Industry Report Card: European Health Care Jun 05

Standard & Poors, June 2005

Abstract
The top-five European markets, which represent about 16% of global pharmaceuticals, achieved sales of $88.2 billion in the 12 months to March 2005, up by 4% at constant exchange rates (CER), but a slight decrease on sales in the 12 months to February 2005. Dramatic rises in marketing costs combined with the growing availability of over-the-counter and generic medicines are, however, intensifying pricing pressure within the industry, particularly in Europe. Regulatory risk has gradually increased in recent quarters and companies continue to face significant reimbursement risks. Pricing pressure is essentially driven by the ongoing cost-containment efforts of respective governments and includes mandatory price reductions and an increase in the volume of drugs allowed for resale within the EU by third-party...

Companies mentioned in this report are:
- Bayer AG
- AstraZeneca PLC
- DaVita HealthCare Partners Inc.
- Fresenius Medical Care AG & Co. KGaA
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Fresenius SE & Co. KGaA
- Schering AG
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Renal Care Group Inc.

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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
- AstraZeneca PLC
- DaVita HealthCare Partners Inc.
- Fresenius Medical Care AG & Co. KGaA
- Novartis AG
- GlaxoSmithKline PLC
- Sanofi
- Fresenius SE & Co. KGaA
- Schering AG
- Nycomed S.C.A. SICAR
- Merck KGaA
- Novo Nordisk A/S
- Renal Care Group Inc.

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