Roche Remains Undervalued Following Strong Data in Key Breast Cancer Trial
Following strong data for the combination of Herceptin and Perjeta in a key breast cancer study (the Aphinity study), we’re maintaining our Roche valuation of CHF 333 per share/$42.50 per ADR, and the stock continues to look undervalued. Roche still faces the launch of biosimilar Rituxan (and perhaps Herceptin) in Europe later this year, and we are more bearish than consensus on Rituxan's potential. However, we have been more bullish on the outcome of the Aphinity study, as well as the launches ...
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