Roche (ROP SW) Q1 2026 (CHF): Sales 14.72bln (prev. 15.44bln Y/Y), Group Sales +6% at constant exchange rates, -5% in CHF, due to significant currency appreciation; confirms 2026 outlook
Sales by Region:
- US: 5.69bln (prev. 6.22bln Y/Y)
- Europe: 2.23bln (prev. 2.32bln Y/Y)
- Japan: 649mln (prev. 671mln Y/Y)
Sales by Unit:
- Group: driven by high demand for our innovative medicines and diagnostics.
- Pharmaceutical: +7% at CER, -4% in CHF, +10% in USD. Due to continued high growth in sales of medicines for the treatment of severe diseases: Xolair, Phesgo, Hemlibra, Vabysmo & Ocrevus were the top drivers.
- Diagnostics: +3% at CER, -7% in CHF, +7% in USD. Demand for core lab and pathology solutions more than offset the impact of healthcare pricing reforms in China.
2026 Outlook:
- Confirmed.
- Core EPS in the high single-digit range at CER.
- Expects to increase dividend in CHF.
Context
Roche's Q1 2026 results reflect a 6% increase in group sales at constant exchange rates, although they showed a decline of 5% in CHF due to currency fluctuations. The confirmation of their 2026 outlook alongside recent performance suggests resilience in demand for innovative medicines, positioning the company well in a challenging environment. Investors should note the impact of currency on revenue but might view the stable growth in core areas positively.
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