Logotype for Roche Holding AG

Roche (ROG) investor relations material

Roche H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Roche Holding AG
H2 2025 earnings summary29 Jan, 2026

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.

How do new product sales offset biosimilar erosion?
Detail R&D cost savings offsetting new investments.
Explain IFRS 18 impact on Corporate operating profit.
Quantify new product growth vs. patent expiry impact
Evaluate China pricing reform impact on Diagnostics
Assess obesity pipeline's future growth potential
Giredestrant: How much market derisked by lidERA?
Diagnostics margin recovery beyond 2026 outlook
Fenebrutinib's differentiation vs. other BTKs
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Roche earnings date

Logotype for Roche Holding AG
Study update9 Feb, 2026
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Roche earnings date

Logotype for Roche Holding AG
Study update9 Feb, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage