[Ad hoc announcement pursuant to Art. 53 LR] Roche’s strong momentum continues in the first half of 2026, delivering +6% sales growth at constant exchange rates; -2% in CHF due to the significant appreciation of the Swiss franc
Rhea-AI Summary
Roche (OTCQX:RHHBY) reported first-half 2026 Group sales of CHF 30.4 billion, up 6% at constant exchange rates (CER), but -2% in CHF, with Pharmaceuticals +6% CER and Diagnostics +3% CER. Core operating profit rose 10% CER to CHF 11.9 billion and core EPS increased 9% CER, while IFRS operating profit declined 6% in CHF to CHF 9.7 billion due to Swiss franc appreciation.
Growth was driven by Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo, which together generated CHF 11.0 billion (+12% CER). According to Roche, it secured five US FDA Priority Reviews, reported positive phase III data for divarasib and fenebrutinib, launched the Axelios 1 sequencing platform, announced the PathAI acquisition and confirmed its 2026 outlook for mid single-digit sales and high single-digit core EPS growth (CER) with a further dividend increase in CHF.
Positive
- Group sales +6% CER to CHF 30.4 billion in H1 2026
- Core operating profit +10% CER to CHF 11.9 billion
- Top five growth drugs sales CHF 11.0 billion, +12% CER
- Pharmaceuticals Division sales +6% CER to CHF 23.6 billion
- Diagnostics Division sales +3% CER to CHF 6.7 billion
- Five US FDA Priority Reviews across oncology and autoimmune indications
- Positive phase III data for divarasib and fenebrutinib
- 2026 outlook confirmed: mid single-digit sales and high single-digit core EPS growth (CER)
- Plan to further increase dividend in CHF for 2026
Negative
- Strong Swiss franc drives -2% Group sales and -6% IFRS operating profit in CHF
- IFRS diluted EPS down 8% in CHF in H1 2026
- Legacy products with expired patents down 8% CER and 15% in CHF
- China Pharmaceuticals sales -9% CER, impacted by Xofluza base effect
- Asia-Pacific Diagnostics sales -5% CER due to healthcare pricing reforms in China
News Market Reaction – RHHBY
In the Jul 23 session, RHHBY gained 4.29%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Group sales were +
6% at constant exchange rates (CER)1, -2% when reported in CHF and +8% in USD2, in the first six months, driven by high demand for innovative medicines and diagnostics. - Pharmaceuticals Division sales were +
6% at CER, -1% when reported in CHF and +8% in USD, due to continued high growth in sales of our medicines across disease areas; Xolair (allergic asthma, chronic hives, food allergies), Hemlibra (haemophilia A), Ocrevus (multiple sclerosis), Phesgo (breast cancer) and Vabysmo (severe eye diseases) were the top growth drivers. - Diagnostics Division sales were +
3% at CER, -3% when reported in CHF and +6% in USD, driven by demand for immunodiagnostic and clinical chemistry products as well as pathology and molecular solutions. - Core operating profit was +
10% at CER, -1% when reported in CHF, driven by higher sales and other revenue; IFRS operating profit was -6% in CHF due to the appreciation of the Swiss franc. - Core earnings per share were +
9% at CER (-2% in CHF); IFRS diluted earnings per share were -8% in CHF due to the appreciation of the Swiss franc. - Highlights:
- US Priority Reviews for giredestrant in an early-stage breast cancer, Enspryng in thyroid eye disease, Tecentriq in colon cancer as well as Gazyva/Gazyvaro in idiopathic nephrotic syndrome and primary membranous nephropathy, two autoimmune diseases affecting the kidneys
- US acceptance of a supplemental Biologics License Application for the Lunsumio and Polivy combination for blood cancer and Gazyva/Gazyvaro for systemic lupus erythematosus
- Positive phase III data on divarasib in lung cancer; presentation of promising data on fenebrutinib in multiple sclerosis (phase III), Gazyva/Gazyvaro in three autoimmune diseases (phase III) and enicepatide (CT-388) and petrelintide in obesity (phase II)
- Launch of Axelios 1, a transformative next-generation sequencing platform based on the innovative SBX technology, enabling the fastest DNA sequencing at scale
- EU CE mark for two blood tests: Elecsys pTau217 to detect Alzheimer’s pathology and Elecsys IGRA TB to identify latent tuberculosis infection
- US approval for Ventana PTEN (SP218) RxDx Assay, the first companion diagnostic to assess the levels of a key protein in prostate cancer
- Global collaboration agreement with Nurix Therapeutics for the BTK degrader bexobrutideg across malignant haematology, immunology and neurology
- Agreement to acquire PathAI to transform AI-driven diagnostics
- Outlook for 2026 confirmed.
