Industry Report Card: European Pharmaceutical Firms In Fine Form, As First-Quarter Revenues Outpace Market Jul 07
Standard & Poors, July 2007
Abstract
Most rated European pharmaceutical companies are in fine form, as first-quarter revenue growth continued to outpace underlying global market growth, estimated at 6%-7%. The main forces behind the trend were generally healthy growth in key parts of the existing product portfolio and relatively little negative sales pressure from drugs with expiring patents. This meant that most companies were able to more than balance any sales lost due to generic competition through either higher sales of existing drugs and/or new sales derived from newly approved compounds. Among the pharmaceutical companies in Europe rated by Standard & Poor's, those recording the strongest growth in the first quarter of 2007, were: Roche Holding AG (Roche; AA+/Stable/A-1+): pharmaceutical sales growth leapt 20%, generated mainly...
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
- Roche Holding AG
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
- 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
- Roche Holding AG
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