Roche Faces Biosimilar Headwind in 2017, but We're Bullish on Tecentriq Launch and Key Data
Roche saw solid 4% top-line growth in 2016 (3% pharmaceuticals; 7% diagnostics) on a constant currency basis, and core EPS growth of 5%, which was slightly below our full-year expectations, but we’re maintaining our valuation of CHF 333 per share/$42.50 per ADR, and the stock continues to look undervalued. Management gave guidance for low- to mid-single-digit sales and core EPS growth in 2017, taking into account pressure from generic Tamiflu and the launch of biosimilar Rituxan (and perhaps Her...
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