Roche Half-Year Report 2024
In the first half of 2024 the Roche Group reported sales growth of 5% and a core operating profit growth of 11% at CER. IFRS net income decreased by 4% while Core EPS increased by 9% at CER. The appreciation of the Swiss franc against many currencies relative to the first half of 2023 had an adverse net impact on the results expressed in Swiss francs of 5 percentage points on sales, 7 percentage points on core operating profit and on IFRS net income and 8 percentage points on Core EPS.
The Diagnostics Division reported sales of CHF 7.2 billion (2023: CHF 7.3 billion), an increase of 5% at CER. The division’s base business grew by 9% at CER across all regions, primarily due to increased demand for immunodiagnostic products. This growth was partially offset by the continued expected sales decline of the division’s portfolio of COVID-19 tests, which generated sales of CHF 0.1 billion in the first half of 2024, a fall of 70% at CER.
Highlights
- Group sales +5% at CER driven by strong base business of +8%
- Strong Pharma (+8% at CER) and Diagnostics (+9% at CER) base business growth
- COVID-19 sales decreased by CHF -0.8bn and LOE1 impact was CHF -0.6bn, both in line with guidance (at CER)
- Core OP increased by +11%, Group core OP margin up +1.9%p, Core EPS growth +9%, Operating Free Cash Flow of +9% at CHF 8.4bn (all at CER)
- Pharma regulatory: EU approval Ocrevus SC in RMS/PPMS and Alecensa in adj. ALK+ NSCLC, US approval Vabysmo pre-filled syringe and PiaSky in PNH, FDA label update Susvimo in nAMD, EU filing Elevidys in DMD and inavolisib in 1L PIK3CA-mut HR+ BC, US filing Susvimo in DME/DR
- Pharma readouts: Positive Ph Ib CT-388 (injectable) and Ph I CT-996 (oral) in obesity
- Diagnostics regulatory: cobas c703 and ISE neo (EU), cobas Liat Respiratory Panel FDA EUA, cobas pro serology solution (FDA), Accu-Chek SmartGuide CGM (EU), VENTANA Kappa Lambda Dual ISH mRNA Probe Cocktail (EU), HPV self-collection solution (FDA)
