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Roche (ROG) investor relations material

Roche Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary23 Oct, 2025

Executive summary

  • Group sales grew 7% at constant exchange rates (CER) to CHF 45.9 billion year-to-date, driven by 9% growth in Pharma and 1% in Diagnostics, with Diagnostics growth impacted by China healthcare pricing reforms; excluding China, Diagnostics grew 7%.

  • Pharma growth was led by strong performance in oncology, hematology, neurology, immunology, and ophthalmology, with key brands Phesgo, Xolair, Hemlibra, Vabysmo, Ocrevus, and Polivy contributing CHF 2.7 billion in new sales.

  • The late-stage pipeline advanced significantly, with 10 molecules moving into phase III and up to 19 potential launches by 2030.

  • Major regulatory milestones included US and EU approvals for Gazyva in lupus nephritis, Tecentriq in SCLC, and positive phase III readouts for key assets.

  • The company raised its core EPS guidance to high single digit to low double digit growth and expects to further increase dividends.

Financial highlights

  • Group sales reached CHF 45.9 billion, up 7% CER; Pharma sales CHF 35.6 billion (+9% CER), Diagnostics CHF 10.3 billion (+1% CER), with Pathology Lab up 13% and Molecular Lab up 4%.

  • Loss of exclusivity (LOE) impact for 2025 expected at CHF 800 million, down from CHF 1 billion.

  • Currency headwinds, especially Swiss franc appreciation, reduced reported growth by up to 8% on core EPS and 2.3 percentage points on sales.

  • Key brands showed robust growth: Phesgo +54%, Xolair +34%, Hemlibra +12%, Vabysmo +13%, Ocrevus +7%, Polivy strong uptake.

  • Top five pharmaceutical growth drivers contributed CHF 15.8 billion, up CHF 2.4 billion (CER) from prior year.

Outlook and guidance

  • Group sales growth expected in the mid-single digit range (CER) for 2025, with core EPS targeted to grow high single to low double digits (CER).

  • Diagnostics expected to grow mid to high single digits after China headwinds subside; ambition for 2026 is mid-single digit growth.

  • Pharma expected to maintain growth at least until 2028, with pipeline launches supporting future momentum.

  • Dividend increases in Swiss francs anticipated.

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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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