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 Weaknesses: Slight under-representation in lucrative U.S. pharmaceuticals market Less conservative financial policy than in the past The ratings on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) reflect our view of 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 its high free cash flow generation. The ratings are constrained by Roche's less conservative financial policy than in the past and below-par financial risk profile
