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Roche (ROG) investor relations material
Roche H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group sales grew 7% at constant exchange rates (CER) to CHF 61.5 billion, with Pharmaceuticals up 9% and Diagnostics up 2%, despite China healthcare pricing reforms and currency headwinds.
Core operating profit increased 13% (CER) to CHF 21.8 billion, and core EPS rose 11% (CER); IFRS net income surged 58% year-over-year, mainly due to the absence of prior year impairments and strong operational performance.
Strong pipeline progress with multiple positive Phase 3 readouts in oncology, neurology, immunology, and obesity, and 10–12 new NMEs advancing to Phase 3.
Dividend increase to CHF 9.80 per share proposed, marking the 39th consecutive annual increase.
Upgraded guidance delivered, with mid-single-digit sales growth and high single-digit core EPS growth targeted for 2026.
Financial highlights
Sales: CHF 61.5 billion (+7% CER), Pharmaceuticals: CHF 47.7 billion (+9% CER), Diagnostics: CHF 13.8 billion (+2% CER).
Core operating profit: CHF 21.8 billion (+13% CER); IFRS net income: CHF 13.8 billion (+58% CER); core EPS: CHF 19.46 (+11% CER).
Operating free cash flow was CHF 16.2 billion, down from CHF 20.2 billion, mainly due to higher receivables and inventory build-up.
Net debt reduced by CHF 1.2 billion to CHF 16.2 billion; equity ratio improved to 38%.
Dividend payout ratio: 50.4% of core net income.
Outlook and guidance
2026 guidance: mid-single-digit group sales growth and high single-digit core EPS growth at CER, with further dividend increases planned.
Diagnostics expects mid-single-digit growth in 2026, returning to mid- to high-single-digit growth post-2026 as China headwinds abate.
Loss of exclusivity impact estimated at CHF 1 billion for 2026.
Ongoing adverse currency effects anticipated if Swiss franc remains strong.
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Frequently asked questions
The Vanguard of Biomedical Innovation
Roche Holding AG, commonly referred to as Roche is a Swiss multinational healthcare company with a rich history dating back to 1896. From its headquarters in Basel, Roche is active with operations in pharmaceuticals and diagnostics, with aportfolio spanning oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system. As one of the largest healthcare companies globally, Roche's products and services reach millions of people all over the globe.
From Humble Origins to Global Impact
Founded by Fritz Hoffmann-La Roche, Roche started as a small drug factory but quickly grew to become a leading player in the pharmaceutical industry. In its early years, Roche distinguished itself through its focus on innovation and international outlook, becoming the first company to mass-produce synthetic vitamin C in the 1930s. The company's focus on innovation and the development of new medicines has not wavered since its inception. Roche's pharmaceutical pipeline remains a critical factor in its ongoing growth, continually reinforcing its position as an important player in global healthcare.
What They Do
The company develops and provides innovative healthcare solutions, with a significant emphasis on oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system. Its pharmaceutical division works to research, develop, and market medications. Simultaneously, its diagnostics division delivers insights into diseases, providing doctors with tools for early detection, targeted treatment, and patient monitoring. Roche is a pioneer in integrated healthcare solutions, deeply investing in genomics and data analytics, underpinning its commitment to personalized medicine. As a global pharmaceutical and healthcare company they compete with names like Novartis, Pfizer, Novo Nordisk, and many others.
Strategic Acquisitions
The company is deeply invested in advancing the understanding and treatment of diseases through genetic insights. This commitment can be exemplified in its acquisition of Foundation Medicine and Flatiron Health, companies specializing in cancer genomics and real-world evidence solutions, respectively. These acquisitions supplement Roche's in-house efforts to develop therapies targeting the genetic drivers of disease.
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