Goldman Sachs Says Buy European Pharma Stocks Touting Innovation

European drugmakers that are focused on building portfolios of new medicines have gotten a nod from analysts at Goldman Sachs Group Inc.

The analysts initiated coverage of six large-cap pharmaceutical stocks on Thursday, saying “innovation is the key to success.” They gave buy ratings to AstraZeneca Plc, Novo Nordisk A/S and Novartis AG, and are neutral on GSK Plc and Bayer AG. Roche Holding AG is their sole sell rating.