Roche Feedback from the Roche Diagnostics Day 2026

研报英文原文证据摘录

Roche Feedback from the Roche Diagnostics Day 2026

J P M O R G A N Europe Equity Research

13 May 2026

Roche Neutral

ROP.S, ROP SW

Feedback from the Roche Diagnostics Day 2026 Price (12 May 26):CHF321.40

Price Target (Jun-27):CHF325.00

Yesterday we attended the Roche Diagnostics Day 2026, where Roche reiterated

their mid-term outlook for the Division’s sales to “grow mid- to high-single digits

at CER” and for Core Operating Profit to grow ahead of sales. Taking 7% sales

growth from 2025-2030 (inc. -4% FX in 2026) implies 2030 sales of SFr18.6bn,

7% above Post FY’25 Company Consensus of SFr17.4bn and for Core Operating

European Pharmaceuticals &

Profit growth at 9% from 2025-2030 (inc. -6% FX in 2026) implies 2030 Core Biotechnology

Operating Profit of SFr2.9bn (15.5% margin), 12% below Consensus of SFr3.3bn. AC Richard Vosser

In terms of the key growth drivers, at this year’s event Roche focused on the

(44-20) 7742-6652

upcoming launches of its AXELIOS Next Generation Sequencing Platform richard.vosser@jpmorgan.com

(launching Summer 2026) and the TB test (expected in June 2026 in countries J.P. Morgan Securities plc

accepting the CE mark). They also provided updates on the recent launches of Zain Ebrahim

cobas Mass spectrometry (launched 2024) and the Accu-Chek SmartGuide CGM (44-20) 3493-1163

(launched 2024). Roche also highlighted the contribution from its acquisitions of zain.ebrahim@jpmorgan.com

SAGA Diagnostics, which provides ultra-sensitive minimal residual disease J.P. Morgan Securities plc

(MRD) technology, and PathAI, which leverages AI-enabled pathology solutions, Sophia Graeff Buhl Nielsen

to drive the growth strategy of the division. Overall, the day highlighted Roche’s (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com