NEW YORK (S&P Global Ratings) June 24, 2019--S&P Global Ratings today said that its ratings on Bristol-Myers Squibb Co. (A+/Watch Neg/A-1+) are not affected by the company's announcement that it will divest psoriasis treatment Otezla, which is marketed by Celgene Corp., to satisfy the Federal Trade Commission's (FTC) concerns about its planned acquisition of Celgene. Otezla generated $1.6 billion of sales for Celgene in 2018 and the sale of this treatment will reduce the company's projected revenue and cash flow after it acquires Celgene. However, we expect the net proceeds from the sale to be more than 3.5x the drug's 2018 EBITDA and anticipate that Bristol-Myers's overall projected leverage will remain flat or modestly decline. In addition, while the sale
