BristolMyers Squibb Company Essay Research Paper Joseph

Bristol-Myers Squibb Company Essay, Research Paper

Joseph Esposito

Intermediate Accounting II

Dr. Ahmed Goma

Bristol-Myers Squibb Company

“A Critical Analysis to Disclosure in Financial Reporting”

Bristol-Myers mission is to be the preeminent global diversified health and personal care Company. Bristol-Myers seeks to achieve success in the global marketplace.

Product- Bristol-Myers is a maker of many useful products that people use and may depend on today. There products range from Pharmaceutical ($8,672 million), consumer medicines ($4,278 million), Clairol a well known hair care system ($1,160 million), Matrix ($306 million), Mead Johnson nutritional ($1,789 million), Convatec ($726 million), and Zimmer ($1,134).

Some of Bristol-Myers more well known Pharmaceuticals are Taxol which is a anticancer agent that Bristol-Myers Squibb has made one of its top research and development priorities worldwide and Pravachol received FDA labeling as the world’s first lipid lowering drug to prevent first heart attacks. Some of Bristol-Myers well-known worldwide consumer products are Ban (deodorant), Nuprin, Bufferin and Excedrin (headache relief drugs) just celebrated its 30th year. Clairol is known as one of he most widely used hair care products around the world. Matrix a subsidiary of Bristol-Myers makes products such as Vavoom and Biolace hair care products. Mead Johnson Nutritional another one of Bristol-Myers very successful subsidiaries deals with vitamins and baby formulas such as well-known favorites like Enfamil which is said to be as close to breast milk. Convatec which deals with wound, skin care and chronic care products. Finally, Zimmer is a maker of surgical care devices.

Industry- Bristol-Myers Squibb Company is in one of the most competitive industries in the world. In the last ten years pharmaceutical products have become increasingly important. With such diseases such as Aids and Cancer plaguing our society, companies such as Bristol-Myers have to take a lead role in fighting these deadly diseases.

Bristol-Myers is known as one of the leaders against cancer. In January of 1991 Bristol-Myers was chosen by the National Career Institute (NCI) to become a commercial developer of Paclitaxol, now Taxol, which is the breakthrough treatment against Ovarian and breast cancer. Taxol comes from a rare species of yew tree found in the U.S. Pacific Northwest. Manufacturing of the substance isn’t easy due to the 50-step process taken to extract it. Bristol-Myers made Taxol its number one Research and Development priority. Bristol-Myers leads worldwide in Cancer research and prides itself on it.

Market- Bristol-Myers Squibb Company’s market isn’t just the U.S. Its market extends all over the world, from Europe, Asia and South America. One of Bristol-Myers biggest market is Eastern Europe. A Hungarian company named Pharmavit develops one of Eastern Europe’s most popular vitamins called Plusssz. Plusssz has achieved ninety-seven percent name recognition in Hungary. Fifty percent of the people have used the product while twenty-four percent use it regularly. The Plusssz line has become so successful that Mead Johnson, Bristol-Myers global nutritional business, is test marketing Plusssz for launch in the Philippines and many other regions of the world. Plusssz has established Bristol-Myers as an instant player in Hungary, a market that is among the most competitive in all of Eastern Europe.

Similarities and Differences- There are many similarities and differences between Bristol-Myers Annual Reports, Form 10K and 10Q Reports. The annual reports for Bristol-Myers are very colorful and detailed. However the Form 10K and 10Q reports are not colorful but just Financial Statements. The annual report is designed for the shareholder and informs any would be buyer. Whereas the Form10K and 10Q reports are in plain black and white and serve the purpose of informing none only the Securities and Exchange Commission (SEC). It is not sent out to shareholders or would be shareholders so it isn’t as flashy and glossy as the annual report. The Form 10K report has many reports inside. The 10K first begins with an introduction just as the annual report does with a description of Bristol-Myers. It than goes into detail about its products much like the annual report, however with no pictures or color which the annual report uses to its advantage. However the 10K report doesn’t explain in detail about the products. It gives a short description whereas the annual report goes into full detail about all its products. After products the 10K goes into detail about its Domestic and Foreign operations. It starts talking about properties and some of Bristol-Myers legal proceedings. The annual report also talks about its litigation’s but it hides it way in the back of the report. Mostly everything from growth to success is talked about in the annual report. After litigation’s the 10K goes into more about the Executive Officers, there names and ages to their position on the board.

The Form 10K report is a report that is published by the fiscal year while the Form 10Q report is published quarterly and the annual report is done every year. The Form 10K report uses a five-year financial summary. The Form 10Q reports about the company in quarters, while the annual report summarizes the year.

In 1994, Note