- Group sales grew by 7%1 at constant exchange rates (CER; 2% in CHF), driven by strong demand for medicines and diagnostic solutions.
- Sales in the fourth quarter increased by 8%, reflecting the positive momentum.
- Pharmaceuticals Division sales increased by 9% (3% in CHF), with Phesgo (breast cancer), Xolair (food allergies), Ocrevus (multiple sclerosis), Hemlibra (haemophilia A) and Vabysmo (severe eye diseases) being the top growth drivers.
- Diagnostics Division sales grew 2% (-3% in CHF) as demand for pathology and molecular solutions continued to more than offset the impact of healthcare pricing reforms in China.
- Core operating profit increased by 13% (5% in CHF), driven by higher sales and efficiency gains.
- Core earnings per share showed growth of 11% (4% in CHF); IFRS net income increased by 58% (50% in CHF), due to the strong operational performance in 2025 and the base effect of impairment charges in 2024.
- Highlights:
- US and EU approval for the subcutaneous form of Lunsumio for a type of blood cancer
- EU approval for Gazyva/Gazyvaro for lupus nephritis, a serious kidney disease
- Positive data on several therapies: (phase III) giredestrant for breast cancer, fenebrutinib for two forms of multiple sclerosis, Gazyva/Gazyvaro for two immune-related diseases, PiaSky for a rare, life-threatening kidney condition and Enspryng for a rare autoimmune disease that affects the brain, spinal cord and optic nerves; (phase II) CT-388 for obesity
- Advancement of 10 key molecules into phase III development in 2025
- EU CE mark for novel Elecsys Dengue Ag test to diagnose dengue and for cobas BV/CV assay to improve diagnostic accuracy for women affected by vaginitis
- CE Mark for test to monitor antibiotic therapies, expanding the only automated mass spectrometry platform on the market to an in vitro diagnostic menu of 39 tests
- Board proposes a dividend increase to CHF 9.80 per share and non-voting equity security. If approved by shareholders, this would be the 39th consecutive dividend increase.
- Change in Board of Directors
Outlook for 2026
Roche (SIX: RO, ROG; OTCQX: RHHBY) expects an increase in Group sales in the mid single digit range (CER) for 2026. Core earnings per share are targeted to develop in the high single digit range (CER). Roche expects to further increase its dividend in Swiss francs.
| Key figures | CHF millions | % change | ||
| January–December | 2025 | 2024 | At CER1 | In CHF |
| Group sales | 61,516 | 60,495 | 7 | 2 |
| Pharmaceuticals Division | 47,669 | 46,171 | 9 | 3 |
| Diagnostics Division | 13,847 | 14,324 | 2 | -3 |
| Core operating profit | 21,833 | 20,823 | 13 | 5 |
| Core EPS – diluted (CHF) | 19.46 | 18.80 | 11 | 4 |
| IFRS net income | 13,799 | 9,187 | 58 | 50 |
Roche CEO Thomas Schinecker: “2025 was a strong year for Roche, reflecting our continued focus on operational and R&D excellence.
We have significant momentum across our pharmaceutical pipeline: ten potential new medicines advanced into final-stage development, and 12 late-stage clinical studies delivered positive results. We had important breakthroughs in lupus and oestrogen receptor-positive breast cancer, which accounts for approximately 70% of all breast cancer cases, as well as the first positive late-stage clinical results in a new therapy for multiple sclerosis.
We are also setting new standards in diagnostics: our next-generation sequencing technology, which will be launched this year, decoded an entire human genome in less than four hours.
With our strong financial performance and our continued progress in innovation, we are well positioned for growth.”
Change in Board of Directors
The Board of Directors will propose Lubomira Rochet (1977), Executive Vice President and member of the Group Executive Committee of Societe Generale, for election as a new Board member at the upcoming Annual General Meeting. Severin Schwan, Chairman of the Board: “Lubomira Rochet brings a broad leadership track record and deep experience in business transformations through digital and technology. I am very pleased that we can propose her for election to the Board of Directors.”
As previously announced, Dr Claudia Suessmuth Dyckerhoff has decided not to stand for re-election as a member of the Roche Board of Directors at the Annual General Meeting in 2026.
Group results
In 2025, Roche achieved sales growth of 7% (2% in CHF) to CHF 61.5 billion due to strong demand for pharmaceutical products and diagnostic solutions.
The appreciation of the Swiss franc against most currencies, notably the US dollar, had a significant impact on the results reported in Swiss francs compared to constant exchange rates.
Core operating profit increased by 13% (5% in CHF) to CHF 21.8 billion, driven by higher sales and efficiency gains.
Core earnings per share increased by 11% (4% in CHF).
IFRS net income increased by 58% (50% in CHF) to CHF 13.8 billion due to the strong operating performance in 2025 and the base effect of impairment charges in 2024.
