We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Roche's 9M 2026 Sales Rise on Strong Drug Demand, Pipeline Advances
Read MoreHide Full Article
Key Takeaways
Roche's first-nine-month sales rose 6% at CER to CHF 46.5 billion, led by 7% growth in Pharmaceuticals.
Five key drugs generated CHF 16.8 billion in sales, up 12% at CER, offsetting declines in legacy products.
Roche reaffirmed 2026 sales growth guidance in the mid-single digits and expects high-single-digit EPS growth.
Swiss pharma giant Roche Holding AG (RHHBY - Free Report) reported sales of CHF 46.5 billion in the first nine months of 2026, up 1% year over year.
Sales were up 6% at constant exchange rates (CER).
The company reports under two divisions — Pharmaceuticals and Diagnostics. All growth rates mentioned below are on a year-over-year basis and at CER.
Sales in the Pharmaceuticals Division grew 7% in the first nine months to CHF 36.2 billion, driven by strong growth in demand for its key drugs — Xolair (allergic asthma, chronic hives, food allergies), Hemlibra (haemophilia A), Ocrevus (multiple sclerosis), Phesgo (breast cancer) and Vabysmo (severe eye diseases).
The Diagnostics division’s sales were up 4% to CHF 10.3 billion, driven by demand for core lab and pathology solutions.
Roche’s shares have risen 16.9% year to date compared with the industry’s gain of 20.1%.
Image Source: Zacks Investment Research
The company posted third-quarter 2026 revenues of CHF 12.6 billion, up 8% at CER, driven by growth in the pharmaceuticals division.
RHHBY’s Key Drug Performance in the First Nine Months of 2026
The top five growth drivers — Phesgo, Xolair, Hemlibra, Vabysmo and Ocrevus — generated total sales of CHF 16.8 billion, reflecting an increase of 12% at CER, or 6% in CHF, from the year-ago period’s figure.
The increase in the sales of these drugs offset the decline in sales of Avastin (various types of cancer), Herceptin (breast and gastric cancer), MabThera/Rituxan (blood cancer, rheumatoid arthritis), Lucentis (severe eye diseases) and Actemra/RoActemra (rheumatoid arthritis) due to loss of exclusivity.
MS Ocrevus generated sales of CHF 5.3 billion, up 7%. This growth can be attributed to strong demand for subcutaneous formulation.
Sales of hemophilia A drug Hemlibra surged 12% year over year to CHF 3.7 billion on continued global growth.
Vabysmo sales grew 10% to CHF 3.2 billion on continued global growth and market share gains.
Immuno-oncology drug Tecentriq’s (for advanced lung cancer, urothelial cancer and breast cancer) sales were up 5% to CHF 2.6 billion, driven by growth in new indications.
Xolair sales surged 20% to CHF 2.5 billion. Sales were fueled by strong uptake in food allergy. However, a biosimilar has been launched in the United States.
Breast cancer drug Phesgo’s (a fixed-dose combination of Perjeta and Herceptin for subcutaneous injection) sales surged 18% year over year to CHF 2.1 billion due to strong conversion rates.
Perjeta’s sales were down 8% year over year to CHF 2 billion.
Actemra/RoActemra’s (rheumatoid arthritis and COVID-19) sales declined 10% year over year to CHF 1.6 billion.
Evrysdi generated sales of CHF 1.5 billion, up 18% driven by its strong position in SMA.
Breast cancer drug Kadcyla generated sales of CHF 1.3 billion, down 9%.
Sales of Polivy surged 24% to CHF 1.3 billion, driven by strong uptake in first line diffuse large B-Cell lymphoma indication.
Sales of the lung cancer drug Alecensa rose 6% to CHF 1.2 billion.
Sales of Rituxan/MabThera were up 3% to CHF 919 million.
Activase/TNKase sales totaled CHF 830 million, up 6%.
Blood cancer drug Gazyva/Gazyvaro’s sales totaled CHF 751 million, up 7% year over year.
Herceptin sales were down 12% on a year-over-year basis to CHF 695 million due to biosimilar competition in various countries.
