Zurich, Feb 1, 2026, 17:20 CET — Market closed
- Roche shares ended Friday at CHF 350.70, gaining 1.1%.
- The drugmaker forecast mid single-digit sales growth for 2026, assuming constant exchange rates.
- Investors are eyeing March’s dividend schedule alongside the next company update set for April 23.
Roche shares closed Friday 1.1% higher at CHF 350.70, building on a two-day rally following volatile trading around its annual results. (Yahoo Finance)
Swiss markets are closed for the weekend, putting the focus on whether the recent bounce will hold when trading resumes Monday. This stock serves as a key indicator for defensive healthcare across Europe. Yet, it’s driven by a tight set of factors: currency moves, fresh drug launches, and the pace at which older blockbusters lose steam.
The near-term setup looks tricky. Investors have both guidance and a higher proposed dividend to consider, but the earnings report highlighted how foreign exchange can erase much of the operational gains.
Roche reported 2025 group sales climbed 7% at constant exchange rates (CER), reaching CHF 61.5 billion. Core operating profit jumped 13% to CHF 21.8 billion. The company’s adjusted earnings per share rose 11% to CHF 19.46. The board proposed a dividend of CHF 9.80 per share and non-voting equity security. CEO Thomas Schinecker described 2025 as “a strong year for Roche.” Looking ahead, the company expects mid single-digit sales growth and high single-digit core EPS growth in 2026, both on a CER basis. (Roche)
Pharmaceuticals drove the bulk of the headline growth. Diagnostics saw only modest gains and remained under pressure in China, where pricing reforms have taken a toll on the segment, Roche reported.
Roche’s adjusted operating income rose 5% in 2025, falling just short of analyst forecasts. The company blamed a weak U.S. dollar for dulling reported growth. Reuters noted Ocrevus sales climbed 9% to CHF 7.0 billion, with Hemlibra up 11% at CHF 2.7 billion. However, Vabysmo and Phesgo missed market expectations. Roche shares dipped initially after the announcement but later steadied. (Reuters)
Investors are zeroing in again on obesity drugs. Roche’s experimental shot, CT-388, showed body weight reductions up to 22.5% in a mid-stage trial. The company aims to kick off Phase III trials this quarter, trying to close the gap with leaders Novo Nordisk and Eli Lilly. (Reuters)
Governance factors are part of the picture but aren’t steering trading action. Roche announced it plans to nominate Lubomira Rochet to its board, while Claudia Suessmuth Dyckerhoff will step down and not seek re-election at the 2026 annual meeting. (Roche)
The risk scenario is clear: a stronger Swiss franc weighs on reported growth, persistent pricing pressure in China drags on diagnostics, and biosimilar competition chips away at older drugs. The obesity market is costly and crowded, too. Any late-stage trial failures in obesity or oncology could quickly wear down investor patience.
The upcoming key date is the dividend schedule. Roche’s annual general meeting will take place on March 10. The stock goes ex-dividend on March 12, meaning it will trade without the payout starting that day. Payment is expected from March 16, pending shareholder approval. (Roche)
Investors will also be watching closely for new insights at the March conferences, followed by Roche’s first-quarter sales update due April 23. (Roche)
