Roche Holding Ltd

Latest Results (14.07.2026):

Roche Holding Ltd Q1 2026: Roche reported a strong start to 2026 with Group sales up +6% at constant exchange rates in the first quarter (CHF 14,722m), despite a -5% decline in reported Swiss franc terms driven by significant appreciation of the Swiss franc. Pharmaceuticals growth (+7% CER; CHF 11,469m) was led by Xolair, Phesgo, Hemlibra, Vabysmo and Ocrevus; Diagnostics grew +3% CER (CHF 3,253m). The company confirmed its 2026 outlook (mid single‑digit Group sales growth at CER, high single‑digit core EPS growth at CER) and announced a further dividend increase.

Key headline figures

Group sales CHF 14,722m (-5% in CHF; +6% CER; +9% USD). Pharmaceuticals CHF 11,469m (+7% CER, -4% CHF). Diagnostics CHF 3,253m (+3% CER, -7% CHF).

Currency impact

Reported CHF results were materially affected by a stronger Swiss franc versus major currencies (notably USD), explaining the divergence between CER growth (+6%) and reported CHF change (‑5%).

Top product drivers

Top growth contributors in Pharma were Xolair, Phesgo, Hemlibra, Vabysmo and Ocrevus (combined CHF 5.3bn, +14% at CER). Notable product moves include strong Hemlibra and Vabysmo uptake and regional momentum for Phesgo.

Regional performance

Pharmaceuticals: United States +5% CER, Europe −1% CER, Japan +14% CER, International +16% CER (China +14% CER). Diagnostics: EMEA +3% CER, North America +6% CER, Asia‑Pacific −5% CER (impacted by China pricing reforms).

Pipeline and regulatory highlights

Significant clinical and regulatory progress: positive phase III fenebrutinib (MS) readouts, positive phase III MAJESTY for Gazyva/Gazyvaro in membranous nephropathy, FDA acceptance for Gazyva/Gazyvaro in SLE (ALLEGORY) and for giredestrant, positive phase II petrelintide (obesity) and phase III METEOROID (Enspryng) for MOGAD.

Diagnostics innovation and launches

CE mark for Elecsys NfL blood test for neuroinflammation in MS; launch of cobas MPX‑E 4‑in‑1 blood donor screening assay; continued roll‑out of pathology and core‑lab demand.

Strategic moves & technology

Signed definitive agreement to acquire SAGA Diagnostics (oncology therapy‑response monitoring), launched a large NVIDIA AI factory (now >3,500 GPUs) to accelerate AI‑driven R&D, and inaugurated the new Institute of Human Biology research centre.

Capital return & corporate

Annual General Meeting approved a dividend increase to CHF 9.80 per share (39th consecutive increase) and confirmed Board composition; Roche reiterates intention to further increase dividend in CHF for 2026.

Outlook

Roche confirms 2026 guidance: Group sales expected to increase in the mid single‑digit range at CER; core EPS targeted to grow in the high single‑digit range at CER; dividend to be further increased in CHF.