Roche reported 7% sales growth at constant exchange rates in 2025, with core earnings per share up 11%. ADRs rose 5% intraday on Jan. 29. Biosimilar competition is impacting growth of some drugs, but new products could drive growth. The company’s pipeline has had positive readouts, with upcoming 2026 trial results.

Roche faces biosimilar competition for some drugs, but their sales make up less than 15% of the company’s revenue. Roche’s agreement with the Trump administration protects against tariffs and potential Medicare price cuts. Positive trial results for breast cancer drug giredestrant give Roche a competitive edge.

Maintaining a fair value estimate for Roche, which seems fairly valued after strong performance. The company has a promising pipeline, including potential readouts for Alzheimer’s drug trontinemab in 2027. Roche has multiple programs in obesity, with sales projected to reach CHF 8 billion by year 10 of forecast. Bullish on growth in breast cancer, hemophilia, immunology, and Alzheimer’s.

Read more at Morningstar: Roche Earnings: Continuing Steady Underlying Growth in 2026 as Late-Stage Pipeline Shines