Maintaining Our Roche FVE After Strong 2Q and Ocrevus Launch; Shares Undervalued Ahead of Key Data
We’re maintaining our CHF 318/$41.50 fair value estimate for Roche following strong 5% top-line growth in the first half (driven by new launches of cancer drug Tecentriq and multiple sclerosis drug Ocrevus) and an increase in management’s 2017 guidance (to mid-single-digit top-line and core earnings per share growth). We continue to believe the shares are undervalued ahead of several potential catalysts coming by the end of 2017, including new data from Tecentriq, hemophilia drug emicizumab, and...Roche Holding is a healthcare company. Co. operates in two Divisions, Pharmaceuticals and Diagnostics. Co.'s pharmaceuticals division is comprised of two business segments Roche Pharmaceuticals and Chugai. Co.'s pharmaceuticals division provides therapies including Cotellic, in combination with Zelboraf for advanced melanoma, and Alecensa for a specific type of lung cancer. Co.'s diagnostics division consists of four business areas: Diabetes Care, Molecular Diagnostics, Professional Diagnostics and Tissue Diagnostics. Co.'s diagnostics division provides in vitro diagnostic tests, used by healthcare providers to screen, diagnose and monitor therapies.
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