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Asia Markets

Swiss Shares Start Week in Red Amid New Iran-Israel Strikes

Swiss shares started a new week in the red as traders digested fast-moving developments in the Middle East in the wake of new fighting between Iran and Israel.The Swiss Market Index closed 0.50% lower on Monday, following reports that Israel and Iran exchanged fire in yet another fresh bout of escalation in the region. US President Donald Trump called on both sides to "immediately stop 'shooting'" as Washington and Tehran continue to work on an extended ceasefire agreement."Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way," Trump posted on Truth Social. Following Trump's post, media reports indicated that Iran has ended its strikes against Israel, but warned that it would strike again if attacks on Lebanon resume.On the corporate front, Roche (RO.SW) signed an exclusive licensing and collaboration deal with Nasdaq-listed Nurix Therapeutics to jointly develop and commercialize bexobrutideg, an investigational treatment for people living with B-cell malignancies. Nurix will receive an upfront cash payment of $700 million and will be eligible for milestone payments of up to $2.3 billion. The Swiss drugmaker fell 1.02%.Meanwhile, Partners Group (PGHN.SW) co-founder Alfred Gantner told Swiss Sunday paper SonntagsZeitung that last week's drop in the alternative asset manager's share price was a "massive overreaction" to the company's decision to cap withdrawals at certain evergreen funds. The private equity group was up 0.31%.Outside the blue chip, AlphaValue/Baader Europe raised its price target on peptides and oligonucleotides manufacturer Bachem (BANB.SW) to 79.6 francs from 78.3 francs following "minor changes" to earnings estimates ahead of the company's first-half results on July 30."Bachem is recruiting ahead of production output growth, compressing near-term margins while there are no recorded sales for the building. Production should start at the end of 1H despite no sales being recorded. Depreciation is revised upward to 8.5% of total sales for 2026, with depreciation normalising afterwards as a % of sales. Increased depreciation offsets the downward EBIT revision, but does not offset the subsequent earnings drop. As a result, EPS is revised slightly downward," the research firm said. Bachem declined 0.15%.It is a quiet week for economic data, with no major indicators scheduled until June 15.

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Asia Markets

Swiss Stocks Close Flat; Roche Shares Down

The Swiss Market Index closed Tuesday trading flat as investors digested the latest local corporate updates as well as developments in the Middle East.The US Food and Drug Administration accepted Roche's (RO.SW) new drug application for giredestrant on a priority review basis. The investigational treatment is an oral selective estrogen receptor degrader indicated as an adjuvant treatment for adults with estrogen receptor-positive, human epidermal growth factor receptor 2-negative, stage 1, 2, and 3 breast cancer. The drugmaker was down 2.59%.Meanwhile, Bloomberg News reported, citing a source, that UBS Group (UBSG.SW) plans to issue at least $500 million of perpetual Additional Tier 1 bonds, with a potential coupon of 7.5% and a first call date in late 2032. The lender, which rose 1.17%, had no comment when reached by.RBC Capital Markets upgraded its price target and earnings forecasts for Compagnie Financière Richemont (CFR.SW) after the sector perform-rated luxury goods company published its fiscal 2026 financial report."Richemont's 4Q26 confirmed strong Jewellery Maisons revenue momentum (+16%), though earnings uplift was more modest given softer gross margin, higher [operating expenses] (inc one-offs) and tax rate. For FY27E, we expect continued momentum for its Jewellery Maisons (+10%), although [we] do expect price increases to moderate somewhat in line with moderating gross margin headwinds, particularly in 2H27E. Raising revenue estimates by 3% and EPS by 2%, although we remain slightly below consensus. We roll forward our DCF, resulting in a revised [price target] of CHF 175 (from CHF 165)," the research firm said. Richemont edged up 0.66%.In economic news, Switzerland's watch exports tumbled 16.6% year over year to 2.13 billion francs in April, owing to a value decline across nearly all material categories, particularly precious metal watches and steel models, according to the Federation of the Swiss Watch Industry.On the geopolitical front, Tehran is reviewing Washington's proposed temporary agreement to end the conflict in the Middle East, Reuters reported, citing Iran's Mehr News Agency. Iran has not responded to a proposed final text of the deal, according to the report.

