...- Bristol-Myers Squibb Co. rapidly reduced S&P Global Ratings-adjusted (net) debt leverage to 1.4x for 2021, from 2.0x in 2020, helped by strong free cash flow generation, limited spending on M&A, and monetization of certain equity investments. The commitment to deleveraging was highlighted by the repayment of $6 billion of debt. - Pro forma for the company's $5 billion of accelerated share repurchase (ASR) in the first quarter of 2022, we expect leverage of about 1.6x-1.7x, which is comfortably in line with our expectations (of 1.5x-1.8x) for the 'A+' rating. - We view the company's strong annual free cash flow generation after dividends (of about $10 billion, enabling it to delever by about 0.4x-0.5x per year) as providing the company the financial flexibility to pursue meaningful M&A, without eroding credit measures, in line with the 'A+' rating. - We revised our outlook on Bristol-Myers to stable from negative and affirmed our 'A+' long-term issuer credit rating. - Our stable outlook...
