F. Hoffmann-La Roche Overview
Roche is the world's largest biotechnology company and the global leader in in-vitro diagnostics, and it is the only major healthcare group that operates both at scale under one roof. Founded in Basel in 1896, it generated CHF 61.5 billion of sales in 2025 across two divisions — Pharmaceuticals (CHF 47.7 billion) and Diagnostics (CHF 13.8 billion) — with a core operating margin of 35.5% and core EPS of CHF 19.46. Control rests with the founding Hoffmann and Oeri families, whose pooled voting block held 64.97% of the bearer shares at 31 December 2025, an ownership structure that underwrites an unusually long investment horizon: 39 consecutive dividend increases and CHF 12.2 billion of core R&D in 2025. Strategically, Roche is converting a legacy oncology franchise into a broader portfolio anchored in cancer, cardiovascular–metabolic disease (notably obesity) and neurology, while defending an installed diagnostics base against Chinese pricing reform and US trade and pricing policy.
What the company does
Roche discovers, develops, manufactures and commercialises prescription medicines and in-vitro diagnostic systems, assays and software. It is organised into two reporting divisions plus a Corporate centre. The Pharmaceuticals Division comprises Roche Pharmaceuticals (including the wholly owned US biotechnology business Genentech, based in South San Francisco) and Chugai Pharmaceutical of Japan, in which Roche Holding held 59.89% of issued shares and 61.12% of voting rights as of early 2025. The Diagnostics Division sells instruments, reagents, consumables and digital solutions to central laboratories, molecular laboratories, pathology laboratories and decentralised/near-patient settings, and includes Foundation Medicine (comprehensive genomic profiling), Ventana/Roche Tissue Diagnostics, Roche Diabetes Care and Roche Information Solutions.
Roche's own framing, per its FY2025 corporate boilerplate, is that it was founded in 1896 as one of the first industrial manufacturers of branded medicines and has become the world's largest biotechnology company and the global leader in in-vitro diagnostics, pursuing personalised healthcare by combining pharmaceuticals, diagnostics and clinical-practice data insights. Its investor materials state that the two divisions jointly focus on three disease areas expected to account for almost 50% of the global disease burden by 2035: cancer, cardiovascular–metabolic disease and neurological disease.
Independent characterisation. Roche is best understood as two structurally different businesses stapled together by a personalised-medicine thesis. Pharmaceuticals is a high-margin, patent-cliff-exposed innovation business: it earned a 49.2% core operating margin in 2025 on CHF 47.7 billion of sales and delivered CHF 19.5 billion of operating free cash flow, but its economics depend on replacing expiring franchises faster than biosimilars erode them. Diagnostics is a capital-intensive, razor-and-blade instrument-and-reagent business with far thinner economics — a 14.4% core operating margin in 2025, down 1.1 percentage points, and only CHF 0.7 billion of operating free cash flow on CHF 13.8 billion of sales after a 17% increase in capital expenditure. The strategic case for keeping them together (companion diagnostics, patient selection, real-world data) is real but has never been visible as a quantified margin premium in the segment disclosures. In practice, the Group's cash generation and valuation are driven overwhelmingly by Pharmaceuticals.
Revenue model
| Revenue stream | Basis | FY2025 scale | Source |
|---|---|---|---|
| Pharmaceutical product sales | Per-unit sales of patented and off-patent biologics and small molecules to wholesalers, hospitals, payers | CHF 47,669m | Finance Report 2025 |
| Diagnostics product sales | Instruments (often placed and depreciated by Roche), reagents/consumables on recurring pull-through, service contracts | CHF 13,847m | Finance Report 2025 |
| Royalty income | Out-licensed IP; principally Venclexta/Venclyxto, Tepezza, Mircera | CHF 873m (Pharma) + CHF 2m (Dx) | Finance Report 2025 |
| Profit-share income | Co-commercialisation economics, principally Venclexta/Venclyxto in the US | CHF 767m | Finance Report 2025 |
| Collaboration and out-licensing income | Milestones and other collaboration income | CHF 136m (Pharma) + CHF 46m (Dx) | Finance Report 2025 |
| Total "other revenue" | — | CHF 1,840m | Finance Report 2025 |
Roche reports "Revenue" of CHF 63,356m for 2025 (sales of CHF 61,516m plus other revenue of CHF 1,840m). There is no subscription line; the closest analogue is the recurring reagent and service annuity generated by the installed diagnostics instrument base, which Roche does not disclose separately.
Value chain position, customers and end markets
Roche is a fully integrated originator: it runs its own discovery organisations (pRED in Basel, gRED at Genentech, plus Chugai's independent research), its own late-stage development function under the Chief Medical Officer, its own biologics and device manufacturing network, and its own commercial affiliates in more than 100 countries. It supplements internal discovery with in-licensing and bolt-on M&A — CHF 4.8 billion of intangible assets were recognised in the Pharmaceuticals Division in 2025 from in-licensing, business combinations and asset acquisitions.
Customers are payers and reimbursement authorities (the economic buyer in most markets), hospital systems and specialist prescribers, central and reference laboratories, pathology laboratories, blood-screening organisations, retail pharmacy and, increasingly in the US, direct-to-consumer channels via the TrumpRx platform. End markets by therapeutic area in Pharmaceuticals for 2025 were Oncology/Haematology 50.2% of divisional sales, Neurology 20.6%, Immunology 14.1%, Ophthalmology 8.8% and other areas 6.3%.
Strategy
Stated strategy
Roche's articulated strategy centres on fitting treatments to patients — providing the right therapy to the right patient at the right time for the right value — built on four pillars it describes as an exceptionally broad understanding of disease biology, seamless integration of pharmaceuticals and diagnostics, a diversity of research approaches to maximise innovation, and a long-term orientation. Its stated set-up is "built for innovation" through autonomous research and development centres and alliances with more than 250 external partners. Roche has repeatedly stated it will concentrate on prescription medicines, in-vitro diagnostics and data insights rather than diversifying into generics, biosimilars or over-the-counter products.
The current strategic framing, per Roche's investor pages, is that the two divisions jointly focus on three disease areas expected to account for almost 50% of the global disease burden by 2035: cancer, cardiovascular–metabolic disease and neurological disease. This is a meaningful narrowing from the historical oncology-plus-adjacencies posture and explains the capital allocation of the last three years.