Sales in the Pharmaceuticals Division increased by 9% (3% in CHF) to CHF 47.7 billion, with medicines for severe diseases continuing their strong growth.
The top five growth drivers – Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo – achieved total sales of CHF 21.4 billion, an increase of CHF 3.2 billion (CER) compared to 2024.
Sales of products with expired patents – Avastin (various types of cancer), Herceptin (breast and gastric cancer), MabThera/Rituxan (blood cancer, rheumatoid arthritis), Esbriet (lung disease), Lucentis (severe eye diseases) and Actemra/RoActemra (rheumatoid arthritis) – decreased by a combined CHF 0.7 billion (CER).
In the United States, sales rose by 8% due to continued growth of Xolair and continuing uptake of Ocrevus, Phesgo, Hemlibra and Polivy (blood cancer). This growth more than compensated for the decline in sales of medicines with expired patents.
Sales in Europe grew 5% as strong demand for Ocrevus and Vabysmo and the continuing uptake of Polivy, Hemlibra and Phesgo more than compensated for the lower sales of Perjeta (breast cancer) due to the ongoing conversion of patients to Phesgo, and the impact of biosimilar competition on Actemra/RoActemra sales.
In Japan, sales increased by 5%, mainly due to the strong uptake of Phesgo, Vabysmo, Hemlibra, Enspryng (acute inflammation of optic nerve and spinal cord) and PiaSky (paroxysmal nocturnal haemoglobinuria). Sales growth was partially offset by the decline in sales of Avastin because of biosimilar erosion and Perjeta due to the continued conversion of patients to Phesgo.
Sales in the International region rose by 14%, led by Phesgo, Xofluza (influenza), Hemlibra, Vabysmo, Elevidys (Duchenne muscular dystrophy) and Polivy. In China, sales rose by 10%, driven by the uptake of Phesgo due to the inclusion in the government drug reimbursement list, strong sales of Xofluza and the continued roll-out of Vabysmo and Polivy.
The Diagnostics Division’s sales increased by 2% (-3% in CHF) to CHF 13.8 billion as growth in demand for pathology and molecular solutions more than offset the impact of healthcare pricing reforms in China.
Sales in the Europe, Middle East and Africa (EMEA) region increased by 6%, driven by higher sales of clinical chemistry and immunodiagnostic products. In North America, sales increased by 9%, with growth across all customer areas. Sales in Asia-Pacific decreased by 12% due to healthcare pricing reforms in China. In Latin America, sales grew by 11%.
Pharmaceuticals Division: pipeline
With 66 new molecular entities (NMEs) and a total of 107 projects, Roche has a promising pipeline with a wide variety of therapeutic approaches.
Pharmaceuticals research and development (R&D) expenditure decreased by 3% to CHF 10.4 billion (Group R&D: -3% to CHF 12.2 billion). Oncology remained the primary area for R&D, with substantial investments also in the areas of cardiovascular, renal and metabolism and immunology.
Pharmaceuticals: key developments
| Compound | Milestone |
| Regulatory | |
| Lunsumio Blood cancer | FDA approves Lunsumio VELO for subcutaneous use in relapsed or refractory follicular lymphoma
|
| Gazyva/Gazyvaro Lupus nephritis | European Commission approves Gazyva/Gazyvaro for adults with active lupus nephritis
|
| Lunsumio Blood cancer | European Commission approves Lunsumio subcutaneous for relapsed or refractory follicular lymphoma
|
| Phase III, pivotal and other key read-outs | |
| CT-388 Obesity | Roche announces positive phase II results for its dual GLP-1/GIP receptor agonist CT-388 in people living with obesity
|
| Giredestrant Breast cancer | Giredestrant reduces risk of invasive disease recurrence or death by 30% in ER-positive early-stage breast cancer
|
| Lunsumio Blood cancer | Roche presents Lunsumio data showing potential across earlier treatment lines in indolent and aggressive lymphomas
|
| Columvi Blood cancer | Columvi combination shows sustained survival benefit at three-year follow-up of pivotal phase III STARGLO study
|
