Roche shares fall as new drug sales disappoint

Core Viewpoint - Roche's shares declined due to disappointing sales of new treatments for eye disease and haemophilia, despite meeting overall revenue expectations for the first nine months of the year [1][4]. Financial Performance - Roche's group revenue increased by 2% on a constant currency basis to 45.9 billion Swiss francs ($57.9 billion) in the first nine months, slightly below analysts' forecasts of 46.2-46.4 billion francs [4]. - The pharmaceutical division's sales for the third quarter were 11.57 billion Swiss francs ($14.59 billion), falling short of analysts' expectations of 11.84 billion francs [5]. Product Performance - Sales of Vabysmo, aimed at treating a common form of blindness, reached 996 million Swiss francs ($1.26 billion) in the third quarter, missing analyst expectations for the second consecutive quarter [5]. - Older drugs like Rituxan and Actemra helped offset shortfalls from newer treatments such as Hemlibra and Vabysmo, indicating a reliance on established products [2]. Market Outlook - Roche raised its adjusted earnings growth forecast to high-single to low-double-digit percentages, supported by cost controls and efforts to mitigate the impact of U.S. tariffs, while maintaining a mid-single-digit sales growth forecast [3]. - CEO Thomas Schinecker emphasized the potential for growth in the obesity drug market, stating that Roche is only "scratching the surface" of this opportunity [4].