Diverse pharmaceutical product portfolio; Productive R&D pipeline, with a number of promising mid-term prospects; and Long-standing modest financial risk profile, with strong liquidity. Nearly half of the current revenues lose market exclusivity over the next three years; and Near-term new product pipeline is limited. The ratings on New York-based Bristol-Myers Squibb Co. (BMS) reflect the company's diverse pharmaceutical product portfolio, the challenge of an approaching "patent cliff," and a modest financial risk profile. The recently enacted Patient Protection and Affordable Care Act did have an immediate, but limited, impact on the company's revenues. With the retroactive increase in rebates on its Medicaid drug sales, net sales in the first quarter of 2010 for BMS were negatively affected by 1%. Quarterly
