A strong presence, led by Plavix, Avapro, and Abilify, in the high-margin pharmaceutical industry An increasingly promising near-term product pipeline Significant cash flows and financial flexibility Looming patent expiration on Pravachol in early 2006 Plavix patent litigation is a significant uncertainty The above-average investment-grade ratings on New York, N.Y.-based Bristol-Myers Squibb Co. reflect its still-strong presence in the worldwide pharmaceutical industry, its diverse product portfolio, and its solid financials. These factors are partially offset by an expected string of significant product patent expirations over the next several years and uncertain prospects for new product launches. Bristol-Myers' drug portfolio remains diverse, with strong positions in the oncology, cardiovascular, and virology markets. Indeed, the firm's top three best-selling drugs account for only
