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EarningsQ2 2026 Earnings Report
CH:RO Q2 2026 EPS Results
Actual EPSCHF10.85
Consensus EPSCHF10.33
Beat/MissBeat by +CHF0.52
One Year Ago EPSCHF11.08
CH:RO Q2 2026 Revenue Results
Actual RevenueCHF30.36B
Expected RevenueCHF15.55B
Beat/MissBeat by +CHF14.81B
YoY Revenue Growth-1.87%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
CH:RO Upcoming Earnings
Roche Holding Ltd's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call presented a predominantly positive financial and operational picture: core operating profit and EPS growth outpaced revenue growth, margins improved, operating cash flow strengthened and the company highlighted strong late‑stage pipeline progress, multiple product launches (including the AXELIOS sequencing platform and CE‑marked assays), five FDA priority reviews and a high Phase III success rate (80% YTD). Material headwinds were acknowledged — notably the China diagnostics pricing reform (Diagnostics down -15% in China), a weak respiratory season (~CHF 200m impact), currency pressure, some competitive and biosimilar effects in specific franchises, a net debt increase (CHF 5.9bn) and impairments affecting IFRS results — but management positioned these as manageable alongside disciplined cost control, reallocation of efficiencies (CHF ~1.3bn) and continued BD activity. On balance, the highlights (strong profitability, pipeline/launch momentum, cash generation and disciplined BD) substantially outweigh the lowlights, supporting a positive outlook for the rest of 2026 and into the next years.Company Guidance
Core Operating Profit and Margin Expansion
Core operating profit grew +10% year‑over‑year, outpacing sales growth, and core operating margin expanded by +1.7 percentage points, driven by both Pharma (+2.0pp) and Diagnostics (+0.6pp).
Sales and EPS Growth
Group sales grew 6% (Pharma +6% at CER; Diagnostics +3% at CER) and core EPS increased +9% year‑to‑date.
Strong Cash Flow Generation
Operating free cash flow rose +21% (plus +2% in CHF) and free cash flow increased +58% (plus +26% in CHF), noting timing effects; gross debt remained stable.
Diagnostics performance excluding China and Respiratory Headwinds
Diagnostics would have grown +6% excluding China pricing reform; management quantified the weak respiratory/flu season impact at ~CHF 200 million (about 1% on group results).
Pipeline and R&D Progress — Priority Reviews & Phase III Success
Five U.S. FDA priority reviews (e.g., Tecentriq, Gazyva, guradestrant, spring) and two positive Phase III readouts in Q2; reported Phase III success rate YTD ~80%, above industry average.
Late‑stage and Launch Momentum
Multiple late‑stage programs and launches: guradestrant filing accepted with priority review and potential year‑end launch; AXELIOS 1 sequencing solution launched June 29; Elecsys pTau217 and Elecsys IGRA TB received CE marks.
Commercial Strength in Key franchises
Vabysmo showing global share gains with expected low double‑digit global growth and consensus peak sales of ~CHF 6 billion; Hematology franchise grew +14% (Hemlibra double‑digit H1 growth); Ocrevus subcutaneous uptake accelerated to ~44,000 patients (from ~24,000 in Q1).
Disciplined Business Development
Strategic acquisitions/partnerships completed or closed (PathAI, Nurix, Saga Diagnostics, Nex Therapeutics BTK degrader), with management emphasizing disciplined M&A and reallocation of CHF ~1.3 billion of efficiencies into R&D.
Guidance Confirmed and Dividend Increase
Management confirmed full‑year outlook: mid‑single‑digit sales growth and high single‑digit core EPS growth (current H1 core EPS +9%) and announced further dividend increases in CHF.
Innovative Obesity & CVRM Pipeline Progress
Positive Phase II data for petrelintide (placebo‑like tolerability, meaningful weight loss) and enicepatide (24 mg dose: 48% achieved >20% weight loss; 26% >30%); Phase III decisions and combination studies planned.
CH:RO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed