EarningsQ2 2026 Earnings Report
DE:RHO6 Q2 2026 EPS Results
Actual EPS€1.44
Consensus EPS€1.39
Beat/MissBeat by +€0.05
One Year Ago EPS€1.51
DE:RHO6 Q2 2026 Revenue Results
Actual Revenue€33.52B
Expected Revenue€16.84B
Beat/MissBeat by +€16.68B
YoY Revenue Growth+7.52%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
DE:RHO6 Upcoming Earnings
Roche Holding's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:RHO6 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a positive operating and pipeline momentum despite identifiable headwinds. Roche reported strong profitability (core op profit +10%, margin expansion), solid organic growth in Pharma, multiple regulatory wins (5 priority reviews) and major diagnostics and R&D milestones (AXELIOS launch, CE marks, strategic M&A). Offsetting items include China pricing reform and a weak respiratory season hitting Diagnostics, currency translation pressures, a near‑term net debt increase (timing effects) and some competitive/biosimilar pressure in specific franchises. On balance, the operational and pipeline achievements materially outweigh the manageable challenges described.Company Guidance
Strong profitability and margin expansion
Core operating profit up 10% (constant exchange rates) with core operating margin +1.7 percentage points; core EPS +9% (CER). Operating free cash flow +21% and free cash flow +58% (timing effects), demonstrating strong cash generation and margin discipline.
Solid group and Pharma sales growth
Group sales growth of ~6% at constant exchange rates; Pharma sales +6% (CHF 23.6 billion) with volumes up ~9% and key brands contributing CHF 1.4 billion of new sales in H1.
Diagnostics resilience and product launches
Diagnostics sales CHF 6.7 billion, up 3% (CER); excluding China pricing reform Diagnostics would have grown +6%. Launched AXELIOS 1 sequencing (June 29) and received CE marks for Elecsys pTau217 (Alzheimer's) and Elecsys IGRA TB (latent tuberculosis).
Pipeline and regulatory momentum
Five U.S. FDA priority reviews granted in 2026 (e.g., Tecentriq, Gazyva, giradestrant, spring); two positive Phase III readouts in Q2 and an 80% Phase III success rate year-to-date — strong late‑stage de‑risking and near‑term news flow.
Notable product performance and uptake
Hemlibra delivered double‑digit growth in H1; Vabysmo gaining global market share with >60% of U.S. patient starts naive to treatment and expected low double‑digit global growth; Ocrevus subcutaneous (Denovo) patient base grew to ~44,000 from ~24,000 in Q1.
Strategic BD & diagnostics M&A
Completed or expanded strategic transactions (PathAI, Nurix, Saga Diagnostics, prior Stratus acquisition) to strengthen AI pathology, BTK degrader capability and MRD testing — enhancing end‑to‑end oncology diagnostics and R&D options.
Cost discipline and SG&A centralization
R&D spend up only ~1% and SG&A +3% while volumes rose ~8%; centralization of SG&A/legal yielded H1 benefits (Pharma ~CHF 105m, Diagnostics ~CHF 24m) with a targeted ~CHF 300m shift for the full year.
Reduced LOE impact than previously expected
Loss‑of‑exclusivity impact updated to roughly CHF 600m for 2026 (better than earlier guidance); H1 LOE effect was CHF 244m, giving improved visibility on near‑term product cliffs.
DE:RHO6 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