A diversified product portfolio despite some therapeutic concentration. Growth of existing and newly launched products should lessen the impact of near-term patent expirations. Successful track record of new product introductions. Disciplined pace of business acquisitions. Very low debt leverage of 0.7x at Dec. 31, 2014. Free operating cash flow to debt of 88% at Dec. 31, 2014. Conservative financial policies with limited use of debt financing and ample cash balances. Our stable rating outlook on Bristol-Myers Squibb Co. (BMS) reflects our expectation that that current and expected revenue losses from expiring patents will be temporary. We believe that growth of older franchises, coupled with growth from newer products such as Eliquis and Opdivo, will temper the impact of the product
