...- We expect Pharmanovia, a pharmaceutical company specialized in off-patent branded drugs, will continue its track record of improving credit metrics. Specifically, we forecast S&P Global Ratings-adjusted debt to EBITDA will decrease below 6x by March 31, 2024 (end-fiscal 2024) thanks to optimizing sales potential relative to the acquisition multiples of previously acquired assets in its portfolio. - We anticipate the company will continue to generate positive free operating cash flow (FOCF) above ú50 million, with an EBITDA margin improving to 44%-47% in the next 12-18 months. Pharmanovia has also diversified its product portfolio and is consolidating its presence in endocrinology following the acquisition of the rights to Rocaltrol China. - We raised our long-term issuer credit rating on Pharmanovia to 'B' from 'B-'. We also raised our issue ratings on Pharmanovia's senior secured debt to 'B' from 'B-', with a recovery rating of '3', reflecting our expectations of meaningful recovery...