Outlook for 2026
Roche (SIX: RO, ROP; OTCQX: RHHBY) expects an increase in Group sales in the mid single digit range (CER) for 2026. Core earnings per share are targeted to develop in the high single digit range (CER). Roche expects to further increase its dividend in Swiss francs.
| Key figures | CHF millions | % change | |||
| January–June | 2026 | 2025 | At CER1 | In CHF | In USD |
| Group sales | 30,364 | 30,944 | 6 | -2 | 8 |
| Pharmaceuticals Division | 23,629 | 23,985 | 6 | -1 | 8 |
| Diagnostics Division | 6,735 | 6,959 | 3 | -3 | 6 |
| Core operating profit | 11,856 | 12,010 | 10 | -1 | |
| Core EPS – diluted (CHF) | 10.85 | 11.08 | 9 | -2 | |
| IFRS operating profit | 9,671 | 10,330 | 6 | -6 | |
Roche CEO Thomas Schinecker: “Our strong momentum continued in the first half of the year, driven by a
We reported positive phase III data for divarasib, reinforcing its potential as a best-in-class therapy in advanced lung cancer. Our regulatory momentum accelerated significantly as the US FDA granted five Priority Reviews: giredestrant in early-stage breast cancer, Enspryng in thyroid eye disease, Tecentriq in colon cancer and Gazyva/Gazyvaro in two autoimmune kidney diseases.
In Diagnostics, we reached major milestones with the launch of our transformative, highly cost-effective Axelios 1 sequencing solution, alongside EU CE mark for key diagnostic tests, including the Elecsys pTau217 blood test for Alzheimer’s pathology and the Elecsys IGRA TB blood test, which delivers automated, scalable latent tuberculosis screening to laboratories worldwide.
Backed by our robust pipeline, we are well-positioned for sustained future growth. We confirm our outlook.”
Group results
In the first six months of 2026, Roche sales were +
Core operating profit was +
IFRS operating profit was -
Sales in the Pharmaceuticals Division were +
The top five growth drivers – Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo – achieved total sales of CHF 11.0 billion, an increase of
Sales of products with expired patents (Avastin, Herceptin, MabThera/Rituxan, Lucentis and Actemra/RoActemra) were CHF 2.6 billion, a decrease of
In the United States, sales were +
Sales in Europe were +
In Japan, sales were +
Sales in the International region were +
The Diagnostics Division’s sales were +
Sales in the Europe, Middle East and Africa (EMEA) region were +
In North America, sales were +
Sales in Asia-Pacific were -
In Latin America, sales were +
Pharmaceuticals: key developments
| Compound | Milestone |
| Regulatory | |
| Gazyva/Gazyvaro Several autoimmune diseases | FDA grants Priority Review for Roche’s Gazyva/Gazyvaro for adults with primary membranous nephropathy (pMN)
|
| Enspryng Thyroid eye disease | FDA grants Priority Review for Enspryng, the first and only at-home subcutaneous treatment option for thyroid eye disease (TED)
|
| Lunsumio and Polivy Blood cancer | FDA accepts supplemental Biologics License Application for Lunsumio and Polivy combination for relapsed or refractory large B-cell lymphoma (LBCL)
|
| Tecentriq Colon cancer | FDA grants Priority Review for Tecentriq for a certain type of stage III colon cancer
|
| Giredestrant Breast cancer | FDA accepts New Drug Application for giredestrant in ER-positive early-stage breast cancer, the first and only oral selective oestrogen receptor degrader with positive phase III results in the curative setting
|
| Phase III, pivotal and other key read-outs | |
| Divarasib Lung cancer | Divarasib shows superiority in head-to-head phase III trial against approved KRAS G12C inhibitors in non-small cell lung cancer
|
| Fenebrutinib Multiple sclerosis | Fenebrutinib significantly reduces relapses versus standard of care to approximately one every 17 years in relapsing multiple sclerosis (RMS)
|
| Other | |
| Alzheimer’s integrated portfolio presentation | Roche presents new data on Alzheimer’s disease from across its integrated pharmaceuticals and diagnostics portfolio at AAIC
