B-MS aims to improve cash flow by $1B
US drug major Bristol-Myers Squibb is taking steps to improve its balance sheet by between $750.0 million and $1.0 billion by 2011 - through improved control of its working capital by better management of inventory, receivables and payables - in order to finance partnerships and acquisitions, the firm's chief financial officer, Jean-Marc Huet, told analysts at a recent Credit Suisse health care seminar in Phoenix, USA. Commenting on achievements made so far this year, he said B-MS refinanced its product portfolio through two divestitures and two acquisitions, refinancing long-term debt, improving its position from $4.1 billion last December to $1.2 billion in net cash, reports the Associated Press
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