Market-leading oncology and cardiovascular products, with five products exceeding $1 billion in annual sales; Successful track record of new product introductions; Geographically diverse operations; and Moderate product and therapeutic concentration. Low debt leverage; Conservative financial policies with limited use of debt financing and ample cash balances; and Disciplined pace of business acquisitions. The stable rating outlook on Bristol-Myers Squibb Co. reflects S&P Global Ratings' expectation that revenue growth will remain stable, potentially growing at a rapid rate in 2019, depending on the results of certain clinical trials. We also expect leverage will remain below 1.5x. A downgrade is possible if the company undertakes a large acquisition that would cause leverage to approach 1.5x. The company announced in February 2018 the
