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
Dominic Rose ...
  • Naresh Chouhan

COVID-19 - EU Pharma Co Risk Analysis

As we exit Q2, we now have several datapoints that show EU Pharma has been significantly impacted by COVID-19. We show that doctor visits and NBRx were down by around 40% YoY. However, there is considerable variation by therapy area and by clinical setting. Using a risk matrix and analysing >60 of the biggest drugs in EU Pharma, we analyse which companies are most at risk for 2Q20 & therefore will find hitting 2020 guidance to be all the more challenging. We show SAN & AZN are least impacted whilst GSK & Novartis fare worst. Surprisingly, ROG is impacted more than we expected...

Team Pharma

ODDO : Immune to COVID, not to sector rotation

The Stoxx 600 Healthcare delivered a performance of +4% vs -12% for the Stoxx 600 year to date. This outperformance is attributable to the sector’s defensive role: i/ reassuring Q1 2020 results publications (confirmation of full-year guidance) and ii/ new market opportunities (COVID-19). However, it could be challenged by 1/ a rotation of portfolios to play the resumption of activity linked to the lifting of lockdown measures and 2/ the run-up to the US presidential elections (...

Team Pharma

ODDO : Immun au COVID, pas à la rotation sectorielle

Depuis le début de l’année, le Stoxx 600 HealthCare affiche une performance de +4% vs -12% pour le Stoxx 600 Europe. Cette surperformance s’explique par le rôle défensif du secteur : i/ publications du T1 rassurantes (guidances annuelles confirmées) et ii/ nouvelles opportunités de marché (COVID-19). Cependant elle pourrait être challengée par : 1/ une rotation des portefeuilles pour jouer la reprise d’activité liée au déconfinement ainsi que 2/ l’approche des élections américai...

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.

Eric Le Berrigaud

ROCHE: TIGIT in focus at ASCO, small advances overall | BUY - Top Picks | CHF380 vs. CHF373 (+14%)

ROCHE - BUY - Top Picks | CHF380 vs. CHF373 (+14%) TIGIT in focus at ASCO, small advances overall How interesting the TIGIT target is remains to be seen Imfinzi as good as Tecentriq, not better Tecentriq approved in 1L HCC Minor adjustments to our FV

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

Dominic Rose ...
  • Naresh Chouhan

COVID-19 - EU Pharma Co Risk Analysis

As we exit Q2, we now have several datapoints that show EU Pharma has been significantly impacted by COVID-19. We show that doctor visits and NBRx were down by around 40% YoY. However, there is considerable variation by therapy area and by clinical setting. Using a risk matrix and analysing >60 of the biggest drugs in EU Pharma, we analyse which companies are most at risk for 2Q20 & therefore will find hitting 2020 guidance to be all the more challenging. We show SAN & AZN are least impacted whilst GSK & Novartis fare worst. Surprisingly, ROG is impacted more than we expected...

Team Pharma

ODDO : Immune to COVID, not to sector rotation

The Stoxx 600 Healthcare delivered a performance of +4% vs -12% for the Stoxx 600 year to date. This outperformance is attributable to the sector’s defensive role: i/ reassuring Q1 2020 results publications (confirmation of full-year guidance) and ii/ new market opportunities (COVID-19). However, it could be challenged by 1/ a rotation of portfolios to play the resumption of activity linked to the lifting of lockdown measures and 2/ the run-up to the US presidential elections (...

Team Pharma

ODDO : Immun au COVID, pas à la rotation sectorielle

Depuis le début de l’année, le Stoxx 600 HealthCare affiche une performance de +4% vs -12% pour le Stoxx 600 Europe. Cette surperformance s’explique par le rôle défensif du secteur : i/ publications du T1 rassurantes (guidances annuelles confirmées) et ii/ nouvelles opportunités de marché (COVID-19). Cependant elle pourrait être challengée par : 1/ une rotation des portefeuilles pour jouer la reprise d’activité liée au déconfinement ainsi que 2/ l’approche des élections américai...

Eric Le Berrigaud

ROCHE: TIGIT in focus at ASCO, small advances overall | BUY - Top Picks | CHF380 vs. CHF373 (+14%)

ROCHE - BUY - Top Picks | CHF380 vs. CHF373 (+14%) TIGIT in focus at ASCO, small advances overall How interesting the TIGIT target is remains to be seen Imfinzi as good as Tecentriq, not better Tecentriq approved in 1L HCC Minor adjustments to our FV

Eric Le Berrigaud

ROCHE: Confidence in a mid-term growth trajectory | BUY - Top Picks | CHF373(+7%)

ROCHE - BUY - Top Picks | CHF373(+7%) Confidence in a mid-term growth trajectory Bill Anderson confident in a 5-year growth outlook Balancing effects from Covid-19 Major opportunities to make some key drugs even bigger The pipeline is likely to feed the portfolio continuously

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.

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/27/2020

In a crisis that is set to affect the earnings and cash of spirits groups, we choose to focus on the resilience of sector leaders. We have upgraded to Buy on Diageo, which could be the best placed to offset the EBIT and cash impacts of the current crisis. We maintain our Buy rating on Pernod Ricard. We are still cautious on Rémy Cointreau but also on Campari, which could suffer from its significant on-trade exposure. - Cf. report published today. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Pierre Tegner
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/04/2020

Dans un contexte de crise qui n’épargnera pas les résultats et le cash des spiritueux, nous privilégions la résilience des leaders. Nous passons à l’Achat sur Diageo, qui pourrait être plus à même d’atténuer les impacts EBIT et cash de la crise actuelle. Nous restons à l’Achat sur Pernod Ricard. Nous sommes prudents sur Rémy Cointreau mais aussi sur Campari, qui risque de souffrir de son exposition importante au on-trade. - Cf. étude publiée ce jour. - ...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2020

The rise in share prices from the low points raises questions. The arguments in favour, an unprecedented response from states and central banks, the probable reaching of the pandemic peak and the beginning of the lifting of lockdown measures, are known. But a slew of unknown elements (the profits mass post-normalisation, possible epidemic rebound) persist and the macro low point has not yet been reached. A modelling of the time to reach the trough carried out on the last 5 bear marke...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/04/2020

La progression des cours depuis les points bas pose question. Les arguments favorables, réponse sans précédent des états et des banques centrales, atteinte probable du pic épidémique et début du déconfinement, sont connus. Mais nombre d’inconnues (masse des profits post normalisation, absence de rebond épidémique) restent entières et le point bas macro n’a pas encore été atteint. Une modélisation du délai d’atteinte du point bas réalisée sur les 5 derniers bear market, qui aboutit à u...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2020

...

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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