Strategic initiatives announced in the last 24 months
| Date | Initiative | Detail |
|---|---|---|
| March 2025 | Zealand Pharma collaboration | Co-development and co-commercialisation of petrelintide in the US and Europe, exclusive rights elsewhere, commercial manufacturing responsibility; CHF 1.2bn intangible on initial payment; total deal value reported at up to ~USD 5.3bn |
| April 2025 | USD 50bn US investment programme | Five-year capital plan across manufacturing (obesity medicines, gene therapy, continuous glucose monitoring) and R&D, including a Massachusetts CVRM research hub; 12,000+ new jobs |
| 2,025 | MediLink Therapeutics licensing | Ex-China development and commercialisation of YL201, a B7-H3 antibody-drug conjugate; CHF 0.4bn intangible recognised, initial payment expected H1 2026 |
| July 2025 | Capital-structure modernisation | Board proposes exchanging Genussscheine for participation certificates and reducing bearer-share nominal value from CHF 1 to CHF 0.001 |
| September 2025 | Obesity ambition (Pharma Day, London) | Pharma CEO Teresa Graham states the goal of becoming a top-three obesity player by 2030, with six clinical-stage assets in obesity and related conditions |
| Ongoing 2024–2026 | Business process transformation | Multi-year, cross-divisional programme to simplify the systems landscape and reduce process complexity; a principal driver of the CHF 2,164m of 2025 restructuring charges |
| 2,025 | R&D resource optimisation | Efficiency programmes notably at Spark Therapeutics and Flatiron Health; Pharmaceuticals restructuring charges of CHF 769m |
| 2,025 | Diagnostics organisational effectiveness | CHF 734m of charges across manufacturing, R&D and administration |
| December 2025 | US pricing agreement | Genentech (Roche) signs a bilateral MFN agreement: Medicaid MFN pricing, MFN at launch for new products, TrumpRx participation, in exchange for a three-year Section 232 tariff exemption |
| 2,026 | Cost reporting change | Legal costs move to SG&A Corporate, reducing divisional administration costs and increasing divisional core operating margins from 2026 |
| 2,026 | AXELIOS sequencing launch | Next-generation sequencing platform, with management citing a full human genome decoded in under four hours |
Sustainability commitments
Roche has committed to net zero greenhouse gas emissions across Scopes 1, 2 and 3 by 2045, with targets validated by the Science Based Targets initiative in April 2025, and separately to real zero Scope 1 and 2 emissions by 2050. A five-year goal set for 2025–2029 targets a 50% reduction in total environmental impact by 2029 against a 2019 baseline. Roche is a member of the World Business Council for Sustainable Development, the Sustainable Markets Initiative Health Systems Taskforce, the UN Global Compact and the Value Balancing Alliance.
Management's financial targets
| Guidance item | FY2026 target |
|---|---|
| Group sales growth at CER | Mid single digit range |
| Core EPS growth at CER | High single digit range |
| Dividend | Further increase in Swiss francs |
| Loss-of-exclusivity impact | Approximately CHF 0.6bn |
| Currency headwind at 30 June 2026 rates | Approximately 4 percentage points on sales; approximately 6 percentage points on core operating profit and core EPS |
Roche does not publish multi-year quantitative revenue or margin targets beyond the current fiscal year.
Products & Services
Pharmaceuticals — product-by-product
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Tecentriq | 3,640 | 3,566 | 3 |
| Perjeta | 3,616 | 2,968 | -13 |
| Phesgo | 1,740 | 2,441 | 48 |
| Kadcyla | 1,998 | 2,025 | 7 |
| Alecensa | 1,548 | 1,562 | 6 |
| Herceptin | 1,381 | 1,028 | -22 |
| Avastin | 1,233 | 973 | -17 |
| Erivedge | 260 | 263 | 6 |
| Other oncology | 419 | 492 | 23 |
| Total Oncology | 15,835 | 15,318 | 2 |
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Hemlibra | 4,503 | 4,754 | 11 |
| Polivy | 1,121 | 1,470 | 38 |
| Gazyva/Gazyvaro | 910 | 986 | 14 |
| MabThera/Rituxan (haematology portion) | 1,116 | 962 | -9 |
| Columvi | 172 | 288 | 75 |
| Other haematology | 87 | 160 | 93 |
| Total Haematology | 7,909 | 8,620 | 15 |
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Ocrevus | 6,744 | 7,010 | 9 |
| Evrysdi | 1,631 | 1,757 | 13 |
| Enspryng | 311 | 364 | 23 |
| Madopar | 368 | 350 | 0 |
| Elevidys | 189 | 341 | 84 |
| Other neurology | 24 | 12 | -47 |
| Total Neurology | 9,267 | 9,834 | 11 |
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Xolair | 2,470 | 3,075 | 32 |
| Actemra/RoActemra | 2,645 | 2,470 | -2 |
| Pulmozyme | 455 | 479 | 12 |
| CellCept | 399 | 385 | 1 |
| MabThera/Rituxan (immunology portion) | 263 | 289 | 16 |
| Other immunology | 97 | 34 | -64 |
| Total Immunology | 6,329 | 6,732 | 12 |
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Vabysmo | 3,864 | 4,102 | 12 |
| Other ophthalmology | 166 | 108 | -31 |
| Total Ophthalmology | 4,030 | 4,210 | 10 |
| Product | FY2024 sales | FY2025 sales | CER growth (%) |
|---|---|---|---|
| Activase/TNKase | 1,202 | 1,107 | -2 |
| Mircera | 397 | 356 | -6 |
| Others (incl. Xofluza, PiaSky, Esbriet) | 1,202 | 1,492 | 30 |
| Total other therapeutic areas | 2,801 | 2,955 | 11 |
Oncology
Tecentriq (atezolizumab): PD-L1 checkpoint inhibitor. Approved indications include extensive-stage small cell lung cancer, first-line non-squamous NSCLC, advanced NSCLC, unresectable/metastatic hepatocellular carcinoma, advanced bladder cancer, PD-L1-positive triple-negative breast cancer and alveolar soft part sarcoma. A subcutaneous formulation (Tecentriq Hybreza) is commercialised. US sales fell 2% in 2025 on HCC and NSCLC competition; International grew 18%. Under US FDA Priority Review in colon cancer as of H1 2026 following ctDNA-guided adjuvant data (October 2025) showing a 41% reduction in risk of death and 36% reduction in risk of recurrence or death versus placebo.
Perjeta (pertuzumab): HER2-positive breast cancer. Basic US and EU patents expired Q2 2025; Roche anticipates first biosimilars in the US and Europe during 2026. Being deliberately cannibalised by Phesgo.
Phesgo: Fixed-dose subcutaneous pertuzumab + trastuzumab + hyaluronidase. The fastest-growing marketed product in the portfolio at +48%, with International up 172% on China NRDL inclusion. Roche tracks a Perjeta-to-Phesgo conversion rate across 80 launch countries.
Kadcyla (ado-trastuzumab emtansine): HER2-targeted antibody-drug conjugate for early and metastatic HER2-positive breast cancer.
