Seven blockbuster drugs. A diversified product portfolio despite some therapeutic concentration. Successful track record of new product introductions. Geographically diverse operations. Low debt leverage. Conservative financial policies with limited use of debt financing and ample cash balances. Disciplined pace of business acquisitions. Our stable rating outlook on Bristol-Myers Squibb Co. reflects our expectation that growth of recently launched products, in particular Opdivo and Eliquis, will outpace declines from franchises facing increasing competition. We also expect the company will not sustain leverage above 1.5x. A downgrade is possible if the company undertakes a large acquisition that would drive leverage above 1.5x on a sustained basis. This could occur if the company made an acquisition of $2.5 billion or more. An upgrade
