Roche Holding AG reported core earnings per share of CHF 19.46 for full-year 2025, representing an 11% increase at constant exchange rates. Group sales reached CHF 61.5 billion, up 7% at CER, driven by a 9% rise in the Pharmaceuticals Division to CHF 47.7 billion. In the fourth quarter, sales grew 8% year-on-year. Core operating profit increased by 13% as higher volumes and cost efficiencies offset currency headwinds. IFRS net income surged 58%, benefiting from a low base in 2024 after impairment charges.

Management guided to mid single-digit growth in group sales for 2026 and high single-digit growth in core EPS at constant currencies. The board proposed a dividend increase to CHF 9.80 per share, marking the seventh consecutive annual rise. Roche’s debt-to-equity ratio stood at 1.21 and its current ratio at 1.29, underlining a solid liquidity position. Valuation metrics remain elevated, with a price-to-earnings ratio near 47 and a price-to-sales ratio around 5.7, reflecting investor confidence in long-term earnings growth.

Roche is positioning itself as a late entrant in the GLP-1 obesity market with its dual GLP-1/GIP agonist CT-388. Phase 2 data showed a mean weight reduction of 22.5% over 48 weeks, comparable to existing market leaders. The company expects to commence Phase 3 later this quarter, with primary completion projected by 2028. Alongside obesity, Roche forecasts up to 19 new drug launches through 2030, targeting cardiovascular and oncology indications to offset upcoming patent expiries on key products.