CT-388 Phase II Delivers 22.5% Weight Loss, Roche Plans Phase III By 2028
Roche’s CT-388 phase II trial delivered a 22.5% mean weight reduction over 48 weeks in adults with obesity or overweight, matching market-leading GLP-1 therapies. Genentech intends to initiate a Phase III study this quarter, targeting primary completion by 2028, bolstering Roche’s late-entry position in the dual GLP-1/GIP obesity market.
1. Full-Year 2025 Financial Results
Roche Holding AG reported core earnings per share of CHF 19.46 for 2025, marking an 11% increase at constant exchange rates from the prior year. Group sales reached CHF 61.5 billion, up 7% at constant exchange rates, with the Pharmaceuticals Division driving the majority of growth. Pharmaceutical sales rose 9% to CHF 47.7 billion, propelled by strong demand for products such as Phesgo, Xolair and Ocrevus. Core operating profit increased by 13%, reflecting both higher revenues and ongoing efficiency measures, while IFRS net income surged 58% due to a favorable base effect from impairment charges recorded in 2024.
2. Fourth Quarter Performance Highlights
In Q4 2025 Roche achieved sales growth of 8% year-on-year, underpinned by robust performances from its diagnostic and pharma units. Core EPS performance remained resilient, supporting a solid finish to the fiscal year. Key drugs contributed strongly in the quarter: combined sales of top oncology and immunology products—Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo—totaled CHF 21.4 billion for the full year, each posting double-digit growth rates that sustained momentum through December.
3. 2026 Outlook and Financial Guidance
The company has guided for mid-single-digit percentage growth in group sales in 2026 and high-single-digit growth in core EPS at constant exchange rates. Roche plans to propose a dividend increase to CHF 9.80 per share, supported by a healthy debt-to-equity ratio of 1.21 and a current ratio of 1.29. Management’s outlook assumes continued strength in key franchises and further operating leverage after efficiency programmes enhanced margin structure in 2025.
4. Pipeline Developments Strengthen Long-Term Prospects
Roche is positioning itself as a potential third major player in the GLP-1 obesity market with its dual GLP-1/GIP candidate CT-388. Phase II results showed a mean weight reduction of 22.5% over 48 weeks in adults with obesity or overweight, on par with leading rivals. Genentech plans to initiate CT-388 Phase III trials this quarter with primary completion expected by 2028. Alongside its obesity programme, Roche has up to 19 new medicines slated for launch by decade end, including late-stage assets in cardiovascular and neurological disease, reinforcing its medium-term growth pipeline.