Basel, 24 July 2025
Outlook for 2025 confirmed
Roche (SIX: RO, ROG; OTCQX: RHHBY) expects an increase in Group sales in the mid single digit range (CER). Core earnings per share are targeted to develop in the high single digit range (CER). Roche expects to further increase its dividend in Swiss francs.
| Key figures | CHF millions | % change | ||
| January–June | 2025 | 2024 | At CER1 | In CHF |
| Group sales | 30,944 | 29,848 | 7 | 4 |
| Pharmaceuticals Division | 23,985 | 22,637 | 10 | 6 |
| Diagnostics Division | 6,959 | 7,211 | 0 | -3 |
| Core operating profit | 12,010 | 11,293 | 11 | 6 |
| Core EPS – diluted (CHF) | 11.08 | 10.23 | 12 | 8 |
| IFRS net income | 7,832 | 6,697 | 23 | 17 |
Roche CEO Thomas Schinecker: “Roche’s strong growth momentum continued in the second quarter, driven by the strong growth of 11% at constant exchange rates in our Pharmaceuticals Division.
We received numerous important approvals and reported positive data in disease areas with high unmet medical need.
Over the past six months, we have made significant progress in our pipeline and advanced four potentially practice-changing therapies into the final phase of clinical development, based on encouraging data: NXT007 in haemophilia A, trontinemab in Alzheimer’s disease, prasinezumab in early-stage Parkinson’s disease, and zosurabalpin, a novel antibiotic that could become the first in over 50 years to tackle a type of bacteria that has become resistant to most other treatments.
We are confident in our continued strong momentum and resilience of our business due to our innovative on-market portfolio and pipeline.
Based on these strong results, we confirm our full-year outlook.”
Group results
In the first half of 2025, Roche achieved sales growth of 7% (4% in CHF) to CHF 30.9 billion due to strong demand for pharmaceutical products.
Core operating profit increased by 11% (6% in CHF) to CHF 12.0 billion, driven by higher sales and effective cost management.
The appreciation of the Swiss franc against most currencies, notably the US dollar, had an adverse impact on the results when reported in Swiss francs compared to constant exchange rates.
Core earnings per share increased by 12% (8% in CHF).
IFRS net income increased by 23% (17% in CHF) to CHF 7.8 billion, driven by the strong operating performance and lower impairment charges related to intangible assets.
Sales in the Pharmaceuticals Division increased by 10% (6% in CHF) to CHF 24.0 billion, with medicines for severe diseases continuing their strong growth.
The top five growth drivers – Phesgo, Xolair, Hemlibra, Vabysmo and Ocrevus – achieved total sales of CHF 10.6 billion. This represents an increase of CHF 1.7 billion at CER compared to the first half of 2024.
This more than compensated for the total decrease of CHF 0.3 billion (CER) in sales of the ‘loss of exclusivity (LOE)’ products – the decline in sales of Avastin (various types of cancer), Herceptin (breast and gastric cancer), MabThera/Rituxan (blood cancer, rheumatoid arthritis), Lucentis (severe eye diseases) and Esbriet (lung disease) was partially offset by an increase in sales of Actemra/RoActemra (rheumatoid arthritis).
In the United States, sales rose by 10% due to continued growth of Xolair and continuing uptake of Hemlibra, Ocrevus, Vabysmo and Phesgo. This growth more than compensated for the decline in sales of medicines with expired patents.
Sales in Europe grew 5% as the continued roll-out of Vabysmo and the continuing uptake of Ocrevus, Polivy and Phesgo more than compensated for lower sales of Perjeta (breast cancer) due to ongoing conversion of patients to Phesgo and the impact of biosimilar competition on Actemra/RoActemra sales.
In Japan, sales increased by 5%, mainly due to the strong uptake of Phesgo, Vabysmo and PiaSky (paroxysmal nocturnal haemoglobinuria). Sales growth was partially offset by the decline in sales of Perjeta due to continued conversion of patients to Phesgo and of Avastin because of biosimilar erosion.
Sales in the International region grew by 14%, led by Phesgo, Hemlibra, Xofluza (influenza), Vabysmo and Elevidys (Duchenne muscular dystrophy). In China, sales rose by 9%, driven by the uptake of Phesgo, strong sales of Xofluza and the roll-out of Polivy and Vabysmo.
The Diagnostics Division’s sales remained stable (-3% in CHF) at CHF 7.0 billion as growth in demand for pathology solutions and blood screening tests offset the impact of healthcare pricing reforms in China.
