Bristol-Myers Squibb Co. (BMY) said that it now expects its 2009 GAAP earnings per share from continuing operations to be $1.51 to $1.56, compared to a previous range of $1.72 to $1.77. Non-GAAP earnings per share from continuing operations are expected to be $1.75 to $1.80, compared to a previous range of $2.00 to $2.05.
Analysts polled by Thomson Reuters expects the company to report earnings of $2.02 per share for fiscal 2009. Analysts' estimates typically exclude special items. As a result of the Mead Johnson split-off , Bristol-Myers Squibb is updating its 2009 guidance.
In a separate press release, Bristol-Myers Squibb and Mead Johnson Nutrition Co.(MJN) announced the final results of the offer by Bristol-Myers Squibb to exchange up to 170 million shares of common stock of Mead Johnson for outstanding shares of Bristol-Myers Squibb common stock that were validly tendered and not validly withdrawn.
The offer expired on December 17, 2009. Under the terms of the offer, Bristol-Myers Squibb accepted 269,285,601 shares of Bristol-Myers Squibb common stock in exchange for 170 million shares of Mead Johnson common stock owned by Bristol-Myers Squibb. Total number of shares of Bristol-Myers Squibb common stock tendered were 499,484,935. The final proration factor of 53.8954842% was applied to all other tendered shares of Bristol-Myers Squibb common stock to determine the number of such shares that would be accepted from each tendering stockholder.
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