Alecensa (alectinib): ALK-positive NSCLC, metastatic and adjuvant. Standard of care in the US; growth in China following NRDL listing for the adjuvant indication.
Herceptin, Avastin: Legacy biologics in structural biosimilar decline; combined with MabThera/Rituxan they contributed CHF 3,252m in 2025, 6.8% of divisional sales, down from 8.6% in 2024.
Erivedge (vismodegib): Advanced basal cell carcinoma.
Itovebi (inavolisib): PIK3CA-mutated, ER-positive, HER2-negative advanced breast cancer in combination with palbociclib and fulvestrant; US approval 2024, EU approval July 2025. Sales reported within "Other oncology".
Haematology
Hemlibra (emicizumab): Bispecific factor IXa/X antibody for haemophilia A with and without inhibitors; subcutaneous dosing weekly, fortnightly or every four weeks. Established as standard of care; International +38%.
Polivy (polatuzumab vedotin): CD79b antibody-drug conjugate; first-line DLBCL. Europe +53%, International +87%.
Gazyva/Gazyvaro (obinutuzumab): Anti-CD20. Approved in CLL and follicular lymphoma; US approval in lupus nephritis (launched October 2025) and European Commission approval for active lupus nephritis in 2025, addressing an estimated 135,000 EU patients. Phase III ALLEGORY in systemic lupus erythematosus met primary and all key secondary endpoints (potential population of 3.4 million worldwide); phase III INShore positive in paediatric idiopathic nephrotic syndrome.
Columvi (glofitamab): CD20xCD3 bispecific, off-the-shelf. STARGLO three-year follow-up showed roughly double the overall survival versus MabThera/Rituxan plus GemOx in transplant-ineligible relapsed/refractory DLBCL; approved in more than 50 countries.
Lunsumio (mosunetuzumab): CD20xCD3 bispecific for relapsed/refractory follicular lymphoma. Subcutaneous form ("Lunsumio VELO") approved by FDA and the European Commission in 2025, cutting administration from 2–4 hours to about one minute. An sBLA for subcutaneous Lunsumio plus Polivy in relapsed/refractory large B-cell lymphoma has an FDA decision expected by February 2027.
Neurology
Ocrevus (ocrelizumab): Anti-CD20 for relapsing and primary progressive multiple sclerosis; the Group's largest product at CHF 7.0bn. The subcutaneous formulation (Ocrevus Zunovo) drove European growth, notably Germany and the UK, and supported US retention.
Evrysdi (risdiplam): Oral SMN2 splicing modifier for spinal muscular atrophy, including pre-symptomatic paediatric use; a tablet formulation has been introduced.
Enspryng (satralizumab): IL-6 receptor antibody for neuromyelitis optica spectrum disorder; positive phase III data in 2025 and under US Priority Review in thyroid eye disease as of H1 2026.
Elevidys (delandistrogene moxeparvovec): Duchenne muscular dystrophy gene therapy, commercialised outside the US under a partnership with Sarepta Therapeutics; +84% in 2025.
Madopar (levodopa/benserazide): Legacy Parkinson's therapy.
Immunology
Xolair (omalizumab): Anti-IgE for allergic asthma, chronic spontaneous urticaria and food allergy. Reported by Roche as US-only revenue (CHF 3,075m, +32%), reflecting the Genentech/Novartis commercial arrangement. The formulation patent expired in the US in late 2025 and Roche anticipates first US biosimilars in H2 2026 — the single largest known near-term revenue risk.
Actemra/RoActemra (tocilizumab): Rheumatoid arthritis, juvenile idiopathic arthritis, giant cell arteritis, CAR-T-induced cytokine release syndrome, COVID-19 pneumonia. Biosimilars entered the EU in Q4 2023 and the US in Q2 2024.
Pulmozyme (dornase alfa): for cystic fibrosis and CellCept (mycophenolate mofetil) as an immunosuppressant are stable legacy assets.
Ophthalmology
Vabysmo (faricimab): Bispecific Ang-2/VEGF-A antibody for neovascular AMD, diabetic macular oedema and macular oedema following retinal vein occlusion. The most prescribed FDA-approved drug in nAMD; Europe +21%, International +116% on China NRDL inclusion; US growth of 3% was constrained by contraction of the branded US market.
Susvimo (ranibizumab port delivery implant): Refillable ocular implant; US approval extended to diabetic retinopathy in 2025.
Lucentis (ranibizumab): In terminal decline; US sales CHF 58m in 2025 (−58%) as patients switch to Vabysmo.
Other therapeutic areas
Activase/TNKase (alteplase/tenecteplase): Acute ischaemic stroke and acute myocardial infarction; 95.4% of sales are US. 2025 sales fell 2% partly on US supply constraints.
Xofluza (baloxavir marboxil): Single-dose influenza antiviral; CHF 407m, +184%, driven by an intense Chinese flu season. Offered at a discounted USD 50 cash price to US patients from late 2025.
PiaSky (crovalimab): Anti-C5 recycling antibody for paroxysmal nocturnal haemoglobinuria; launched 2024, positive phase III data in 2025.
Esbriet (pirfenidone): US rights divested Q1 2025 and ex-US rights Q4 2025; residual sales CHF 33m.
Mircera, Rocephin, CellCept and other legacy assets: provide declining but cash-generative tails.
Pharmaceuticals — late-stage pipeline assets of material value
| Asset | Modality | Lead indication | Status (September 2026) |
|---|---|---|---|
| Enicepatide (formerly CT-388) | Dual GLP-1/GIP receptor agonist, weekly subcutaneous | Obesity | Phase II showed 22.5% placebo-adjusted weight loss at 48 weeks at 24mg, 54% achieving BMI below 30; phase III Enith1/Enith2 initiated Q1 2026; phase II in obesity/overweight with T2D ongoing |
| Petrelintide | Amylin analogue, licensed from Zealand Pharma | Obesity/overweight | Positive phase II ZUPREME-1; ZUPREME-2 (with T2D) topline expected H2 2026 |
| Enicepatide + petrelintide | Fixed-dose combination | Obesity | Phase II multi-arm study, first patient in around mid-2026 |
| CT-996 | Oral GLP-1 | Obesity | Phase II readout guided before end-2026 |
| Pegozafermin | FGF21 analogue (89bio) | MASH, F2–F3 fibrosis | Phase III |
| Giredestrant | Oral SERD | ER-positive breast cancer | lidERA adjuvant phase III positive (30% reduction in risk of invasive disease recurrence or death); evERA positive; filed in the US in adjuvant setting with Priority Review granted in H1 2026 |
| Fenebrutinib | Reversible BTK inhibitor | Relapsing and primary progressive MS | FENhance 2 and FENtrepid positive in 2025; FENhance 1 positive in H1 2026; regulatory filing guided within months; management cites peak sales potential above CHF 3bn |
| Divarasib | KRAS G12C inhibitor | Advanced NSCLC | Positive phase III reported H1 2026 |
| Trontinemab | Brain-shuttle anti-amyloid antibody | Alzheimer's disease | Phase III |
| Afimkibart (from Telavant) | Anti-TL1A | Inflammatory bowel disease | Phase III |
| Zilebesiran | siRNA (Alnylam collaboration) | Uncontrolled hypertension | Phase II/III |
| YL201 (MediLink) | B7-H3 antibody-drug conjugate | Solid tumours | Development outside China |
| Emugrobart (RO7204239) | Anti-latent myostatin | Obesity (muscle preservation) | Discontinued in SMA and FSHD in 2026; continues in obesity |
At FY2025 Roche reported 66 new molecular entities and 107 total projects in the Pharmaceuticals pipeline, with ten molecules advanced into phase III during 2025 and twelve positive late-stage readouts.
