NEW YORK (Standard&Poor's) April 5, 2006—Standard&Poor's Ratings Services said today that its ratings on St. Paul, Minn.-based 3M Co. (AA/Stable/A-1+) are not affected by the company's announcement that it is considering selling its branded pharmaceuticals business. The unit, with sales estimated around $1 billion, includes prescription drugs for inhalation, women's health, and cardiovascular conditions, as well as Aldara, the company's patented pharmaceutical approved for multiple indications. Operating performance was below 3M's corporate average in 2005, because of price pressures in Europe and decreased demand for older products. Additionally, Aldara sales for the actinic keratosis indication have been disappointing since FDA approval was received in March 2004. The divestiture of the business will have a minimal impact
