R&I Affirms AA/a-1+, Stable: Daiichi Sankyo Co., Ltd.
Rating and Investment Information, Inc. (R&I) has announced the following:
Daiichi Sankyo Co., Ltd. Issuer Rating: AA, Affirmed Rating Outlook: Stable Commercial Paper: a-1+, Affirmed RATIONALE:
For the pharmaceutical business, Daiichi Sankyo Co., Ltd. has strength in the fields of cardiovascular and infectious diseases. Its antihypertensive "Olmesartan" products have grown to a blockbuster drug (a drug generating more than $1 billion of revenue annually). In Japan, a series of new drugs, such as gastritis/gastric ulcer treatment agent "Nexium", and "Memary" for treatments of Alzheimer's disease, were launched. As for India's largest generic drug producer Ranbaxy Laboratories, Ltd. (Ranbaxy), which was acquired by Daiichi Sankyo in November 2008, a promising drug to be launched in the U.S. market will likely make profit contribution. Overall, Daiichi Sankyo has achieved a relatively high level of profit and cash flow. That said, as efforts to constrain health care costs gain momentum in markets of developed countries, new drugs are becoming susceptible to the impact of such trend, even while they are protected by the patent. Accordingly, growth in earnings from "Olmesartan" is slowing down. The issue of an export ban to the U.S. imposed on Ranbaxy also requires careful attention. Given the expiration of the patent for "Olmesartan" in October 2016 in the U.S., promotion of new drug development is an issue facing the company. While new drugs such as Edoxaban, used for the treatment for venous thromboembolism, and Effient, an antiplatelet agent, are in the latter stage of clinical trials for approval of wider applications, the number of pipeline products is slightly small. Net debt is negative and the company's capital ratio has been maintained at more than 50%. The Rating Outlook is Stable. Considering CP issuance records and plans, there are no problems with backup funding for CP redemption.
The primary rating methodologies applied to this rating are provided at "Basic Methodologies for R&I's Credit Rating" and "Pharmaceuticals". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. http://www.r-i.co.jp/eng/cfp/about/methodology/index.html
R&I RATINGS: ISSUER: Daiichi Sankyo Co., Ltd. (Sec. Code: 4568) Issuer Rating AA, Affirmed RATING OUTLOOK: Unsec. Str. Bonds No.1 Issue Date Maturity Date Issue Amount (mn) AA, Affirmed
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Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to http://www.r-i.co.jp/eng/policy/policy.html.
Rating and Investment Information, Inc. Unsec. Str. Bonds No.2 Issue Date Maturity Date Issue Amount (mn) AA, Affirmed Commercial Paper ISSUE LIMIT (mn): a-1+, Affirmed
■Contact : Investors Service Division TEL.+81-(0)3-3276-3511 E-mail. [email protected]
■Media Contact : Corporate Planning Division (Public Relations) TEL.+81-(0)3-3276-3438 Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to http://www.r-i.co.jp/eng/policy/policy.html.
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