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Asia Markets

Swiss Blue-chip Index Slips Amid Earnings Rush; Swiss Re Shares Down

The Swiss Market Index slipped back into the red on Thursday, closing 1.11% lower, as investors digested a fresh batch of corporate earnings and economic data releases while closely monitoring geopolitical developments in the Middle East.Switzerland's foreign currency reserves declined to 715.73 billion francs in April from the revised 721 billion francs in March, according to data from the Swiss National Bank (SNBN.SW). In terms of jobs, government data showed that the unemployment rate in Switzerland ticked down to 3% in April from 3.1% in the previous month.On the geopolitical front, a Swiss delegation led by Federal Department of Foreign Affairs State Secretary Alexandre Fasel met with the US deputy secretary of state in Washington, with talks focused on the current geopolitical situation, bilateral economic cooperation, innovation, and future-oriented issues.In corporate news, telecommunications group Swisscom (SCMN.SW), travel retailer Avolta (AVOL.SW) and reinsurance giant Swiss Re (SREN.SW) were among Switzerland-listed companies that published earnings updates.Swiss Re saw its shares lose 3.19% at closing as it reported a group insurance revenue of $10.03 billion in the first quarter, down from the year-ago $10.41 billion, impacted by lower revenue at its property and casualty reinsurance division and the company's ongoing exit from its iptiQ business. Group net income, in contrast, increased 19% year over year."Q1 net income of $1,513m was 27% above company-compiled consensus of $1,193m, but of mixed quality - driven almost entirely by nat cat losses 67% below the quarterly budget and flattered by a ~12pts discounting benefit in P&C Re (vs ~8pts in Q1 2025), albeit incorporating a $400m reserve strengthening for Iran War impact. Revenues, new business volumes and pricing reflected increasing cyclical pressure, however," RBC Capital Markets said in a quick take note, with a negative sentiment on Swiss Re.Meanwhile, Roche (RO.SW) agreed to buy US-based company PathAI in a merger deal that would strengthen its digital pathology portfolio. The Swiss pharmaceutical major will make an upfront payment of $750 million and a further $300 million in milestones, with the deal anticipated to be completed in the second half. The stock was down 1.39% at the end of the trading day.

^SSMI$AVOL.SW$RO.SW$SCMN.SW$SNBN.SW$SREN.SW
Asia Markets

Swiss Market Index Recovers; Nestlé, Galderma Shares Rise

The Swiss Market Index broke its three-day losing streak on Thursday, closing 1.38% in the green, amid a busy day of corporate financial updates and private sector data releases.Nestlé (NESN.SW) delivered an organic sales growth of 3.5% year over year in the first quarter, including a negative impact of 90 basis points from the precautionary recall of batches of its infant formula products globally, with total group sales reaching 21.32 billion francs. Real internal growth came in at 1.2% over the period. The consumer goods giant's stock added 5.89% at closing."A widespread, RIG led beat underpins maintained guidance (with consensus currently at the bottom of the range for sales growth guidance). It is good to see coffee back on song after last year's price squeeze, with RIG of 3.5% and organic sales growth of 9.3%," RBC Capital Markets said in a quick take note, describing the results as "impressive."Galderma Group (GALD.SW) also saw its shares rise 6.60% as it reported a "strong" start to the year, with net sales climbing to $1.47 billion in the first quarter from the year-ago $1.13 billion. For full-year 2026, the dermatology company reaffirmed its guidance of net sales growth between 17% and 20% at constant currency, expecting its exposure to US tariffs to remain "manageable."Other Switzerland-listed heavyweights that posted trading updates included pharmaceutical major Roche (RO.SW), testing and certification company SGS (SGSN.SW), and escalators and elevators manufacturer Schindler (SCHP.SW).On the macroeconomic front, Switzerland signed an investment protection agreement with Saudi Arabia during Swiss President Guy Parmelin's official visit to the Middle Eastern country. The deal is set to become effective following completion of internal approval procedures in both countries.Zooming out to the euro area, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index fell to a 17-month low of 48.6 in April from 50.7 in March. The latest reading marks the first time the index dropped below the neutral 50 threshold in 16 months.

