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April
26, 2007
Bristol-Myers Squibb and Pfizer Strike Two Deals: Bristol-Myers
and Pfizer will jointly develop and commercialize apixaban,
an anticoagulant discovered by Bristol-Myers being studied
for the prevention and treatment of a broad range of
venous and arterial thrombotic conditions. Under the
agreement, Bristol-Myers receives $250 million upfront and
could also get up to $750 million in milestone payments.
In a separate agreement, the companies
will collaborate on the research, development, and
commercialization of a Pfizer discovery program that
includes advanced preclinical compounds with potential
applications for the treatment of metabolic disorders.
Under this agreement, Pfizer gets $50 million upfront.
James
M. Cornelius Elected Bristol-Myers'
Chief
Executive Officer, with a term through
the date of the company’s Annual Meeting of Stockholders
in 2009. Cornelius has served as Bristol-Myers’ interim
chief executive for the past eight months.
Bristol-Myers Announces Q1 2007
Results, Raises Full-Year Earnings Guidance: Bristol-Myers posted first quarter 2007 net sales of $4.5
billion, compared with $4.7 billion for the same period in
2006. The company reported first quarter 2007 net earnings
of $690 million, or $0.35 per diluted share, under US
Generally Accepted Accounting Principles (GAAP), compared
with $714 million, or $0.36 per diluted share for the same
period in 2006. Bristol-Myers raised its 2007 earnings
guidance for fully-diluted earnings per share from
continuing operations on a GAAP basis to be between $1.24
and $1.34 from the previous guidance of $1.12 to $1.22.
Bristol-Myers
Squibb
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