NEW YORK (S&P Global Ratings) Feb. 7, 2020--S&P Global Ratings today said that Bristol-Myers Squibb Co.'s (A+/Stable/A-1+) announcement that its board of directors has approved a $5 billion increase to its share repurchase authorization does not affect our ratings or outlook on the company. The company stated that it plans to repurchase the shares, which we expect will occur over the next few years, primarily to offset dilution. In addition, management reiterated its goal of reducing the company's leverage over the next three years. Our rating on Bristol-Myers Squibb reflects its position as one of the largest pharmaceutical companies in the world with eight blockbuster drugs and a leadership position in oncology products. The company has a solid pipeline with
