Roche Holding AG delivered full-year 2025 core earnings per share of CHF 19.46, reflecting an 11% increase at constant exchange rates from the prior year. Group sales reached CHF 61.5 billion, up 7% at CER, driven by both pharmaceuticals and diagnostics divisions. Core operating profit rose by 13%, while IFRS net income surged 58% due largely to the absence of impairment charges that weighed on 2024 results. Fourth-quarter sales grew 8%, underscoring sustained momentum into year-end.

The Pharmaceuticals Division generated CHF 47.7 billion in revenue, a 9% increase at CER, propelled by key medicines such as Phesgo, Xolair and Ocrevus. Together with Hemlibra and Vabysmo, these five products accounted for combined sales of CHF 21.4 billion, each delivering double-digit growth rates. Diagnostic solutions contributed to overall resilience, with the division benefiting from steady demand for high-value assays and point-of-care testing platforms.

Roche’s late-stage pipeline features CT-388, a once-weekly dual GLP-1/GIP receptor agonist, which reported Phase II weight-loss results showing a 22.5% mean reduction in body weight at 48 weeks. Positive metabolic benefit data position Roche as a credible third entrant in the obesity market behind established GLP-1 therapies. Additional cardiovascular assets, including oral and injectable candidates targeting dyslipidaemia, further diversify the growth runway beyond oncology and immunology.

Management forecasts mid-single-digit percentage growth in group sales and high-single-digit core EPS expansion at constant currencies for 2026, supported by pipeline advances and operational efficiencies. The board has proposed raising the annual dividend to CHF 9.80 per share. Roche’s financial health remains solid, with a debt-to-equity ratio of 1.21 and a current ratio of 1.29, underpinning continued investment in R&D and potential bolt-on acquisitions.