|
| Nurix Therapeutics collaboration | Roche announces global collaboration with Nurix Therapeutics to co-develop and co-commercialise potential best-in-class BTK degrader bexobrutideg across malignant haematology, immunology and neurology
|
| Obesity portfolio data presentation | Roche presents new data advancing its obesity portfolio at the American Diabetes Association’s 2026 scientific sessions
|
| Oncology portfolio data presentation | Roche presents new data at ASCO 2026, reinforcing giredestrant’s potential to transform the treatment paradigm in early breast cancer
|
| Ophthalmology portfolio data presentation | Roche presents extensive data showcasing its industry-leading ophthalmology portfolio at ARVO 2026
|
Pharmaceuticals sales
| Sales | CHF millions | As % of sales | % change | |||
| January–June | 2026 | 2025 | 2026 | 2025 | At CER | In CHF |
| Pharmaceuticals Division | 23,629 | 23,985 | 100.0 | 100.0 | 6 | -1 |
| United States | 12,229 | 12,670 | 51.8 | 52.8 | 6 | -3 |
| Europe | 4,520 | 4,566 | 19.1 | 19.0 | 1 | -1 |
| Japan | 1,360 | 1,425 | 5.8 | 5.9 | 11 | -5 |
| International | 5,520 | 5,324 | 23.3 | 22.3 | 10 | 4 |
International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others
| Top 20 best-selling pharmaceuticals | Total | United States | Europe | Japan | International | |||||
| CHF m | % | CHF m | % | CHF m | % | CHF m | % | CHF m | % | |
| Ocrevus Multiple sclerosis | 3,470 | 7 | 2,300 | 2 | 758 | 10 | - | - | 412 | 30 |
| Hemlibra Haemophilia A | 2,492 | 11 | 1,313 | 9 | 502 | 4 | 171 | 9 | 506 | 26 |
| Vabysmo Eye diseases (nAMD, DME, RVO) | 2,059 | 8 | 1,333 | 1 | 386 | 5 | 75 | 26 | 265 | 65 |
| Tecentriq Cancer immunotherapy | 1,704 | 6 | 815 | 9 | 410 | -3 | 146 | -2 | 333 | 17 |
| Xolair3 Chronic hives, food allergies | 1,673 | 27 | 1,673 | 27 | - | - | - | - | - | - |
| Perjeta3 Breast cancer | 1,389 | -7 | 551 | -11 | 238 | -14 | 24 | -23 | 576 | 0 |
| Phesgo Breast cancer | 1,318 | 18 | 318 | 0 | 425 | 9 | 88 | 15 | 487 | 47 |
| Actemra/RoActemra3 RA, COVID-19 | 1,074 | -9 | 515 | -9 | 238 | -21 | 140 | 8 | 181 | -3 |
| Evrysdi Spinal muscular atrophy | 968 | 17 | 323 | 15 | 335 | 17 | 39 | -1 | 271 | 25 |
| Kadcyla3 Breast cancer | 916 | -6 | 310 | -14 | 248 | -4 | 39 | 2 | 319 | 3 |
| Polivy Blood cancer | 808 | 20 | 381 | 28 | 128 | -18 | 98 | 16 | 201 | 47 |
| Alecensa Lung cancer | 795 | 6 | 261 | 4 | 126 | -4 | 93 | 8 | 315 | 13 |
| MabThera/Rituxan3 Blood cancer, RA | 609 | 5 | 402 | 14 | 62 | -9 | 6 | -11 | 139 | -10 |
| Activase/TNKase3 Cardiac diseases | 555 | 11 | 531 | 11 | - | - | - | - | 24 | 12 |
| Gazyva/Gazyvaro3 Blood cancer, lupus nephritis | 489 | 7 | 240 | 4 | 117 | -1 | 17 | 14 | 115 | 21 |
| Herceptin3 Breast and gastric cancer | 462 | -12 | 94 | -14 | 136 | -7 | 2 | -36 | 230 | -14 |
| Avastin3 Various cancer types | 414 | -15 | 125 | -12 | 35 | 37 | 36 | -44 | 218 | -13 |
| Pulmozyme3 Cystic fibrosis | 204 | -8 | 145 | -5 | 29 | -11 | - | 26 | 30 | -18 |
| Columvi Blood cancer | 196 | 70 | 91 | 28 | 53 | 116 | - | - | 52 | 173 |
| Enspryng Acute inflammation of brain, spinal cord and optic nerves | 195 | 22 | 50 | 20 | 23 | 20 | 79 | 18 | 43 | 37 |
DME: diabetic macular edema / nAMD: neovascular or ‘wet’ age-related macular degeneration / RVO: retinal vein occlusion / RA: rheumatoid arthritis
Diagnostics: key developments
| Product | Milestone |
| cobas HDV test | Roche introduces cobas hepatitis D virus (HDV) test, the first fully automated diagnostic solution to identify the most severe form of viral hepatitis
|
| Elecsys IGRA TB test | Roche receives CE mark for blood test to identify tuberculosis infection
|
| Axelios 1 sequencing platform | Roche announces the launch of Axelios 1, a transformative next-generation sequencing platform
|
