Roche Holdings: Focus upcoming launches.

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Roche Holdings: Focus upcoming launches.

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Roche Holdings

Focus upcoming launches.

Reiterate Rating: BUY | PO: 380.00 CHF | Price: 332.40 CHF

Key takes from call; lidERA, Divarasib, Margins 23 July 2026

1) lidERA launch dynamics rediscussed re-iterating some items from the 1Q call on Equity

usage across risk groups (below). New comments in answer to our Q acknowledged

ability to switch patients from AI as consistent with label, particularly in the large bolus

Key Changesof patients who have discontinued CDK4/6i due to toxicity (which Roche framed as up to

50% of CDK4/6i-treated); 2) Multiple bullish comments around divarasib and alluding to (CHF) Previous Current

revisit of existing CHF1-2bn peak sales at Pharma day, with >CHF3bn possible; 3) Not 2026E EPS 19.85 20.10

much incremental colour on Ocrevus competition impacting the Q. Bullish on hockey- 2027E EPS 20.79 21.29

stick for Zunovo adoption; 4) First long term guidance for other revenues growth from 2028E EPS 21.91 22.17

3% to 5% of sales. On our estimates, that implies rough growth from existing CHF2bn

to CHF4bn, and Roche acknowledged that this could be a driver of growing margins. Sachin Jain, CFA >>

Research Analyst

Buy; lidERA a de-risked > CHF5bn opp & FY27 pipeline MLI+44 (UK)20 7995 9676

Giredestrant lidERA is a largely de-risked cCHF6.5bn peak sales opp. Roche expects s.jain@bofa.com

quickest launch in medium risk given low c20% CDK4/6i penetration, then aims to move Charlie Haywood >> Research Analyst

into higher risk where CDK4/6i penetration is still only c50%. Intermediate risk also a MLI (UK)

unique opp where no CDK4/6i approved. Roche stays vocal on safety benefit being key, +44charlie.haywood@bofa.com20 7996 4165