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As Roche announced on Wednesday, falling Covid sales across the group caused sales to drop 7 percent to CHF 15.3 billion in the first three months. At constant exchange rates, sales decreased by 3 percent in line with the target of Roche management.
The pharmaceutical division achieved sales of 11.7 billion Swiss francs in the first quarter, an increase of 5 percent. Here, the eye drug Vabysmo, which was just launched in early 2022, has become the division’s biggest growth driver, as Roche reports.
Missing corona sales were particularly notable in the diagnostic department, whose sales fell 31 percent to CHF 3.6 billion. With corona tests, the business has given the smaller Roche division a real boom in recent years.
Reported figures are often above the expected range of analysts’ estimates. Roche traditionally does not offer profit figures beyond three months.
As a whole, Roche remains cautious for 2023. The Group expects sales to fall in the low single-digit percentage range at constant exchange rates. Core earnings per share should also drop by a low single-digit percentage.
Except for the sharp decline in Covid-19 sales, Roche management continues to expect solid sales growth in both divisions. In addition, the group continues to strive to increase the dividend in Swiss francs.
Judging by the stress factors, Roche had previously expected a decline in sales of around CHF 5 billion due to declining corona business. Sales of counterfeit products for veteran blockbusters Avastin, Herceptin and Rituxan will likely cut by about 1.6 billion.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
