Report
Eric Le Berrigaud

ROCHE: One year too much to transition in 2021? | BUY | CHF375 vs. CHF390 (+25%)

ROCHE - BUY | CHF375 vs. CHF390 (+25%)
One year too much to transition in 2021?

2021: last year in the finishing cycle or first in the new one?
Pipeline expectations are low although most upside is mid-term
Valuation very undemanding but momentum is adverse
Underlying
Roche Holding Ltd

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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Eric Le Berrigaud

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