page_title: Bristol Myers Squibb
section_title: 2000 to 2010
hierarchical_section_title: Bristol Myers Squibb / History / 2000 to 2010
caption_attribution_description: English: Entrance to the Bristol-Myers Squibb building at 100 Nassau Park Boulevard, as seen in 2010. The address has been recorded as being in either Princeton or West Windsor, New Jersey. This entrance was also used by employees and clients of legal firm Pellettieri, Rabstein &amp; Altman and network performance and security vendor Niksun, Inc., both of whom had their main offices in the building.
context_page_description: Bristol Myers Squibb is an American pharmaceutical company, headquartered in New York City.
  Bristol Myers Squibb manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders.
  BMS' primary R&D sites are located in Lawrence, New Jersey, New Brunswick, New Jersey, and Redwood City, California; with other sites in Devens and Cambridge, Massachusetts, East Syracuse, New York, Braine-l'Alleud, Belgium, Tokyo, Japan, Bangalore, India and Wirral, United Kingdom. BMS previously had an R&D site in Wallingford, Connecticut.
context_section_description: In 2002, the company was involved in a lawsuit of illegally maintaining a monopoly on Taxol, its cancer treatment, and it was again sued for the antitrust lawsuit 5 years later, which cost the company $125 million for settlement.
  Also in 2002, Bristol-Myers Squibb was involved in an accounting scandal that resulted in a significant restatement of revenues from 1999 to 2001. The restatement was the result of an improper booking of sales related to "channel stuffing" as the practice of offering excess inventory to customers to create higher sales numbers. The company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt.
  On October 24, 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations. On March 15, 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years. As part of a Deferred Prosecution Agreement, the company was placed under the oversight of a monitor appointed by the U.S. Attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, and the ex-CFO, Fred Schiff, were indicted for federal securities violations.
  In July 2006, an investigation of the company was made public, and the FBI raided the company's corporate offices. The investigation centered on the distribution of Plavix and charges of collusion. On September 12, 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down.
  The Deferred Prosecution Agreement expired in June 2007 and the Department of Justice did not take any further legal action against the company for matters covered by the DPA. Under CEO Jim Cornelius, who was CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company.
  In 2009, the company began a major restructuring focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs.  This was part of a business strategy launched in 2007 to transform the company from a large diversified pharmaceutical company to a specialty biopharma company, which also included the closure of half of their manufacturing facilities.  As another cost-cutting measure, Bristol-Myers Squibb also reduced health-care subsidies for retirees and plans to freeze their pension plan at the end of 2009.
  BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest United States corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.
  Lamberto Andreotti was named CEO in 2010; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide."
caption: The company has a number of facilities in New Jersey; this one is on the border between West Windsor and Princeton
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