Leading global player in the fast-growing oncology indication. Growth in pharmaceuticals division significantly ahead of market. Well-stocked late-stage pipeline. Relatively young and well-diversified product portfolio. Strong free cash flow generation. Slight under-representation in lucrative U.S. pharmaceutical market. Less conservative financial policy compared with the past. 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, a well-stocked late-stage pipeline, and its high free cash flow generation. The ratings are constrained by Roche's financial policy, which has become less conservative than in previous years. The group's total financial debt was Swiss franc (CHF) 42.4