Sales of Avastin, approved for multiple oncology indications, were down 12% to CHF 639 million due to biosimilar competition.
RHHBY Reiterates Guidance for 2026
Roche expects total sales to grow in the mid-single-digit range (at CER) in 2026. Core EPS is expected to grow in the high single-digit range (CER). Roche expects to continue raising its dividend in Swiss francs.
RHHBY’s Pipeline Progress
The FDA approved the immunotherapy drug, Tecentriq, in combination with a fluoropyrimidine and oxaliplatin, for the adjuvant treatment of a certain type of stage III colon cancer.
The FDA granted priority review to fenebrutinib in both relapsing and primary progressive multiple sclerosis.
Investigational drug giredestrant is also under FDA Priority Review for both early-stage and advanced breast cancer, with target action dates of Nov. 30, 2026, and Dec. 18, 2026, respectively.
The FDA approved Enspryng, a first-in-class IL-6R inhibitor, as the first and only at-home subcutaneous treatment option for thyroid eye disease.
The regulatory body also granted Priority Review to Enspryng for MOGAD (myelin oligodendrocyte glycoprotein antibody associated disease), an autoimmune disease with no approved treatments.
Roche reported positive phase II results for enicepatide, a dual GLP-1/GIP receptor agonist, in people with type II diabetes and overweight or obesity. At the highest dose (24 mg), enicepatide reduced HbA1c by 2.65% and body weight by 15.5% at 48 weeks. Additionally, 90% of patients achieved an HbA1c of 6.5% or lower, while 62% reached normoglycemia.
Our Take on RHHBY’s Performance
Roche delivered solid performance in the first nine months, as strong growth from key products offset declining sales of legacy drugs. The company expects an approximately CHF 0.6 billion impact from loss of exclusivity (LOE) in 2026.
MS drug Ocrevus and ophthalmology drug Vabysmo continued their stellar performances. Growth in hemophilia treatment Hemlibra and breast cancer drug Phesgo also boosted RHHBY’s top line.
Roche has a strong and diversified pipeline spanning multiple therapeutic modalities. A tentative approval of breast cancer candidate giredestrant could serve as a meaningful catalyst for the stock.
Roche had earlier collaborated with Nurix Therapeutics (NRIX - Free Report) to co-develop and co-commercialize bexobrutideg (NX-5948) across malignant hematology, immunology and neurology indications.
The NRIX deal expands Roche’s hematology pipeline while providing opportunities to advance the therapy across immunology and neurology indications.
Last month, Roche reported encouraging top-line results from a mid-stage study of enicepatide (CT-388), its investigational once-weekly dual GLP-1/GIP receptor agonist, in adults with type 2 diabetes (T2D) and overweight or obesity.
Enicepatide met both primary endpoints at 48 weeks, delivering dose-dependent reductions in HbA1c and body weight.
These encouraging results strengthen Roche’s prospects of establishing a foothold in the rapidly expanding obesity and metabolic disease market.
The efficacy profile is encouraging as Roche seeks to compete in the increasingly crowded incretin market, which includes established therapies from Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) .
Roche is advancing a broad late-stage development program for enicepatide, with two ongoing phase III studies in chronic weight management (ENITH-1 and ENITH-2). The company plans to initiate a phase III glycemic-control program and cardiovascular outcomes trials in the first half of 2027.
Eli Lilly currently leads the obesity market with its tirzepatide-based dual GLP-1/GIP receptor agonists, Mounjaro and Zepbound.
LLY’s arch rival Novo Nordisk also commands a strong position with its semaglutide-based GLP-1 therapies, Ozempic and Wegovy, which are used to treat type 2 diabetes and obesity.
With LLY and NVO deriving a significant portion of their revenues from cardiometabolic medicines, Roche faces an uphill battle to gain meaningful market share despite its expanding late-stage pipeline.
Roche is expanding its obesity and metabolic disease pipeline through an exclusive worldwide licensing agreement with Rona Therapeutics for an investigational RNA interference (RNAi) candidate targeting activin receptor-like kinase 7 (ALK7).
