Roche "2Q'26 Results - Second Opinion" (Buy) Weston

研报英文原文证据摘录

Roche "2Q'26 Results - Second Opinion" (Buy) Weston

Global Research

24 July 2026ab

Roche Equities

Switzerland2Q'26 Results - Second Opinion

Pharmaceuticals

12-month rating Buy

UBS view: We thought the 2Q26/1H26 results were solid but in our view the positive

reaction to the stock price on the day (+5%) might have been partially related to the

12m price target CHF376.00

revising of Vabysmo expectations being viewed as a clearing event ahead of the

giredestrant PDUFA (expected 4Q26) and launch. Roche no longer expects a rebound in

Vabysmo's US sales growth but does expect it to grow low to mid single digit in the US Price (23 Jul 2026) CHF349.50

and double digit ex-US, with c.CHF6bn peak sales. Now that the growth expectations RIC: ROPC.S BBG: ROP SW

for Vabysmo have been adjusted we expect investor focus may shift to the potential for a

strong giredestrant launch in 2027. We remain positive on the launch potential of Trading data and key metrics

giredestrant in ER+ adjuvant breast cancer, and the significant margin assumed given 52-wk range CHF374.00-246.30

Roche already has a global breast cancer commercial infrastructure. We then see Market cap. CHF279b/US$341b

potential for further pipeline replacement power from TL1A and trontinemab in Shares o/s 689m (ORD)

Alzheimer's in 2027/28. Buy rated. Free float 98%

Avg. daily volume ('000) 961

Changes to forecasts Avg. daily value (m) CHF313.4

We make limited changes to numbers, adjusting our Vabysmo and Hemlibra forecasts to Common s/h equity (12/26E) CHF33.2b

better align with the recent sales trajectory and the guidance for growth expectations. P/BV (12/26E) 8.4x

We also make minor adjustments to our pipeline removing some assets that were Net debt to EBITDA (12/26E) 0.4x

previously in P2 development.