Roche Affirms 2026 Outlook as Currency Effects Hit First-half Results
Shares in Roche (RO.SW) rose Thursday morning after the Swiss drugmaker reaffirmed its full-year 2026 outlook and reported a 6% increase in first-half group sales at constant exchange rates.Group sales, however, declined 2% year over year in Swiss franc terms, reflecting the significant appreciation of the domestic currency.Attributable net income for the six months ended June 30 dropped to 6.87 billion francs from 7.41 billion francs a year earlier, while revenue edged down to 31.45 billion francs from 31.85 billion francs.Sales in Roche's pharmaceuticals division, its largest business, stood at 23.63 billion francs, compared with about 24 billion francs previously. Pharmaceutical sales rose 6% at constant exchange rates but fell 1% in franc terms.Combined sales of Roche's five key growth-driving products, Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo, increased 12% at constant exchange rates and 4% in local currency terms to 11 billion francs.Looking ahead, the company affirmed 2026 expectations for mid-single-digit growth in group sales and a high-single-digit increase in core EPS, both at constant exchange rates. It also expects to boost its dividend in francs.The stock was up almost 2% in early morning trading in Zurich.