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Industry Report Card: European Pharmaceutical Sales Are Rising, Seemingly Immune To Pressures On Public Health Budgets Jun 10
Standard & Poors, June 2010
Abstract
European pharmaceutical companies are still increasing sales in 2010 in spite of pressure from governments to cut prices of patented drugs. Rated pharmaceutical firms' sales rose by an average of about 6% in 2009 and about 8% in the first quarter of 2010, on a non-weighted basis (see table 1). We believe this was on the back of new products, such as Novartis AG?s (AA-/Stable/A-1+) anti-hypertension drug Exforge, as well higher demand for pandemic vaccines after governments placed orders to be prepared for a potential outbreak of the H1N1 pandemic. Furthermore, prices for branded pharmaceuticals increased in the U.S. one year before the U.S. government passed its health-care reform in March this year, reportedly as the industry established higher price...
Companies mentioned in this report are: Bayer AG,AstraZeneca PLC,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.
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.
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