reports
Roche Holding AG: 1 director
A director at Roche Holding AG sold 1,477 shares at 280.200CHF and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Damien Choplain
- Martial Descoutures
Roche Holding : Q3 sales slightly ahead of expectations - full-year gu...
>Good performance in pharma - The group’s Q3 sales came in 1.7% above the consensus, showing growth of 9% at CER (6% CHF). The pharma division showed growth of 10% at CER (6.6% CHF) coming in 2.6% ahead of the css, given that 45% of the beat stemmed from the performance of Actemra/RoActemra (3.9%, 20% vs css), a product that is gradually coping with competition from biosimilars. At the level of core products, growth is driven mainly by Vabysmo (56%, 4% vs css), Hemlib...
- Damien Choplain
- Martial Descoutures
Roche Holding : Ventes T3 légèrement au-dessus des attentes - Guidance...
>Bonne performance de la pharma - Le CA T3 groupe ressort 1.7% au-dessus du consensus, en croissance de 9% à tcc (6% CHF). La pharma affiche une croissance de 10% CER (6.6% CHF) et ressort 2.6% au-dessus du css, sachant que 45% du beat provient de la performance d’Actemra/RoActemra (3.9%, 20% vs css) un produit faisant progressivement face à la compétition des biosimilaires. Au niveau des produits « core » la croissance est tirée essentiellement par Vabysmo (56%, 4% v...
- Team Pharma
ODDO : Feedback from the MS Expert Access event: still many areas for ...
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the a...
- Team Pharma
ODDO : Feedback Expert Access SEP : encore de nombreux axes d’améliora...
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage acc...
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/14/2024
We are removing GSK from our European Large Caps Convictions List. The company is the only one of the six Big Pharma groups to have experienced a break in trend, which could act as a drag on future publications. Our analyst adjusted this morning his EPS estimates for 2024/2025/2026 by -0.6%, 2.0% and- 3.4% respectively, factoring in weaker growth for Arexvy and Shingrix, hence the lowering of his target price from 2,150p to 1,900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Bruno Cavalier
- Jean Danjou
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/10/2024
Nous sortons GSK de notre liste de valeurs recommandées Large Caps. La société est la seule des 6 big Pharma à connaître une rupture de tendance qui pourrait peser lors des prochaines publications. Notre analyste ajuste ce jour ses prévisions de BPA 24/25/26 de -0.6%/-2.0%/-3.4% intégrant une plus faible croissance pour Arexvy et Shingrix, ce qui conduit à une baisse de son objectif de cours de 2 150p à 1 900p. - ...
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
ORA ORANGE SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SAND SANDVIK AB
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAN SANOFI
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
01913 PRADA S.P.A.
MOCORP METSO OUTOTEC OYJ
FDR FLUIDRA S.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
AZN ASTRAZENECA PLC
ASML ASML HOLDING NV
EPI A EPIROC AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Team Pharma
ODDO : Confirmation of guidance ahead of a busy Q4 for clinical result...
>Adverse trend in September - The pharma sector’s stock market performance in Q3 fell short of the momentum seen in the first half of the year (large cap pharma coverage at -7.7% vs Stoxx 600 HC at -0.4%). Indeed, after a sector rally over the summer (July and August), several stocks came under pressure in September. Unlike the previous quarter, AstraZeneca, Novo Nordisk and Roche took a hit (-12.7%, -16% and -5.8% respectively) after the disappointing clinical perfo...
- Team Pharma
ODDO : Confirmation des guidances avant un T4 cliniquement dense
>Un mois de septembre pénalisant - La performance boursière du secteur pharma au T3 a été en-deçà de la dynamique enregistrée sur la première moitié de l’année (coverage large cap pharma -7.7% vs Stoxx 600 HC -0.4%). En effet, après un rebond sectoriel durant l’été (juillet et août), nous avons observé une pression sur plusieurs titres au mois de septembre. Contrairement au trimestre passé, AstraZeneca, Novo Nordisk et Roche ont été fortement pénalisées (-12.7%, -16% ...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/10/2024
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2024
Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...
- Damien Choplain
- Martial Descoutures
Roche Holding : The streamlining of the development strategy is taking...
>Development focused on 5 therapeutic areas and 11 diseases - At its Pharma Day yesterday, Roche presented its new strategy which is now focused on 1/ five therapeutic areas (cardiovascular/metabolic, oncology/haematology, neurology, immunology and ophthalmology) representing 80% of future pharma industry growth and 2/ eleven pathologies (including breast cancer, haemophilia, multiple sclerosis, obesity, etc.) in which Roche believes it has the capacity to bring to th...
- Damien Choplain
- Martial Descoutures
Roche Holding : La rationalisation de la stratégie de développement pr...
>Développement focalisé sur 5 aires thérapeutiques et 11 pathologies - Lors de son Pharma Day tenu hier, Roche a présenté sa nouvelle stratégie désormais focalisée sur 1/cinq aires thérapeutiques (cardiovasculaire/métabolique, oncologie/hématologie, neurologie, immunologie et ophtalmologie) représentant 80% de la croissance future de l’industrie pharma et 2/ onze pathologies (dont cancer du sein, hémophilie, sclérose en plaques, obésité, etc.) dans lesquelles Roche pe...
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback from EASD call
>Differentiated clinical profiles of CT-388 and CT-996 not validated at this stage - At last week's EASD, Roche presented new phase I clinical data for its two lead compounds in obesity, including the following:CT-388 (GIP/GLP-1; weekly injection): data at 24 weeks showed a weight reduction of 18.9% at the highest dose, making CT-388 one of the most potent products currently in development. For example, weight loss was 17.5% for Lilly's retatrutide at 24 weeks ...
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback call EASD
>Profils cliniques différenciés de CT-388 et CT-996 non validés à ce stade - Dans le cadre du congrès de l’EASD qui s’est tenu la semaine dernière, Roche a présenté de nouvelles données cliniques de phase 1 pour ses deux actifs phares dans l’obésité, dont nous retenons les points suivants :CT-388 (GIP/GLP-1 ; injection hebdomadaire) : les données à 24 semaines montrent une réduction de poids de 18.9% à la dose la plus forte ce qui positionne CT-388 parmi les pr...
- Damien Choplain
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2024
After a stress episode in the first few days of the month, the equity markets finished August on a gain. US markets ended slightly ahead of Europe, thanks notably to the latest good US GDP numbers, but this performance is erased by the strong rise of the euro. The main driver was short rates falling in anticipation of rate cuts by central banks, with 2-year rates coming close to 10-year rates in the US and Europe. Tech stocks took a hit but less so than in July, and the two worst per...
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