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AstraZeneca PLC May 11
Standard & Poors, May 2011
Abstract
Seventh-largest player in the global pharmaceuticals market. Strong portfolio of blockbuster drugs. Excellent position in lucrative North-American prescription drugs market. Superior free cash flow generation. Relatively concentrated portfolio of drugs. Relatively significant patent expiries likely to affect future sales growth. The ratings on U.K.-based pharmaceuticals company AstraZeneca PLC reflect the group's 'excellent' business risk profile, underpinned by a blockbuster-rich drug portfolio, superior cash flow generation, and an improved late-stage pipeline over the last couple of years. However, its comparatively high product concentration, and exposure to generic competition mitigate these rating strengths. With more than $33 billion in sales and about $14 billion in unadjusted EBITDA in 2010, AstraZeneca continues to be one of the most profitable among the top 10...
Companies mentioned in this report are: AstraZeneca PLC
Action: Review
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: Full Analysis
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