Monday, October 15, 2012

Roche announces Nine Months results - Highlights

Roche announced nine months results today.  Group sales increased 4% at Constant Exchange rates (CER). Growth was primarily aided by Pharma sales in  International markets and US, which grew 9% and 6% respectively.  Western Europe represented  a drag on Roche's earnings, as sales declined 2%. Diagnostic business grew 4% to gross CHF 7.5 billion. Sales in International markets were driven by China and Brazil which grew 26% and 13% respectively.

 Herceptin, Mabthera and Avastin which represents 52% of pharma sales continued to generate strong growth. Mabthera sales grew 10% boosted by physicians prescribing the medicine for first line maintenance treatment of follicular lymphoma (a type of non-hodgkin's lymphoma).  Herceptin sales grew 12% to CHF 4.4 billion driven by improvement in quality of HER2 testing in US and Western Europe and improved access in emerging markets.
Avastin sales were aided by launch in ovarian cancer. Sales were up 6% to reach CHF4.3 billion The next potential indication for Avastin is First line glioblastoma multiforme, for which Roche has filed for approval. An approval for Avastin in this indication should further strengthen growth going forward.
Actemra continued to grow unabated at 34%, reaching CHF 601 million, while Lucentis sales were imapcted by competition (Eylea) Launch and declined 8%.
Perjeta which has been launched recently had rapid acceptance. Perjeta reached CHF 26 m, securing 31% new patient share in first line setting in teh US

Full-year targets confirmed
Roche confirms its full-year outlook for 2012. Barring unforeseen events, Roche expects low to mid-single-digit sales growth at constant exchange rates for the Group and the Pharmaceuticals Division in 2012. Sales by the Diagnostics Division are expected to again outpace the market. Despite a challenging market environment, based on the expected sales growth and continued efficiency improvements, Roche is aiming for a high single-digit increase in Core Earnings per Share at constant exchange rates. Roche will continue its attractive dividend policy