Roche Holding AG Part. Cert.

Roche Holding is a healthcare company. Co. operates in two Divisions, Pharmaceuticals and Diagnostics. Co.'s pharmaceuticals division is comprised of two business segments Roche Pharmaceuticals and Chugai. Co.'s pharmaceuticals division provides therapies including Cotellic, in combination with Zelboraf for advanced melanoma, and Alecensa for a specific type of lung cancer. Co.'s diagnostics division consists of four business areas: Diabetes Care, Molecular Diagnostics, Professional Diagnostics and Tissue Diagnostics. Co.'s diagnostics division provides in vitro diagnostic tests, used by healthcare providers to screen, diagnose and monitor therapies.
  • TickerROG
  • ISINCH0012032048
  • ExchangeSix Swiss Exchange
  • SectorPharmaceuticals & Biotechnology
  • CountrySwitzerland
Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Louis Boujard, CFA ...
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Team Pharma

ODDO : The run up to the US election

>Four new decrees - On Friday, president Trump signed four new decrees aimed at reducing the price of prescription drugs in the US. The aim is notably to align the price of drugs on the US market with a list of reference countries in which the prices are significantly lower. The first decree specifically targets insulin treatments for diabetic patients. In this specific case, the discounts granted to intermediaries should be automatically applied to patients. The...

Team Pharma

ODDO : Les élections US approchent

>4 nouvelles ordonnances - Vendredi dernier, le président Trump a signé 4 nouveaux décrets visant à réduire le prix du médicament sous prescription aux Etats-Unis. L'objectif est notamment d'aligner le prix du médicament sur le marché US à une liste de pays de référence dont le prix est nettement inférieur. La première ordonnance vise spécifiquement les traitements à insuline chez les patients diabétiques. Les rabais octroyés aux PBM (Pharmacy benefit management)...

Valérie GASTALDY

Analyse court terme - ROCHE HOLDING AG : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 243,70 CHF. La rupture du support à 206,50 CHF invaliderait cette tendance.

Valérie GASTALDY

Short term view - ROCHE HOLDING AG : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at CHF 243.70. Breaking below the support at CHF 206.50 would invalidate the trend.

Valérie GASTALDY

Analyse court terme - ROCHE HOLDING AG : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 243,70 CHF. La rupture du support à 206,50 CHF invaliderait cette tendance.

Valérie GASTALDY

Short term view - ROCHE HOLDING AG : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at CHF 243.70. Breaking below the support at CHF 206.50 would invalidate the trend.

Valérie GASTALDY

Analyse moyen terme - ROCHE HOLDING AG : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 203,60 CHF. La tendance serait remise en cause par la rupture de 203,60 CHF.

Jean-Jacques Le Fur

Roche: Positive OS for Tecentriq in ES-SCLC (IMpower 133) after the disappointment in NSCLC

Brief Comment - Roche: (NEUTRAL, Fair Value CHF266 (+14%)) Positive OS for Tecentriq in ES-SCLC (IMpower 133) after the disappointment in NSCLC

Team Pharma

ODDO : The run up to the US election

>Four new decrees - On Friday, president Trump signed four new decrees aimed at reducing the price of prescription drugs in the US. The aim is notably to align the price of drugs on the US market with a list of reference countries in which the prices are significantly lower. The first decree specifically targets insulin treatments for diabetic patients. In this specific case, the discounts granted to intermediaries should be automatically applied to patients. The...

Team Pharma

ODDO : Les élections US approchent

>4 nouvelles ordonnances - Vendredi dernier, le président Trump a signé 4 nouveaux décrets visant à réduire le prix du médicament sous prescription aux Etats-Unis. L'objectif est notamment d'aligner le prix du médicament sur le marché US à une liste de pays de référence dont le prix est nettement inférieur. La première ordonnance vise spécifiquement les traitements à insuline chez les patients diabétiques. Les rabais octroyés aux PBM (Pharmacy benefit management)...

Martial Descoutures ...
  • Sebastien Malafosse

Roche Holding : A tough H1 2020 publication which does not affect the outlook

>Lockdown limited recourse to healthcare - Roche surprised us negatively yesterday with its H1 2020 publication. While Q1 had essentially only experienced the positive impact of COVID-19 (PCR and Actemra tests), the second part of the half year was marked by a contraction in activity (with as much as -15% in May!). Lockdown measures clearly prevented patients from seeing their doctors, going to hospital or doing routine tests. Interim sales nevertheless continue to gr...

Martial Descoutures ...
  • Sebastien Malafosse

Roche Holding : Une publication S1 2020 difficile qui ne change pas les perspectives

>Le confinement a limité le recours aux soins - Roche nous a surpris négativement hier avec sa publication S1. Alors que le T1 n’avait essentiellement expérimenté que l’impact positif de COVID-19 (tests PCR et Actemra), la deuxième partie du semestre a bel et bien vu une diminution de l’activité (rappelons-le avec même -15% au mois de mai !). Les mesures de confinement ont clairement empêché les patients de voir leurs médecins, de se rendre à l’hôpital ou encore de fa...

Martial Descoutures ...
  • Sebastien Malafosse

Roche Holding : COVID-19 hits Roche harder than expected in Q2

>H1 2020 results: 2-3% below expectations - Roche reported disappointing H1 results that were between -2% and -3% below forecasts for sales, EBIT and EPS (cf. table). In detail, everything is not quite as good as expected. The COVID-19 pandemic, the negative effects of which exceeded the positive effects in Q2, seems to be the main explanation. All told, H1 sales growth was +1% at constant currencies, but Roche disclosed monthly data for Q2 and this showed an impressi...

Roche Holding AG: Update following Q1 2020 sales

Our credit view of Roche, reflecting the strong growth of its recently launched products that will offset biosimilar erosion, allowing for continued strong cash flow generation.

Roche Holding AG - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Roche Holding AG: Update following outlook change to positive

Our credit view of Roche, reflecting the strong growth of its recently launched products that will offset biosimilar erosion, allowing for continued strong cash flow generation.

Roche Holding AG: Update to credit analysis

Our credit view of Roche, which will continue to maintain strong credit metrics despite sale pressures from biosimilar competition in 2020.

Moody's: China's rising demand for drugs will fuel foreign pharma companies' growth into 2023

Announcement: Moody's: China's rising demand for drugs will fuel foreign pharma companies' growth into 2023. Global Credit Research- 24 Sep 2019. -Relaxed regulation, improving healthcare coverage to drive China's pharmaceutical demand.

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Louis Boujard, CFA ...
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

For ROCHE HOLDING AG, the environment deterioration entails a downgrade to Neutral

ROCHE HOLDING AG (CH), a company active in the Pharmaceuticals industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date December 31, 2019, the closing price was CHF 314.00 and its expected value was estimated at CHF 303.28.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Roche Holding – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Roche - March, 05th 2019

ITEMS 2.1, 2.2, 7 and 8 - Binding votes on the remuneration of the board of directors  and the executive management. Ethos has the following concerns over the amounts requested:  The annual bonuses that will effectively be paid out to the chairman and the CEO are significantly higher than the amounts requested at the general meeting. The remuneration of the non-executive chairman is significantly higher than that of the peer group and includes an annual bonus. For the executive management, the remuneration is significantly higher than that of the peer group and the remuneration structure is n...

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