Bristol-Myers to Boost Its Legal Reserve
Bristol-Myers Squibb Co. said it would set aside an additional $400 million, mostly to cover potential liabilities from a U.S. probe of its inventory practices and accounting.
The increase would be reflected as a second-quarter expense, New York-based Bristol-Myers said. The company set aside $250 million last year for legal matters.
The company has been under Securities and Exchange Commission scrutiny since August 2002 for using discounts and incentives to load up wholesalers with more drugs than they could sell in a bid to meet revenue targets.
Bristol-Myers shares increased 19 cents to $24.74 on the NYSE.
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