Roche sales still beating expectations, despite competition

Group sales climbed 7% to 56.8 billion Swiss francs ($57.2 billion) in full-year 2018, Swiss pharma giant Roche (ROG: SIX) announced this morning, thus beating the estimate in a Reuters poll which had predicted sales of 56.4 billion francs.

Net income increasing by 24% to 10.86 billion francs, also beating expectations, as strong US sales helped offset a decline in the European market, where competition from biosimilars to some of its best-selling drugs is taking hold. Core operating profit last year rose 9% to 20.5 billion Swiss francs, with core earnings per share (EPS) at 18.14 francs, a rise of 19%.

Roche’s shares were up 1.96% at 262.45 francs mid-morning.