Bristol-Myers Settles Probe for $515 Million

Bristol-Myers Squibb agreed to pay more than $515 million to settle allegations involving kickbacks to healthcare providers and inflated drug prices. The company will enter a five-year "corporate integrity agreement" with the Office of the Inspector General of the Department of Health and Human Services. As part of the agreement, BMY will report accurate average prices and average manufacturer prices for drug covered by federal health care programs. "Patients are entitled to unbiased decision-making from their physicians and should not have to worry that financial inducements or lavish entertainment have influenced their physicians' prescribing choices," U.S. Attorney for Massachusetts Michael Sullivan said in a statement. There will be no criminal charges against the company. Bristol-Myers stock finished Friday down 0.65% to $28.82.

Sources: Press Release, MarketWatch, Reuters
Commentary: Bristol-Myers Shares Look Good Despite Analyst Skepticism -- Bloomberg • Plavix Patent Upheld; Bristol-Myers Shares Rise on Renewed Buyout Chatter
Stocks/ETFs to watch: BMY. Competitors: LLY, MRK, PFE. ETFs: PPH, IHE

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