Roche Q1 Group Sales Up 11% At CER

Swiss drug major Roche Holding AG (RHHBY) reported that its first quarter group sales increased 11% at constant exchange rates and 10% in Swiss francs year-over-year to 16.4 billion francs.

Diagnostics Division sales grew 24% at constant exchange rates due to good momentum in base business and continued high demand for COVID-19 tests. After a strong first quarter, significant decline in COVID-19-related testing expected.

At constant exchange rates, Pharmaceuticals Division sales increased by 6% to 11.2 billion francs. Newly launched medicines to treat severe diseases continued their strong growth, including Ronapreve (COVID-19; mainly in Japan), Ocrevus (multiple sclerosis), Hemlibra (haemophilia), Evrysdi (spinal muscular atrophy) and Phesgo (breast cancer).

The company confirmed its outlook for its fiscal year 2022.

The company still expects annual core earnings per share to grow in the low- to mid-single digit range (at constant exchange rates), including the accretive effect of the 2021 share repurchase. Sales are expected to be stable or grow in the low-single digits at constant exchange rates.

Roche expects to increase its dividend in Swiss francs further.

Roche anticipates sales of COVID-19 medicines and diagnostics to decrease by approximately 2 billion francs to around 5 billion francs, and sales losses to biosimilars in the current year to be roughly 2.5 billion francs. Excluding the effects, Group sales are expected to grow in the high-single digit range.

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