B-MS' 1st qtr hit by tax and legal costs
US drug major Bristol-Myers Squibb's first-quarter 2009 profit fell 3.5% year-on-year to $638.0 million, despite a 3% rise in revenue to $5.02 billion, due to higher taxes and a heavy litigation charge.
The company made a one-off payment of $104.0 million, largely to settle a shareholder law suit, while restructuring charges more than doubled to $27.0 million.
Despite a difficult market environment, in February, B-MS made $800.0 million by selling a 17% stake in its Mead Johnson Nutrition business. The firm retains 83% owner-ship, to help diversify risk while enhancing management focus on biopharmaceuticals.
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