Roche: shares drop as results disappoint
(CercleFinance.com) - Roche on Thursday said that its revenue rose 1% at constant exchange rates in the first half, although sales fell by 4% in Swiss francs as a result of the continued appreciation of the Swiss franc against most currencies, which missed analysts' estimates.
As a result, the Basel-based company's shares were down 1.8% in early morning trading.
First-half sales reached 29.3 billion Swiss francs, compared to 30.5 billion Swiss francs a year earlier, as the Covid-19 pandemic had a negative impact on sales during the second quarter, even though sales have picked up since June.
The sales of its pharmaceuticals division rose by 1%, driven by newly launched medicines (+37%), including immunotherapy drug Tecentriq, hemophilia drug Hemlibra, multiple-sclerosis drug Ocrevus and that for breast cancer - Perjeta, which offset competition from biosimilars.
The group posted a 5% fall in first-half core operating profit, to 11.8 billion Swiss francs, and confirmed its 2020 sales growth target in the low-to-mid-single digit range, at constant exchange rates, with core EPS expected to grow broadly in line with sales.
Roche also said it expects to increase its dividend in Swiss francs.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
As a result, the Basel-based company's shares were down 1.8% in early morning trading.
First-half sales reached 29.3 billion Swiss francs, compared to 30.5 billion Swiss francs a year earlier, as the Covid-19 pandemic had a negative impact on sales during the second quarter, even though sales have picked up since June.
The sales of its pharmaceuticals division rose by 1%, driven by newly launched medicines (+37%), including immunotherapy drug Tecentriq, hemophilia drug Hemlibra, multiple-sclerosis drug Ocrevus and that for breast cancer - Perjeta, which offset competition from biosimilars.
The group posted a 5% fall in first-half core operating profit, to 11.8 billion Swiss francs, and confirmed its 2020 sales growth target in the low-to-mid-single digit range, at constant exchange rates, with core EPS expected to grow broadly in line with sales.
Roche also said it expects to increase its dividend in Swiss francs.
Copyright (c) 2020 CercleFinance.com. All rights reserved.