Earnings
Roche third-quarter sales rise 7% at constant currency as the franc's drag fades; 2026 outlook held
The Basel drugmaker's nine-month sales reached CHF 46.5 billion, with key medicines up 12%, while China pricing reforms weighed on diagnostics.
HedgeWeekly News Desk ·
Roche said on Thursday that third-quarter sales grew 7% at constant exchange rates and 8% in Swiss francs, as currency moves that had cut its reported figures earlier in the year reversed. For the first nine months, group sales rose 6% at constant rates but only 1% in francs, to CHF 46.5 billion from CHF 45.9 billion.
Pharmaceuticals sales rose 7% at constant rates to CHF 36.2 billion over nine months. Five newer medicines, Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo, together brought in CHF 16.8 billion, up 12%, with Xolair up 20%. Older drugs facing generic competition cut sales by CHF 0.4 billion. US pharma sales grew 5% at constant rates but were flat in francs.
Diagnostics grew 4% at constant rates to CHF 10.3 billion, flat in francs, as Asia-Pacific sales fell 4% under China's healthcare pricing reforms. Roche kept its 2026 guidance for mid-single-digit sales growth and high-single-digit core EPS growth at constant rates, plus a higher dividend in francs.
For investors, the near-term catalysts are regulatory. The FDA is due to decide on breast cancer drug giredestrant by November 30 for early-stage disease and by December 18 for advanced disease, and has granted priority review to multiple sclerosis candidate fenebrutinib. The results also show how much a strong franc can mask underlying growth for Swiss multinationals: nine-month growth was 6% at constant rates but 1% as reported.