Bristol Revises Product Overstocking Impact With $262 Mil. Medicaid Accrual
Executive Summary
Bristol-Myers Squibb is increasing its estimate of the impact of wholesaler overstocking by $262 mil. to reflect an adjustment to the amount it has set aside for Medicaid rebate payments
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SEC inquiry
Bristol "continues to believe that its accounting treatment of domestic wholesaler build-up has been completely appropriate," CEO Peter Dolan declares. The company specifically discussed its treatment of Medicaid accrual rates associated with the wholesaler inventory issues before recording a special charge for that amount in first quarter earnings, Dolan says (1"The Pink Sheet" April 29, p. 15)...
SEC inquiry
Bristol "continues to believe that its accounting treatment of domestic wholesaler build-up has been completely appropriate," CEO Peter Dolan declares. The company specifically discussed its treatment of Medicaid accrual rates associated with the wholesaler inventory issues before recording a special charge for that amount in first quarter earnings, Dolan says (1"The Pink Sheet" April 29, p. 15)...
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Bristol-Myers Squibb's new approach to wholesaler inventory levels should help the company capture more of the benefit from product price increases, CEO Peter Dolan suggested during an April 25 earnings conference call