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; Q3 growth accelerated to 7% at CER and 8% in CHF.

• Pharmaceuticals grew 7% and Diagnostics 4% at CER; portfolio progress included four approvals, positive clinical readouts and six platform deals.

Financial highlights

• Nine-month sales reached CHF 46,493m, versus CHF 45,862m a year earlier; FX reduced sales growth by 5 percentage points.

• Pharmaceuticals sales were CHF 36.2bn, up 7% at CER; growth excluding the CHF 180m Japan shipment-timing effect was 6%.

• Diagnostics sales were CHF 10.3bn, up 4% at CER; growth excluding China was 6%, while a weaker respiratory season reduced sales by CHF 70m.

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

• Q3 sales exceeded consensus by CHF 360m; the CHF 180m Japan timing effect accounted for 1 percentage point of the outperformance.

Outlook and guidance

• FY 2026 guidance remains 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, FX is expected to reduce FY sales growth by 3 percentage points, Core operating profit growth by 5 points and Core EPS growth by 5 points.

• 2026 outlooks were raised to low-single-digit growth for Alecensa and high-single-digit growth for Hemlibra; Xolair remains on track for ~20% growth and Vabysmo for low-double-digit growth.

• Diagnostics expects mid-to-high-single-digit sales growth next year; margins are expected to expand despite higher R&D investment.

• Longer-term outlook calls for mid-to-high-single-digit sales growth and Core operating profit growth ahead of sales; Xolair is expected to be flat in 2027.