Roche: Solid sales performance in Pharmaceuticals in Q1 partly offset by weak Diagnostics

NEUTRAL, Fair Value CHF236 (+5%)

News published on April Thursday 11, 2013
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Group sales grew by 6% in CER in Q1 driven by Pharmaceuticals which grew 7%. Strong performance is still reported for legacy big oncology brands like Rituxan and even more significantly Herceptin and Avastin and new product launches like Zelboraf and Perjeta but also Actemra in RA (and a further boost coming from Tamiflu). Unfortunately, once again, the Diagnostics division suffered and weakened the global performance, reporting a modest 1% increase for the first three months of the year. The annual outlook (i.e. growth of around 5% for the group) is maintained.

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