Bristol-Myers Expects 2002 Profit to Fall
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Bristol-Myers Squibb Co. said profit will decline next year after it loses exclusive rights to diabetes medicine Glucophage, which had sales of about $1.7 billion last year.
New York-based Bristol-Myers, the fifth-biggest drug maker, said profit next year will fall to $2.25 to $2.35 a share, from the $2.41 the company expects to earn this year. Bristol-Myers had been expected to earn $2.57 a share in 2002, the average estimate of analysts surveyed by Thomson Financial/First Call.
The Senate passed legislation that doesn’t include an amendment Bristol-Myers sought to extend its monopoly on Glucophage.
The House is expected to follow suit.
Bristol-Myers shares fell $1.45 to $49 on the New York Stock Exchange.
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