Swiss pharmaceutical giant Roche Holding AG (RHHBY.PK) Thursday said its first-quarter sales increased mainly on strong demand for cancer medicines and clinical laboratory products as well as higher sales of antiviral drug Tamiflu due to a severe flu season in North America. Citing the strong quarterly results, the company confirmed its full-year 2013 outlook.
In its first quarter, the Basel, Switzerland-based company's total sales increased 5 percent to 11.59 billion Swiss francs from last year's 11.03 billion francs. In US dollar terms, sales grew 4 percent, and at constant exchange rates, the rise was 6 percent.
Roche said its group sales were particularly dynamic in the United States and emerging markets, while strong demand for Avastin in ovarian cancer led to an increase in Pharma sales in Europe.
Segment-wise, pharmaceuticals sales grew 6 percent year-over-year to 9.2 billion francs, driven by a 10 percent increase in oncology portfolio, and an 84 percent jump in Tamiflu sales.
In the quarter, the three top-selling cancer medicines were Herceptin, Avastin and MabThera/Rituxan. Sales of Avastin was benefited by increased use in ovarian cancer and colorectal cancer. Actemra/RoActemra sales also rose 32 percent due to monotherapy use in rheumatoid arthritis.
The division's main growth markets were the United States and emerging markets, including Brazil, China, India, Mexico, and Russia, in particular China.
Meanwhile, sales in Japan fell 11 percent reflecting the rise of the Swiss franc against the Japanese yen by 13 percentage points. At constant exchange rates, sales in Japan increased 2 percent.
The company successfully launched new breast cancer medicines Kadcyla in the United States and Perjeta in Europe. The HER2 franchise, which now includes Herceptin, Kadcyla and Perjeta, grew 15 percent in the first quarter.
In the Diagnostics segment, sales edged up 1 percent as a result of demand for tests and platforms used in clinical laboratories.
Roche CEO Severin Schwan said, "We got off to a very good start in 2013 due to strong organic growth. The launch of two new cancer drugs, Kadcyla in the United States and Perjeta in Europe, will help to further improve our leading market position in oncology. Based on the first-quarter results, I am confident we will meet our full-year targets."
Going ahead for fiscal 2013, Roche continues to expect Group sales in 2013 to increase in line with last year's sales growth, at constant exchange rates. Core earnings per share is targeted to grow ahead of sales.
Roche added that it expects to further increase its dividend in 2013. In the last year, the company approved a dividend of 7.35 francs.
In Zurich, Roche shares closed Wednesday's trading at 225.50 francs, up 3.30 francs or 1.49 percent, on a volume of 1 million shares.
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