Bristol-Myers Squibb Co. Proposed Senior Unsecured Notes Rated 'A+'

NEW YORK (S&P Global Ratings) Oct. 30, 2023--S&P Global Ratings today said that it assigned its 'A+' issue-level rating to pharmaceutical company Bristol-Myers Squibb Co.'s ('A+'/Stable/A-1) proposed senior unsecured notes. The company intends to use the proceeds for general corporate purposes including the financing of the proposed $4.8 billion acquisition of Mirati Therapeutics, Inc. We expect relatively flat revenue and moderate erosion in margins over the next four years (2023-2026) as declining revenue primarily from Revlimid, one of its top products, largely offsets revenue growth from a wave of recently launched products and from rising demand for the company's other leading products. Although we view the resulting reduction in product concentration favorably, we also expect stagnant revenue and declining profits

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