医药：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

Investment Rating - The industry investment rating is "Outperform the Market" [3][35]. 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, which achieved CHF 3.864 billion (approximately USD 4.4 billion, +68%) in 2024 [3][17]. - Roche anticipates maintaining mid-single-digit sales growth and high-single-digit EPS growth for 2025 [27][28]. Summary by Sections Part 1: 2024 Financial Overview and Key Events - Roche's total revenue for 2024 was CHF 60.495 billion (approximately USD 68.892 billion), with a 7% increase year-on-year [3][8]. - The company invested CHF 13.042 billion (approximately USD 14.852 billion) in R&D, accounting for 21.6% of total revenue [8]. - The oncology segment generated CHF 15.8 billion (approximately USD 17.9 billion, +3%), while the neurology segment achieved CHF 9.3 billion (approximately USD 10.6 billion, +13%) [20][19]. Part 2: Core Product Sales Analysis - The eye care segment's revenue reached CHF 4.030 billion (approximately USD 4.6 billion, +44%), with Vabysmo becoming a key product [17][15]. - The oncology segment's leading products include Tecentriq and Perjeta, contributing significantly to revenue [20]. - The neurology segment's Ocrevus generated CHF 6.744 billion (approximately USD 7.7 billion, +9%) [19]. Part 3: 2025 Pipeline Milestones - Roche expects nine key Phase III clinical data readouts and completion of six early clinical trials in 2025 [22][24]. - Key Phase III trials include Giredestrant for ER+/HER2- metastatic breast cancer and Lunsumio for diffuse large B-cell lymphoma [24]. Part 4: 2025 Financial Outlook - Roche forecasts mid-single-digit sales growth and high-single-digit EPS growth for 2025 [27][28]. Part 5: Investment Recommendations - Vabysmo is becoming a pillar product for Roche, with a projected revenue of USD 4.4 billion in 2024, suggesting a focus on domestic VEGF/ANG-2 drug development and related companies [30].