Novartis AG - Credit Update - 2009/10/26 - Fitch Research

Report title: Novartis AG

from Fitch Research
3 page (3237 word) report published Oct 26, 2009

Price $165.00 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 a significant presence in nonbranded pharmaceuticals businesses, where the free cash flow (FCF) margin is less than half of that in pharmaceuticals (financial year 2008 (FY08): 12.1% compared with 29.2%); and the upcoming US patent expiration (15.4% of FY08 sales are at risk from patent expiry by 2013). Fitch Ratings, however, recognizes that although the nonbranded pharmaceuticals dilute the group's FCF margin, they add some diversification....

Report Type:

Credit Update

Company(ies):

Novartis AG

Ticker(s):

NOVN

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