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Bristol-Myers Squibb Eyes Asset Sale

The struggling drugmaker is reportedly looking to sell its consumer medicines unit.
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Bristol-Myers Squibb


is reportedly planning to sell parts of its drug business amid a three-year slump in its stock price.

The New York-based drugmaker is in talks to sell its consumer medicines business, which includes the popular over-the-counter pain reliever Excedrin, according to media reports.

The sale could fetch $1 billion.

Bristol-Myers Squibb, which has been selling off noncore assets, has been one of Big Pharma's underperforming members in recent years. Analysts are cautious, if not skeptical, about any burst in earnings growth in the next couple years.

Shares were down 27 cents, or 1.1%, to $25.16 in premarket trading Wednesday. The company's stock fell 7.8% in 2004. At the beginning of 2002, shares were near $45.