Diagnostics — platform and assay portfolio
| Customer area | Platforms and franchises | Representative products |
|---|---|---|
| Core Lab | cobas serum work area, immunoassay and clinical chemistry analysers; CustomBiotech | cobas pro, cobas pure, cobas e 801/e 402, Elecsys immunoassay menu (cardiac troponin, thyroid, oncology markers, Elecsys pTau181 and Amyloid Plasma Panel for Alzheimer's, Elecsys Dengue Ag), cobas Mass Spec with a 39-test IVD menu covering immunosuppressants, antibiotics, steroid hormones and vitamin D metabolites |
| Molecular Lab | cobas 6800/8800, LightCycler, Digital LightCycler; blood screening; Foundation Medicine | cobas HPV with self-sampling, cobas BV/CV vaginitis PCR assay, cobas liat point-of-care panels including the Bordetella panel (15-minute PCR result), FoundationOne CDx, FoundationOne Liquid CDx, FoundationOne Tracker; AXELIOS sequencing system launching 2026 |
| Near Patient Care | Point-of-care and decentralised testing; Roche Diabetes Care | cobas liat, blood gas and electrolyte systems, Accu-Chek blood glucose portfolio, Accu-Chek SmartGuide continuous glucose monitoring, cobas pulse, mySugr app ecosystem |
| Pathology Lab | Roche Tissue Diagnostics (Ventana) | BenchMark ULTRA and ULTRA PLUS staining systems, VENTANA DP 600 slide scanner, uPath enterprise software and the Digital Pathology Open Environment, PATHWAY anti-HER2 (4B5), VENTANA MMR RxDx Panel, VENTANA FOLR1 RxDx, CINtec cervical neoplasia assays |
| Roche Information Solutions | Digital and data platforms | navify portfolio, cobas infinity edge cloud platform (unite, scribe, smart modules), Floodlight MS app, Home Vision Monitor |
In 2025 Roche introduced two instrument platforms, six digital solutions and 53 new tests in Diagnostics. Management highlighted next-generation sequencing capable of decoding a complete human genome in under four hours, with launch during 2026.
Pricing model. Roche does not disclose product-level pricing. Pharmaceutical pricing is negotiated by market with payers and reimbursement authorities; the disclosed exceptions are the US MFN-linked arrangements (Medicaid MFN pricing, MFN at launch for new products, TrumpRx participation) and the USD 50 cash price for Xofluza in the US. Diagnostics is sold primarily on a placed-instrument, reagent-rental and consumables-pull-through basis, evidenced by CHF 2,009 million of Diagnostics capital expenditure in 2025, much of it instrument placements.
Financial Narrative
All figures CHF millions unless indicated. FY2021 and FY2022 figures are taken from the Annual Report 2022 and Finance Report 2022; FY2023 from the FY2023 investor update; FY2024 and FY2025 from the Finance Report 2025.
Income statement
FY2021 core diluted EPS of 19.90 is (derived) from Roche's disclosure that FY2022 core EPS of CHF 20.30 represented +2% in CHF terms. FY2021 and FY2022 IFRS net income are stated as reported to the nearest CHF million on the basis of Roche's disclosure of CHF 13.5bn for 2022 and the reported −9% CHF movement; treat as approximate.
Margins and growth (%)
Five-year sales CAGR in reported CHF, FY2020 base excluded: FY2021 to FY2025 CAGR is −0.5% (derived: 61,516 / 62,801 over four years). The four-year trough-to-peak recovery from the FY2023 low of CHF 58,720m implies a 2.3% CAGR over FY2023–FY2025. The flat headline masks two offsetting forces: the loss of roughly CHF 4.3 billion of COVID-19 revenue between 2022 and 2023, and roughly CHF 5 billion of biosimilar erosion on Avastin, Herceptin and MabThera/Rituxan, against which the growth portfolio has more than compensated at constant currency.
Cash flow
Roche does not operate an open-market share buyback programme. The CHF 987 million of transactions in own equity instruments in 2025 were purchases in connection with employee equity compensation plans, not a return-of-capital buyback. The only large-scale repurchase in recent history was the November 2021 acquisition and cancellation of the 53.3 million bearer shares held by Novartis.
Ratios (derived from reported figures)
Roche does not report EBITDA; an approximate core EBITDA of roughly CHF 25–26 billion for 2025 can be inferred by adding depreciation and amortisation of about CHF 4.0 billion to core operating profit of CHF 21,833m, but this figure is not a Roche-reported measure and should be treated as indicative only.
Commentary on trends, inflections and drivers
The 2023 trough and the 2024–2025 recovery. Group sales fell 7% in reported CHF in 2023 to CHF 58.7 billion as COVID-19 revenue of roughly CHF 4.3 billion evaporated and biosimilar erosion continued. Core operating margin bottomed at 32.8%. The inflection came in 2024 and 2025: at constant currency, sales grew 7% in both years and core operating margin recovered 2.7 percentage points from the trough to 35.5%, the highest of the five-year window.
Margin expansion is now cost-driven, not mix-driven. In 2025 core R&D fell 3% at CER to CHF 12.2 billion and 2.2 percentage points to 21.8% of Pharmaceuticals sales, reflecting resource optimisation at Spark Therapeutics and Flatiron Health and completion of several studies, even as spending rose on divarasib, giredestrant, enicepatide, pegozafermin, zilebesiran, afimkibart and trontinemab. Group core operating profit grew 13% against 7% sales growth. Investors should note that CHF 2,164 million of global restructuring costs were charged in 2025 (2024: CHF 1,891 million) and are excluded from core results — the margin expansion is being partly purchased with restructuring charges that recur year after year.
