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Bristol-Myers Squibb Company Reports Financial Results for the Fourth Quarter and Twelve Months of 2007

any announced the impending closure of several manufacturing facilities, including Barceloneta, Puerto Rico and Mayaguez, Puerto Rico.


-- Fourth quarter 2007 net sales from continuing operations increased 33%

to $5.4 billion, including a 5% favorable foreign exchange impact

compared to the same period in 2006. U.S. net sales from continuing

operations increased 51% to $3.0 billion for the quarter compared to

2006, primarily due to increased PLAVIX(R) sales, as well as the

continued growth of key and newer products. International net sales

from continuing operations increased 15% to $2.4 billion, including a

10% favorable foreign exchange impact.

-- Cost of products sold, as a percentage of net sales, decreased to 33.8%

in the fourth quarter of 2007 compared to 34.4% in the same period in

2006. The margin improvement was primarily due to sales growth of

higher margin products in 2007.

-- Marketing, selling and administrative expenses increased by 5% to $1.3

billion in the fourth quarter of 2007 compared to the same period in

2006, primarily due to foreign exchange impact.

-- Advertising and product promotion spending increased by 16% to $483

million in the fourth quarter of 2007 from $415 million in the same

period in 2006, driven primarily by increased spending for

direct-to-consumer advertising for PLAVIX(R), ABILIFY(R) and

ORENCIA(R), as well as investments to support the launch of


-- Research and development expenses increased 42% to $1,138 million in

the fourth quarter of 2007 from $799 million in the same period in

2006. This increase primarily reflects the in-process research and

development charge of $230 million in 2007 in connection with the

acquisition of Adnexus.


SOURCE Bristol-Myers Squibb Company
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