Leading global player in fast-growing oncology indication Pharmaceutical division's 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 Conservative financial policy Under-representation in lucrative U.S. pharmaceuticals market 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 lower than best-in-class margins in its pharmaceuticals business outside the U.S.