Currency is the dominant reported-results variable. The Swiss franc appreciated sharply against the US dollar, moving from 0.90 at end-2024 to 0.79 at end-2025. This cost 5 percentage points on sales, 8 points on core operating profit and IFRS net income, and 7 points on core EPS. Roche discloses that a 1% change in the average USD rate moves sales by CHF 305 million and core operating profit by CHF 95 million. In H1 2026 the same dynamic produced +6% CER sales growth translating into −2% in reported CHF and +8% in USD.
Cash conversion deteriorated in 2025 and warrants monitoring. Operating free cash flow fell 12% at CER to CHF 16.2 billion and free cash flow fell 15% to CHF 11.8 billion. Three drivers: CHF 1.2 billion paid to Zealand Pharma, capitalised as an intangible; a CHF 1,366 million working-capital absorption in Pharmaceuticals driven by a 14% rise in trade receivables (US year-end sales phasing plus extended payment terms on Vabysmo); and a CHF 1.0 billion base effect from the 2024 Vacaville site divestment proceeds. Free cash flow conversion against core net income fell from 96% to 71%.
The IFRS-to-core gap is narrowing but remains wide. IFRS net income of CHF 13,799 million in 2025 was 17% below core net income of CHF 16,575 million, with the bridge comprising CHF 1,723 million of restructuring, CHF 553 million of intangible amortisation, CHF 296 million of goodwill and intangible impairment, CHF 153 million of legal and environmental cases and CHF 119 million of transitional Swiss tax reform effect. The 58% IFRS growth in 2025 is almost entirely a base effect from the CHF 3.2 billion goodwill impairment taken in 2024 and should not be read as underlying acceleration.
Balance sheet strength is intact. Net debt fell CHF 1.2 billion to CHF 16.2 billion despite CHF 8.4 billion of dividends and CHF 3.1 billion of acquisition payments, helped by CHF 2.1 billion of favourable currency translation on USD-denominated debt. Net debt to core operating profit is 0.74x and interest coverage 16.5x. Ratings are AA/Aa2/AA with the highest available short-term ratings. Pension funding improved to 121% from 111%.
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Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Group sales (CHF Mn) | 62,801 | 63,281 | 58,720 | 60,495 | 61,516 |
Pharmaceuticals sales (CHF Mn) | 45,041 | 45,551 | 44,576 | 46,171 | 47,669 |
Diagnostics sales (CHF Mn) | 17,760 | 17,730 | 14,144 | 14,324 | 13,847 |
Other revenue (CHF Mn) | n/v | n/v | n/v | 1,900 | 1,840 |
Total revenue (CHF Mn) | n/v | n/v | n/v | 62,395 | 63,356 |
IFRS cost of sales (CHF Mn) | n/v | n/v | n/v | -16,283 | -16,645 |
IFRS gross profit (derived, CHF Mn) | n/v | n/v | n/v | 46,112 | 46,711 |
IFRS operating profit (CHF Mn) | n/v | n/v | n/v | 13,417 | 18,476 |
Core operating profit (CHF Mn) | 21,897 | 22,173 | 19,201 | 20,823 | 21,833 |
Core R&D expense (CHF Mn) | 13,708 | 14,053 | n/v | 13,042 | 12,243 |
IFRS R&D expense (CHF Mn) | n/v | n/v | n/v | -15,304 | -13,352 |
IFRS profit before taxes (CHF Mn) | n/v | n/v | n/v | 11,793 | 16,973 |
Core profit before taxes (CHF Mn) | n/v | n/v | n/v | 19,213 | 20,356 |
IFRS net income (CHF Mn) | 14,935 | 13,532 | 12,368 | 9,187 | 13,799 |
Core net income (CHF Mn) | n/v | n/v | n/v | 16,011 | 16,575 |
Net income attributable to Roche shareholders (CHF Mn) | n/v | n/v | n/v | 8,277 | 12,880 |
IFRS basic EPS (CHF) | n/v | n/v | n/v | 10.39 | 16.18 |
IFRS diluted EPS (CHF) | n/v | n/v | n/v | 10.31 | 16.04 |
Core diluted EPS (CHF) | 19.90 | 20.30 | 18.57 | 18.80 | 19.46 |
Core basic EPS (CHF) | n/v | n/v | n/v | 18.93 | 19.63 |
Dividend per share and non-voting security (CHF) | 9.30 | 9.50 | 9.60 | 9.70 | 9.80 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales growth at CER (%) | 8 | 2 | 1 | 7 | 7 |
Sales growth in CHF (%) | n/v | 1 | -7 | 3 | 2 |
Core operating margin (% of sales) | 34.9 | 35.0 | 32.8 | 34.4 | 35.5 |
IFRS operating margin (% of sales) | n/v | n/v | n/v | 22.2 | 30.0 |
IFRS net margin (% of sales) | 23.8 | 21.4 | 21.1 | 15.2 | 22.4 |
Core R&D as % of sales | 21.8 | 22.2 | n/v | 21.6 | 19.9 |
Effective core tax rate (%) | n/v | 16.4 | n/v | 16.7 | 18.6 |
Effective IFRS tax rate (%) | n/v | n/v | n/v | 22.1 | 18.7 |
Balance Sheet
| Metric | FY2024 | FY2025 |
|---|---|---|
Total assets (CHF Mn, aggregator-sourced) | 101,800 | 100,703 |
Cash and cash equivalents (CHF Mn) | 6,975 | 5,582 |
Marketable securities (CHF Mn) | 10,342 | 9,894 |
Total cash and marketable securities (CHF Mn) | 17,317 | 15,476 |
Short-term debt (CHF Mn) | 3,932 | 4,206 |
Long-term debt (CHF Mn) | 30,722 | 27,430 |
Total debt (CHF Mn) | 34,654 | 31,636 |
Net debt (CHF Mn) | 17,337 | 16,160 |
Total equity / total net assets (CHF Mn) | 36,161 | 37,880 |
Capitalisation (debt plus equity, CHF Mn) | 70,815 | 69,516 |
Net operating assets (CHF Mn) | 51,515 | 52,489 |
Goodwill and intangible assets — Pharmaceuticals (CHF Mn) | 18,380 | 20,797 |
Goodwill and intangible assets — Diagnostics (CHF Mn) | 6,799 | 6,016 |
Property, plant and equipment — Pharmaceuticals (CHF Mn) | 14,437 | 13,658 |
Property, plant and equipment — Diagnostics (CHF Mn) | 7,801 | 8,016 |
Net working capital — Pharmaceuticals (CHF Mn) | 2,230 | 2,618 |
Net working capital — Diagnostics (CHF Mn) | 3,023 | 2,934 |
Net working capital — Corporate (CHF Mn) | -653 | -653 |
Lease liabilities (CHF Mn) | 1,700 | 1,555 |
Net pension liability (CHF Mn) | 2,125 | 2,159 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating free cash flow (CHF Mn) | n/v | 17,700 | 15,800 | 20,121 | 16,163 |
