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

The effective tax rate on income from continuing operations before minority interest and income taxes was 67.8% for the three months ended December 31, 2007, compared with a tax benefit of 54.3% on the loss from continuing operations before minority interest and income taxes for the three months ended December 31, 2006. The fourth quarter 2007 tax rate was impacted by an impairment on the company's investment in certain financial instruments with no tax benefit and the non-deductible write-off of acquired in-process research & development expenses related to the acquisition of Adnexus. The fourth quarter 2006 tax benefit was in part attributable to the reinstatement of the U. S. Federal Research and Development credit in December 2006, which was partially offset by the treatment of provisions for a portion of certain litigation reserves as non-deductible.

SPECIFIED ITEMS, INCLUDING IMPAIRMENT CHARGE

In the three months ended December 31, 2007 and 2006, the company recorded specified income and expense items that affected the comparability of the results. This included fourth quarter 2007 charges of $292 million in connection with the execution of the previously announced Productivity Transformation Initiative, $230 million for acquired in-process research and development relating to the acquisition of Adnexus and $275 million relating to an impairment of the company's investment in certain auction rate securities (ARS).

As of December 31, 2007, the company had approximately $2.2 billion of cash, cash equivalents and short-term marketable securities. In addition, the company had $811 million of principal invested in ARS. The ARS held by the company are private placement securities with long-term nominal maturities for which the interest rates are reset through a dutch auction each month. The monthly auctions historically have provided a liquid market for these securities. The company's investments in ARS represent interests in collateralized d
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SOURCE Bristol-Myers Squibb Company
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