Roche
1Q Revenues: 14.8 billion CHF (+9%)
Comments: Pharmaceutical sales were 11.9 billion CHF, up 12%. Key growth drivers were multiple sclerosis medicine Ocrevus and cancer medicines Perjeta and Tecentriq as well as the new haemophilia medicine Hemlibra, partially offset by lower sales of Herceptin and of MabThera/Rituxan. In the U.S., sales increased 14%, led by Ocrevus, Hemlibra, Perjeta and Tecentriq. In Europe sales were down 6% affected by competition from biosimilars for Herceptin (down 44%) and MabThera/Rituxan (down 38%). This decline was partially offset by growth of Ocrevus, Perjeta, Tecentriq, Alecensa and Hemlibra. In the International region sales grew 17%, mainly driven by China. In Japan, sales increased 7%, driven by recently launched products, including Tecentriq, Hemlibra and Perjeta. This growth was partially offset by biosimilar competition for MabThera/Rituxan (-50%) and Herceptin (-9%).