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...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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