Japan Healthcare: Roche/Galderma 2Q results read-across: Chugai’s global products solid overall; Buy

Research evidence excerpt

Japan Healthcare: Roche/Galderma 2Q results read-across: Chugai’s global products solid overall; Buy

Equity Research

24 July 2026 | 12:44AM JST

Japan Healthcare: Roche/Galderma 2Q results read-across: Chugai’s

global products solid overall; Buy

Roche (covered by James Quigley, link) and Galderma (covered by Shyam Kotadia, Akinori Ueda, Ph.D.

+81(3)4587-9910 |

link) announced their 2Q results on July 23. Results looked solid on the whole for akinori.ueda@gs.com

Goldman Sachs Japan Co., Ltd.

global products originated by Chugai (Buy), with hemophilia treatment Hemlibra and

Tomo Taniguchi

atopic dermatitis/prurigo nodularis treatment Nemluvio performing broadly in line +81(3)4587-1071 |

with or above GSe/consensus. tomo.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

Regarding the diagnostics business, Roche reiterated its outlook that the impact of

healthcare pricing reforms in China will ease in 2026. We think this view, which is

similar to comments made by ABT and DHR during their 2Q results, has reassuring

implications for the earnings outlook at Sysmex (Buy).

Roche/Galderma 2Q results

We outline the key points from presentation materials and company comments at

the results briefings of Roche and Galderma, in terms of read-across for our Japan

coverage. For the views of our European team, please refer to our reports on Roche

and Galderma.

Roche: 2Q results

n Pharmaceuticals business: 2Q sales in the pharmaceuticals business were

broadly in line with GSe/company-compiled consensus.

o Hemlibra: Global growth continued, beating the company-compiled

consensus by 4% (1% below GSe)

o Actemra: Despite impact from the entry of biosimilars in markets such as

Europe and the US, sales beat the company-compiled consensus by 2%

(4% below GSe)