Bristol-Myers Squibb Co. (AAA/Negative/A-1+) warned of lower earnings estimates for 2002, due mainly to expected generic competition to its blockbuster diabetes treatment, Glucophage. Glucophage is Bristol-Myers' third major product to lose patent expiration in the past year, the other two being the company's anti-cancer agent, Taxol, and the antianxiety drug, BuSpar. The company expects sales of its Glucophage franchise to decline $1.7 billion next year. Standard&poor's said that the announcement has no impact on its current ratings and outlook on Bristol-Myers. While temporarily less diverse, the company's remaining product portfolio still contains several major products that continue to experience solid sales growth, such as Plavix and Pravachol. Also, Bristol-Myers does not face any further major patent expirations over
