Despite COVID-19 products downturn, Roche 2022 sales grow

Roche’s (ROG: SIX) shares dipped 1.4% to 322.60 francs this morning, when the Swiss pharma giant announced that, in full-year 2022, it achieved sales growth of 2% (+1% in Swiss francs) to 63.3 billion francs ($.66.8 billion), but warned that 2023 profits would see a downturn.

Core operating profit increased 3% (+1% in francs) to 22.17 billion francs, while IFRS net income was 13.5 billion francs, a fall of 6% compared to the previous year. This was due to higher impairment of intangible assets and higher interest costs and income taxes.68.8 billion. Core earnings per share (EPS) were up 5% (+2% in francs) to 20.30 francs.

Pharmaceutical Division revenues were up 2% to 45.6 billion francs, boosted by strong growth from newer medicines.