Roche

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Roche

J P M O R G A N Europe Equity Research

29 June 2026

May IQVIA data suggest our Roche US Pharma Neutral

forecast for 5% CER growth in 2Q’26 is broadly ROP.S, ROP SW

underpinned Price (26 Jun 26):CHF333.40

Price Target (Jun-27):CHF325.00

The latest May US IQVIA sales data show c. 6% sales growth for Roche’s US European Pharmaceuticals &

business in 2Q’26TD (5% growth for 1Q’26, where Roche reported 5% sales Biotechnology

growth at CER), based on our tracked audited IQVIA portfolio, capturing >95% Richard Vosser AC

of Roche’s US sales, but which misses the contribution of Evrysdi due to inaccurate (44-20) 7742-6652

data capture. Our US sales forecast of c. 5% growth at CER for 2Q’26 (once the richard.vosser@jpmorgan.com

latest FX impact on US sales is taken into account) appears to be broadly J.P. Morgan Securities plc

underpinned. The major potential differences to our forecasts highlighted by the Sophia Graeff Buhl Nielsen

IQVIA data are for: Hemlibra, which could be SFr70m too low, Ocrevus, which (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

could be SFr70m too high, Tecentriq, which could be SFr30m too low, Rituxan, J.P. Morgan Securities plc

which could be SFr20m too low, and Phesgo, which could be SFr15m too high. Zain Ebrahim

Overall, for 2Q’26, our analysis of the performance of individual Roche (44-20) 3493-1163

products in the US suggests that our forecast for 5% CER growth for the US zain.ebrahim@jpmorgan.com

Pharma business is broadly underpinned. J.P. Morgan Securities plc

Khushi Bihani

New Launches (91-22) 6157-4103

khushi.bihani@jpmorgan.com

J.P. Morgan India Private Limited

• Vabysmo US IQVIA sales suggest our forecast for 2Q’26 of SFr737m looks Dhitee Goel

broadly underpinned: Vabysmo IQVIA data suggests 8% growth for (44-20) 7742-2591