The ratings on New York, N.Y.-based Bristol-Myers Squibb Co. (BMS) reflect the company's diverse pharmaceutical product portfolio, the challenge of an approaching "patent cliff", and a modest financial risk profile. Beginning early in 2008, BMS began a program of divestitures to better focus on its more profitable drug franchise and transform itself into a midsized biopharma company. In the first half of 2008, the company divested its Convatec and Medical Imaging businesses for a combined consideration of $4.5 billion. In February 2009, it sold a minority position in Mead Johnson, its nutritional business, in a very-well received initial public offering. The proceeds from these divestments are expected to be used to broaden the company's drug portfolio, either through the acquisition
