On the Call: Bristol-Myers CFO Charles Bancroft

AP News
Posted: Jul 28, 2011 5:30 PM
On the Call: Bristol-Myers CFO Charles Bancroft

Bristol-Myers Squibb Co., the world's No. 14 drugmaker by revenue, reported a big jump in sales in its second-quarter results. The company also raised its earnings-per-share forecast for 2011 by 8 to 10 cents and affirmed its prior forecast for 2013, a crucial year because it's right after its top seller, blood thinner Plavix, gets generic competition. Chief Financial Officer Charles Bancroft discussed the forecasts during a conference call with analysts.

QUESTION: Why did the company maintain its profit forecast for 2013 and raise the earnings-per-share forecast for 2011?

RESPONSE: We do feel very optimistic about our future. ... We are appropriately investing in the business for the long term. In terms of 2011, it was primarily related to sales (trends)."