Roche sales rise 6% in H1 as drug demand offsets strong franc

Roche reported H1 2026 group sales of CHF 30.36 billion ($37.34 billion), up 6% at constant exchange rates but down 2% in Swiss francs as the strong franc eroded reported results.

"The strong momentum continued in the first half of the year, driven by a 6% sales increase at constant exchange rates and significant positive pipeline development," Chief Executive Officer Thomas Schinecker said.

Pharma division sales rose 6% CER to CHF 23.63 billion, with the top five growth drivers — Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo — generating combined sales of CHF 11.0 billion, up 12% CER. Diagnostics division sales increased 3% CER to CHF 6.74 billion, supported by demand for immunodiagnostic and clinical chemistry products. Core operating profit climbed 10% CER to CHF 11.86 billion, while core earnings per share gained 9% CER to CHF 10.85. The Swiss franc's appreciation against the US dollar and other major currencies weighed on reported figures, with IFRS operating profit falling 6% in CHF terms to CHF 9.67 billion.

The Basel-based drugmaker received five US Priority Reviews in the half, including for giredestrant in early-stage breast cancer, Enspryng in thyroid eye disease, Tecentriq in colon cancer and Gazyva in two autoimmune kidney diseases. Positive Phase III data for divarasib in lung cancer showed a statistically significant improvement in overall survival versus approved KRAS G12C inhibitors. The company also launched Axelios 1, a next-generation sequencing platform based on SBX technology, and received CE marks for the Elecsys pTau217 blood test for Alzheimer's pathology and the Elecsys IGRA TB test for latent tuberculosis.

Roche confirmed its 2026 outlook for mid single-digit sales growth and high single-digit core EPS growth at CER. Capital expenditure rose 100% year-over-year to CHF 44.9 billion in the second quarter as the company invests in AI infrastructure to meet demand, mirroring a trend seen across the healthcare and technology sectors.

The results signal that Roche's pipeline investments are translating into regulatory momentum and commercial growth. Investors will watch for FDA decisions on the five Priority Review applications, with the giredestrant PDUFA date set for Nov. 30, and for continued uptake of the Axelios 1 sequencing platform in the diagnostics segment.

This article is for informational purposes only and does not constitute investment advice.