Effects of Accounting Scandal 2002 on Bristol Myer Company
Their will. Our medicines.
Together we can prevail.
2006 Annual Report
NOPQ
Mission
Bristol-Myers Squibb’s health care products. integrity of its maker.
Our company’s mission is to extend and enhance human life by providing the highest-quality pharmaceutical and related
We pledge—to our patients and customers, to our employees and partners, to our shareholders and neighbors, and to the world we serve—to act on our belief that the priceless ingredient of every product is the honor and
ON THE COVER:
At Bristol-Myers Squibb, we develop medicines and related health care products to help people live full and active lives. A few of our patients and customers are pictured on the cover.These and other patients are profiled in our Special Report, beginning on page 7.
To Our Stockholders
2006 was a challenging transitional year for Bristol-Myers Squibb. We experienced the significant negative impact of generic competition in our pharmaceutical business, and made the difficult decision to change leadership of the company. We also achieved preliminary settlement of an investigation of drug pricing, sales and marketing practices that began many years ago. At the same time, we were successful in launching several promising new products, expanding key businesses and advancing our robust pipeline—all in areas of serious unmet medical need. As a result, Bristol-Myers Squibb is now well positioned to begin growing sales and earnings, and to build shareholder value.
FINANCIAL PERFORMANCE
In 2006, the company’s net earnings from continuing operations on a GAAP (Generally Accepted Accounting Principles) basis were $1.6 billion, or $0.81 per diluted share, from net sales from continuing operations of $17.9 billion. This compares to earnings of $3.0 billion, or $1.52 per diluted share, on sales of $19.2 billion in 2005. On a non-GAAP basis, excluding specified items, net earnings from continuing operations in 2006 were $2.1 billion, or $1.09 per diluted
Together we can prevail.
2006 Annual Report
NOPQ
Mission
Bristol-Myers Squibb’s health care products. integrity of its maker.
Our company’s mission is to extend and enhance human life by providing the highest-quality pharmaceutical and related
We pledge—to our patients and customers, to our employees and partners, to our shareholders and neighbors, and to the world we serve—to act on our belief that the priceless ingredient of every product is the honor and
ON THE COVER:
At Bristol-Myers Squibb, we develop medicines and related health care products to help people live full and active lives. A few of our patients and customers are pictured on the cover.These and other patients are profiled in our Special Report, beginning on page 7.
To Our Stockholders
2006 was a challenging transitional year for Bristol-Myers Squibb. We experienced the significant negative impact of generic competition in our pharmaceutical business, and made the difficult decision to change leadership of the company. We also achieved preliminary settlement of an investigation of drug pricing, sales and marketing practices that began many years ago. At the same time, we were successful in launching several promising new products, expanding key businesses and advancing our robust pipeline—all in areas of serious unmet medical need. As a result, Bristol-Myers Squibb is now well positioned to begin growing sales and earnings, and to build shareholder value.
FINANCIAL PERFORMANCE
In 2006, the company’s net earnings from continuing operations on a GAAP (Generally Accepted Accounting Principles) basis were $1.6 billion, or $0.81 per diluted share, from net sales from continuing operations of $17.9 billion. This compares to earnings of $3.0 billion, or $1.52 per diluted share, on sales of $19.2 billion in 2005. On a non-GAAP basis, excluding specified items, net earnings from continuing operations in 2006 were $2.1 billion, or $1.09 per diluted