Roche: Post-Q2: catching ZEBRHA’s can be a tricky business

研报英文原文证据摘录

Roche: Post-Q2: catching ZEBRHA’s can be a tricky business

Deutsche Bank

Research

Rating Company Date

Hold Roche 23 July 2026

Company Update

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (CHF) 338.00

RO.S RO SW SWX RO

Price Target (CHF) 340.00

Pharmaceuticals

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

RHHBY US7711951043

Post-Q2: catching ZEBRHA’s can be a

Valuation & Risks tricky business

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

We update post Roche’s reasonable Q2 print today (Roche: Q2 sales/H1 profit +44-20-754-18522

first take (23/07/26)), which was followed by a very mixed call in our view (for

Niall Alexander

reasons we detail below), though one that was notable for exhibiting high levels Research Analyst

of management confidence, both overall and on two specific items which +44-20-754-12185

command investor attention in particular: the mid-term margin outlook (courtesy of

Henrietta Boeg

royalties, i.e. orfo, see below) and the 2027 giredestrant launch. That largely

Research Associate

explains the positive move during the call to rather generous levels (i.e. +MSD),

+44-20-754-10119

albeit the reality remains that one may expect some headwinds in H2 (remibrutinib,

mim8, wnt, and a potentially tricky fenebrutinib review), there seems little scope for Kate Farrelly

a guide raise with Q3, Roche itself remains light on H2 catalysts (P2 for ‘996…) and Research Associate

we think it still remains equivocal whether we get the broad year-end giredestrant

launch some are hoping for. We remain Hold, PTCHF340 unch and refer to recent Supun Ukwatta

additional research links inside for additional context on our view. Research Associate

Additional details and key takes from the call Shashindra Seresinhe