Roche Holding AG (GB:0QOK)
LSE:0QOK
Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
10.76Last Year’s EPS
11.08Same Quarter Last Year
Moderate Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational execution: group sales +7% (Pharma +9%), core operating profit +13% and meaningful pipeline momentum with multiple positive Phase III readouts, approvals, a record 10 NMEs entering Phase III and launches (AXELIOS sequencing, mass spec, dengue test). Roche also secured a major U.S. government agreement and committed large U.S. investments. Material headwinds were acknowledged — notably Diagnostics headwinds from China pricing reforms (CHF 579m impact), FX and cash-flow/working capital pressures, higher taxes reducing EPS momentum, LOE effects (~CHF 700m) and safety/regulatory scrutiny (fenebrutinib liver signal). Management provided 2026 guidance (mid-single-digit sales growth, high single-digit Core EPS growth) and expects Diagnostics headwinds to diminish in 2026 and largely disappear by 2027. Overall, the positives from sales, margin expansion, prolific pipeline and strategic investments substantially outweighed the operational and market challenges discussed.Company Guidance
Group sales growth and guidance delivered
Group sales grew 7% in FY2025 (constant exchange rates). Roche met its upgraded guidance (mid-single-digit sales growth) and delivered a strong full-year performance with Core EPS up 11%.
Pharma division outperformance
Pharma sales grew 9% to CHF 47.7 billion (CER) with volumes up 13%. Core operating profit for Pharma rose strongly and the Pharma core operating profit margin improved (group COP up 13%).
Core operating profit and margin expansion
Group core operating profit increased 13% (CER) and core operating margin expanded by +1.9 percentage points year-over-year, reflecting cost containment and targeted investments.
Extensive positive pipeline and regulatory progress
Multiple important readouts and regulatory actions in Q4: EU approval for Gazyva in lupus nephritis; U.S. and EU approval of Lunsumio subcutaneous formulation; U.S. filing for giredestrant; positive Phase III readouts for fenebrutinib (RMS and PPMS), lidERA (giredestrant, adjuvant breast cancer, HR 0.70), PiaSky (aHUS), multiple positive Gazyva Phase IIIs, and other Phase II/III successes. Company reported a record 10 NMEs moving into Phase III.
Notable product growth and market milestones
Key brands delivered strong growth: Phesgo +48% (global conversion >50%, target 60%), Xolair +32% (food allergy; >100,000 patients treated), Polivy strong (U.S. patient share 36% in first-line DLBCL; >CHF 1bn sales in that setting), Ocrevus crossing CHF 7 billion in sales and >17,500 patients on treatment, Evrysdi >21,000 patients on treatment.
Diagnostics innovation and new product launches
Launches and approvals in Diagnostics include AXELIOS Sequencing Solution (next‑generation sequencing), cobas Mass Spec 601 (fully automated clinical mass spec), Elecsys dengue antigen test (CE mark), cobas BV/CV assay (CE mark) and liat Bordetella panel (CLIA waiver). Diagnostics grew 7% excluding China headwinds.
Strategic U.S. government agreement and investment commitment
Roche reached a contractual agreement with the U.S. government that provides tariff/demo-project exemptions in exchange for certain portfolio Medicaid rebates, expanded patient access support and a planned investment of USD 50 billion in the U.S. over five years (R&D and PP&E).
Balance sheet & capital allocation progress
Net debt decreased by CHF 1.1 billion year-over-year; gross debt reduced by CHF 3.1 billion. Roche continued active M&A and intangible investments (FY2025 acquisitions and intangibles ~CHF 5.1 billion) while increasing the dividend in Swiss francs.
GB:0QOK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GB:0QOK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 29, 2026 | CHF327.08 | CHF333.24 | +1.88% |
Jul 24, 2025 | CHF249.89 | CHF257.09 | +2.88% |
Jan 30, 2025 | CHF264.58 | CHF266.36 | +0.67% |
Jul 25, 2024 | CHF255.85 | CHF261.60 | +2.25% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Roche Holding AG (GB:0QOK) report earnings?
Roche Holding AG (GB:0QOK) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Roche Holding AG (GB:0QOK) earnings time?
Roche Holding AG (GB:0QOK) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is the P/E ratio of Roche Holding AG stock?
The P/E ratio of Roche Holding AG is N/A.
What is GB:0QOK EPS forecast?
GB:0QOK EPS forecast for the fiscal quarter 2026 (Q2) is 10.76.