Overview Key strengths Key risks Bristol-Myers Squibb Co. has a market-leading position in the high-margin, patent-protected market for prescription drugs, which is relatively insensitive to the business cycle. High product concentration particularly relative to peers, with top-three products accounting for about 68% of 2021 revenue (28%, 23%, and 17%, respectively), exacerbated by the expected launch of competition to the top product, Revlimid, in 2022. Eight blockbuster drugs with leading franchises in hematologic oncology, oncology, cardiology, and immunology. Elevated risk to the company's historically conservative financial policy, given our expectation for limited revenue growth over the next four years (2022-2025), while Revlimid revenues decline. A conservative financial policy, with leverage expected to generally remain below 1.8x, and strong cash flow generation
