As First Biosimilars Hit Roche, We’re Bullish on Data Through 1H 2018; Shares Remain Undervalued
Roche’s 6% constant-currency growth in the third quarter (and 5% growth in pharma and diagnostics arms year to date) puts it on track to meet our forecasts for the year, and we’re maintaining our CHF 318 per share/$41.50 per share fair value estimate. The U.S. has driven growth so far in 2017, as new products (Ocrevus and Tecentriq) launch in this geography first, and Europe has turned into a slight headwind for Roche, as biosimilar Rituxan begins to launch and standard pricing pressure in the r...
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