| Ventana PTEN (SP218) RxDx Assay | Roche receives FDA approval for the first companion diagnostic to assess PTEN protein in people living with prostate cancer
|
| Liver Disease Panel | Roche launches the Liver Disease Panel, the first suite of certified algorithms to support chronic liver disease (CLD) management
|
| Elecsys pTau217 test | Roche receives CE mark for new blood test to detect Alzheimer’s pathology: Elecsys plasma phosphorylated-tau 217 (pTau217)
|
| PathAI agreement | Roche enters into a definitive merger agreement to acquire PathAI to transform AI-driven diagnostics
|
Diagnostics sales
| Sales | CHF millions | As % of sales | % change | |||
| January–June | 2026 | 2025 | 2026 | 2025 | At CER | In CHF |
| Diagnostics Division | 6,735 | 6,959 | 100.0 | 100.0 | 3 | -3 |
| Customer areas | ||||||
| Core Lab | 3,756 | 3,839 | 55.8 | 55.2 | 4 | -2 |
| Molecular Lab | 1,196 | 1,250 | 17.7 | 18.0 | 3 | -4 |
| Near Patient Care | 909 | 1,018 | 13.5 | 14.6 | -5 | -11 |
| Pathology Lab | 874 | 852 | 13.0 | 12.2 | 11 | 3 |
| Regions | ||||||
| Europe, Middle East, Africa | 2,466 | 2,485 | 36.6 | 35.7 | 3 | -1 |
| North America | 2,211 | 2,235 | 32.8 | 32.1 | 8 | -1 |
| Asia-Pacific | 1,522 | 1,729 | 22.6 | 24.9 | -5 | -12 |
| Latin America | 536 | 510 | 8.0 | 7.3 | 10 | 5 |
More information on Roche’s performance in the first six months of 2026:
- Half-Year 2026 Presentation
- Half-Year 2026 Presentation with appendix
- Half-Year 2026 Finance Report
- Appendix with tables
About Roche
Roche (SIX: RO, ROP; OTCQX: RHHBY) is a healthcare company uniquely placed to prevent, stop and cure diseases by uniting leading science and technology across diagnostics, medicines and digital solutions.
Roche was founded in Basel, Switzerland in 1896 and today is a leading provider of transformative medicines and diagnostics for millions of people in over 150 countries around the world. It is dedicated to tackling healthcare challenges that place the greatest strain on patients, families, communities and healthcare systems. Across its Diagnostics and Pharmaceuticals Divisions, Roche focuses on areas including oncology, neurology, cardiovascular and metabolic diseases, ophthalmology, infectious diseases and immunology with the aim of providing real and positive change for patients, the people they love and the professionals who care for them.
Genentech in the United States is a fully owned subsidiary in the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, a major innovator in the Japanese therapeutic antibody market.
For more information, please visit www.roche.com.
All trademarks used or mentioned in this release are protected by law.
References
[1] CER (Constant Exchange Rates). The percentage changes at constant exchange rates are calculated using simulations by reconsolidating both the 2026 and 2025 results at constant exchange rates (the average rates for the year ended 31 December 2025). For the definition of CER, see page 178 of the Roche Finance Report 2025.
[2] USD (US dollars). The percentage changes for selected sales figures in US dollars are calculated by translating both the 2026 and 2025 sales figures at the respective average US dollar exchange rate for the period in question. This supplementary information is provided to assist readers when assessing comparability with other companies.
[3] Products launched before 2015.
Cautionary statement regarding forward-looking statements
This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this document, such as: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side effects of pipeline or marketed products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity and news coverage. The statement regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche’s earnings or earnings per share for this or any subsequent period will necessarily match or exceed the historical published earnings or earnings per share of Roche.
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