Slightly Raising Our Roche FVE Following a Strong 1Q; Pipeline Momentum Builds To Fight Biosimilars
Roche’s 4% constant-currency sales growth in the first quarter (3% pharma, 6% diagnostics) was in line with our expectations; we see shares as undervalued, and our five-year sales growth (6%) and earnings growth (8%) projections are ahead of consensus. We expect the firm could slightly beat its guidance for low- to mid-single-digit top-line and EPS growth for the year, based on recent strong data for breast cancer drug Perjeta, lung cancer drug Alecensa, and hemophilia drug emicizumab, but we ex...
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