Dow Jones Newswires: Roche profit misses forecasts, sees COVID-19 related sales decline ahead

Roche Holding AG reported sales growth in 2022, but said it expects a decrease in sales for 2023 due to a drop in the sale of Covid-19 products.

The Swiss pharma major

posted sales of 63.28 billion Swiss francs ($69.65 billion) for the full year 2022, up from CHF62.80 billion in 2021 and in line with consensus expectations. Net profit declined to CHF13.53 billion from CHF14.94 billion the year prior, missing analysts’ expectations of CHF15.09 billion.

Core operating profit grew to CHF22.17 billion in the year from CHF21.90 billion the year prior, and core earnings per share also grew to CHF20.30 from CHF19.81 in 2021, the company said.

The company’s pharmaceutical division increased sales slightly in 2022 on the back of newer medicines to treat severe diseases, it said. Sales of Covid-19 medicines were lower, and the drop in sales of Actemra/RoActemra to treat severe Covid-19 pneumonia was only partially made up by the sales growth of treatment Ronapreve in Japan, Roche said.

The company’s diagnostics division also increased sales slightly, despite a decline in demand for Covid-19 tests in the second half of the year, it said.

For the year ahead, Roche expects a decrease in sales due to a previously announced CHF5 billion decline in Covid-19 product sales, it said. The expected sales drop is in the low-single digit at constant exchange rates. When excluding the Covid-19 sales decline, the company anticipates “solid underlying sales growth” in both its pharmaceutical and diagnostics division, it said.

Separately, Roche said it has appointed Teresa Graham as new chief executive officer for Roche Pharmaceuticals as of March 2023. Ms. Graham is currently head of global product strategy for Roche Pharmaceuticals. Levi Garraway, currently chief medical officer and executive vice president of Global Product Development, will become a member of the enlarged corporate executive committee, the company said.

Write to Cecilia Butini at

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