| Giredestrant Breast cancer | Giredestrant becomes the first oral SERD to show superior invasive disease-free survival in early breast cancer
|
| Fenebrutinib Multiple sclerosis | Fenebrutinib shows unprecedented positive phase III results as the potential first and only BTK inhibitor in both relapsing multiple sclerosis (RMS) and primary progressive multiple sclerosis (PPMS)
|
| Haematology | Roche presents new data from its broad and innovative haematology portfolio at ASH 2025
|
| Gazyva/Gazyvaro Systemic lupus erythematosus | Positive phase III data for Gazyva/Gazyvaro show significant reduction in disease activity for systemic lupus erythematosus (SLE)
|
| Gazyva/Gazyvaro Idiopathic nephrotic syndrome | Positive phase III results for Gazyva/Gazyvaro in children and young adults with idiopathic nephrotic syndrome
|
| Other | |
| 89bio tender offer | Roche completes tender offer for 89bio, Inc. shares and prepares to finalise acquisition
|
Pharmaceuticals sales
| Sales | CHF millions | As % of sales | % change | |||
| January–December | 2025 | 2024 | 2025 | 2024 | At CER | In CHF |
| Pharmaceuticals Division | 47,669 | 46,171 | 100.0 | 100.0 | 9 | 3 |
| United States | 25,355 | 24,774 | 53.2 | 53.7 | 8 | 2 |
| Europe | 9,164 | 8,832 | 19.2 | 19.1 | 5 | 4 |
| Japan | 2,882 | 2,874 | 6.0 | 6.2 | 5 | 0 |
| International | 10,268 | 9,691 | 21.6 | 21.0 | 14 | 6 |
International: Asia-Pacific, CEETRIS (Central Eastern Europe, Türkiye, Russia and Indian subcontinent), Latin America, Middle East, Africa, Canada, others
| Top 20 best-selling pharmaceuticals | Total | United States | Europe | Japan | International | |||||
| CHF m | % | CHF m | % | CHF m | % | CHF m | % | CHF m | % | |
| Ocrevus Multiple sclerosis | 7,010 | 9 | 4,874 | 7 | 1,451 | 13 | - | - | 685 | 21 |
| Hemlibra Haemophilia A | 4,754 | 11 | 2,665 | 6 | 1,002 | 10 | 377 | 8 | 710 | 38 |
| Vabysmo Eye diseases (nAMD, DME, RVO) | 4,102 | 12 | 2,857 | 3 | 741 | 21 | 146 | 22 | 358 | 116 |
| Tecentriq Cancer immunotherapy | 3,566 | 3 | 1,640 | -2 | 878 | 3 | 349 | -4 | 699 | 18 |
| Xolair2 Asthma, food allergies | 3,075 | 32 | 3,075 | 32 | - | - | - | - | - | - |
| Perjeta2 Breast cancer | 2,968 | -13 | 1,268 | 0 | 552 | -13 | 69 | -37 | 1,079 | -21 |
| Actemra/RoActemra2 RA, COVID-19 | 2,470 | -2 | 1,206 | -4 | 588 | -9 | 310 | 5 | 366 | 16 |
| Phesgo Breast cancer | 2,441 | 48 | 708 | 31 | 812 | 12 | 188 | 44 | 733 | 172 |
| Kadcyla2 Breast cancer | 2,025 | 7 | 768 | 6 | 532 | -4 | 91 | -3 | 634 | 22 |
| Evrysdi Spinal muscular atrophy | 1,757 | 13 | 612 | 10 | 616 | 9 | 90 | 1 | 439 | 25 |
| Alecensa Lung cancer | 1,562 | 6 | 565 | 14 | 262 | -6 | 204 | 7 | 531 | 5 |
| Polivy Blood cancer | 1,470 | 38 | 688 | 28 | 290 | 53 | 207 | 9 | 285 | 87 |
| MabThera/Rituxan2 Blood cancer, RA | 1,251 | -4 | 794 | 0 | 140 | -5 | 14 | -11 | 303 | -12 |
| Activase/TNKase2 Cardiac diseases | 1,107 | -2 | 1,056 | -2 | - | - | - | - | 51 | -11 |
| Herceptin2 Breast and gastric cancer | 1,028 | -22 | 225 | -10 | 291 | -2 | 7 | -43 | 505 | -32 |
| Gazyva/Gazyvaro2 Blood cancer | 986 | 14 | 519 | 19 | 245 | 2 | 35 | 25 | 187 | 15 |
| Avastin2 Various cancer types | 973 | -17 | 299 | -17 | 70 | -16 | 145 | -23 | 459 | -14 |
| Pulmozyme2 Cystic fibrosis | 479 | 12 | 343 | 20 | 65 | -9 | 1 | -12 | 70 | 1 |
| Xofluza Influenza | 407 | 184 | 57 | 66 | 2 | * | - | - | 348 | 219 |
| CellCept2 Immunosuppressant | 385 | 1 | 21 | -5 | 131 | 8 | 44 | 17 | 189 | -6 |
* Over 500%
DME: diabetic macular edema / nAMD: neovascular or ‘wet’ age-related macular degeneration / RVO: retinal vein occlusion / RA: rheumatoid arthritis
Diagnostics Division: portfolio
In Diagnostics, Roche introduced two instrument platforms, six digital solutions and 53 new tests in 2025.
The main areas of R&D activity included the development of high medical value assays, notably for the oncology disease area, as well as of digital solutions and sequencing. In addition, there were continuing investments in cardiometabolic diseases, particularly for continuous blood glucose monitoring.
