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Results Preview: Can BMS pull itself up from the trough?

This article was originally published in Scrip

Executive Summary

Bristol-Myers Squibb's share price dropped by 7.5% to $32.59 between the end of 2011 and 31 December 2012. Not a great year for the US drug maker? Well, most of the stock price negativity was associated with two related events: the $2.5 billion acquisition of Inhibitex announced in January, and the subsequent failure in August of the lead program from that acquisition (the Phase II nucleotide polymerase inhibitor BMS-094 for hepatitis C; scripintelligence.com, 24 August 2012). This setback was not helped by BMS's failure to convince its rival Gilead to collaborate in hepatitis C.

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