Excellent growth in first quarter of 2010
Group sales up 9% in local currencies to 12.2 billion Swiss francs in first three months (+6% in Swiss francs, +15% in US dollars).
Both divisions continue to outgrow their respective markets in 2010 1.
Roche confirms full-year outlook.
Sales in millions of CHF Three months ended 31 March % change
2010 2009 In CHF In LC* In USD
Pharmaceuticals Division 9,727 9,216 6 10 15
United States 3,647 3,586 2 10 10
Western Europe 2,597 2,532 3 4 11
Japan 988 1,139 -13 -9 -6
International** 2,495 1,959 27 25 38
Diagnostics Division 2,518 2,361 7 9 16
Roche Group 12,245 11,577 6 9 15
* LC= local currencies
**International: Asia-Pacific, CEMAI (Central and Eastern Europe, Middle East, Africa, Central Asia, Indian Subcontinent), Latin America, Canada, Others
See appendix to this media release for details of quarterly sales growth
Pharmaceuticals Division posts double-digit growth in first quarter
Pharma sales grow 10% (6% in Swiss francs, 15% in US dollars)
Continued strong growth of oncology portfolio, increasing 12% in local currencies; sales of leading cancer medication Avastin advance 18%.
Promising US launch of Actemra for rheumatoid arthritis
Rituxan approved in US for chronic lymphocytic leukemia, the most common form of adult leukemia
US marketing application for T-DM1 for advanced HER2-positive breast cancer to be brought forward to 2010, based on strong phase II results
Diagnostics Division continues to significantly outperform the market
Divisional sales grow 9% (7% in Swiss francs, 16% in US dollars), again substantially ahead of the global market, driven by Professional Diagnostics, Diabetes Care and Applied Science
Continued strong uptake of recently launched products in Diabetes Care (Accu-Chek Mobile, Accu-Chek Combo) as well as other business areas (cobas 8000, cobas 4800 and xCELLigence systems)
Barring unforeseen events.
1) Unless otherwise stated, all growth rates are in local currencies
Commenting on the Group's first-quarter sales figures, Roche CEO Severin Schwan said: ‘With sales advancing 9%, Roche is off to a very good start in 2010. Both divisions continued to outgrow their respective markets. We are thus fully on track for 2010.' Referring to Roche's strong late-stage pipeline, Schwan added: ‘I am very pleased that, after discussions with the FDA, we are now planning to submit a US marketing application for our innovative breast cancer treatment T-DM1 this year, based on strong phase II data in women who have not responded to prior treatments.'
Strong sales growth in first quarter
The Roche Group sustained its strong sales growth in the first three months of 2010. Group sales grew 9% in local currencies (6% in Swiss francs; 15% in US dollars) to 12.2 billion Swiss francs. The Pharmaceuticals Division's sales increased 10% in local currencies (6% in Swiss francs; 15% in US dollars) to 9.7 billion Swiss francs, maintaining its above-market growth. The Diagnostics Division also maintained its above-market growth, with sales increasing 9% in local currencies (7% in Swiss francs; 16% in US dollars) to 2.5 billion Swiss francs.
At its Investor Day in March, Roche provided an in-depth review of its near- and long-term growth opportunities. Roche plans to introduce at least six new medicines by the end 2014. Of the 61 new molecular entities (NMEs) in the Group's R&D pipeline, ten are currently in late-stage development, and Roche plans to increase this to as many as 13 NMEs by year end. The Group's late-stage pipeline also comprises more than 35 new indications for existing products. Roche is set to strengthen its global leadership position in oncology and to expand in therapeutic areas such as metabolism, inflammation and diseases of the central nervous system.
In the first quarter Roche continued to pay down the debt raised to finance the Genentech transaction: 3 billion US dollars and 1.5 billion Euros were repaid as scheduled.
Based on its first-quarter sales, Roche confirms its full-year outlook for 2010. Barring unforeseen events, Roche expects sales in 2010 for the Pharmaceuticals Division and for the Group to increase in the mid-single-digit range in local currencies (excluding Tamiflu). In the Diagnostics Division, full-year sales are expected to grow significantly ahead of the market. Despite an anticipated decrease in Tamiflu sales from 3.2 to 1.2 billion Swiss Francs, Roche is aiming to achieve double-digit Core Earnings per Share growth at constant exchange rates. In addition, by the end of the year Roche expects to have repaid a quarter of the debt raised to finance the Genentech transaction.
Read the entire media release
Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world's largest biotech company with truly differentiated medicines in oncology, virology, inflammation, metabolism and CNS. Roche is also the world leader in in-vitro diagnostics, tissue-based cancer diagnostics and a pioneer in diabetes management. Roche's personalised healthcare strategy aims at providing medicines and diagnostic tools that enable tangible improvements in the health, quality of life and survival of patients. In 2009, Roche had over 80,000 employees worldwide and invested almost 10 billion Swiss francs in R&D. The Group posted sales of 49.1 billion Swiss francs. Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. For more information: www.roche.com.
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Disclaimer: Cautionary statement regarding forward-looking statements
This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes', ‘expects', ‘anticipates', ‘projects', ‘intends', ‘should', ‘seeks', ‘estimates', ‘future' or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this document, among others: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side-effects of pipeline or marketed products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity and news coverage. The statement regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche's earnings or earnings per share for any current or future period will necessarily match or exceed the historical published earnings or earnings per share of Roche.
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