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Bristol-Myers Squibb Company Reports Financial Results for the Fourth Quarter and Twelve Months of 2007
Date:1/31/2008

ed to a net loss from continuing operations of $170 million, or a loss of $0.09 per diluted share for the same period in 2006. The 2007 results include charges of $292 million associated with the implementation of the previously announced Productivity Transformation Initiative, an in-process research and development charge of $230 million in connection with the acquisition of Adnexus Therapeutics (Adnexus) and an impairment charge of $275 million on the company's investments in auction rate securities. On a non- GAAP basis excluding specified items, fourth quarter 2007 net earnings from continuing operations were $654 million, or $0.33 per diluted share, compared to $344 million, or $0.18 per diluted share for the same period in 2006.

On January 8, 2008, the company completed the sale of its Medical Imaging business for approximately $525 million, which is presented as a discontinued operation. Included in discontinued operations were fourth quarter net sales of $142 million and $156 million in 2007 and 2006, respectively, and basic and diluted earnings per share of $0.02 in the fourth quarters of 2007 and 2006.

"We are moving forward with important strategic actions that are helping us advance our pipeline, increase productivity and transform to a Next Generation BioPharma company," said James M. Cornelius, chief executive officer, Bristol-Myers Squibb. "Our underlying operating performance this quarter was strong, demonstrating the power of our medicines to help even more people prevail in their fight against serious diseases. The sale of Medical Imaging has strengthened our ability to consider future acquisitions that add to our capabilities, portfolio and pipeline of biotech and specialty medicines. And our Productivity Transformation Initiative, which helps identify ways to operate more efficiently, has spawned a new culture of continuous improvement."

For the twelve months ended December 31, 2007, net sales from continuing operations incre
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SOURCE Bristol-Myers Squibb Company
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