Sales in the Europe, Middle East and Africa (EMEA) region increased by 5%, driven by higher sales of clinical chemistry and immunodiagnostic products. In North America, sales increased by 6%, with growth across customer areas. Sales in Asia-Pacific decreased by 15% due to healthcare pricing reforms in China. Latin America sales grew by 14%.
Pharmaceuticals: key developments
| Compound | Milestone |
| Regulatory | |
| ItovebiBreast cancer | European Commission approves Itovebi for people with ER-positive, HER2-negative, advanced breast cancer with a PIK3CA mutationApproval based on INAVO120 data showing that the regimen based on Itovebi more than doubled progression-free survival compared with palbociclib and fulvestrant alone.Up to 40% of ER-positive breast cancers have a PIK3CA mutation and are associated with poor prognosis; this approval helps address an urgent unmet need.Itovebi is the first PI3K-targeted therapy to significantly extend survival, reinforcing the need for biomarker testing at diagnosis. More information: Media Release, 23 July 2025 |
| EvrysdiSpinal muscular atrophy | Evrysdi tablet approved by European Commission as first and only tablet for spinal muscular atrophy (SMA)Simplified storage and administration of new tablet formulation may provide greater freedom and independence for people with SMA.Evrysdi tablet offers the same efficacy and safety demonstrated in available oral solution.Evrysdi is the only non-invasive disease-modifying SMA treatment, with more than 18,000 people with SMA treated globally to date. More information: Media Release, 4 June 2025 |
| SusvimoSevere eye diseases | FDA approves Susvimo for diabetic retinopathySusvimo can help people with diabetic retinopathy maintain their vision and prevent progression to blindness with only one treatment every nine months.The innovative technology of Susvimo via the Port Delivery Platform may offer an alternative to regular eye injections in the US.Diabetic retinopathy affects almost 10 million people in the US and is the third FDA-approved indication for Susvimo, which is also approved for treating neovascular or ‘wet’ age-related macular degeneration and diabetic macular oedema. More information: Media Release, 22 May 2025 |
| Columvi Blood cancer | Update on FDA Advisory Committee meeting on Columvi combination for people with relapsed or refractory diffuse large B-cell lymphoma (R/R DLBCL)Columvi is the first bispecific antibody to show a statistically significant and clinically meaningful 41% survival benefit in R/R DLBCL in the phase III STARGLO study.There is an urgent need for effective, immediately available therapies that are broadly accessible to people with transplant-ineligible R/R DLBCL.This first-of-its-kind Columvi combination could provide a much-needed, off-the-shelf and fixed-duration treatment option for patients who face poor prognosis.The clinical and disease characteristics of the overall population enrolled in this multiregional clinical trial are representative and applicable to US patients. More information: Media Release, 20 May 2025 |
Pharmaceuticals sales
| Sales | CHF millions | As % of sales | % change | |||
| January–June | 2025 | 2024 | 2025 | 2024 | At CER | In CHF |
| Pharmaceuticals Division | 23,985 | 22,637 | 100.0 | 100.0 | 10 | 6 |
| United States | 12,670 | 11,882 | 52.8 | 52.5 | 10 | 7 |
| Europe | 4,566 | 4,425 | 19.0 | 19.5 | 5 | 3 |
| Japan | 1,425 | 1,366 | 5.9 | 6.0 | 5 | 4 |
| International | 5,324 | 4,964 | 22.3 | 22.0 | 14 | 7 |
International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others
| Top 20 best-selling pharmaceuticals | Total | United States | Europe | Japan | International | |||||
| CHF m | % | CHF m | % | CHF m | % | CHF m | % | CHF m | % | |
| OcrevusMultiple sclerosis | 3,506 | 8 | 2,462 | 5 | 706 | 12 | - | - | 338 | 19 |
| HemlibraHaemophilia A | 2,421 | 17 | 1,324 | 11 | 493 | 7 | 183 | 8 | 421 | 66 |
| VabysmoEye diseases (nAMD, DME, RVO) | 2,067 | 18 | 1,450 | 9 | 378 | 33 | 70 | 31 | 169 | 118 |
| TecentriqCancer immunotherapy | 1,733 | -1 | 819 | -6 | 434 | 3 | 174 | -4 | 306 | 13 |
| Perjeta2Breast cancer | 1,613 | -12 | 677 | |||||||