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BRISTOL-MYERS SQUIBB ISSUES STATEMENT ON COMPANY'S OUTLOOK

 BRISTOL-MYERS SQUIBB ISSUES STATEMENT ON COMPANY'S OUTLOOK
 NEW YORK, June 2 /PRNewswire/ -- Bristol-Myers Squibb's (NYSE: BMY) Chief Financial Officer, Michael E. Autera, made the following comments today regarding the company's outlook. He said that, "Since the company's meeting with security analysts on April 22nd, and with the first two months of the second quarter now completed, it has become apparent that wholesaler inventories of its pharmaceutical products are being reduced to lower levels than previously anticipated, in some instances below historical norms." He added that, "While we believe this correction has about run its course, we cannot be absolutely certain how low wholesaler inventories will become or when the company's sales will again reflect the levels of prescribing and use of its pharmaceutical products. Recognizing this uncertainty, the company is taking a conservative view of operating results with second quarter sales now estimated to increase by less than 5 percent over 1991." He added that the levels of research investment as well as spending in support of new products are being maintained and the percentage increase in earnings per share is now expected to be in the mid-single digit range for the second quarter.
 Commenting on the year, Autera said that measures have been taken to avoid similar inventory fluctuations in the future. "While these measures will moderate 1992 sales and earnings growth compared to last year, they will provide a base for future growth that is more reflective of the company's business performance," he said. He added that 1992 annual earnings per share growth is now expected to be lower than earlier estimates.
 -0- 6/2/92
 /CONTACT: Jerry Parrott of Bristol-Myers Squibb, 212-546-4333/
 (BMY) CO: Bristol-Myers Squibb Company ST: New York IN: MTC SU: ECO


SB -- NY001 -- 6054 06/02/92 08:45 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
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