Roche (ROPC.S): Updated consensus comparison ahead of 1H26

研报英文原文证据摘录

Roche (ROPC.S): Updated consensus comparison ahead of 1H26

Equity Research

16 July 2026 | 7:34AM BST

Ahead of 1H26 earnings, company compiled consensus was released for Roche on James Quigley

+44(20)7051-3800 |

15 July 2026. For 1H26, we are now in-line with consensus on sales, -1%/-2% below james.quigley@gs.com

Goldman Sachs International

on Core operating profit and Core EPS respectively (-1%/-2%/-5% previously vs.

Rajan Sharma

Visible Alpha Consensus see our preview here), suggesting consensus largely +44(20)7051-7995 |

recognises that the quarter will be somewhat messy. Our R&D estimates are -3% rajan.sharma@gs.comGoldman Sachs International

below consensus and on Other operating income we are 43% below consensus likely Max Da, Ph.D.

driven by consensus not fully adjusting for CHF103mn of divestment gains in the +44(20)7051-8835Goldman Sachs International| max.da@gs.com

1H25 base (which we do not expect to recur). On Core EPS we are -2% below Shyam Kotadia

consensus as we forecast a higher tax rate (20% vs. 19% per consensus) partly offset +44(20)7051-6153 | shyam.kotadia@gs.com

by lower net financial results (-1% vs. consensus). On key products, for 2Q26 we are Goldman Sachs International

in-line for Ocrevus and Tecentriq, ahead on Hemlibra, Polivy and Phesgo and below Theodora Rowe Beadle

+44(20)7552-0177 |

consensus for Vabysmo. theodora.beadle@gs.com

For FY26, we expect Roche to reiterate guidance of mid-single digit CER sales growth Kaaviya Ganesan

+1(332)245-7519 |

and high-single digit CER Core EPS growth, given uncertainties around the inflection kaaviya.ganesan@gs.com

Goldman Sachs India SPL

point of Vabysmo and relatively weak Ocrevus prescription data. Company

consensus is broadly in-line with the mid-point of the FY26 guidance range on both