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Q3 2026 earnings summary22 Oct, 2026
Executive summary
Nine-month sales were CHF 46,493m, up 6.2% at CER and 1.4% in CHF; Pharma grew 7% and Diagnostics 4% at CER.
Q3 growth accelerated to 8.1% at CER and 7.3% in CHF; a CHF 180m Japan ERP-related shipment-timing benefit is expected to reverse in Q4.
Seven of eight Phase III readouts were positive YTD; the pipeline could deliver up to 20 new molecular entities by 2030.
Financial highlights
Pharma sales reached CHF 36.2bn, up 7% at CER; Diagnostics sales were CHF 10.3bn, up 4% at CER.
The five leading growth drivers—Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo—generated CHF 16.8bn, up 12% at CER.
Year-to-date LOE impact was CHF 355m; full-year 2026 impact is expected to be ~CHF 600m, with a larger Actemra impact in Q4.
Q3 sales exceeded consensus by 2%, or ~CHF 360m; the Japan timing benefit accounted for ~CHF 180m, with the balance attributed to portfolio performance.
Outlook and guidance
FY 2026 guidance was confirmed: mid-single-digit sales growth and high-single-digit Core EPS growth at CER; a further dividend increase in Swiss francs is expected.
At end-September exchange rates, estimated 2026 currency impacts were -3pp for sales and -5pp for core operating profit and Core EPS.
Longer-term outlook calls for mid- to high-single-digit sales growth, Core operating profit growth ahead of sales, and a stable or higher Pharma Core operating profit margin.
2027 sales momentum is expected to remain similar, with margin expansion despite higher R&D investment; Diagnostics expects to return to mid-to-high-single-digit growth.
2026 product outlooks include high-single-digit growth for Hemlibra and Ocrevus, ~20% for Xolair, low-double-digit for Vabysmo and low-single-digit for Tecentriq.
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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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