Roche’s portfolio experienced 7% sales growth in constant currencies for the first nine months of 2025, with 9% pharma growth and 1% diagnostics growth. Despite this, reported sales growth was only 2% due to the strengthening Swiss franc. Management maintained mid-single-digit sales growth guidance for 2025.

Exchange rate headwinds and diagnostics payment reform in China impacted Roche’s growth trajectories in key therapies, leading to a 3% drop in local shares on Oct. 23. Third-quarter sales of Vabysmo and Ocrevus were slightly below estimates, prompting a lower full-year growth outlook for Vabysmo due to reduced co-pay assistance for patients.

Roche is adjusting its fair value estimate to CHF 364/$57 from CHF 379/$55 due to exchange rate movements and a decrease in the 2025 sales growth forecast to 2%. The market may undervalue Roche’s diversified pharma and diagnostics portfolio, which includes promising Alzheimer’s drug candidate trontinemab in phase 3 trials.

Ocrevus and Vabysmo are expected to see sequential US growth in the fourth quarter with the introduction of new subcutaneous Ocrevus Zunovo and normalization of patient assistance for Vabysmo. Roche’s strong pipeline in areas like cardiometabolic health and neurology, along with blood-based diagnostics, position it as a key player in Alzheimer’s treatment.

Read more at Morningstar: Roche Earnings: We’re Slightly Lowering Our 2025 Sales Forecast but Encouraged by Diverse Pipeline