reports
- João Calado
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.
- Eric Le Berrigaud
- Eric Le Berrigaud
ROCHE: A feeling of strong confidence after RS with the company | BUY ...
ROCHE - BUY - Top Picks | CHF315 vs. CHF300 (+15%) A feeling of strong confidence after RS with the company Sales from new drugs and biosimilar impact both expected higher Royalties and other income not expected to collapse 2020 will be tough but there are upsides to the central scenario Our sequence of EPS is increased by 2-4% and our FV to CHF315
- Eric Le Berrigaud
ROCHE: Roche is one year ahead of CS estimates | BUY - TOP PICKS vs. B...
ROCHE - BUY - TOP PICKS vs. BUY | CHF300(+17%) Roche is one year ahead of CS estimates Much stronger-than-expected top and bottom-line 2018 core EPS achieves the level expected for the current year Guidance for 2019 is more engaging than anticipated We make Roche a new Top Pick
- Bruno de La Rochebrochard
ROCHE: A clearer and clearer view on the timing of upcoming battle aga...
ROCHE - NEUTRAL | CHF280 (+10%) A clearer and clearer view on the timing of upcoming battle against biosimilars in the US Biosimilar Herceptin approved in the US But Herzuma is not first but second In volume terms, Herceptin is easier to defend than Rituxan Increased visibility on timings
- Eric Le Berrigaud
- Lala Gregorek
- Mick Cooper
BerGenBio: New data support potential in NSCLC
Fresh data from the three Phase II trials with bemcentinib (BGB324) in non-small cell lung cancer (NSCLC) have been presented at the World Conference on Lung Cancer (WCLC), adding weight to the results reported during ASCO. The data are still early-stage, but continue to indicate that bemcentinib can enhance the activity of pembrolizumab (Merck’s Keytruda), erlotinib (Roche’s Tarceva), and docetaxel. The data from the pembrolizumab trial continue to stand out, with an ORR of 40% in the 10 pa...
- Jean-Jacques Le Fur
- Jean-Jacques Le Fur
Roche: IMpower132 results: difficult to compete with Merck & Co in NSC...
Roche: (NEUTRAL, Fair Value CHF266 (+14%)) IMpower132 results: difficult to compete with Merck & Co in NSCLC Roche has published results of IMpower 132 in 1st line NSCLC. They show PFS results of the same magnitude as for Keynote-189 (Merck &Co) even if slightly lower numerically. However, we note some discrepancies in these PFS results for the low PD-L1. In addition, we were slightly disappointed regarding OS data which is far from Keynote-189 level and not statistically significant. Is it just...
- Valens Research
ROG-CHE - Embedded Expectations Analysis - 2018 09 21
Roche Holding AG (ROG:CHE) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 15.4x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management is concerned about growth, their late-stage portfolio, and financial results going forward Specifically, management may lack confidence in their ability to sustain strong growth in the U.S., which has been primarily driven by new product introductions. Moreover, they may lack conf...
- Dominic Rose
- Naresh Chouhan
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.
- Jean-Christophe Dourret
- Jean-Christophe Dourret
- Ahmed Ben Salem
- Anis Zgaya
- Delphine Brault
- Emmanuel Matot
- Louis Boujard
- CFA
- Oussema Denguir
- Philippe Ourpatian
- Roland Pfaender
- MBA
- CFA
- CCRA
- Stephane Houri
- Sven Edelfelt
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LR LEGRAND
RO ROCHE HOLDING AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
BPOST BPOST SA
ENERSIS ENEL AMERICAS S.A.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
A2DT0B EUROFINS CEREP
EDF EUR 0.5
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
- Ahmed Ben Salem
- Anis Zgaya
- Delphine Brault
- Emmanuel Matot
- Louis Boujard
- CFA
- Oussema Denguir
- Philippe Ourpatian
- Roland Pfaender
- MBA
- CFA
- CCRA
- Stephane Houri
- Sven Edelfelt
IFX INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
LR LEGRAND
RO ROCHE HOLDING AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
BPOST BPOST SA
ENERSIS ENEL AMERICAS S.A.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
A2DT0B EUROFINS CEREP
EDF EUR 0.5
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
- Oussema Denguir
Roche Holding : Vers un S2 et une année 2019 plus complexe…Neutre v...
>Très bon S1 (+7% tcc) mais forte disparité EU /USA - Indéniablement Roche a publié un très bon T2 / S1 18. Rappelons que la croissance organique au T2 s’est élevée à 7% pour la top line (Pharma et Diag. également +7% tcc) et à 19% pour le Core EPS sur le S1. Le management s’est même permis de relever pour la 2ème fois cette année sa guidance FY avec une croissance des ventes attendu « mid single digit » et une croissance « mid teens » du Core EPS. Toujours dans les p...
- Oussema Denguir
Roche Holding : A more complex H2 and 2019 on the cards... Neutral vs ...
>A very good first half (+7% at constant forex) but significant disparity between EU and US - There is no denying that Roche reported very good figures for Q2/H1 2018. Organic sales growth in Q2 came in at 7% for sales (pharma and diagnostics also up +7% at constant forex) and 19% for core EPS in H1. Management even raised its full-year guidance for the second time this year and is expecting sales growth in the mid-single digits and core EPS growth in the mid-teens. A...
- Eric Le Berrigaud
- Eric Le Berrigaud
- Ahmed Ben Salem
- Delphine Brault
- Emira Sagaama
- Emmanuel Matot
- Fatma Agnès Hamdani
- Hela Zarrouk
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
IPN IPSEN SA
SU SCHNEIDER ELECTRIC SE
SEV SUEZ SA
STMICROELECTRONICS N.V. ADS
DSY DASSAULT SYSTEMES SA
DEC JCDECAUX SA
NESN NESTLE S.A.
RF EURAZEO SA
INGC INGENICO GROUP SA
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
UCB UCB S.A.
EC TOTAL GABON
EDW EDP RENOVAVEIS SA
IBE IBERDROLA SA
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
OREG ORANGE EGYPT FOR TELECOMMUNICATIONS
VODJ VODAFONE GROUP PLC (ADR)
TI. TELECOM ITALIA S.P.A. CEDEAR
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
SAAG11 FUNDO DE INVESTIMENTO IMOBILIARIO SANTANDER AGENCIAS
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
GSK. GLAXOSMITHKLINE PLC CEDEAR
QFUNO UNICREDITO IMMOBILIARE UNO
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