Roche (ROG.SW)

Executive Summary

Roche, a Swiss healthcare giant, maintains a dual leadership in pharmaceuticals and diagnostics, with 2025 revenues exceeding CHF 65 billion. The company's growth is fueled by blockbuster drugs like Vabysmo (faricimab) for retinal diseases and Ocrevus (ocrelizumab) for multiple sclerosis, which together contribute over CHF 12 billion annually. However, Roche faces biosimilar erosion for older cancer drugs (Herceptin, Avastin, MabThera) and patent expirations. The diagnostics division provides a stable annuity, growing 5% annually. In the pipeline, Roche is advancing several late-stage assets: glofitamab, a CD3xCD20 bispecific antibody for diffuse large B-cell lymphoma (DLBCL), which gained US FDA approval in 2024 and is now being evaluated in earlier lines. The anti-TIGIT immunotherapy tiragolumab, combined with atezolizumab, is awaiting overall survival data from the Phase 3 SKYSCRAPER-01 trial in PD-L1-high non-small cell lung cancer, a potential multibillion-dollar opportunity. Additionally, Roche's diagnostics unit is pioneering Alzheimer's blood tests, including the Elecsys pTau217 assay, which could transform early detection and monitoring.

Upcoming Catalysts (preview)

• H2 2026Glofitamab label expansion into first-line DLBCL65% success
• H2 2026Tiragolumab + atezolizumab phase 3 overall survival readout in NSCLC55% success
• 2026US launch of Elecsys pTau217 Alzheimer's blood test90% success