Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced its full-year 2025 financial results, reporting a 7% increase in Group sales at constant exchange rates (CER) driven by robust demand for its newest medicines and diagnostic solutions. The company also confirmed an 11% growth in core earnings per share (EPS), signaling a successful transition as it moves past the post-pandemic decline in COVID-related revenues.
Financial Highlights: Growth Amidst Currency Headwinds
For the fiscal year ending December 31, 2025, Roche recorded total Group sales of CHF 61.5 billion. While sales grew 7% at CER, the continued appreciation of the Swiss franc against major currencies, particularly the U.S. dollar, resulted in a more modest 2% growth in reported Swiss francs.
- Pharmaceuticals Division: Sales rose by 9% (CER) to CHF 47.7 billion. Growth was primarily fueled by the company’s “Top 5” drivers—Phesgo, Xolair, Ocrevus, Hemlibra, and Vabysmo—which collectively generated CHF 21.4 billion in revenue. This growth successfully offset a CHF 0.7 billion decline in sales for older products like Avastin and Herceptin due to patent expirations.
- Diagnostics Division: Sales grew by 2% (CER) to CHF 13.8 billion. The division benefited from the launch of next-generation sequencing technologies and a focus on high-medical-value tests, helping to stabilize the segment following the phasing out of COVID-19 testing.
- Profitability: Core operating profit reached CHF 21.8 billion, a 13% increase (CER). IFRS net income saw a significant jump of 58% to CHF 13.8 billion, partially due to a favorable base effect from impairment charges taken in 2024.
We have significant momentum across our pharmaceutical pipeline,
Ten potential new medicines advanced into final-stage development this year. We achieved important breakthroughs in lupus, estrogen receptor-positive breast cancer, and multiple sclerosis, reinforcing our leadership in high-unmet-need areas.
Thomas Schinecker
A major highlight of the year was the progress of CT-388, an investigational dual GLP-1/GIP receptor agonist for obesity. Recent Phase II data showed a placebo-adjusted weight loss of 22.5%, positioning Roche as a potential major player in the rapidly expanding metabolic disease market.
In the Diagnostics sector, Roche set a new world record with its next-generation sequencing technology, which decoded an entire human genome in less than four hours.
Leadership and Governance
The Board of Directors announced they will propose Lubomira Rochet, Executive Vice President at Société Générale, as a new board member at the upcoming Annual General Meeting. Rochet brings extensive experience in digital transformation. Conversely, Dr. Claudia Suessmuth Dyckerhoff will not stand for re-election, as previously announced.
2026 Outlook
Looking ahead, Roche issued optimistic guidance for 2026:
- Sales Growth: Mid-single-digit range (CER).
- Core EPS Growth: High-single-digit range (CER).
- Dividends: The company expects to further increase its dividend in Swiss francs.
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