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

NEW YORK (S&P Global Ratings) Feb. 14, 2024--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 financing the recently proposed acquisitions of Karuna Therapeutics and RayzeBio for $12.7 billion and $3.6 billion (both net of cash at target), respectively. Our 'A' issuer credit rating on Bristol-Myers Squibb reflects its strong position in the high-margin, patent-protected market for prescription drugs, which is relatively insensitive to the business cycle. The company's 2023 revenue of about $45 billion was supported by 10 blockbuster drugs across franchises in hematologic oncology, oncology, cardiovascular diseases, immunology, and neuroscience. Bristol-Myers Squibb's

...February 14, 2024 NEW YORK (S&P Global Ratings) Feb. 14, 2024--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 financing the recently proposed acquisitions of Karuna Therapeutics and RayzeBio for $12.7 billion and $3.6 billion (both net of cash at target), respectively. Our 'A' issuer credit rating on Bristol-Myers Squibb reflects its strong position in the high-margin, patent-protected market for prescription drugs, which is relatively insensitive to the business cycle. The company's 2023 revenue of about $45 billion was supported by 10 blockbuster drugs across franchises in hematologic oncology, oncology, cardiovascular diseases, immunology, and neuroscience. Bristol-Myers Squibb's strong free cash flow generation enhances financial flexibility and is a strength relative to big pharma...

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