Roche Q3 sales falls as COVID products slump; confirms FY22 outlook

Roche Q3 sales falls as COVID products slump; confirms FY22 outlook


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Roche’s (OTCQX:RHHBY) (OTCQX:RHHBF) Q3 sales declined 6% due to lower COVID-19-related sales but the company confirmed the outlook for the full year.

Q3 sales declined to CHF14.74B, compared to CHF15.97B in Q3 2021.

The Swiss pharma giant said Q3 particularly challenging due to base effects, as the demand for COVID-19 medicines and tests was exceptionally high in Q3 2021.

For the 9 months, Group sales increased 2% (at constant exchange rates, or CER) to ~CHF47.04B.

“Group sales grew 2% despite the expected sharp decline in COVID-19-related products in both divisions in the third quarter. The demand for our newer medicines for multiple sclerosis, hemophilia, spinal muscular atrophy and cancer remains high,” said Roche CEO Severin Schwan.

Sales from the pharmaceuticals division were flat at CHF33.19B.

Q3 sales of Haemophilia A therapy Hemlibra grew +23% Y/Y to CHF952M; revenue from multiple sclerosis drug Ocrevus increased +16% to CHF1.52B. Sales of cancer drug Tecentriq increased +9% to ~CHF934M. Spinal muscular atrophy therapy Evrysdi grew+93% to CHF293M.

Eye medicine Vabysmo, which was launched at the beginning of the year, generated CHF282M, YTD in the the nine months.

Roche said that for 9M, sales growth was offset by the biosimilars-related decline in sales, especially for the cancer medicines Avastin, MabThera/Rituxan and Herceptin.

The company added that sales of Actemra/RoActemra and Ronapreve (COVID-19) were also significantly lower than in the same period of 2021, with a decline of roughly CHF1B, as the pandemic continued to weaken in many countries in 2022.

Q3 worldwide sales of Avastin declined -28% to CHF510M; while MabThera/Rituxan revenue declined -19% Y/Y to CHF479M. Ronapreve sales fell -92% Y/Y to to CHF22M.

Sales from the Diagnostics Division in Q3 declined -4% Y/Y to CHF3.9B.

Outlook:

Roche said it confirmed its outlook for the year 2022.

The company expects stable sales or sales growth in the low-single-digit range (at CER). Core EPS are targeted to grow in the low- to mid-single-digit range (at CER).

Roche noted that it expects to increase its dividend in Swiss francs further.

Quoted from Various Sources

Published for: Ipodifier