New Street Research - Roche Holding AG (RO) Biosimilars Delay Likely

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4424.50 For Business Accounts Only

Biosimilars Delay Likely

We upgrade Roche to Buy based on our analysis of US biosimilar patent trials. We show there is a relatively high chance that US Rituxan & Herceptin biosimilars could be delayed beyond 2020 compared to current expectations of an imminent launch. Thus, we upgrade our 2020 EPS by 9% and our PT to CHF260.

10/09/2018 24 EN

Underlying

Roche Holding AG

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CH0012032113 Six Swiss Exchange Switzerland

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New Street Research

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Analysts

Dominic Rose

Naresh Chouhan

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BiG Research

BiG Research Flash Note: Roche

Roche produces pharmaceuticals (specialized in oncology and immunology) and sellsdiagnostic equipment. The pharmaceuticals segment represented 77% of sales in 2018and diagnostics 23%. In geographical terms, Roche is well diversified with 45% of salesin North America, 26% in Europe, 21% in Asia-Pacific and 10% in the rest of the world.

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ROCHE: A feeling of strong confidence after RS with the company | BUY - Top Picks | CHF315 vs. CHF300

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Biosimilars Delay Likely

BiG Research Flash Note: Roche

ROCHE: Acquisition of Spark Therapeutics | BUY - Top Picks | CHF315

ROCHE: A feeling of strong confidence after RS with the company | BUY - Top Picks | CHF315 vs. CHF300

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle. Neutral, $215 TP

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

CCI Model Update & Starting Valuation

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