Bristol-Myers moves to strengthen balance sheet
BOSTON (Reuters) - Bristol-Myers Squibb Co (BMY.N) is taking steps to strengthen its balance sheet by as much as $1 billion by 2011 to help finance acquisitions and partnerships.
Jean-Marc Huet, the drug company's chief financial officer, told investors on Thursday the company plans to focus more of its attention on improving cash flow, adding $750 million to $1 billion through improved control of its working capital.
Bristol currently has $7.2 billion in cash and expects to receive another $1 billion from the sale of its stake in ImClone Systems Inc IMCL.O.
Speaking at the Credit Suisse healthcare conference in Phoenix, Arizona, Huet said the company will achieve its goals by speeding up payments to the company from partners and vendors, while slowing down payments out from Bristol.
The company also plans to improve the accuracy of its inventory forecasting and to more closely examine whether certain doses of drugs that have relatively few customers can be eliminated.
Bristol's shares rose 1.7 percent in midday trading to $19.88. Earlier they rose as high as $20.11.
(Reporting by Toni Clarke; Editing by Andre Grenon)