Free cash flow (CHF Mn) | n/v | n/v | 11,300 | 15,336 | 11,807 |
Investments in property, plant and equipment (CHF Mn) | n/v | n/v | n/v | 3,529 | 3,748 |
Investments in intangible assets (CHF Mn) | n/v | n/v | n/v | 1,480 | 2,031 |
Principal portion of lease liabilities paid (CHF Mn) | n/v | n/v | n/v | 350 | 364 |
Change in net working capital (CHF Mn) | n/v | n/v | n/v | 1,161 | -1,657 |
Taxes paid (CHF Mn) | n/v | n/v | n/v | 3,727 | 3,139 |
Treasury activities (CHF Mn) | n/v | n/v | n/v | -1,058 | -1,217 |
Dividend payments (CHF Mn) | n/v | n/v | n/v | n/v | 8,385 |
Payments for acquisitions net of divestments (CHF Mn) | n/v | n/v | n/v | n/v | 3,084 |
Transactions in own equity instruments (CHF Mn) | n/v | n/v | n/v | n/v | 987 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 |
|---|---|---|
Return on equity, IFRS net income over closing equity (%) | 25.4 | 36.4 |
Return on equity, core net income over closing equity (%) | 44.3 | 43.8 |
Return on assets, IFRS net income over closing total assets (%) | 9.0 | 13.7 |
Return on net operating assets, core operating profit over net operating assets (%) | 40.4 | 41.6 |
Debt to equity (x) | 0.96 | 0.84 |
Net debt to equity (x) | 0.48 | 0.43 |
Net debt to core operating profit (x) | 0.83 | 0.74 |
Interest coverage, core operating profit over core financing costs (x) | 14.9 | 16.5 |
Free cash flow conversion, free cash flow over core net income (%) | 95.8 | 71.2 |
Dividend payout ratio on core net income (%) | 51.6 | 50.4 |
Asset turnover, sales over closing total assets (x) | 0.59 | 0.61 |
Core cost of sales ratio, Group (%) | 25.5 | 25.8 |
Geographic Revenue
| Region | FY2024 | FY2025 |
|---|---|---|
United States | 24,774 | 25,355 |
Europe | 8,832 | 9,164 |
Japan | 2,874 | 2,882 |
International | 9,691 | 10,268 |
of which China | 2,926 | 3,034 |
Total Pharmaceuticals | 46,171 | 47,669 |
Growth metric
| Growth metric | FY2025 CER growth (%) | FY2025 share of divisional sales (%) |
|---|---|---|
United States | 8 | 53.2 |
Europe | 5 | 19.2 |
Japan | 5 | 6.0 |
International | 14 | 21.6 |
of which China | 10 | 6.4 |
Geographic Revenue — Europe, Middle East and Africa
| Region | FY2024 | FY2025 |
|---|---|---|
Europe, Middle East and Africa | 4,822 | 4,965 |
North America | 4,335 | 4,444 |
of which United States | 3,852 | 3,900 |
Asia-Pacific | 4,099 | 3,386 |
of which China | 2,402 | 1,726 |
Latin America | 1,068 | 1,052 |
Total Diagnostics | 14,324 | 13,847 |
Growth metric — Europe, Middle East and Africa
| Growth metric | FY2025 CER growth (%) | FY2025 share of divisional sales (%) |
|---|---|---|
Europe, Middle East and Africa | 6 | 35.9 |
North America | 9 | 32.1 |
of which United States | 7 | 28.2 |
Asia-Pacific | -12 | 24.4 |
of which China | -24 | 12.5 |
Latin America | 11 | 7.6 |
Share Price and Market Valuation
| Metric | FY2024 | FY2025 |
|---|---|---|
Bearer share price at 31 December (CHF) | 270.60 | 335.20 |
Non-voting equity security price at 31 December (CHF) | 255.50 | 328.20 |
Market capitalisation at 31 December (CHF Bn) | 205 | 262 |
Total shareholder return, combined securities (%) | n/v | 32.0 |
Valuation Multiples
| Multiple | Basis | Value |
|---|---|---|
P/E on FY2025 core EPS | CHF 371.80 / CHF 19.46 | 19.1x |
P/E on trailing twelve-month EPS | CHF 371.80 / CHF 15.33 (aggregator TTM) | 24.3x |
EV/Sales | (CHF ~295bn equity + CHF 16.2bn net debt) / CHF 61,516m | ~5.1x |
Price/Book | CHF ~295bn / CHF 37,880m equity | ~7.8x |
EV/EBITDA | Roche does not report EBITDA | not meaningful without a non-GAAP construction |
Dividend yield | CHF 9.80 / CHF 371.80 | 2.6% |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
12-month average price target (CHF) | 370.31 | Investing.com, August 2026 |
High estimate (CHF) | 434.50 | Investing.com |
Low estimate (CHF) | 230.00 | Investing.com |
Notable revision | Morgan Stanley raised its target to CHF 410 from CHF 295 and upgraded the stock | Investing.com, 2026 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share and non-voting security (CHF) | 9.30 | 9.50 | 9.60 | 9.70 | 9.80 |
Consecutive years of increase | 35 | 36 | 37 | 38 | 39 |
Payout ratio on core net income (%) | n/v | n/v | n/v | 51.6 | 50.4 |
Total dividend distribution (CHF Bn) | n/v | n/v | n/v | 7.8 | 7.9 |
Maturity Year Details
| Maturity year | USD (USDm) | EUR (EURm) | CHF (CHFm) | Total (CHFm) |
|---|---|---|---|---|
| 2026 | 3,050 | 0 | 425 | 2,842 |
| 2027 | 2,100 | 600 | 825 | 3,047 |
| 2028 | 3,900 | 0 | 140 | 3,230 |
| 2029 | 1,775 | 750 | 600 | 2,704 |
| 2030 | 1,750 | 650 | 735 | 2,726 |
2031-2035 | 8,288 | 500 | 1,865 | 8,897 |
2036 and beyond | 5,366 | 1,750 | 990 | 6,870 |
Total | 26,229 | 4,250 | 5,580 | 30,316 |
Analyst Conclusions
Management guidance
For 2026 Roche expects Group sales growth in the mid single digit range at constant exchange rates and core EPS growth in the high single digit range at constant exchange rates, with a further dividend increase in Swiss francs. The loss-of-exclusivity impact for 2026 is guided at approximately CHF 0.6 billion, covering Avastin, Herceptin, MabThera/Rituxan, Lucentis and Actemra — roughly half the CHF 1.0 billion incurred in 2025 and materially below the CHF 0.7 billion of actual 2025 LOE erosion. Currency, at 30 June 2026 rates, is expected to reduce sales by approximately 4 percentage points and both core operating profit and core EPS by roughly 6 percentage points. H1 2026 delivered 6% CER sales growth, 10% core operating profit growth and a 39.0% core operating margin, up 1.7 percentage points — comfortably tracking the full-year guidance.
