Roche Lifts Outlook as Pharma Growth and Obesity Breakthroughs Drive 2025 Success

Swiss healthcare giant Roche Group reported a robust 2025 performance, with group sales climbing 7% at constant exchange rates to CHF 61.5 billion. The results, characterized by double-digit growth in core operating profit, signal a strong recovery and strategic pivot as the company moves deeper into the high-growth obesity and metabolic disease markets.

2025 Financial Performance at a Glance

Metric	Performance (CER)	Reported (CHF)
Group Sales	+7% (CHF 61.5B)	+2%
Core Operating Profit	+13% (CHF 21.8B)	+5%
Core EPS	+11%	+4%
IFRS Net Income	+58%	+50%

Note: Reported growth in Swiss francs was moderated by significant currency headwinds, particularly the strengthening of the CHF against the US dollar.

Key Growth Drivers

1. Pharmaceuticals: The “Top 5” Momentum

The Pharma division saw a 9% sales increase, driven by a collective CHF 21.4 billion from five key blockbusters:

Vabysmo (Eye Diseases): Continued stellar global uptake.
Phesgo (Breast Cancer): Rapid conversion from older therapies.
Ocrevus (Multiple Sclerosis): Maintained leadership with strong subcutaneous demand.
Hemlibra (Haemophilia A) & Xolair (Allergies): Robust volume growth.

2. Diagnostics: Innovation Overcoming Reform

Despite healthcare pricing reforms in China, the division grew 2% (CER). Growth was led by pathology and molecular solutions, alongside the debut of next-generation sequencing technology capable of decoding a human genome in under four hours.

3. The Obesity “Gold Rush”

A major highlight was the Phase II success of CT-388, a dual GLP-1/GIP receptor agonist. Data showed a 22.5% placebo-adjusted weight loss over 48 weeks, positioning Roche as a formidable challenger to current market leaders. Phase III trials are set to begin this quarter.

2026 Outlook & Strategy

Guidance: Mid-single-digit sales growth and high-single-digit core EPS growth.
Dividends: Proposed increase to CHF 9.80, marking the 39th consecutive annual raise.
Pipeline: 10 potential new medicines advanced to final-stage development in 2025.