...Sector and Subsectors: This report presents the key peer comparator elements observed or expected for companies in the global pharmaceutical sector. Subsectors include the developers and manufacturers of branded pharmaceuticals and specialty pharmaceuticals. In addition the manufacturers of generic pharmaceuticals are represented as a subsector. Characteristics across types of drug companies vary based on level of innovation, intellectual property protection, breadth of product portfolio and geographic reach. Key Factors: The Sector Risk Profile defines and groups companies operating in the sector into a "natural" rating territory based on Fitch's view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After assessing the Operating Environment, then Management and Corporate Governance, the Navigator examines four Sector-Specific factors for given rating levels. Finally, three Financial Profile factors...
