Roche Holding AG

SIX:RO

Strong growth: Roche reported 6% sales growth at constant exchange rates, while core operating profit rose 10%, driven by both Pharma and Diagnostics and continued cost control.

Guidance confirmed: Management maintained its outlook for mid-single-digit sales growth, high-single-digit core EPS growth and a further dividend increase in Swiss francs. Expected 2026 loss-of-exclusivity impact was reduced to roughly CHF 600 million.

Pipeline momentum: Roche highlighted 5 FDA priority reviews, an 80% Phase III success rate so far this year and substantial upcoming readouts, including divarasib, giredestrant, Gazyva, Itovebi, Lunsumio and sefaxersen.

Pharma drivers: Hematology grew 14%, neurology 9% and immunology 8% at constant exchange rates. Hemlibra’s full-year growth outlook was raised to mid-single digit, while Ocrevus is now expected at the lower end of its prior high-single-digit to low-double-digit range.

Diagnostics headwinds: Diagnostics grew 3% overall, or 6% excluding China, as Chinese healthcare pricing reform and a weak respiratory season weighed on results. The division still targets mid-single-digit sales growth for 2026.

New launches: Roche launched the AXELIOS 1 sequencing solution and received CE marks for Elecsys pTau217 and Elecsys IGRA TB. Seven of 11 planned Diagnostics launches had been completed by half-year.

Strategic focus: Management emphasized disciplined business development, stronger internal R&D productivity and growing royalty income. Pharma Day on September 28 is expected to provide updates on divarasib, giredestrant, obesity assets, cost savings and AI in drug development.