raised guidance to between $1.42 and $1.47 vs. a prior forecast of $1.35 to $1.45 a share. Analysts surveyed by Thomson Financial expect $1.44 a share in 2007.
For 2008, Bristol reaffirmed earnings guidance between $1.60 and $1.70, excluding items.
The company said it expects over the next three years to incur material charges related to restructuring and comprehensive cost-reduction programs, including charges related to workforce and facilities cuts.
Bristol also said that based on its discussions with the Food and Drug Administration, it won't file a new-drug application for vinflunine as a treatment for bladder cancer.Shares rose 83 cents, or 3%, to $29.25 Thursday.
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