Roche Holding AG (ROPC.S): 2Q26 1H26 7% EPS beat on in-line sales. FY26 guide unchanged in line cons.

研报英文原文证据摘录

Roche Holding AG (ROPC.S): 2Q26 1H26 7% EPS beat on in-line sales. FY26 guide unchanged in line cons.

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23 Jul 2026 02:41:05 ET │ 13 pages

Roche Holding AG (ROPC.S)

2Q26 1H26 7% EPS beat on in-line sales. FY26 guide unchanged in line

cons.

CITI'S TAKE Buy

Price (22 Jul 26 17:30) SFr332.40 Roche reported 1H26 EPS 7% ahead of cons on in-line sales with one-offs

Target price SFr400.00 in other revenue, lower R&D and tax helping the EPS beat. In key products

Ocrevus was in line and Hemlibra, Xolair, Perjeta beats were offset by an Expected share price return 20.3%

8% miss in Vabysmo (US -2% YoY although ROP saying US branded Expected dividend yield 3.1%

market now stabilised and expect share gains US and globally) and 10% Expected total return 23.4%

miss in Phesgo (albeit offset by Perjeta beat). FY26 guidance is unchanged Market Cap SFr269,593M

and in line with cons at midpoint (MSD sales and HSD CER EPS growth US$331,013M

with Fx -4%/-6% to sales/EPS), though ROP now expects LOE impact of

CHF0.6bn in 2026 (vs CHF1bn guided previously), potentially helping to

offset weaker Vabysmo in our view. We expect Vabysmo and giredestrant

launch trajectory to be the focus of the call. Maintain Buy for giredestrant Graham ParryAC

$14.5bn peak opportunity driving earnings outperformance. +44-20-7508-3661

graham.parry@citi.com

1H26 EPS 7% beat; 2Q26 Group sales 1% beat — 1H26EPS 10.85 7% beat on Leolie Telford-Cooke Ph.D.

operating profit CHF11.9bn 4% beat, with sales broadly inline. OP beat helped by

Amy Y Maolower R&D (CHF5.8bn 4% below) and higher other revenue (CHF1.1bn 23%) driven by

higher royalty income and higher other income from collaboration out licensing Jelena Milovic

agreements including a CHF73m royalty settlement and milestone income at Chugai

related to Foundayo.