Leading global player in the fast-growing oncology indication. Pharmaceutical growth significantly ahead of market growth. Well-stocked late stage pipeline. Relatively young and well-diversified product portfolio. Strong free cash generation. Slight underrepresentation in lucrative U.S. pharmaceutical market. Less conservative financial policy than in 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, its 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. The group's total financial debt was Swiss franc (CHF) 30.1 billion ($28.6 billion) on Dec.
