Overview
- Total sales reached SFr61.5bn, up 7% at constant exchange rates and 2% in Swiss francs, with core operating profit at SFr21.8bn versus a SFr22bn consensus.
- Pharmaceuticals sales rose 9% to SFr47.7bn, led by Ocrevus at SFr7bn and Vabysmo at SFr4.1bn, with Vabysmo’s 12% growth running about 2% below expectations due to retinal biosimilars.
- Xolair grew 32% in 2025, and the company cautioned that biosimilar competition is expected to enter in the second half of 2026.
- Diagnostics sales increased 2% to SFr13.8bn, which the company said more than offset the impact of healthcare pricing reforms in China.
- Roche highlighted pipeline momentum with Phase III success for fenebrutinib, positive Phase II data for obesity candidate CT-388, and a goal to launch 19 NMEs by 2030, while shares opened 0.6% lower in Zurich.