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Industry Report Card: European Pharmaceutical Firms In Robust Health, Despite Some Hiccups With Pipeline Drugs Nov 06 Product Image

Industry Report Card: European Pharmaceutical Firms In Robust Health, Despite Some Hiccups With Pipeline Drugs Nov 06

  • Published: November 2006
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • AstraZeneca PLC
  • Bayer AG
  • Fresenius SE & Co. KGaA
  • GlaxoSmithKline PLC
  • Merck KGaA
  • Novartis AG
  • MORE

Abstract
The European pharmaceuticals sector is in robust good health in the latter part of the 2006. The good product portfolios of patented drugs and limited immediate patent expiries among most rated companies has bolstered operating cash flows and allowed them to further improve their net debt positions in the third quarter. The credit quality of rated companies has therefore further strengthened, even though many firms have increased dividend payments and share buybacks. Nevertheless, some big pharma firms have suffered setbacks for drugs in the pipeline and withdrawals of initially hopeful drug candidates in recent quarters. Worst affected were sanofi-aventis S.A. (AA-/Stable/A-1+) and AstraZeneca PLC (AA+/Stable/A-1+). The former has suffered delays, patent challenges, or reimbursement issues on five drugs, the latter...

Companies mentioned in this report are:
- Bayer AG
- AstraZeneca PLC
- Fresenius Medical Care AG & Co. KGaA
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Fresenius SE & Co. KGaA
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Serono S.A.
- Roche Holding AG

Standard and Poors RatingsXpress READ MORE >

- Bayer AG
- AstraZeneca PLC
- Fresenius Medical Care AG & Co. KGaA
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Fresenius SE & Co. KGaA
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Serono S.A.
- Roche Holding AG

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