Based on the strategic and operational assumptions that will be outlined at the meeting, the company expects non-GAAP earnings per share to grow at a minimum of 15 percent compounded annual growth rate, from the 2007 base, for the next three years, excluding costs associated with the Productivity Transformation Initiative and other specified items that have not yet been identified and quantified. In addition, the guidance assumes certain other assumptions including that the company and its product partner, sanofi- aventis, maintain exclusivity for the PLAVIX(R) patent through at least 2010.
The company revised its 2007 fully diluted earnings per share guidance on a GAAP basis to $1.15 to $1.20 from $1.28 to $1.33, reflecting the estimated effect of potential fourth quarter charges of approximately $300 million relating to the company's Productivity Transformation Initiative. The company also reaffirmed its 2007 fully diluted earnings per share guidance on a non- GAAP basis to be between $1.42 and $1.47, and indicated that it expects non- GAAP fully diluted earnings per share to be at the top end of the range.
The company is providing 2008 fully diluted earnings per share guidance
on a GAAP basis of $1.44 to $1.54. The company also is raising its
estimated 2008 earnings per share guidance on a non-GAAP basis from a range
of $1.60 to $1.70 to a range of $1.65 to $1.75, subject to certain
assumptions. The fully diluted earnings per share guidance for 2008
includes earnings from the Medical Imaging business. A disposal of the
Medical Imaging business would decrease fully diluted earnings per share by
approximately $0.05. Further, this guidance assumes, compared to 2007:
-- high single-digit revenue growth;
-- overall flat gross margin, with improvement in Pharmaceuticals margin;
-- mid single-digit growth
|SOURCE Bristol-Myers Squibb Company|
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