New York, N.Y.-based pharmaceutical company Bristol-Myers Squibb Co. (AA/Negative/A-1+) announced today that it was restating sales and earnings upwards for 2002, and downward for 2001 and 2000, a result of excess product inventory at the U.S. wholesaler level. Prior to 2002, Bristol-Myers had allowed wholesalers to buy inventories of its drugs well in excess of actual demand. The company plans to make adjustments that will result in the reallocation of roughly $2 billion in sales. Meanwhile, Bristol-Myers has completed approximately 75% of the excess inventory work down and hopes to complete more than 90% by 2002 year-end. Standard&Poor's said that the somewhat expected development does not have an impact on the ratings or outlook on Bristol-Myers. The restatement
