Roche (ROG) Q3 2026 earnings summary

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.