NEW YORK - BMS plans to cut costs by at least $500 million in 2007 through unspecified "productivity plans" and reiterated its intention to return the company to earnings growth that year.
Bristol-Myers said the future savings will build on the estimated $200 million a year it cut in expenses in both 2004 and 2005. The company would not elaborate on the nature of its new cost-cutting plans. The New York-based company has its research headquarters in Princeton.
Bristol-Myers said reducing costs is more imperative now than ever since the FDA required further data in October for the approval of diabetes drug Pargluva - information that would take years to put together.
With Pargluva out of the picture, BMS said it was "considering a range of options" on how to use the freed up capacity within its sales force that had been slated for the diabetes drug. In the last five years, Bristol-Myers has reduced its U.S. sales force by 30 percent to 2,800.
Insiders view: Pargluva is a dead duck. Are the other PPARs in development also dead in the water? Yep, unless their side effect profiles are addressed as per the FDAs' proposals.
http://www.startribune.com/stories/535/5778589.html
No comments:
Post a Comment