Novartis AG - Full Rating Report - 2009/03/23 - Fitch Research

Report title: Novartis AG

from Fitch Research
11 page (6280 word) report published Mar 23, 2009

Price $425.00 available for immediate download

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...Novartis AG's (Novartis) ratings are supported by the group's solid competitive positioning in the global pharmaceuticals industry, and its strong R&D -- as is evident from its product portfolio and pipeline. Negative rating factors are the group's underrepresentation in the US, where only 33% of financial year 2008 (FY08) pharmaceutical sales of USD26.3bn were generated; and its significant presence in nonbranded pharmaceuticals businesses (generic drugs, consumer health operations and diagnostics), where the free cash flow (FCF) margin is less than half of that in pharmaceuticals (FY08: 12.1% compared with 29.2%). Although the nonbranded pharmaceuticals dilute the group's FCF margin, they add some diversification. + ...

Report Type:

Full Rating Report

Company(ies):

Novartis AG

Ticker(s):

NOVN

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