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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Roche Holding Ltd.    ROG   CH0012032048

ROCHE HOLDING LTD.

(ROG)
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Roche's 2018 Profit and Sales Rose -- Update

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01/31/2019 | 03:19am EDT

(Adds breakdown of revenue figures, patent-expiry details, geographical analysis of result)

--Roche reported 2018 revenue increased 7% as U.S. drug sales rose 13%

--Swiss pharmaceutical facing challenges in Europe from competition for its two top-selling drugs

--Positive 2019 forecast based on strong sales growth from newer drugs

By Denise Roland and Donato Paolo Mancini

Roche Holding AG (ROG.EB) said Thursday that sales and profit rose last year as strong growth in the U.S. offset a decline in Europe, where lower-cost drugs are chipping away at sales of its top two medicines.

The Swiss pharmaceutical giant said revenue increased 7% to 56.8 billion Swiss francs ($57.2 billion), while net income rose 23% to CHF10.9 billion. Core operating profit grew 8% to CHF20.5 billion.

Those results masked a decline in Europe, where Roche is for the first time facing competition for its two top-selling drugs, Herceptin for breast cancer and Rituxan for certain immune diseases and cancers. In Europe, pharmaceutical sales declined 4% to CHF8.7 billion, while in the U.S., where the company as yet faces no competition for its top medicines, drug sales rose 13% to CHF23.2 billion.

Roche faces a number of new challenges this year. Chief Executive Severin Schwan said Roche expects lower-cost versions of Herceptin, Rituxan and Avastin, another bestseller, to start eroding U.S. sales of those drugs in the second half of this year.

At the same time, the company is losing a lucrative revenue stream after a patent protecting a key process in the manufacture of antibody-type drugs expired at the end of last year. The Cabilly patent, as it is known, allowed Roche to collect hundreds of millions of dollars in royalties a year relating to some of the world's biggest-selling drugs, including AbbVie Inc.'s Humira. The patent generated CHF834 million for Roche in 2017.

Even so, the company expects sales and core earnings per share to rise by a low-to-mid single-digit percentage this year.

That upbeat forecast is in large part thanks to strong sales from Roche's newer drugs. Mr Schwan said such drugs, like multiple-sclerosis treatment Ocrevus and cancer drug Tecentriq, accounted for almost 90% of pharmaceutical sales growth last year.

Roche's smaller diagnostics division also contributed to the growth, with sales rising 7% to CHF12.9 billion.

Write to Denise Roland at denise.roland@wsj.com and Donato Paolo Mancini at donatopaolo.mancini@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
ROCHE HOLDING 0.82% 271 Delayed Quote.13.20%
ROCHE HOLDING LTD. 0.94% 242.2 Delayed Quote.12.52%
ROCHE HOLDING LTD. 0.63% 271.2 Delayed Quote.11.42%
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Financials (CHF)
Sales 2019 59 967 M
EBIT 2019 20 570 M
Net income 2019 13 860 M
Debt 2019 2 685 M
Yield 2019 3,33%
P/E ratio 2019 16,44
P/E ratio 2020 16,05
EV / Sales 2019 3,94x
EV / Sales 2020 3,73x
Capitalization 234 B
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Technical analysis trends ROCHE HOLDING LTD.
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 281  CHF
Spread / Average Target 3,6%
EPS Revisions
Managers
NameTitle
Severin Schwan Chief Executive Officer & Executive Director
Christoph Franz Chairman
Alan Hippe Chief Financial & Information Technology Officer
John Irving Bell Non-Executive Director
Andreas Oeri Independent Non-Executive Director
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