Roche (ROG) investor relations material

Executive summary

• Group sales grew 6% at constant exchange rates (CER) in Q1 2026, led by Pharma (+7%) and Diagnostics (+3%), with Diagnostics growth at +5% excluding China due to ongoing healthcare pricing reforms and a weaker flu season impacting respiratory sales.

• Key growth drivers included Xolair, Phesgo, Hemlibra, Vabysmo, Ocrevus, and Polivy, while Xofluza was negatively affected by the low flu season.

• Strong pipeline progress with multiple pivotal Phase III readouts and regulatory filings, notably for giredestrant (breast cancer), fenebrutinib (MS), petrelintide (obesity), Lunsumio + Polivy, and Gazyva in various indications.

• Continued investment in AI and digital infrastructure, including expanded collaborations with NVIDIA and the launch of the largest AI factory in pharma.

Financial highlights

• Group sales reached CHF 14.7 billion in Q1 2026 (+6% CER, -5% CHF, +9% USD); Pharma CHF 11.5 billion (+7% CER), Diagnostics CHF 3.3 billion (+3% CER).

• Diagnostics: Core Lab up 4%, Pathology Lab up 12%, Molecular Lab flat, Near Patient Care down 5%, Blood Screening down 9%.

• Currency headwinds, mainly from Swiss franc appreciation, led to a -5% decline in CHF and a CHF -1.6 billion impact; at US dollar rates, growth would have been +9%.

• Loss of exclusivity (LOE) expected to impact sales by CHF 1 billion in 2026.

• Top five pharmaceutical growth drivers delivered CHF 5.3 billion in sales (+14% CER).

Outlook and guidance

• Guidance confirmed for mid-single-digit group sales growth and high single-digit core EPS growth for 2026 at CER, with a further dividend increase in Swiss francs.

• LOE impact of CHF 1 billion expected to be offset by business growth.

• Up to 19 new molecular entities (NMEs) could launch between 2027 and 2030, supporting long-term growth.