Bristol Myers Squibb

Bristol Myers Squibb is one of the largest pharmaceutical companies in the world, with a portfolio centred on oncology, immunology and cardiovascular medicine, including major drugs such as Eliquis and Opdivo. Like its peers, it faces the constant challenge of replacing revenue from products approaching patent expiry with new launches and acquisitions. The company has an exceptionally long dividend record, paying without interruption for more than four decades, and it currently offers one of the more generous yields among big pharma. The payout is well supported by cash flow, though investors watch the patent cliff and pipeline execution closely. This is an attractive income profile combining a high, dependable yield with a very long track record.