罗氏（ROPC.S）：制药日聚焦拓展吉瑞斯特兰特上市之外的叙事

研报英文原文证据摘录

Equity Research

15 September 2026 | 6:15AM BST

Roche (ROPC.S)

Pharma Day looks to broaden the story beyond the giredestrant launch

ROPC.S

12m Price Target: SFr366.00

Price: SFr361.40

Upside: 1.3%

On September 28th, Roche will host its annual Pharma day where it

will review (1.) Pharma Strategy and commercial growth drivers, (2.)

R&D Excellence, (3.) AI in early drug development and (4.) Pipeline

updates across the five key therapeutic areas. We do not expect

Roche to provide mid-term financial targets for the Pharma business

with the event. We expect investor focus to remain on the

foundation of the Roche bull thesis, which centres around the initial

launch of giredestrant, which, as consensus numbers increase, could

potentially lead to some downside risk into early 2027. However,

long term, at current levels, we believe the market appears to

already reflect the mega-blockbuster potential for giredestrant. We

expect only incremental updates on strategy and R&D Excellence,

but see potential for commentary on AI in early drug development

to lay the foundations for a positive operating leverage story driven

by a more efficient R&D engine, although we expect investors to

wait until this starts to come through in the numbers before giving

significant credit. On the pipeline, beyond giredestrant we expect

Roche to focus on fenebrutinib (competitive landscape vs.

remibrutinib), the obesity portfolio (limited incremental updates

expected) and the key 2027 read outs (afimkinart, zemocimig) as

well as some of the high risk/ high reward opportunities

(trontinemab and praisinezumab). We continue to expect Roche to

highlight that it does not need to do M&A to grow, while seeing

external innovation as a lever to supplement mid-to-long term

growth of the current portfolio and pipeline. Overall, we expect

the event to be informative, but unlikely to be thesis changing

for investors, with additional information on key franchises/

Pharma margins unlikely to lead to consensus upgrades in the

short term.

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We do not expect any significant changes to the R&D

strategy, with ‘the bar’ continuing to guide decision-making,

and M&A being supplemental as opposed to being a key

NEUTRAL

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