Leading global player in fast-growing oncology indication. Excellent late-stage pipeline of drugs in development. Several key products exposed to patent expiry effects in the coming 18 months, notably on the key U.S. market. Very strong uptake from Ocrevus in neuroscience. High EBITDA margins relative to peers. World class position in diagnostics. Strong free cash flow generation. Conservative financial policy. The stable outlook on Switzerland-based global pharmaceutical company Roche Holding AG (Roche) reflects S&P Global Ratings' assumption that the company will maintain credit-protection metrics over the next 12-24 months of pension- and lease-adjusted ratio of funds from operations (FFO) to net debt of more than 45% and debt to EBITDA below 2x on a sustainable basis. We also take into account
