BMS seeks $1 billion balance sheet boost
This article was originally published in Scrip
Bristol-Myers Squibbplans to strengthen its balance sheet with up to an additional $1 billion by 2011 from improvements in working capital. Chief financial officer Jean-Marc Huet said that the company would increase the speed of payments made to BMS from partners and vendors and would slow down payments going out from the firm. BMS also wants to improve commercial terms and the accuracy of its inventory audits. Currently, the company has around $7.2 billion in cash and expects to receive an additional $1 billion from the sale of its 16.6% stake in ImClone SystemstoLilly.