Swiss Drug company Roche Holding AG (RHHBY.PK) Wednesday reported a 22% decline in net income for fiscal 2009, impacted mainly by an exceptional charge related to the pharmaceuticals business reorganizations and Genentech acquisition.
Net income for the year attributable to the shareholders of the company was CHF 7.78 billion or CHF 9.02 per share, down from CHF 8.97 billion or CHF 10.23 per share last year.
For the year, the company incurred exceptional expenses totalling CHF 2.42 billion as the company acquired California-based biotech firm Genentech for US$47.0 billion, or CHF 52.7 billion in March, and the related reorganizations in the pharmaceuticals business.
Excluding items, net income attributable to the shareholders of the company rose to CHF 9.80 billion from CHF 9.00 billion a year ago.
Annual sales grew to CHF 49.05 billion from CHF 45.62 billion a year ago. In terms of local currencies, sales increased 10%. Pharmaceuticals sales improved 8% to CHF 39.00 billion, and increased 11% in local currencies, attributable mainly to Tamiflu. Sales from Diagnostics division increased 4% year-over-year to CHF 10.1 billion, and rose 9% in local currencies.
Tamiflu sales for the year grew CHF 2.6 billion to CHF 3.2 billion from a year ago, driven by the current pandemic A (H1N1) 2009 influenza virus,or swine flu, outbreak.
Operating profit before exceptional items increased to CHF 15.01 billion from CHF 13.90 billion in the prior year.
Looking ahead to fiscal 2010, Roche expects sales for both the Pharmaceuticals Division and for the Group to increase in the mid-single-digit range in local currencies, excluding Tamiflu. In the Diagnostics Division, the company expects full-year sales to grow significantly ahead of the market.
Despite an anticipated decrease in Tamiflu sales from CHF 3.2 billion to CHF 1.2 billion, the company sees double-digit growth in core earnings per share at constant exchange rates.
In Tuesday's regular trading session, closed trading at $42.99 per share. In the past 52-week period, shares have been trading in a range of $26.01 to $45.19.
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