The deal reinforces Roche’s focus on developing next-generation treatments for obesity, a market with growing demand for differentiated therapies.
View the Zacks #1 Rank List
Image: Bigstock
Roche's 9M 2026 Sales Rise on Strong Drug Demand, Pipeline Advances
Key Takeaways
Swiss pharma giant Roche Holding AG (RHHBY - Free Report) reported sales of CHF 46.5 billion in the first nine months of 2026, up 1% year over year.
Sales were up 6% at constant exchange rates (CER).
The company reports under two divisions — Pharmaceuticals and Diagnostics. All growth rates mentioned below are on a year-over-year basis and at CER.
Sales in the Pharmaceuticals Division grew 7% in the first nine months to CHF 36.2 billion, driven by strong growth in demand for its key drugs — Xolair (allergic asthma, chronic hives, food allergies), Hemlibra (haemophilia A), Ocrevus (multiple sclerosis), Phesgo (breast cancer) and Vabysmo (severe eye diseases).
The Diagnostics division’s sales were up 4% to CHF 10.3 billion, driven by demand for core lab and pathology solutions.
Roche’s shares have risen 16.9% year to date compared with the industry’s gain of 20.1%.
Image Source: Zacks Investment Research
The company posted third-quarter 2026 revenues of CHF 12.6 billion, up 8% at CER, driven by growth in the pharmaceuticals division.
RHHBY’s Key Drug Performance in the First Nine Months of 2026
The top five growth drivers — Phesgo, Xolair, Hemlibra, Vabysmo and Ocrevus — generated total sales of CHF 16.8 billion, reflecting an increase of 12% at CER, or 6% in CHF, from the year-ago period’s figure.
The increase in the sales of these drugs offset the decline in sales of Avastin (various types of cancer), Herceptin (breast and gastric cancer), MabThera/Rituxan (blood cancer, rheumatoid arthritis), Lucentis (severe eye diseases) and Actemra/RoActemra (rheumatoid arthritis) due to loss of exclusivity.
MS Ocrevus generated sales of CHF 5.3 billion, up 7%. This growth can be attributed to strong demand for subcutaneous formulation.
Sales of hemophilia A drug Hemlibra surged 12% year over year to CHF 3.7 billion on continued global growth.
Vabysmo sales grew 10% to CHF 3.2 billion on continued global growth and market share gains.
Immuno-oncology drug Tecentriq’s (for advanced lung cancer, urothelial cancer and breast cancer) sales were up 5% to CHF 2.6 billion, driven by growth in new indications.
Xolair sales surged 20% to CHF 2.5 billion. Sales were fueled by strong uptake in food allergy. However, a biosimilar has been launched in the United States.
Breast cancer drug Phesgo’s (a fixed-dose combination of Perjeta and Herceptin for subcutaneous injection) sales surged 18% year over year to CHF 2.1 billion due to strong conversion rates.
Perjeta’s sales were down 8% year over year to CHF 2 billion.
Actemra/RoActemra’s (rheumatoid arthritis and COVID-19) sales declined 10% year over year to CHF 1.6 billion.
Evrysdi generated sales of CHF 1.5 billion, up 18% driven by its strong position in SMA.
Breast cancer drug Kadcyla generated sales of CHF 1.3 billion, down 9%.
Sales of Polivy surged 24% to CHF 1.3 billion, driven by strong uptake in first line diffuse large B-Cell lymphoma indication.
Sales of the lung cancer drug Alecensa rose 6% to CHF 1.2 billion.
Sales of Rituxan/MabThera were up 3% to CHF 919 million.
Activase/TNKase sales totaled CHF 830 million, up 6%.
Blood cancer drug Gazyva/Gazyvaro’s sales totaled CHF 751 million, up 7% year over year.
Herceptin sales were down 12% on a year-over-year basis to CHF 695 million due to biosimilar competition in various countries.
Sales of Avastin, approved for multiple oncology indications, were down 12% to CHF 639 million due to biosimilar competition.
