Industry Report Card: New Drug Pipelines And Emerging Market Demand Should Keep European Pharmaceutical Profits Up In 2011 Jan 11
Standard & Poors, January 2011
Abstract
European pharmaceutical companies' credit quality is likely to stay resilient through 2011, in Standard & Poor's Ratings Services opinion. Although most companies experienced a slowdown in sales growth in 2010, partly in our view due to pressures on pricing from health-care reforms and a spate of patent expiries on high-margin drugs, we consider the slowdown only a temporary phenomenon. We believe companies' strong pipelines of new drugs in development as well as healthily expanding markets in emerging Asian countries will maintain growth momentum this year and in the longer run. We also note that despite slower sales growth in 2010, many companies continued to improve their cash flow generation. We consider that this can be put down to various strategies...
Companies mentioned in this report are:
- Bayer AG
- Genzyme Corp.
- AstraZeneca PLC
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Marseille-Kliniken AG
- Fresenius SE & Co. KGaA
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Roche Holding AG
- Octapharma Nordic AB
- Care UK Health & Social Care Investments Ltd.
- Labco S.A.
- Novasep Holding S.A.S.
- PHOENIX Pharmahandel GmbH & Co. KG
- Grifols S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Bayer AG
- Genzyme Corp.
- AstraZeneca PLC
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Marseille-Kliniken AG
- Fresenius SE & Co. KGaA
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Roche Holding AG
- Octapharma Nordic AB
- Care UK Health & Social Care Investments Ltd.
- Labco S.A.
- Novasep Holding S.A.S.
- PHOENIX Pharmahandel GmbH & Co. KG
- Grifols S.A.
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