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海外MNC动态跟踪系列（七）：罗氏：眼科领域增长强劲，乳腺癌领域重点布局
Ping An Securities·2025-02-27 03:40

Investment Rating - The industry investment rating is "Outperform the Market" [36] Core Insights - Roche reported a 2024 revenue of CHF 60.495 billion (approximately USD 68.892 billion), representing a year-on-year growth of 7% [3][8] - The pharmaceutical segment generated CHF 46.171 billion (approximately USD 52.580 billion, +8%), while the diagnostics segment brought in CHF 14.324 billion (approximately USD 16.312 billion, +4%) [3][8] - The eye care segment showed significant growth, with a revenue increase of 44%, primarily driven by the rapid uptake of Vabysmo [15][18] - Roche anticipates a mid-single-digit sales growth rate for 2025, with core EPS growth expected in the high single digits [27][29] Summary by Sections Part 1: 2024 Financial Overview and Key Events - Roche's total revenue for 2024 was CHF 60.495 billion, with a 7% increase year-on-year [3][8] - The company invested CHF 13.042 billion in R&D, accounting for 21.6% of total revenue [8] - The oncology segment generated CHF 15.8 billion, while the neurology segment achieved CHF 9.3 billion in revenue [20] Part 2: Core Product Sales Analysis - The eye care segment's revenue reached CHF 4.030 billion, with Vabysmo contributing CHF 3.864 billion [15][18] - The oncology segment's revenue was CHF 15.8 billion, with key products like Tecentriq and Perjeta maintaining strong sales [20] - The neurology segment generated CHF 9.3 billion, with Ocrevus leading the sales [20] Part 3: 2025 Pipeline Milestones - Roche expects to read out data from 9 key Phase III clinical trials in 2025 [22][25] - Notable trials include Giredestrant for breast cancer and Lunsumio for lymphoma [25] Part 4: 2025 Financial Outlook - The company projects a mid-single-digit sales growth rate for 2025, with core EPS growth in the high single digits [27][29] Part 5: Investment Recommendations - Vabysmo is becoming a key product for Roche, with projected sales of USD 4.4 billion in 2024 [31] - Investors are advised to monitor domestic VEGF/ANG-2 drug development and related companies [31]