Moody’s lifts Bristol-Myers outlook to ‘Stable’
NEW YORK — Moody’s Investors Service raised its outlook on drugmaker Bristol-Myers Squibb Co. to “Stable” from “Negative” Monday after regulators approved Bristol-Myers’ diabetes treatment Onglyza.
Moody’s maintained its ratings on the New York company, saying the approval helps solidify Bristol-Myers Squibb’s credit profile. The agency also said it thinks the company is looking at acquisitions with a price target of $1 billion to $2 billion, and it would not need debt financing for such a deal.
The Food and Drug Administration approved Onglyza on Friday. The market approval covers the use of Onglyza to reduce blood sugar levels in patients with type 2 diabetes. Bristol-Myers is partnering with AstraZeneca PLC on the drug.
In afternoon trading, Bristol-Myers Squibb shares rose 9 cents to $21.83.