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 will not offset revenue losses from patent expirations. The ratings on New York-based Bristol-Myers Squibb Co. (BMS) reflect Standard&Poor's Ratings Services' view that the company has a strong business risk profile because of its well-established position in the high-margin, patent-protected market for prescription drugs. The key uncertainty facing BMS is the extent to which its diverse pharmaceutical product portfolio and new product introductions will offset losses from an approaching patent cliff. Our view of the financial
