Growth outlook improving, with addition of divarasib and enicepatide

研报英文原文证据摘录

Growth outlook improving, with addition of divarasib and enicepatide

J P M O R G A N Europe Equity Research

29 July 2026

Roche Neutral

ROP.S, ROP SW

Growth outlook improving, with addition of divarasib and Price (28 Jul 26):CHF368.00

enicepatide Price Target (Dec-27):CHF325.00

Following the 2Q’26 results, we have made less than 1% changes our FY’26 European Pharmaceuticals &

forecasts for Sales and Core EPS. Beyond 2026, for 2027-30 we have raised our Biotechnology

Sales forecasts by c. 2-7% and our Core EPS forecasts by 2-9% largely reflecting Richard Vosser AC

the inclusion of sales from (1) divarasib following positive headline data from the (44-20) 7742-6652

Krascendo 1 trial, where divarasib showed superiority to the existing KRAS G12C richard.vosser@jpmorgan.com

inhibitor and (2) CT-388 (enicepatide) following the detailed data at ADA 2026. J.P. Morgan Securities plc

Together these two assets add SFr1.7bn in sales in 2030, which improves the Roche Sophia Graeff Buhl Nielsen

sales 2025-30 CAGR to 2% (from 1%). With this still below the EU Pharma Sector (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

2025-30 CAGR at 5%, we remain Neutral. J.P. Morgan Securities plc

• Divarasib forecasts for sales of up to SFr1.1bn peak added into our Zain(44-20)Ebrahim3493-1163

forecasts for the first time: Following the confirmation of divarasib zain.ebrahim@jpmorgan.com

superiority to sotorasib [Lumakras – Amgen] and adagrasib [Krazati – BMS] J.P. Morgan Securities plc

- two marketed KRAS G12C inhibitors in 2L+ lung cancer (see our analysis Dhitee Goel

here) we have added forecasts for divarasib into our model. We forecast (44-20) 7742-2591

divarasib reaching sales of SFr0.9bn in 2030, which are substantially above dhitee.goel@jpmorgan.com