Bristol-Myers Squibb (BMY) - Get Report Thursday ratcheted up earnings expectations and set a new growth strategy predicated on developing blockbuster drugs.

The pharmaceuticals giant said it expects to meet or exceed earnings growth-rate expectations in 2001 and to accelerate earnings growth in 2002. Bristol-Myers also said it would divest itsself of its Clairol beauty-care and Zimmer orthopedics businesses to focus more sharply on medicines, and expand its presence overseas, particularly in Japan.

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Wednesday evening, rumors ahead of the company's analyst meeting Thursday had the company making a bold restructuring move today. But Wall Street wasn't moved, and the stock dropped fractionally Wednesday before settling at $56.50. No shares traded early Thursday morning as the news of the strategy shift was disseminated.