Bull case
First, the obesity option is real and currently under-owned in the price. Enicepatide delivered 22.5% placebo-adjusted weight loss at 48 weeks at the top dose with no plateau and 54% of patients reaching a BMI below 30 — efficacy in the range of the marketed incretin leaders, from an asset acquired for USD 2.7 billion upfront. Combined with petrelintide, where the amylin mechanism targets the tolerability constraint that limits incretin persistence, and with a fixed-dose combination entering phase II from mid-2026, Roche has a credible multi-asset platform rather than a single shot. Management's own "top three by 2030" framing is conservative relative to what a differentiated tolerability profile could achieve in a market third-party analysts size in the high tens of billions.
Second, the late-stage catalogue outside obesity is the deepest in a decade and is arriving now. Giredestrant is the only oral SERD with superior invasive disease-free survival in the adjuvant setting, in a population representing roughly 70% of breast cancer. Fenebrutinib is the only BTK inhibitor with positive phase III data in both relapsing and primary progressive MS, with management citing peak sales above CHF 3 billion. Gazyva/Gazyvaro has now read out positively in lupus nephritis, systemic lupus erythematosus and paediatric idiopathic nephrotic syndrome, converting a CHF 1 billion haematology asset into a potential immunology franchise. Five FDA Priority Reviews were granted in H1 2026 alone.
Third, operating leverage is proven and structural. Core operating profit grew 13% against 7% sales growth in 2025 and 10% against 6% in H1 2026, with the core margin reaching 39.0%. R&D fell 3% at CER while phase III entries accelerated — evidence that portfolio prioritisation is producing genuine productivity rather than merely deferring spend. The 2026 legal-cost reclassification adds a further mechanical uplift.
Bear case
First, 2026 carries two identified biosimilar shocks that guidance may not fully absorb. Xolair generated CHF 3,075 million growing at 32% and faces US biosimilars in H2 2026; Perjeta generated CHF 2,968 million and faces US and EU biosimilars in 2026. Roche's CHF 0.6 billion LOE guidance explicitly covers only Avastin, Herceptin, MabThera/Rituxan, Lucentis and Actemra — Xolair and Perjeta are not in that list. The risk is that the guided erosion understates the true 2026–2027 exposure by a multiple.
Second, Diagnostics is deteriorating and the Group has not articulated a fix. Core operating margin fell to 14.4%, operating free cash flow collapsed 48% to CHF 682 million on CHF 13.8 billion of sales, capital expenditure rose 17%, and Chinese pricing reform removed CHF 676 million of revenue in a single year with no disclosed stabilisation point. A division representing 22.5% of Group sales is now generating 4.2% of Group operating free cash flow. Either the integration thesis justifies this drag, in which case Roche should quantify it, or the division is a candidate for structural action.
Third, US policy has moved from threat to contractual constraint. Genentech has signed away Medicaid MFN pricing and MFN pricing at launch for new products in exchange for a three-year Section 232 tariff exemption. That is not a resolution — it is a fixed-term truce with a permanent pricing concession attached, and it caps the launch economics of precisely the assets (obesity, MASH, giredestrant, fenebrutinib) on which the bull case rests. Meanwhile the USD 50 billion US capital commitment is effectively a condition of the exemption, constraining capital allocation flexibility.
Catalysts and monitorables, next twelve months
| Timing | Item | Why it matters |
|---|---|---|
| 22 Oct 2026 | Q3 2026 sales update | First full quarter of any Xolair US biosimilar impact |
| H2 2026 | Xolair US biosimilar entry | Largest identified revenue risk; CHF 3.1bn base growing 32% |
| H2 2026 | Petrelintide ZUPREME-2 topline (obesity/overweight with T2D) | Second monotherapy validation of the amylin thesis |
| H2 2026 | Enicepatide phase II in T2D-obesity; CT-996 oral GLP-1 phase II | Breadth of the obesity platform |
| Late 2026 | Fenebrutinib regulatory filing | Converts three positive phase IIIs into a commercial timeline |
| Late 2026 / 2027 | FDA decisions on the five Priority Reviews granted in H1 2026 | Near-term revenue additions across breast cancer, colon cancer, thyroid eye disease and autoimmune kidney disease |
| Dec 2026 / Feb 2027 | FDA decisions on Lunsumio combination filings | Depth of the haematology franchise |
| Jan / Feb 2027 | FY2026 results and 40th consecutive dividend increase | Guidance delivery and payout continuity |
| Ongoing | Diagnostics China pricing and Asia-Pacific trajectory | Whether the −12% regional decline stabilises |
| Ongoing | Section 232 exemption durability and MFN implementation mechanics | Whether the December 2025 agreement holds through the US political cycle |
| Ongoing | Enicepatide phase III Enith1/Enith2 safety and discontinuation rates | Tolerability is the differentiating variable, not efficacy |
| Ongoing | Swiss franc / US dollar | Roughly CHF 305m of sales and CHF 95m of core operating profit per 1% move |
Analyst verdict
Roche in September 2026 is a company that has successfully executed the hardest part of a turnaround — surviving the largest patent cliff in its history and the loss of CHF 4.3 billion of pandemic revenue — and is now being repriced for an option it did not own three years ago. The evidence for the operational recovery is unambiguous: 7% constant-currency sales growth in both 2024 and 2025, core operating margin up 2.7 percentage points from the 2023 trough to 35.5% and to 39.0% in the first half of 2026, R&D falling in absolute terms while phase III entries accelerate, and a share price up roughly 35% over twelve months on a 32% total shareholder return in 2025.
The bull case now rests disproportionately on obesity, and the evidence there is genuinely good rather than merely promising. But investors should hold two disciplines. First, the consensus price target of CHF 370 sits at the market price with a range from CHF 230 to CHF 434 — the sell side is not underwriting further upside, it is arguing about terminal value. Second, the 2026 loss-of-exclusivity guidance of CHF 0.6 billion explicitly excludes Xolair and Perjeta, which together represent CHF 6.0 billion of 2025 revenue facing biosimilars within the guidance period. That is the single most important disclosure asymmetry in the current reporting.
