Leading global player in fast-growing oncology indication; Pharmaceutical divisions sales growth significantly ahead of market growth; Well stocked late-stage pipeline; Efficient research and development; Relatively young and well-diversified patented drug portfolio; Strong free cash flow generation; and Conservative financial policy. Under-representation in lucrative U.S. pharmaceuticals market; and Exposure to lower growth diagnostics segment. The ratings on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) reflect the group's excellent business position, based on high growth rates in its pharmaceuticals division, its global No.1 position as a provider of oncology drugs, well stocked late-stage pipeline, and conservative financial profile. The ratings are constrained by Roche's under-representation in the high-margin U.S. pharmaceuticals market and below best-in-class margins in its pharmaceuticals business outside
