8-KOther EventsExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Corporate Update (Apr 28, 2009)

Filed April 28, 2009For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) filed an 8-K on April 28, 2009, to announce the filing of its Form 10-Q for the quarter ended March 31, 2009. This 8-K primarily serves to inform investors about significant revisions to the company's previously issued financial statements for the fiscal years 2006, 2007, and 2008. These revisions are necessitated by two key accounting changes: a new measurement of segment profit effective January 1, 2009, and the retrospective application of Statement of Financial Accounting Standards No. 160, concerning Noncontrolling Interests in Consolidated Financial Statements. For investors, the crucial takeaway is that historical financial results for 2006-2008 will be restated. These restatements impact several line items, including segment profit calculations and disclosures related to noncontrolling interests. The company has provided revised consolidated financial statements as an exhibit to this report, allowing stakeholders to review the updated figures. Investors should consult these revised statements for an accurate understanding of the company's historical financial performance and position.

Key Highlights

  • 1BMY filed an 8-K on April 28, 2009, reporting on its Form 10-Q for the quarter ended March 31, 2009.
  • 2The company has restated its consolidated financial statements for the years ended December 31, 2006, 2007, and 2008.
  • 3The restatements are due to a change in the measurement of segment profit, effective January 1, 2009.
  • 4An additional reason for restatement is the adoption of Statement of Financial Accounting Standards No. 160 (SFAS 160) regarding Noncontrolling Interests.
  • 5Revised consolidated financial statements and the auditor's report are filed as Exhibit 99.1 to this 8-K.
  • 6Specific notes and sections of the financial statements, including Management's Discussion and Analysis, have been revised to reflect these changes.
  • 7The Chief Financial Officer, Jean-Marc Huet, signed the report, indicating an internal review and authorization of the financial reporting changes.

Frequently Asked Questions

Bristol-Myers Squibb has restated its financial statements for the years ended December 31, 2006, 2007, and 2008, due to two primary reasons: first, a change in how the company measures segment profit, effective January 1, 2009; and second, the retrospective application of Statement of Financial Accounting Standards No. 160, which addresses Noncontrolling Interests in Consolidated Financial Statements.

The change in the measurement of segment profit affects how the company reports profitability at a segment level. Revised Notes 3 and 22 of the consolidated financial statements, along with the Management's Discussion and Analysis, have been updated to reflect this new measurement and its reconciliation to pre-tax income.

Noncontrolling interests represent the portion of equity in a subsidiary that is not attributable to the parent company. The restatement is required by Statement of Financial Accounting Standards No. 160, which established new presentation and disclosure requirements for noncontrolling interests in consolidated financial statements, ensuring more standardized and transparent reporting of these interests.

The revised consolidated financial statements for the years ended December 31, 2008, 2007, and 2006, along with the Report of Independent Registered Public Accounting Firm, are filed as Exhibit 99.1 to this Form 8-K. Investors should refer to this exhibit for the updated financial information.