Roche - Resilience With Upside (BUY, TP CHF370, 9 pgs)
Roche showed its resilience in the face of COVID with robust Q1 growth and confirmation of its guidance. We show that not only is Roche the lowest risk name in the sector, there is also upside potential from Actemra and over the mid-long term, from Diagnostics. Our 2020 forecasts are now ahead of guidance. Our 1% downgrade to 2020 EPS is actually a 1% upgrade given currency expectations are now 2% worse than we expected. This is despite having already increased our forecasts on 2/4/20 to reflect Roche’s resilience. Moreover, our 2025 EPS forecasts have increased by 3% due to higher Diagnostics sales which add 4% to our 2025 group sales.For access to the full note, please contact Naresh Chouhan ( ).
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