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US Markets

Swiss Healthcare Firm Roche Upholds 2026 Guidance as Strong Franc Hits Quarterly Sales

Roche (RO.SW) affirmed its 2026 trajectory on Thursday after first-quarter sales declined in reported terms as the strong appreciation of the Swiss franc against most currencies, particularly the US dollar, weighed on results, even as underlying growth remained solid.Group sales fell 5% year over year to 14.72 billion Swiss francs, missing the FactSet-compiled consensus estimate of 15.14 billion francs. At constant exchange rates, or CER, however, sales rose 6%, supported by strong demand for pharmaceutical products and diagnostics.The healthcare company's pharmaceuticals division delivered sales of 11.47 billion francs, up 7% at CER, thanks to the continued need for the treatment of severe diseases. Of the total, 5.3 billion francs came from the sales of its top five growth drivers, namely Xolair for chronic hives and food allergies, breast cancer drug Phesgo, haemophilia A medicine Hemlibra, Vabysmo for severe eye diseases, and Ocrevus for multiple sclerosis.Meanwhile, sales from the diagnostics division jumped 3% at CER to 3.25 billion francs as demand for core lab and pathology services more than offset the impact of healthcare pricing reforms in China."Our diversified portfolio across both divisions, together with continued pipeline progress, positions us well for sustained future growth in a dynamic geopolitical environment. We confirm our full-year outlook," said Chief Executive Officer Thomas Schinecker.For full-year 2026, Roche reiterated its growth expectations for group sales in the mid-single-digit range and for core EPS in the high-single-digit range at CER. The company expects to further boost its dividend in Swiss francs.Roche's stock rose over 2% in Thursday midday trading in Zurich.

$RO.SW
Asia Markets

Swiss Stocks Down Amid Looming US-Iran Ceasefire Deadline

The Swiss Market Index remained in negative territory on Tuesday, closing 1.13% lower, reflecting cautious market sentiment amid uncertainty over the outcome of the second round of US-Iran peace talks."Investors continue to take a bullish view of events. Although not confirmed, Iranian negotiators are expected to travel to Pakistan to engage in peace talks with the US later today or early tomorrow. As is his way, President Trump continues to threaten a binary outcome - deal or destruction - after tomorrow's ceasefire expires," ING analysts said. "For the time being, the market seems happy to sit pro-risk on the view that the ceasefire will at least be extended."In local economic news, Switzerland's trade surplus stood at 11.10 billion francs in the first quarter of 2026, down from 11.26 billion francs in the prior three-month period, data from the Federal Office for Customs and Border Security showed. Seasonally adjusted exports fell 4.2%, marking the lowest level since the third quarter of 2021, while imports decreased 4.7%.On the watchmaking front, the country's watch exports declined 1% annually to 2.11 billion francs in March, according to the Federation of the Swiss Watch Industry.Over to corporates, the US Food and Drug Administration accepted Roche's (RO.SW) supplemental biologics license application for its monoclonal antibody Gazyva/Gazyvaro for treating systemic lupus erythematosus. The Swiss pharmaceutical giant expects the regulator to decide on the approval by December. The stock was down 1.21% at closing.Meanwhile, RBC Capital Markets reiterated Alcon's (ALC.SW) outperform rating and price target of 80 francs, noting a "positive set up" into the Swiss eye products company's first-quarter results set for release in May. Alcon's shares closed the trading session 1.15% in the red."We expect results-day volatility to continue, driven by: 1) commentary around market growth (implication for 2026 guidance); 2) Equipment growth performance (Unity roll out); and 3) Implantables growth performance (market share dynamics), but at a lower level vs historical given the conservativism of FY2026 guidance," the research firm said in a note. "Although we continue to see potential upside to FY2026 guidance, driven by an accelerating surgical (cataract) market, we expect the company to reiterate guidance at Q1 results."

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