...October 9, 2020 LONDON (S&P Global Ratings) Oct. 9, 2020--S&P Global Ratings today said that Roche Holding AG (##/Stable/A-1+) should be able to deliver 2020 revenue broadly in line with last year and return to 1%-3% growth in 2021. We expect the pharmaceutical company to post broadly unchanged EBITDA and lower free operating cash flow in 2020, resulting in S&P Global Ratings-adjusted leverage at about 0.5x, well below the 2.0x that we view as commensurate with the current rating, providing sizable headroom for discretionary spending like acquisitions. The rating takes into account our assumption that Roche will maintain excellent business risk profile. We base this on the group's world-class franchise in the large and profitable oncology segment but also increasing diversification beyond oncology, with strong expertise in hematology, neuroscience, and immunology. The company's portfolio includes 14 blockbusters (with annual sales over $1 billion). It is reasonably diversified, with the...
