罗氏股价近期稳健上涨，研发与财务表现受关注

Core Viewpoint - Roche's stock price has shown resilience despite not reaching historical highs, driven by product development progress and a solid performance in 2025 [1][2]. Product Development Progress - Roche's investigational drug Fenebrutinib achieved its primary endpoint in a Phase III study for primary progressive multiple sclerosis (PPMS), reducing the risk of disability progression by 12% [1]. - The approval of the VENTANA CLDN18 companion diagnostic by the Chinese regulatory authority enhances Roche's position in precision medicine, particularly for targeted therapy in gastric cancer [1]. Financial Performance - Roche reported a global sales figure of 61.5 billion Swiss francs (approximately 74.1 billion USD) for 2025, reflecting a 7% year-over-year growth, with core operating profit increasing by 13% [2]. - The pharmaceutical segment grew by 9%, while the diagnostics segment saw a 2% increase, driven by innovative drugs such as Ocrevus and Hemlibra [2]. - In China, Roche expanded its portfolio with four new product approvals and ten innovative drugs included in the medical insurance system, alongside an investment of over 2 billion yuan in a biopharmaceutical production base in Shanghai [2]. Institutional Perspective - TD Cowen maintained a "Hold" rating on Roche with a target price of 67 USD, citing progress in oncology and neuroscience pipelines as supporting long-term value, while also noting challenges related to patent expirations [3]. Market Environment - The pharmaceutical sector in the U.S. saw an overall increase of 1.83%, while the Nasdaq index declined by 2.02% over the past five days. Roche's stock resilience is partly attributed to capital inflows into the sector and a low turnover rate, with an average daily turnover rate of approximately 0.05% over the past week [4].