COVID-19 Tests Boost Roche's Q1 Sales, Reaffirms FY22 Outlook

  • Roche Holdings AG's RHHBY Q1 FY22 sales reached CHF 16.44 billion, +10% Y/Y to (11% at constant exchange rates) on strong U.S. demand for rapid COVID-19 antigen tests, Ocrevus against multiple sclerosis and hemophilia drug Hemlibra.
  • Ocrevus revenue gained 18% to reach CHF1.45 billion, and Hemlibra sales jumped 30% to CHF853 million, offsetting a decline in established off-patent cancer medicines Herceptin, Avastin, and Rituxan due to cheaper rival products.
  • The diagnostics division accounted for most of the positive surprise, reporting sales growth of 24% to CHF5.3 billion on the usage of its COVID-19 tests and cardiac tests.
  • The portfolio COVID-19 tests contributed significantly to the division's overall sales growth with CHF 1.9 billion, compared to CHF 1.2 billion a year ago.
  • Roche reiterated that it expected currency-adjusted 2022 sales to be flat or grow in the low-single-digit percentage range, below last year's 9% gain.
  • It also reaffirmed that COVID-19 medicines and diagnostics sales would decrease by about CHF2 billion this year to around CHF5 billion.
  • Sales losses to biosimilars in 2022 are expected to be roughly CHF 2.5 billion.
  • Price Action: RHHBY shares closed at $47.88 on Friday.
  • Picture via company website
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Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareGeneralBriefsCOVID-19 Coronavirus
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