Industry Report Card: Europe's Pharmaceutical Firms Are Growing More Resilient To Generic Drug Competitors Jul 11
Standard & Poors, July 2011
Abstract
The credit outlook for Europe's rated health-care industry is stable and may even improve over the coming year, in Standard & Poor's Ratings Services view. Large pharmaceutical firms are facing increasing competition from makers of generic drugs and we expect that this will continue to erode their sales growth. Yet, most European big-name providers of innovator drugs are becoming more resilient to the loss of lucrative patents on medicines they have developed and the resulting competition from cheaper non-branded copies, so that their cash flows are largely unaffected. They are protecting their margins with strong pipelines of new drugs in development, including biological drugs that are more complicated and therefore more expensive to recreate. They're also developing other ways to...
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.
- Bristol-Myers Squibb Co.
- Bayer AG
- AstraZeneca PLC
- Fresenius Medical Care AG & Co. KGaA
- 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
- Novasep Holding S.A.S.
- PHOENIX Pharmahandel GmbH & Co. KG
- Care UK Health & Social Care Investments Ltd.
- Grifols S.A.
- Labco S.A.
- Priory Group No.3 PLC
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