Roche posts first quarter 2024 sales performance
Swiss pharma giant Roche (ROG: SIX) first-quarter 2024 sales figures this morning that were disappointing in some respects and saw the firm’s shares fall 3.5% to 221.70 fancs.
Group sales rose 2% at constant exchange rates (CER) (-6% in francs) to 14.4 billion francs ($16 billion), driven by the strong growth of newer medicines and diagnostics. Excluding COVID-19-related products, sales increased by 7%. Going forward, there will be no further material impact of COVID-19 sales decline, the company noted.
Analysts at Jefferies said that worries about the company’s “R&D productivity will take time to lift,” pointing to a lack of significant trial results expected in 2024 and growth tailing off for the company’s biggest-selling drugs.
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