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Pharmaceutical companies may not be known for defaulting on their debt, but a number of drug makers actually did so over the past few years, according to a new analysis suggesting defaults are a risk factor that may not be on the radars of many investors.

From 2017 through 2021, a dozen drug manufacturers failed to make good on their debt for a variety of reasons — competition, litigation, government intervention, patent expirations, or issues with an acquisition, according to the analysis by S&P Global Ratings, the credit rating agency. Overall, there were 15 defaults among pharmaceutical companies since 2011.

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