Diverse pharmaceutical product portfolio; Productive R&D pipeline, with a number of promising mid-term prospects; and Minimal financial risk profile, with exceptional liquidity. Loss of almost $8 billion in revenues due to patent expirations; and Near-term new product pipeline will not offset all revenue losses from patent expirations. The ratings on New York-based Bristol-Myers Squibb Co. (BMS) reflect Standard&Poor's Ratings Services' expectation that, despite sales losses and margin compression driven by patent expirations, the financial risk profile of this mid-sized U.S. pharmaceutical company will remain "minimal" (according to our criteria) for the next two years, given very low current leverage. Our view of BMS' business risk profile as "strong" considers its well-established position in the high-margin, patent-protected market for
