DBRS assigns Novartis AA(low)

DBRS said it assigned AA (low) issuer ratings with stable trends to Novartis AG and Novartis Finance SA.

“The credit ratings reflect Novartis’ scale as one of the world’s largest innovative pharmaceutical companies, as well as its geographically diverse operations and solid pipeline of new products and indication extensions. The credit ratings also consider the company’s focus on essential medicines in areas of unmet medical need, which has resulted in stable financial performance and strong credit metrics, including adjusted cash flow-to-debt of 60% and adjusted debt to EBITDA of about 1.6 times (x) as of Sept. 30, 2023 (Q3 2023),” DBRS said in a press release.

Moreover, “Looking ahead to 2025, DBRS Morningstar has assessed Novartis’ financial profile as a pure-play innovative medicines company, net of the Sandoz spinoff. DBRS Morningstar expects that the company’s stand-alone 2023 revenues will continue to grow in line with its Q3 2023 performance, resulting in mid-to-high single-digit percentage annual sales growth,” the agency added.

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