Summary
This 8-K/A filing from Bristol-Myers Squibb (BMY) provides an amendment to previously reported financial information, specifically addressing data discrepancies related to the drug Plavix. The company is clarifying that while a third-party data provider, IMS Health, overstated prescription and unit volumes for Plavix and its generic competitor from August 2006 through June 2007, this overstatement did not affect Bristol-Myers Squibb's reported financial results or net sales for Plavix during the relevant quarters. The amendment details revised estimates for prescription data and market share, as well as a reduced estimate for the adverse impact of the generic clopidogrel bisulfate launch.
Key Highlights
- 1The filing is an amendment (8-K/A) to clarify previously reported information, not an announcement of new material events.
- 2Third-party data provider IMS Health overstated prescription and unit volumes for Plavix and generic clopidogrel bisulfate from August 2006 to June 2007.
- 3This overstatement by IMS Health did NOT impact Bristol-Myers Squibb's reported financial results or net sales for Plavix.
- 4The company has revised its estimated adverse impact from the generic clopidogrel bisulfate launch, lowering the range from $300 million-$350 million to $200 million-$250 million for the quarter ended March 31, 2007.
- 5Revised supplemental information regarding prescription data, market share, and the adverse launch impact has been posted on the company's website and is incorporated by reference.
- 6The filing details specific revised prescription change data and therapeutic category share for Plavix/Clopidogrel Bisulfate based on updated IMS data.
Frequently Asked Questions
No, Bristol-Myers Squibb explicitly states in the filing that the IMS overstatement of Plavix prescription and unit volumes did not impact the Company’s financial results or its reported net sales for Plavix for the quarters ended September 30, 2006, December 31, 2006, or March 31, 2007.
The primary purpose of this amended 8-K filing is to correct and clarify previously provided supplemental data regarding Plavix. Specifically, it addresses overstatements in prescription data from IMS Health and provides revised estimates for the impact of the generic clopidogrel bisulfate launch.
Based on the revised data from IMS, Bristol-Myers Squibb has lowered its estimated adverse effect of the at-risk launch of generic clopidogrel bisulfate. For the three months ended March 31, 2007, the estimated impact has been revised downward to $200 million to $250 million, from a previous estimate of $300 million to $350 million.
The revised supplemental information, which includes updated prescription change data, estimated therapeutic category share, and the revised estimate of the adverse impact of the generic launch, has been posted on Bristol-Myers Squibb's website at www.bms.com and is incorporated by reference as Exhibit 99.2 to this Form 8-K/A.