Roche 3rd-qtr sales miss expectations

Swiss pharma giant Roche (ROG: SIX) today reported that third-quarter 2022 revenues fell 6% to 14.74 billion Swiss francs ($14.84 billion), below market expectations of about 15.5 billion francs.

For the nine months to end September, group sales were 47.04 billion francs, up 2% at constant exchange rates and up 1% in franc terms, as expected, significantly lower COVID-19-related sales in both divisions in the third quarter. Pharmaceutical division revenues were unchanged at CER, coming in at 33.19 billion francs, while diagnostics division sales were up 6% at 13.85 billion francs. The company did not release earnings figures.

According to chief executive Severin Schwan, “Group sales grew 2% despite the expected sharp decline in COVID-19-related products in both divisions in the third quarter. The demand for our newer medicines for multiple sclerosis, hemophilia, spinal muscular atrophy and cancer remains high. I am particularly pleased that so many patients with severe eye disease have already accessed our new medicine Vabysmo and started treatment. Likewise, our Diagnostics Division base business continued to grow strongly. Based on our current assessment, we confirm the outlook for the full year.”