A weaker US dollar has trimmed roughly 5% from Roche’s full‑year sales and shaved about 8% off core earnings per share, the group said. Third‑quarter group sales were 14.9 billion Swiss francs, just over 1% below the same period in 2024, while nine‑month sales rose to 45.9bn CHF (+7% at constant currencies). Chief Financial Officer Alan Hippe said the dollar’s slide — after a strong start to the year — is the principal headwind.

Currency swing drags results

Roche’s finance team has identified exchange rates as the main headwind this year. Chief Financial Officer Alan Hippe told investors the U.S. dollar weakened against the Swiss franc after a strong start to the year, which Roche estimates has shaved roughly 5% from sales and about 8% from core earnings per share for 2025.

About 48% of Roche’s sales come from the United States, so a weaker dollar converts into fewer francs even when underlying demand is steady. Analysts at ODDO BHF noted this dynamic in the quarterly figures: third‑quarter group sales, including diagnostics and pharmaceuticals, were reported at 14.9 billion CHF, slightly more than 1% below the same period in 2024.

Drug momentum slips in the quarter

The pharmaceuticals division remained the engine of growth over the first nine months, up 9% at constant exchange rates, but momentum softened in July–September. Several large medicines — Ocrevus (multiple sclerosis), Hemlibra (haemophilia A) and Vabysmo (retinal disease) — declined in the quarter, contributing to weaker reported growth despite healthier year‑to‑date numbers at constant currency.

That pattern highlights the challenge of sustaining portfolio momentum: when a handful of big products cool or face market changes, quarterly results can look weaker even if overall sales volumes are stable.

Phesgo growth and the spectre of biosimilars

Not all drugs lost pace. Phesgo, Roche’s subcutaneous HER2‑positive breast cancer therapy, posted year‑on‑year sales growth across the first nine months as global conversion from older infused HER2 regimens continued. Management said it aims to accelerate uptake of the newer, patent‑protected formulation to defend market share ahead of anticipated biosimilar competition for older infused products.

Roche did not say biosimilars have yet hit sales for these franchises, but executives are planning conversion targets and timing around the expected arrival of competitors.

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Alan Hippe reiterated that the dollar’s weakness is expected to reduce full‑year sales by about 5% and shave roughly 8% off core earnings per share.

This article was created with AI assistance.