Bristol-Myers Squibb (BMY) Sees non-Cash, Pretax Charges of $150M to $200M on Erbitux Deal

On April 16, 2015, Bristol-Myers Squibb (NYSE: BMY) and Eli Lilly and Company (NYSE: LLY) issued a joint press release announcing that the companies have agreed to transfer all rights of Erbitux (cetuximab) in North America from the Company to Lilly. The transaction is expected to result in a non-cash pre-tax charge of approximately $150 million to $200 million during 2015, which will be a specified item. Royalties are expected to be accounted for as other income. The transaction is not expected to have a significant impact on our non-GAAP earnings.

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