Roche: 2Q‘26/1H‘26 First Take: Sales 1% ahead of Consensus expectations, Core EPS 7% ahead, guidance reiteration underpins FY‘26 Consensus

研报英文原文证据摘录

Roche: 2Q‘26/1H‘26 First Take: Sales 1% ahead of Consensus expectations, Core EPS 7% ahead, guidance reiteration underpins FY‘26 Consensus

J P M O R G A N Europe Equity Research

23 July 2026

Roche

2Q’26/1H’26 First Take: Sales 1% ahead of Consensus Neutral

expectations, Core EPS 7% ahead, guidance reiteration ROP.S, ROP SW

underpins FY’26 Consensus Price (22 Jul 26):CHF332.40

European Pharmaceuticals &

Our Take: This morning Roche reported good 1H’26 results with Core EPS of Biotechnology

SFr10.85, c. 7% ahead of Company Consensus at SFr10.17 (5% ahead of JPMe at Richard Vosser AC

SFr10.38). The Core Operating Profit of SFr11,856m beat Consensus by 4% (44-20) 7742-6652

(JPMe by 1%) driven by a minor topline beat, lower than expected Core R&D richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

expenses at SFr5,765m, 4%/SFr240m lower than Consensus estimates at

Sophia Graeff Buhl Nielsen

SFr6,005m and lower Core SG&A at SFr6,370m, 2%/SFr102m lower than

(44-20) 7742-3918

Consensus estimates at SFr6,472m. Below Core Operating Profit the beat was sophia.graeffbuhlnielsen@jpmorgan.com

accentuated by a lower than expected tax rate of 17.5% compared to Consensus at J.P. Morgan Securities plc

19.5%. For 2Q’26 sales, Pharma sales of SFr12,160m were c. 1%/SFr93m ahead Zain Ebrahim

of Consensus at SFr12,067m (1% ahead of JPMe at SFr12,004m) and Diagnostics (44-20) 3493-1163

sales of SFr3,482m were in-line with Consensus at SFr3,485m (in-line with JPMe zain.ebrahim@jpmorgan.com

at SFr3,478m). In Pharma, performance across key products showed a 4%/SFr48m J.P. Morgan Securities plc

beat for Hemlibra; an 11%/SFr71m beat for Perjeta; a 24%/SFr57m beat on Dhitee Goel

Activase and a 6%/SFr54m beat for Xolair, but a 8%/SFr89m miss for Vabysmo. (44-20) 7742-2591

dhitee.goel@jpmorgan.com