Roche 2023 slowed down by various factors
Published: Thursday, Feb 1st 2024, 07:30
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The pharmaceutical company Roche had to contend with various obstacles in the 2023 financial year. In addition to the loss of Covid-19 income, the erosion of sales due to biosimilars and the stronger Swiss franc had a negative impact. Shareholders will nevertheless receive an increased dividend of 9.60 francs.
At Group level, Roche posted sales of 58.7 billion Swiss francs last year, a decline of 7 percent, as the Group announced on Thursday. At constant exchange rates, however, sales rose by 1 percent. Growth was therefore better than expected by management, which had anticipated a decline in sales in the low single-digit percentage range.
At 44.6 billion, the pharmaceutical division's turnover was 2 percent lower. Revenue in the diagnostics business fell by 20 percent to 14.1 billion Swiss francs. The division has been suffering from lower sales of Covid tests since the end of the coronavirus pandemic.
Roche puts net profit at 12.4 billion Swiss francs, compared with 13.5 billion in the previous year. Core operating profit, which analysts use as a benchmark, fell by 13 percent.
The reported turnover figures are roughly in line with analysts' estimates. At core profit level, however, they are slightly lower.
Roche is not venturing too far out of the window when it comes to the outlook for the 2024 financial year, which has already begun. CEO Thomas Schinecker and his management team anticipate a mid-single-digit percentage increase in sales at constant exchange rates. Core earnings per share should also increase by a mid-single-digit percentage. In addition, the Group is continuing its efforts to increase the dividend in Swiss francs.
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