RHHBY Reiterates Guidance for 2026
Roche expects total sales to grow in the mid-single-digit range (at CER) in 2026. Core EPS is expected to grow in the high single-digit range (CER). Roche expects to continue raising its dividend in Swiss francs.
RHHBY’s Pipeline Progress
The FDA approved the immunotherapy drug, Tecentriq, in combination with a fluoropyrimidine and oxaliplatin, for the adjuvant treatment of a certain type of stage III colon cancer.
The FDA granted priority review to fenebrutinib in both relapsing and primary progressive multiple sclerosis.
Investigational drug giredestrant is also under FDA Priority Review for both early-stage and advanced breast cancer, with target action dates of Nov. 30, 2026, and Dec. 18, 2026, respectively.
The FDA approved Enspryng, a first-in-class IL-6R inhibitor, as the first and only at-home subcutaneous treatment option for thyroid eye disease.
The regulatory body also granted Priority Review to Enspryng for MOGAD (myelin oligodendrocyte glycoprotein antibody associated disease), an autoimmune disease with no approved treatments.
Roche reported positive phase II results for enicepatide, a dual GLP-1/GIP receptor agonist, in people with type II diabetes and overweight or obesity. At the highest dose (24 mg), enicepatide reduced HbA1c by 2.65% and body weight by 15.5% at 48 weeks. Additionally, 90% of patients achieved an HbA1c of 6.5% or lower, while 62% reached normoglycemia.
Our Take on RHHBY’s Performance
Roche delivered solid performance in the first nine months, as strong growth from key products offset declining sales of legacy drugs. The company expects an approximately CHF 0.6 billion impact from loss of exclusivity (LOE) in 2026.
MS drug Ocrevus and ophthalmology drug Vabysmo continued their stellar performances. Growth in hemophilia treatment Hemlibra and breast cancer drug Phesgo also boosted RHHBY’s top line.
Roche has a strong and diversified pipeline spanning multiple therapeutic modalities. A tentative approval of breast cancer candidate giredestrant could serve as a meaningful catalyst for the stock.
Roche had earlier collaborated with Nurix Therapeutics (NRIX - Free Report) to co-develop and co-commercialize bexobrutideg (NX-5948) across malignant hematology, immunology and neurology indications.
The NRIX deal expands Roche’s hematology pipeline while providing opportunities to advance the therapy across immunology and neurology indications.
Last month, Roche reported encouraging top-line results from a mid-stage study of enicepatide (CT-388), its investigational once-weekly dual GLP-1/GIP receptor agonist, in adults with type 2 diabetes (T2D) and overweight or obesity.
Enicepatide met both primary endpoints at 48 weeks, delivering dose-dependent reductions in HbA1c and body weight.
These encouraging results strengthen Roche’s prospects of establishing a foothold in the rapidly expanding obesity and metabolic disease market.
The efficacy profile is encouraging as Roche seeks to compete in the increasingly crowded incretin market, which includes established therapies from Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) .
Roche is advancing a broad late-stage development program for enicepatide, with two ongoing phase III studies in chronic weight management (ENITH-1 and ENITH-2). The company plans to initiate a phase III glycemic-control program and cardiovascular outcomes trials in the first half of 2027.
Eli Lilly currently leads the obesity market with its tirzepatide-based dual GLP-1/GIP receptor agonists, Mounjaro and Zepbound.
LLY’s arch rival Novo Nordisk also commands a strong position with its semaglutide-based GLP-1 therapies, Ozempic and Wegovy, which are used to treat type 2 diabetes and obesity.
With LLY and NVO deriving a significant portion of their revenues from cardiometabolic medicines, Roche faces an uphill battle to gain meaningful market share despite its expanding late-stage pipeline.
Roche is expanding its obesity and metabolic disease pipeline through an exclusive worldwide licensing agreement with Rona Therapeutics for an investigational RNA interference (RNAi) candidate targeting activin receptor-like kinase 7 (ALK7).
The deal reinforces Roche’s focus on developing next-generation treatments for obesity, a market with growing demand for differentiated therapies.
RHHBY’s Zacks Rank
Roche currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.