Roche Confirms Outlook Despite Currency Headwinds and Missed Expectations

Swiss drugmaker Roche confirmed its 2026 outlook despite posting slightly lower first-half sales due to currency headwinds. The company reported a 2% year-on-year decline in group sales for the first half, which was in line with analyst expectations of 30.31 billion Swiss francs.

The firm's operating profit rose 10% at constant exchange rates to 11.86 billion Swiss francs, beating analyst expectations. However, this increase was offset by a stronger Swiss franc, resulting in a 1% decline in local currency terms.

Roche is expecting a turnaround in the second half of the year, with the launch of several new medicines, including Itovebi and giredestrant for breast cancer. The company's top-selling drugs, Ocrevus and Hemlibra, grew 7% and 11%, respectively.

However, sales of Vabysmo, Roche's blockbuster eye drug, missed analyst expectations due to weaker U.S. demand and competition. The company also reported a decline in diagnostic sales in China due to pricing reforms.