Roche: Diagnostics Day: Co. Reiterates MSD/HSD Diagnostics growth, now sees "Strong" Group topline growth beyond 2030, extending runway

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Roche: Diagnostics Day: Co. Reiterates MSD/HSD Diagnostics growth, now sees "Strong" Group topline growth beyond 2030, extending runway

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

13 May 2026

Roche

Diagnostics Day: Co. Reiterates

MSD/HSD Diagnostics growth, now

ROPC.S/ROP SE OVERWEIGHTsees "Strong" Group topline

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesgrowth beyond 2030, extending

Price Target CHF 410.00

Price (12-May-26) CHF 321.50runway Potential Upside/Downside +27.5%

Dx Day reiterated ROP's ambition for Diagnostics to deliver Source: Bloomberg, Barclays Research

MSD/HSD topline growth mid-term, key launches including

Axelios Nanopore sequencing. For the Group, ROP now sees Biotechnology & Life Sciences

Strong topline growth "beyond '30", implying Pharma growth James Gordon +44 (0)20 7116 2784

now also extends beyond '30 (prev. Pharma guide "until '30"). james.gordon@barclays.com

Barclays, UK

Yesterday we attended ROP’s Diagnostics Day in London, where the company reiterated its Yihan Li, PhD

expectation for MSD/HSD Diagnostics division topline growth medium-term, and +44 (0)20 3555 3563

yihan.li@barclays.comelaborated on the key Diagnostics growth drivers, i.e. (1.) sequencing, (2.) oncology, (3.) digital

pathology, (4.) mass spectrometry, (5.) neurology biomarkers, (6.) infectious disease and (7.)

near patient care. For Diagnostics, the company also reiterated Diagnostics Core Operating Shirley Chen, PhD

profit growth being faster than that for sales. +44 (0)20 7773 2109

shirley.chen@barclays.com

Beyond Diagnostics, the company also upgraded the medium-term guide, having previously Barclays, UK

only guided for Pharma to grow "until '30", now suggesting the Group would see "Strong topline Sidhartha Modi