Roche Remains Undervalued Following 1Q; Biosimilars in Europe Countered by Impressive Ocrevus Launch
Roche’s overall first-quarter top-line results were in line with our estimates, although biosimilar headwinds to oncology drug Rituxan in Europe are looking stronger than we expected, and the launch of MS drug Ocrevus in the U.S. is performing better than we had expected. We’ve slightly updated our fair value estimate to CHF 325/$41 per share, which also accounts for exchange rate fluctuations since our last update. Our five-year growth estimates (4% top line, 6% bottom line) are above consensus...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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