Roche: Dia day/sellside meet feedback + fene feedback takes

研报英文原文证据摘录

Roche: Dia day/sellside meet feedback + fene feedback takes

Deutsche Bank

Research

Rating Company Date

Hold Roche 14 May 2026

Company Update

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (CHF) 328.20

RO.S RO SW SWX RO

Price Target (CHF) 340.00

Pharmaceuticals

Pharmaceuticals ADR ISIN 52-week range (CHF) 381.08257.04-

RHHBY US7711951043

Dia day/sellside meet feedback + fene

Valuation & Risks feedback takes

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

We joined Roche’s annual diagnostics day on Tuesday in London and provide +44-20-754-18522

takes from that along with yesterday's CFO sellside meeting in London plus a

Niall Alexander

third unrelated item– a recent third-party snap poll on fenebrutinib’s detailed RMS Research Analyst

data at AAN. The summary is overall we view these as a very minor positive. For +44-20-754-12185

additional context see our post-Q1 update: ROG: Post-Q1: the lid-ERA may be

Henrietta Boeg

coming, but H2 still one for the fenTREPID? (23/04/26).

Research Associate

+44-20-754-10119

Diagnostics day takes

Kate Farrelly

n The key anticipated item at this year’s diagnostics event was a group

strategy update, including an expected revision to mid-term group

revenue guidance in light of the recent giredestrant/fenebrutinib pipeline

results: this was duly delivered, but as also expected took a largely Shashindra Seresinhe

qualitative format with guidance for growth to 2030 and beyond, but no Research Associate

quantum provided. We note DB/cons already model +MSD growth through

2029 with cons now already modelling this in 2030 also, but perhaps the

Supun Ukwatta

more pertinent questions being (1) whether fenebrutinib gets approved and

(2) how giredestrant launches to support this assumption plus (3) the