1) I like BMS 2) Know dozens of people at the company 3) Have owned the stock...was called out last time at $60 (thank God). 4) Will probably buy BMY again.
But IMHO the "pipeline" was loaded in hopes that Vanlev was approved, and their 50 plus lobbyists could protect / extend key patents. When these and other things didn't happen, they decided to blame the pipeline and drive down inventories (at an even faster rate than their falling demand). Net future result: a dividend cut within 2 quarters. Hey, that's not such a bad thing, because with the stock in the 20's it's already reflected in the price. But it's coming, and they should do it sooner rather than later.