Bristol-Myers Squibb announced on Wednesday that it is reducing its full year earnings-per-share guidance, due

in part to the previously announced split-off of its Mead Johnson Nutrition business. The company said it now expects earnings to be between $1.51 and $1.56 per share, which is down from a previous forecast of $1.72 to $1.77.

The drugmaker, which will report Mead Johnson as a discontinued operation for the year, also noted that the revised guidance reflected up-front licensing payments and funding to an educational programme.

 The recently completed split-off of its stake in the Mead Johnson unit will allow Bristol-Myers Squibb to focus "completely on biopharmaceuticals," CEO James Cornelius commented.