Roche: strong growth in all world regions and a full pipeline in late stage

The Swiss pharma group has delivered figures that are widely seen as impressive. Roche’s currency-adjusted sales rose by 7% to CHF 61.5bn (€67bn), while core operating profit advanced by 13%. “Roche demonstrates convincingly that consistent investment in innovation pays off even in a challenging environment,” commented an expert, highlighting in particular the strong momentum in the pharmaceuticals business.

Growth was once again driven by blockbusters in the Pharma division, where revenues climbed by 9%. Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo together generated CHF 21.4bn (€23.3bn) in sales, an increase of CHF 3.2bn (€3.5bn) year on year. This more than offset the continued decline of older products facing patent expiry. “Dependence on individual oncology products is visibly decreasing,” an analyst was quoted as saying in the Neue Zürcher Zeitung, pointing to the growing breadth of Roche’s portfolio.

Regional growth – including China

Roche also showed resilience across regions. Sales rose by 8% in the US and by 5% in Europe. Particularly noteworthy was the performance in China: despite state-led pricing reforms, revenues increased by 10%, supported by the inclusion of Phesgo on the national reimbursement list as well as the rollout of Vabysmo and Polivy. “The China business is proving more resilient than many had expected,” noted a commentary in the Wall Street Journal Europe.

Growth in Diagnostics was more modest at 2%, mainly due to currency effects and regulatory interventions in Asia, according to the company. Operationally, however, Roche continued to set accents, with new CE approvals, the expansion of automated mass spectrometry and progress in sequencing technologies underlining its ambition to remain a technology leader.

Late-stage pipeline in strong shape

Investors are paying particularly close attention to Roche’s pipeline. Ten drug candidates entered Phase III development in 2025, while twelve late-stage studies delivered positive data, including programmes in lupus, breast cancer, multiple sclerosis and obesity. CEO Thomas Schinecker spoke of “record results” in research. Industry observers share this view: “Roche is currently one of the few big pharma companies able to show both strong cash flows and a richly stocked late-stage pipeline,” FierceBiotech wrote recently.

This strength is also reflected in net income, which jumped by 58% under IFRS to CHF 13.8bn, aided by the absence of major impairment charges seen in the previous year. The board has proposed raising the dividend to CHF 9.80 per share. Subject to shareholder approval, this would mark the 39th consecutive dividend increase – a signal particularly valued by long-term investors.

Foundation for the future

For 2026, Roche is guiding for further growth, with mid-single-digit sales growth and high single-digit growth in core earnings per share.

Thomas Schinecker, Roche’s CEO, did not hide his pride: “2025 was a strong year for Roche. It reflects our operational excellence and our clear focus on research and development. Our pharmaceutical pipeline delivered record results. In diagnostics, too, we set new benchmarks: our next-generation sequencing technology, launching this year, decoded an entire human genome in less than four hours. Thanks to our strong financial base and our consistent focus on innovation, we are well positioned for future growth.”