Leading global player in fast-growing oncology indication. Well-stocked late stage pipeline. Relatively young and well-diversified product portfolio. Strong free cash generation. Slight underrepresentation in the 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 Standard&Poor's Ratings Services' view of the group's "excellent" business risk profile, as the globally leading provider of oncology drugs, and its "modest" financial risk profile., as our criteria define these terms. Roche's key business strengths include its excellent business positions in its pharmaceuticals and diagnostics divisions and its well-stocked late-stage pipeline, which now also has a critical size in treatment areas other than oncology. In addition, Roche continues
