The ratings on New York City-based Bristol-Myers Squibb Co. reflect the company's continuing position as one of the world's largest pharmaceutical firms, its diverse revenue base, and its solid cash flows. Bristol-Myers' pharmaceutical portfolio has nine products that each generate more than $150 million in annual sales. The portfolio is led by the cholesterol-lowering treatment, Pravachol, which produces nearly $2 billion in annual sales. This diversity partially cushions the company from the effect of major patent expirations. Bristol-Myers recently entered into an agreement in which it will acquire DuPont Pharmaceuticals Co. for $8 billion. The acquisition will add roughly $1.5 billion in annual pharmaceutical sales to Bristol-Myers, as well as broaden Bristol-Myers' pharmaceutical development pipeline. Despite the planned $8 billion
