8-KOther EventsExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Corporate Update (Apr 6, 2009)

Filed April 6, 2009For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) announced a significant agreement with Otsuka Pharmaceutical Co., Ltd. on April 6, 2009, aimed at extending their commercialization partnership for ABILIFY® (aripiprazole) in the U.S. This extension pushes the expected end date from November 2012 to April 2015, aligning with the anticipated loss of exclusivity for the drug. This move is expected to provide greater revenue certainty for ABILIFY® in the crucial U.S. market over the extended period. In addition to the ABILIFY® extension, BMY and Otsuka are establishing an oncology collaboration focused on two of Bristol-Myers Squibb's products: SPRYCEL® (dasatinib) and IXEMPRA® (ixabepilone). This collaboration in the oncology space represents a strategic expansion and potential diversification of their partnership. The company also reaffirmed its previously issued full-year 2009 earnings per share (EPS) guidance, both on a GAAP and non-GAAP basis, as well as its non-GAAP EPS compounded annual growth rate guidance for 2007-2010, signaling confidence in its near-term financial performance.

Key Highlights

  • 1Extension of U.S. commercialization agreement for ABILIFY® with Otsuka Pharmaceutical from November 2012 to April 2015.
  • 2Agreement aligns the ABILIFY® partnership term with the expected loss of exclusivity date for the drug.
  • 3Establishment of a new oncology collaboration with Otsuka for Bristol-Myers Squibb's SPRYCEL® and IXEMPRA®.
  • 4Confirmation of previously issued full-year 2009 GAAP and non-GAAP EPS guidance.
  • 5Reaffirmation of 2007-2010 non-GAAP EPS compounded annual growth rate guidance.
  • 6Expectation of a minimum $0.30 EPS accretion in both 2013 and 2014 resulting from this agreement.

Frequently Asked Questions

The extension of the U.S. commercialization agreement for ABILIFY® from November 2012 to April 2015 provides Bristol-Myers Squibb with greater revenue certainty for a key product in its portfolio leading up to its expected loss of exclusivity. The company also anticipates a minimum of $0.30 EPS accretion in both 2013 and 2014 as a direct result of this agreement.

The new oncology collaboration with Otsuka Pharmaceutical focuses on two of Bristol-Myers Squibb's oncology products: SPRYCEL® (dasatinib) and IXEMPRA® (ixabepilone). This partnership aims to leverage Otsuka's expertise and resources to potentially expand the commercialization and development of these cancer treatments.

Bristol-Myers Squibb reaffirmed its previously issued full-year 2009 earnings per share (EPS) guidance on both a GAAP and non-GAAP basis. The company also confirmed its non-GAAP EPS compounded annual growth rate guidance for the period from 2007 through 2010. This indicates management's confidence in meeting its near-term financial targets despite market dynamics.