Bristol-Myers Squibb

4Q Revenues: $4.2 billion (-16%)

4Q Loss: $134 million (earnings were $499 million in 4Q2005)

FY Revenues: $17.9 billion (-7%)

FY Earnings: $1.6 billion (earnings were $3 billion FY2005)

Comments: Loss in the quarter was driven by an increase in litigation reserves and early debt retirement costs. Worldwide pharmaceutical sales decreased 22% to $3.1 billion in quarter. U.S. pharmaceutical sales decreased 32% to $1.5 billion, primarily due to lower sales of Plavix and the loss of exclusivity of Pravachol. This was primarily offset by continued growth of Abilify, Erbitux, Sustiva, Reyataz and Avapro/Avalide and sales of new products Orencia, Baraclude and Sprycel. In the quarter, the company received approval from the EMEA for Sprycel for the treatment of adults with CML or Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ALL). R&D expenses in the quarter were up 6% to $821 million, reflecting continued investments in late-stage compounds and higher licensing milestone payments.