Zurich, Jan 31, 2026, 17:07 CET — Market closed.
Roche shares ended Friday at 350.70 Swiss francs, up 1.1%, building on gains following the company’s full-year report. The stock has climbed roughly 3.7% over the past two trading days. (Investing)
As the Swiss market remains closed for the weekend, all eyes turn to Monday. The question: can Roche sustain its momentum from recent guidance, or will currency fluctuations and product-level details pull the stock back into its usual range?
This is crucial since Roche’s guidance uses constant currencies, but investors deal and earn in francs. When the Swiss franc strengthens, the difference between the two can quickly grow.
In its annual report release, the SIX Swiss Exchange-listed group reported 2025 sales up 7% at constant exchange rates, reaching 61.5 billion francs. Core operating profit climbed 13% to 21.8 billion francs. Diagnostics sales increased 2% at constant currencies but fell 3% in francs due to pricing reforms in China. The company proposed a dividend hike to 9.80 francs per share and forecast mid-single-digit sales growth, alongside high-single-digit core earnings per share growth in 2026 at constant exchange rates. “2025 was a strong year for Roche,” said Thomas Schinecker.
Core operating profit in Swiss francs climbed 5%, narrowly missing market expectations as a weak U.S. dollar hit overseas sales. Sales of multiple-sclerosis drug Ocrevus increased 9% to 7.0 billion francs, while haemophilia treatment Hemlibra rose 11% to 2.7 billion. Vabysmo and Phesgo, however, fell short of forecasts. Since mid-November, Roche’s stock has gained roughly 25%, boosted by increased investment in obesity drugs aiming to take on Novo Nordisk and Eli Lilly, though shares slipped 1.9% shortly after Thursday’s open. (Reuters)
Visible Alpha consensus forecasted Roche’s 2025 sales at 61.47 billion francs, with core EPS expected to hit 19.70 francs. UBS described Roche’s latest obesity-drug data as “robust,” while Jefferies expressed uncertainty over how CT-388 will stand out in an already crowded market. Schinecker told reporters the company is “only scratching the surface” when it comes to obesity. (MarketScreener)
The guidance is given on a constant-currency basis, meaning the share price remains vulnerable to fluctuations in the Swiss franc and U.S. dollar. What happens next also hinges on a handful of key growth products continuing to perform, as well as pipeline successes materializing on a schedule that investors can act on.
The calendar points to a key week: ACTRIMS Forum takes place Feb. 5–7, then Roche hosts its neurology investor event on Feb. 9. The spotlight will be on data from the Phase III FENtrepid trial of fenebrutinib versus Ocrevus. (Roche)
After February’s pipeline calendar, the next key date is March 10, when shareholders will vote on the proposed dividend. (Roche)
