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Dollar Drag Halts Roche's Profit Surge
29 Jan
Summary
- Roche's 2025 adjusted operating income grew only 5%, missing expectations.
- A weak U.S. dollar significantly impacted the drugmaker's overseas sales.
- The company anticipates mid-single-digit sales growth for 2026.
Roche's adjusted operating income experienced a modest 5% rise in 2025, a performance that undershot analyst expectations. The Swiss drugmaker announced this result on January 29, 2026, with adjusted operating profit reaching 21.8 billion Swiss francs. This growth was constrained by the depreciation of the U.S. dollar, which negatively affected the translation of overseas revenues.
Despite the earnings shortfall, sales for key treatments such as Ocrevus for multiple sclerosis and Hemlibra for haemophilia showed increases of 9% and 11% respectively. These gains were partially offset by other drug revenues that did not meet market consensus.
Looking ahead to 2026, Roche projects group sales to expand in the mid-single-digit percentage range. The company also aims for high-single-digit growth in core earnings per share. Recent positive developments in drug trials, particularly for multiple sclerosis and breast cancer, have previously boosted Roche's stock.
