Roche "Key takeaways from sell-side breakfast with the CFO" (Buy) Weston

研报英文原文证据摘录

Roche "Key takeaways from sell-side breakfast with the CFO" (Buy) Weston

Management flagged where the opportunity may lie for some of these key

pipeline assets

For some of the key pipeline assets, management were asked where the opportunity lies

given the strong competition expected for TL1A in IBD and for FGF21 pegozafermin in

MASH, and the lack of commercial success achieved by currently marketed anti-

amyloids for Alzheimer's disease. For FGF21 pegozafermin in MASH, it is hoped the data

will be a key differentiator but the F4 segment is viewed as a key opportunity. For TL1A

afimkibart, Roche thinks it has a best-in-class asset but also highlighted efforts to build a

franchise in IBD, with a bispecific already in clinical development and another molecule

in P1 development for IBD. For trontinemab, a key question is if greater amyloid

clearance will lead to improved clinical outcomes but certainly the early efficacy on

amyloid clearance and the rate of microbleeds are very encouraging compared to what

was seen for currently marketed anti-amyloids.

Remain optimistic about Vabysmo sales growth improving and defending the

Ocrevus franchise

Vabysmo sales growth has been impacted by a branded market contraction but Roche is

hoping that sales growth will improve in 2026 with demand rebounding driven by

improved US patient funding. Roche has previously confirmed that it has paid into the

charitable foundations that provide copay assistance. In 1Q26, Vabysmo sales grew

13% overall and 4% in the US which was viewed as encouraging. Volume-wise, the

uptick in the US was low double digit so the trends are going in the right direction. In

terms of the Ocrevus franchise, conversion to the subQ Ocrevus Zunovo is a key part of