Roche

Roche is a Swiss healthcare company based in Basel, with two divisions. The Pharmaceuticals Division, which includes Genentech in the US and a majority stake in Chugai in Japan, makes medicines for cancer, multiple sclerosis, hemophilia, eye diseases, allergy and other conditions. Its largest growth drivers are Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo. The Diagnostics Division sells instruments and tests to laboratories and hospitals, and it earns most of its revenue from the tests that run on those instruments.

In the first nine months of 2026, Pharmaceuticals gave CHF 36.2 billion and Diagnostics CHF 10.3 billion of sales. Roche makes money from patent-protected medicines and from recurring diagnostics sales, and it spends about a fifth of sales on research. Roche reports in Swiss francs.

The market prices Roche below the analysts' value because of three doubts. First, patents end on large medicines. At its Pharma Day on September 28, 2026, Roche showed a biosimilar gap of CHF 6.2 billion of sales from 2025 to 2030, mostly from Xolair and Actemra. Second, the strong Swiss franc cut reported growth.

Sales in the first nine months of 2026 grew 6% at constant exchange rates but only 1% in francs, although the currency effect reversed in the third quarter. Third, much of the long-term value depends on new medicines in obesity and Alzheimer's disease, where results come only in 2027 and later. For the gap to close, the new medicines must replace the lost sales. The checks are clear.

Sales must grow in the mid single digits at constant exchange rates in 2026, with Core EPS growth in the high single digits, as guided. Roche confirmed this outlook on October 22, 2026, after third-quarter sales grew 7% at constant rates. The FDA must approve giredestrant in early breast cancer by its date of November 30, 2026, and in advanced breast cancer by December 18, 2026. Fenebrutinib must win approval in multiple sclerosis after the FDA accepted the filing under priority review in September 2026.

Obesity drugs such as enicepatide must move into phase III with good data. The next evidence comes with the giredestrant decisions in November and December 2026 and the full-year results in early 2027. If these checks pass, the gap can close within the next four quarters. A weak launch, a failed trial or new US drug price rules would delay it.

1. Oct 22, 2026Passed

   Nine-month sales 2026: growth at constant ratesGroup sales growth in the mid single digits at constant rates and a confirmed 2026 outlook pass; slower growth or a lower outlook fails.Outcome: Nine-month sales grew 6% at constant rates, third-quarter sales grew 7%, and Roche confirmed its 2026 outlook.
2. Nov 30, 2026Pending

   FDA decision on giredestrant in early breast cancerFDA approval by the November 30, 2026 date passes; a delay or a rejection fails.
3. Dec 18, 2026Pending

   FDA decision on giredestrant in advanced breast cancerFDA approval by the December 18, 2026 date passes; a delay or a rejection fails.
4. Jan 22, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookCore EPS growth in the high single digits at constant rates for 2026 and a 2027 outlook with growth despite biosimilars pass; a weaker outlook fails.

Every passed and failed checkpoint across all picks

• October 22, 2026Roche reported sales of CHF 46.5 billion for the first nine months of 2026, up 6% at constant exchange rates and 1% in Swiss francs. Third-quarter sales grew 7% at constant rates and 8% in francs, because the currency effect reversed. Pharmaceuticals sales grew 7% and Diagnostics sales 4% at constant rates. Roche confirmed its 2026 outlook.
• October 16, 2026The FDA approved Enspryng for thyroid eye disease. It is the first treatment for this disease that patients can inject at home.
• October 9, 2026The FDA approved Tecentriq with chemotherapy as a treatment after surgery for a type of stage III colon cancer (DNA mismatch repair deficient). In the phase III ATOMIC study, the combination cut the risk of recurrence or death by 50% compared with chemotherapy alone.

• Biosimilars will take sales from older medicines. Roche expects a gap of CHF 6.2 billion of sales from 2025 to 2030, mostly from Xolair and Actemra. Sales of products with expired patents fell 8% at constant rates in the first half of 2026.
• Much of the future growth depends on trials in new areas such as obesity, Alzheimer's disease and inflammatory bowel disease, with major results from 2027 to 2030. Roche stopped some compounds in 2026 and wrote down CHF 1.0 billion of intangible assets in the first half.
• US drug pricing policy and US tariffs can lower prices or raise costs. The US is Roche's largest market, and US tariffs already raised costs in Diagnostics in the first half of 2026.
• The strong Swiss franc lowers reported results. In the first half of 2026, currency effects cut reported sales growth by 8 percentage points. The effect reversed in the third quarter, but it can return. Pricing reforms in China also reduced Diagnostics sales in Asia-Pacific.

Roche funds itself with bonds and notes in US dollars, euros and Swiss francs, and with US commercial paper. Cash is cash and cash equivalents of CHF 5.4 billion plus marketable securities of CHF 4.3 billion at June 30, 2026. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.6% (last 12 months, at today’s price of $60.60)

Paid per share

$1.593 in the last 12 months (1 payment)

Current annual rate

$1.593 ($1.593 × 1 a year)

Latest ex-dividend date

March 13, 2026, $1.593 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 3.4% a year. From 2015 to 2025, the dividend grew by about 2.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.