Structurally, the Diagnostics Division remains the unresolved question: 22.5% of sales, 4.2% of Group operating free cash flow, a declining margin and a Chinese exposure that management has not shown it can stabilise. And the December 2025 US pricing agreement should be read as a fixed-term truce with a permanent pricing concession, not a resolution.
On balance: a high-quality, conservatively financed compounder with a genuine and reasonably priced growth option, carrying an under-disclosed 2026 revenue risk and one division that needs either a plan or a decision.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Year of birth | Position | CEC member since |
|---|---|---|---|
Dr Thomas Schinecker | 1975 | Chief Executive Officer, Roche Group | 2019 |
Teresa Graham | 1973 | CEO Roche Pharmaceuticals | 2023 |
Matt Sause | 1977 | CEO Roche Diagnostics | 2023 |
Dr Alan Hippe | 1967 | Chief Financial Officer | 2011 |
Cristina A. Wilbur | 1967 | Chief People Officer | 2016 |
Claudia Böckstiegel | 1964 | General Counsel | 2020 |
Prof. Dr Mark Dawson | 1974 | Head of Roche Pharma Research and Early Development (pRED) | 2026 |
Dr Levi Garraway | 1968 | Head of Global Product Development and Chief Medical Officer | 2023 |
Silke Hörnstein | 1975 | Head of Corporate Strategy and Sustainability; Secretary to the CEC | 2023 |
Wafaa Mamilli | 1967 | Chief Digital and Technology Officer | 2025 |
Dr Aviv Regev | 1971 | Head of Genentech Research and Early Development (gRED) | 2020 |
Dr Nina Schwab-Hautzinger | 1975 | Head of Group Communications | 2026 |
Boris L. Zaïtra | 1972 | Head of Corporate Business Development | 2024 |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Dr Severin Schwan | Chairman | Re-elected with 97.75% of votes; former Group CEO 2008–2023 |
André Hoffmann | Vice-Chairman | Representative of the pooled shareholder group; fifth-generation family |
Dr Jörg Duschmalé | Member | Representative of the pooled shareholder group |
Prof. Dr Richard P. Lifton | Member | President, Rockefeller University; geneticist |
Dr Mark Schneider | Member | Elected 2023 |
Prof. Dr Akiko Iwasaki | Member | Yale immunobiologist; elected 2023 |
Dr Patrick Frost | Member | Audit Committee chair in prior years |
Anita Hauser | Member | — |
Dr Jemilah Mahmood | Member | — |
Bernard Poussot | Member | — |
Lubomira Rochet | Member (elected 2026) | EVP and Group Executive Committee member, Société Générale; nominated for digital and technology transformation experience |
Dr Claudia Suessmuth Dyckerhoff | Departed March 2026 | Did not stand for re-election after ten years |
Directors' Remuneration
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CEO total remuneration (CHF Mn) | 9.6 | 10.0 | 10.2 |
Chairman total remuneration (CHF Mn) | n/v | 5.7 | n/v |
Total Corporate Executive Committee remuneration (CHF Mn) | 34.4 | 30.8 | n/v |
Major Shareholders
| Holder or category | Holding | Basis |
|---|---|---|
Hoffmann/Oeri pooled shareholder group | 69,318,000 bearer shares, 64.97% of issued shares (2024: 64.97%) | Roche Share & Bond Information, 31 December 2025 |
Total bearer shares (all voting rights) | 106,691,000 | Roche |
Total participation certificates (no voting rights) | 702,562,700 | Roche |
Institutional holders of non-voting securities | BlackRock, Vanguard, Norges Bank and Swiss pension funds are the largest reported holders | Third-party; individual stakes n/v |
Maja Oeri | Historically a further significant bearer-share holding outside the pool | Chairman's AGM address, 2022 |
Insider ownership | Board and CEC holdings disclosed individually in the Annual Report; aggregate n/v | — |
Competitive Landscape
Key Competitors
| Competitor | FY2025 revenue | Overlap with Roche |
|---|---|---|
Johnson & Johnson | USD 94.2bn (total group) | Oncology (Darzalex), immunology, haematology |
Eli Lilly | USD 65.2bn (+45%) | Obesity/incretins (Mounjaro, Zepbound, retatrutide), Alzheimer's, oncology |
Merck & Co. | USD 65.0bn (+1%) | Immuno-oncology (Keytruda vs Tecentriq), lung and breast cancer |
Pfizer | USD 62.6bn (−2%) | Oncology, obesity (Metsera-derived pipeline), biosimilars to Roche products |
AbbVie | USD 61.2bn (+8.6%) | Immunology (Skyrizi, Rinvoq), haematology (Venclexta, in which Roche holds profit-share) |
AstraZeneca | USD 58.7bn (+9% CER) | Oncology (Imfinzi, Enhertu with Daiichi Sankyo), CVRM, respiratory |
Novartis | USD 54.5bn | Oncology, MS (Kesimpta directly against Ocrevus), ophthalmology (Lucentis/Beovu) |
Bristol Myers Squibb | USD 48.2bn | Immuno-oncology (Opdivo), haematology, immunology |
Novo Nordisk | n/v for FY2025 | Obesity and diabetes — the principal incumbent Roche must displace |
Sanofi | n/v for FY2025 (double-digit growth reported) | Immunology (Dupixent), rare disease, haemophilia (Altuviiio vs Hemlibra) |
Amgen | n/v for FY2025 (double-digit growth reported) | Biosimilars to Roche products; obesity (MariTide) |
Biogen | n/v | Multiple sclerosis, Alzheimer's |
Daiichi Sankyo | n/v | Antibody-drug conjugates — the most direct threat to Kadcyla and the ADC pipeline |
Regeneron / Bayer | n/v | Ophthalmology (Eylea/Eylea HD directly against Vabysmo) |
Sarepta Therapeutics | n/v | Partner in Elevidys, but also a competitor in DMD gene therapy economics |
Peer Comparison FY2025
| Metric | Roche | Merck & Co. | AstraZeneca | Novartis |
|---|---|---|---|---|
FY2025 revenue (USD Bn, approximate) | 74 | 65.0 | 58.7 | 54.5 |
FY2025 revenue (reporting currency) | CHF 61,516m | USD 65.0bn | USD 58.7bn | USD 54.5bn |
FY2025 revenue growth (%) | 7 at CER | 1 | 9 at CER | n/v |
FY2025 core/adjusted operating margin (%) | 35.5 | n/v | n/v | n/v |
FY2025 R&D intensity (% of sales) | 19.9 core | n/v | n/v | n/v |
Recent Developments
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