Roche Holding AG (ROPC.S): Word on the Street - Key takes from the ROP 2Q26 earnings call

研报英文原文证据摘录

Roche Holding AG (ROPC.S): Word on the Street - Key takes from the ROP 2Q26 earnings call

Roche Holding AG (ROPC.S)

23 July 2026 Citi Research

market now stabilised but at a lower level. US market now expected to grow 2-3% and US Vabysmo sales LSD-MSD (assumes

share gains). Don't see impact from biosimilars, only impacting innovator product.

Highlighted BTK degrader bexobrutideg as part of Nurix partnership with >CHF3bn guided peak potential. Bexobrutideg

(BTK degrader), recently licensed from Nurix announced Jun-26, now moved into PIII in 2+ CLL. Also in PII for 3L+ CLL, 1L

CLL/NHL with PIII planned for mantle cell lymphoma and Waldenstrom macroglobulinemia, and PII planned for MS and CSU.

Highlighted potential differentiation for a validated MoA with efficacy, safety, tolerability and combinability, with potential

incremental efficacy for a degrader over inhibitor in immunological conditions.

Margin guidance unchanged but commentary positive. Although Roche maintained its mid-term guidance to "stabilise or

grow" operating margin, we thought commentary implies increasing confidence in the latter. Roche now expects other

revenue expected to rise to 5% by end of decade (3% currently), aided by Foundayo royalties and some milestones, and

commented this "makes a difference" [to margins] and 'gives more substance to our statement'. With revenue being

increasingly driven by high-margin giredestrant and other revenues, we forecast group core operating margins growing to 42%

2030E (from 35.5% in 2025), c.200bp above consensus.

Continued China healthcare reform headwinds for Dx. Flagged sales would have been +6% ex-China healthcare reform

headwinds (Core lab grew +8% ex-China), with CHF50m headwinds from mild respiratory season. Highlighted ambition to