NEW YORK (AP) -- Drugmaker Bristol-Myers Squibb Co. says it is freezing employee salaries for 2010 as it cuts spending and prepares for a drop in sales of its blockbuster blood thinner Plavix.
The New York drugmaker says it will freeze salaries for all employees except those who have legally mandated salary increases due to them. The move does not apply to bonuses.
Bristol-Myers Squibb sells Plavix through a partnership with Sanofi-Aventis. The drug is the second-best selling prescription medication in the world. But it is scheduled to lose patent protection in late 2011, and that is expected to lead to a big drop in Bristol-Myers' profits.