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4-Traders Homepage  >  Equities  >  Nyse  >  Bristol-Myers Squibb Company    BMY

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Bristol Myers Squibb : Why dozens of lawsuits against diabetes drug are coming to Lexington

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02/21/2018 | 11:14pm CET

Feb. 21--Dozens of lawsuits filed across the country against a diabetes drug have been transferred to U.S. District Court in Lexington.

More than 80 product-liability suits -- 14 from New Jersey alone -- have been transferred to U.S. District Judge Karen Caldwell's oversight since Feb. 12. Two cases originated in Kentucky, which, according to the Center for Disease Control, has the fourth highest diabetes mortality rate in the nation.

The suits all claim that individuals suffered heart failure or other cardiovascular injuries after they took the diabetes drug saxagliptin, the active ingredient in Onglyza and Kombiglyze XR.

Most of the claims name Bristol-Myers Squibb Co., AstraZeneca Pharmaceuticals and others as defendants. The suits allege that the manufacturers failed to properly warn patients and doctors about the risks of the medications, including the risk of heart failure.

In 2013, a study published in the New England Journal of Medicine found that the drugs increased the risk of heart failure by more than 25 percent.

In April 2016 the Food and Drug Administration updated warning notes on medications like Onglyza and Kombiglyze to say that they may increase the risk of heart failure especially for patients with heart disease or kidney disease.

The cases were transferred to Lexington by the U.S. Judicial Panel on Multidistrict Litigation. That panel,a special body within the federal court system, manages lawsuits filed in multiple courts. It has the authority to determine whether civil actions pending in two or more judicial districts should be transferred to a single federal district court for pretrial proceedings.

The purpose of the transfer is to conserve the resources of the parties and their counsel as well as the judiciary and to avoid duplication and to prevent inconsistent pretrial rulings. Some cases might be sent back to their place of origin for trial.

Bristol-Myers Squibb and other companies argued against centralizing the cases. They said there were a limited number of cases and there was no evidence that litigation would continue to grow.

But the judicial panel noted that all the pending cases involve common questions of fact and said that centralization will "serve the convenience of the parties and witnesses and promote the just and efficient conduct of this litigation."

This isn't the first time that product-liability cases have been centralized in the Eastern District of Kentucky. In 2011, more than 250 lawsuits claiming people had been hurt by the pain relievers Darvon and Darvocet other drugs were sent to the district.

All of those cases were resolved between 2012 and 2016.

Greg Kocher: 859-231-3305, @HLpublicsafety

___

(c)2018 the Lexington Herald-Leader (Lexington, Ky.)

Visit the Lexington Herald-Leader (Lexington, Ky.) at www.kentucky.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2018 21 689 M
EBIT 2018 5 672 M
Net income 2018 5 211 M
Finance 2018 852 M
Yield 2018 2,37%
P/E ratio 2018 22,70
P/E ratio 2019 19,26
EV / Sales 2018 5,16x
EV / Sales 2019 4,67x
Capitalization 113 B
Chart BRISTOL-MYERS SQUIBB COMPA
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Bristol-Myers Squibb Compa Technical Analysis Chart | BMY | US1101221083 | 4-Traders
Technical analysis trends BRISTOL-MYERS SQUIBB COMPA
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 65,1 $
Spread / Average Target -5,5%
EPS Revisions
Managers
NameTitle
Giovanni Caforio Chairman & Chief Executive Officer
Charles A. Bancroft CFO, EVP & Head-Global Business Operations
Paul von Autenried Chief Information Officer & Senior Vice President
Thomas James Lynch Chief Scientific Officer & Executive VP
Vicki L. Sato Independent Director
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