Diagnostics: key developments
| Product | Milestone |
| cobas Mass Spec solution | Roche expands automated mass spectrometry menu with antibiotics drug monitoring CE mark approval offering industry’s broadest in vitro diagnostic menu
|
| cobas BV/CV test Vaginitis | Roche launches new PCR test to help improve diagnostic accuracy for women affected by vaginitis in countries following the CE mark
|
| cobas liat Bordetella panel Infectious diseases | Roche receives FDA clearance with CLIA waiver and CE mark for its first point-of-care test for diagnosing Bordetella infections, including whooping cough (pertussis)
|
| Elecsys Dengue Ag test Dengue | Roche receives CE mark for novel automated high-throughput Elecsys Dengue Ag test to diagnose dengue
|
Diagnostics sales
| Sales | CHF millions | As % of sales | % change | |||
| January–December | 2025 | 2024 | 2025 | 2024 | At CER | In CHF |
| Diagnostics Division | 13,847 | 14,324 | 100.0 | 100.0 | 2 | -3 |
| Customer areas3 | ||||||
| Core Lab | 7,614 | 8,011 | 55.0 | 55.9 | 0 | -5 |
| Molecular Lab | 2,527 | 2,554 | 18.3 | 17.8 | 4 | -1 |
| Near Patient Care | 1,983 | 2,160 | 14.3 | 15.1 | -3 | -8 |
| Pathology Lab | 1,723 | 1,599 | 12.4 | 11.2 | 14 | 8 |
| Regions | ||||||
| Europe, Middle East, Africa | 4,965 | 4,822 | 35.9 | 33.7 | 6 | 3 |
| North America | 4,444 | 4,335 | 32.1 | 30.3 | 9 | 3 |
| Asia-Pacific | 3,386 | 4,099 | 24.4 | 28.6 | -12 | -17 |
| Latin America | 1,052 | 1,068 | 7.6 | 7.4 | 11 | -1 |
More information on Roche’s performance in 2025:
About Roche
Founded in 1896 in Basel, Switzerland, as one of the first industrial manufacturers of branded medicines, Roche has grown into the world’s largest biotechnology company and the global leader in in-vitro diagnostics. The company pursues scientific excellence to discover and develop medicines and diagnostics for improving and saving the lives of people around the world. We are a pioneer in personalised healthcare and want to further transform how healthcare is delivered to have an even greater impact. To provide the best care for each person we partner with many stakeholders and combine our strengths in Diagnostics and Pharma with data insights from the clinical practice.
For over 125 years, sustainability has been an integral part of Roche’s business. As a science-driven company, our greatest contribution to society is developing innovative medicines and diagnostics that help people live healthier lives. Roche is committed to the Science Based Targets initiative and the Sustainable Markets Initiative to achieve net zero by 2045.
Genentech, in the United States, is a wholly owned member of the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, Japan.
For more information, please visit www.roche.com.
All trademarks used or mentioned in this release are protected by law.
References
[1] Unless otherwise stated, all growth rates and year-on-year comparisons are at constant exchange rates (CER; average rates 2024) and all total figures quoted are reported in Swiss francs.
[2] Products launched before 2015.
[3] Core Lab: diagnostics solutions in the areas of immunoassays, clinical chemistry and CustomBiotech.
Molecular Lab: diagnostics solutions for pathogen detection and monitoring, donor screening, sexual health and genomics, genomic tumour profiling.
Near Patient Care: diagnostics solutions in emergency rooms, medical practices and directly with patients, including integrated personalised diabetes management.
Pathology Lab: diagnostics solutions for tissue biopsies and companion diagnostics.
In 2025, sales in the Pathology Lab customer area include sales previously reported in the Molecular Lab customer area to foster business transparency and harmonisation in the use of solutions in the area of cervical intraepithelial neoplasia technology (CINtec). The comparative information for 2024 has been restated accordingly.
In 2025, sales in the Core Lab customer area include sales previously reported in the Near Patient Care customer area to centralise digital healthcare solutions within Roche Information Solutions. The comparative information for 2024 has been restated accordingly.
Cautionary statement regarding forward-looking statements
This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this document, such as: (1) pricing and product initiatives of competitors; (2) legislative and regulatory developments and economic conditions; (3) delay or inability in obtaining regulatory approvals or bringing products to market; (4) fluctuations in currency exchange rates and general financial market conditions; (5) uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side effects of pipeline or marketed products; (6) increased government pricing pressures; (7) interruptions in production; (8) loss of or inability to obtain adequate protection for intellectual property rights; (9) litigation; (10) loss of key executives or other employees; and (11) adverse publicity and news coverage. The statement regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche’s earnings or earnings per share for this or any subsequent period will necessarily match or exceed the historical published earnings or earnings per share of Roche.
Roche Global Media Relations
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