... Pharma GmbH & Co. KG (Grunenthal) posted larger-than-expected sales and EBITDA growth for 2021, thanks to a solid contribution from its top-selling drug, Palexia; Crestor's acquisition; and an overall rebound in sales from the COVID-19-induced decline in 2020. - Despite our expectations of a return to sales decline in 2022 and 2023, we anticipate tangible cost savings from the company's restructuring program in 2021, a lack of competition for Palexia in 2022 in key markets, continuous uptick for Qutenza, and continued strong EBITDA contribution from Crestor until 2024. This should translate into continued strong free operating cash flow (FOCF) of over 120 million and S&P Global Ratings-adjusted (gross) debt leverage in the range of 3.1x-3.4x. - We raised our long-term issuer credit rating on Grunenthal to '##-' from 'B+' and revised our outlook to stable. Consequently, we also raised our issue ratings on Grunenthal's senior secured notes to...
