Bristol Myers Squibb's 4.39% dividend yield remains safe despite slower growth and elevated debt.

Bristol Myers Squibb offers a 4.39% dividend yield backed by 94 years of payments, with a payout ratio near 41% and strong cash flow coverage. Despite elevated net debt of $33.6 billion, manageable leverage and a dovish Fed reduce refinancing risks. Dividend growth has slowed to about 1.6%, reflecting a focus on pipeline investment rather than aggressive raises. Management remains confident in sustainable growth and dividend safety, with future increases likely modest amid potential risks from legacy drug erosion and debt paydown challenges.