Roche (ROG) investor relations material

Executive summary

• YTD September sales were CHF 46,493m, up 6% at CER and 1% in CHF; Q3 growth accelerated to 8.1% at CER and 7.3% in CHF.

• Pharmaceuticals grew 7% at CER and Diagnostics 4%; pipeline progress included seven positive Phase III readouts YTD and up to 20 NMEs with potential launches by 2030.

Financial highlights

• Nine-month sales were CHF 46,493m, up 6% at CER, 1% in CHF and 7% in USD; prior-year sales were CHF 45,862m.

• Pharmaceuticals generated CHF 36.2bn, up 7% at CER and 2% in CHF; Diagnostics generated CHF 10.3bn, up 4% at CER and flat in CHF.

• Five leading growth drivers—Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo—generated CHF 16.8bn, up 12% at CER.

• Sales bridge: Pharmaceuticals excluding LOE +CHF 2.761bn; LOE -CHF 2.164bn; Diagnostics excluding China +CHF 558m; China pricing reforms -CHF 170m; FX -CHF 355m.

• Japan Pharma sales included a CHF 180m ERP-related shipping-timing benefit, expected to reverse in Q4 2026.

Outlook and guidance

• FY 2026 guidance confirmed: mid-single-digit sales growth and high-single-digit core EPS growth at CER; a further dividend increase in Swiss francs is expected.

• 2026 LOE impact is expected at CHF 0.6bn; YTD impact was CHF 355m, with a stronger Actemra impact expected in Q4.

• Longer-term targets include mid- to high-single-digit sales growth, Core operating profit growth ahead of sales and a Pharma Core operating profit margin at least stable.

• Diagnostics targets a return to mid- to high-single-digit growth next year; Pharma expects continued momentum and margin expansion in 2027 despite higher R&D investment.

• 2026 FX assumptions imply impacts of -3 percentage points on sales, -5 points on core operating profit and -5 points on core EPS, assuming end-September rates persist.