Roche's 2Q Reflects Ocrevus Strength as Biosimilar Competition Intensifies; Shares Undervalued
Roche saw strong second-quarter performance, with top-line growth of 7% at constant currencies as a result of 15% U.S. pharmaceutical division growth (driven by new multiple sclerosis drug Ocrevus), despite an 8% decline in European pharma sales (driven by Rituxan biosimilars). This geographic split as well as a one-time divestment by Chugai and strong control of manufacturing costs translated into stronger operating margins for the first half of the year, with operating profits up 10% and 19% E...
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