...Rating Derivation Versus Peers Peer Comparison Bristol (A¡/Stable Outlook) is competitively positioned in terms of scale, geographic reach and patent risk compared with its industry peers, Eli Lilly & Co. (A/Stable) and Amgen (BBB/Stable). Relatively manageable intermediate-term patent risk, a generally advancing pipeline and a sufficiently diverse product portfolio support the prospects for operational and financial stability. However, Bristol needs to reduce product revenue concentration and build late-stage pipeline through advancing phase II projects and/or pursuing collaborations/targeted acquisitions. Parent/Subsidiary Linkage No parent/subsidiary linkage is applicable. Country Ceiling No Country Ceiling constraint was in effect for these ratings. Operating Environment No operating environment influence was in effect for these ratings. Other Factors Not applicable....
