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.
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.