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Wednesday, Bristol-Myers Squibb (BMY) lowered its fiscal 2009 outlook as a result of the split-off of pediatric nutrition company Mead Johnson Nutrition Co (MJN). Bristol-Myers expects earnings per share from continuing operations in the range of $1.75 -$1.80, down from its earlier guidance of $2.00 - $2.05. Earlier, in Nov, Bristol-Myers decided to split off its 83.1% holding in Mead Johnson. Mead Johnson completed a public offering in Feb 2009. Since then, its shares have risen considerably. Following the completion of the spin-off, Bristol-Myers expects the transaction to be net cash flow positive to its biopharmaceutical business and accretive to earnings beginning in 2010. Earlier this month, the share swap ratio between the two companies was amended to 0.6313 shares of Mead Johnson per 1 Bristol-Myers common share from the earlier 0.6027. The offer expired on December 17. Complete Story »
Bristol-Myers Reduces 2009 Outlook
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