1. Group Performance & Financial Outlook
- Sales Growth: Group sales reached CHF 45.9 billion, a 7% increase at Constant Exchange Rates (CER). When excluding COVID-19 related products, the underlying base business grew by 9%.
- Currency Impact: The strong Swiss Franc (CHF) had a -5% negative impact on reported results. Consequently, sales in CHF terms only grew by 2%.
- 2025 Guidance: Roche confirmed its full-year outlook, expecting Group sales growth in the mid-single-digit range and Core EPS growth in the high-single-digit range.
- Dividend: The company expects to further increase its dividend in Swiss Francs.
2. Pharmaceuticals Division (77.5% of Revenue)
- Performance: Sales totaled CHF 35.6 billion, up 9% (CER).
- Key Growth Drivers:
- Vabysmo (Ophthalmology): Sales hit CHF 3.4 billion (+24%), driven by strong global uptake for nAMD and DME treatments.
- Ocrevus (Neuroscience): Sales reached CHF 5.4 billion (+10%), maintaining its market-leading position in Multiple Sclerosis.
- Phesgo (Oncology): Grew by 29%, showing the success of converting patients to faster subcutaneous injections.
- Polivy (Hematology): Surged by 33% due to its use in first-line DLBCL treatment.
- Biosimilar Erosion: The growth of new medicines successfully offset a CHF 0.5 billion revenue loss from older biologic drugs (MabThera/Rituxan, Herceptin, and Avastin).
3. Diagnostics Division (22.5% of Revenue)
- Performance: Sales reached CHF 10.3 billion, a modest 1% increase (CER).
- Core Lab: The largest segment grew by 4%, led by the immunodiagnostics business.
- Pathology Lab: The strongest performer in this division, growing 11% due to high demand for advanced staining and companion diagnostics.
- Headwinds: Point of Care sales fell by 14% as the remaining COVID-19 testing demand completely phased out.
4. R&D Milestones & Pipeline Progress
- Regulatory Approvals: Itovebi (inavolisib): Approved by the FDA for advanced breast cancer (PIK3CA-mutated).
- Ocrevus Zunovo: A new 10-minute subcutaneous injection approved in the US and EU.
- Cardiometabolic Pipeline: Roche highlighted positive Phase I data for CT-388 (injection) and CT-996 (oral) in the obesity and diabetes space, following the Carmot acquisition.
- Immunology: The Phase III program for tulgocertat (formerly RVT-3101) showed promising clinical remission rates for patients with ulcerative colitis.
5. Regional Sales Highlights
- United States (+8%): Remained the top growth driver for Pharmaceuticals, fueled by Vabysmo and Ocrevus.
- International (+13%): Significant growth led by China (Diagnostics) and emerging markets.
- Europe (+5%): Steady growth supported by the rollout of Phesgo and Vabysmo.
- Japan (0%): Growth remained flat due to high base comparisons from last year’s product stocking.
This income statement summary for the first nine months of 2025 (9M 2025) is based on the Roche Quarterly Statement.
9M 2025 Income Statement Summary (Sales Focus)
| Item | 9M 2025 Amount (CHF m) | % of Total Revenue | YoY Growth (CER) |
| Group Sales | 45,862 | 100.0% | 7% |
| Pharmaceuticals Division | 35,555 | 77.5% | 9% |
| Diagnostics Division | 10,307 | 22.5% | 1% |
Top Pharmaceutical Products Revenue Analysis
| Product | Therapeutic Area | Amount (CHF m) | % of Segment Rev | YoY Growth (CER) |
| Ocrevus | Neuroscience (MS) | 5,398 | 15.2% | 10% |
| Vabysmo | Ophthalmology | 3,365 | 9.5% | 24% |
| Hemlibra | Hematology | 3,371 | 9.5% | 6% |
| Tecentriq | Oncology | 2,750 | 7.7% | 3% |
| Phesgo | Oncology (HER2+) | 1,515 | 4.3% | 29% |
| Evrysdi | Neuroscience (SMA) | 1,225 | 3.4% | 14% |
| Polivy | Oncology (Lymphoma) | 895 | 2.5% | 33% |
Segment Revenue & Strategic Analysis
- Pharmaceuticals (+9%): Growth was heavily driven by the “Young Portfolio” (Vabysmo, Phesgo, Ocrevus). This growth more than offset the CHF 0.5 billion impact from biosimilar competition (MabThera/Rituxan, Herceptin, and Avastin).
- Diagnostics (+1%): The division saw a 1% increase. While the base business remains healthy, the overall growth rate reflects the final transition away from the COVID-19 testing era.
- Regional Performance: The United States remains the largest market for Pharmaceuticals, growing at 8%, while the International region saw a significant 13% jump driven by expansion in China and emerging markets.
Full-Year 2025 Outlook
- Sales Growth: Expected to remain in the mid-single-digit range.
- Core EPS Growth: Targeted in the high-single-digit range.
- Currency Impact: The strong Swiss Franc is expected to create a -5% headwind on reported CHF results compared to CER.
The following is the summary of the Clinical and Trial Data (R&D Highlights) featured in the 2025 Q3 report.
1. Metabolic & Obesity (Cardiometabolic)
Roche’s entry into the GLP-1 space following the Carmot acquisition is a key focus. The report highlights data from early-phase trials:
- CT-388 (GLP-1/GIP receptor agonist): Phase I data demonstrated significant weight loss in participants with obesity and type 2 diabetes. The once-weekly injection showed high potency and a manageable safety profile.
- CT-996 (Oral Small Molecule): Phase I results for this once-daily pill showed strong weight loss efficacy in non-diabetic participants with obesity, positioning it as a competitive oral alternative in the weight-management market.
2. Oncology (Cancer)
- Itovebi (inavolisib): Based on the INAVO120 Phase III study, data showed that Itovebi, when combined with standard therapy, more than doubled progression-free survival (PFS) in patients with PIK3CA-mutated advanced breast cancer, reducing the risk of disease progression or death by 57%.
- Alecensa (Lung Cancer): The ALINA Phase III study showed that as an adjuvant treatment, Alecensa reduced the risk of disease recurrence or death by 76% in patients with ALK-positive early-stage lung cancer compared to chemotherapy.
3. Neuroscience & Immunology
- Ocrevus Zunovo: Trial data established bioequivalence for the 10-minute subcutaneous injection compared to the standard intravenous (IV) infusion, providing the same efficacy with significantly reduced treatment time.
- Tulgocertat (RVT-3101): Phase IIb/III data for Ulcerative Colitis (UC) demonstrated high rates of clinical remission and endoscopic improvement during both the induction and maintenance phases.
4. Diagnostics Innovation
- cobas liat System: Data presented confirmed that this Point-of-Care system can deliver PCR-quality results for Flu, RSV, and COVID-19 within 20 minutes, showing a high degree of correlation with large-scale central laboratory PCR systems.
Key Data Summary Table
| Product / Study | Indication | Clinical Highlight / Data Point |
| Itovebi | Breast Cancer | 57% reduction in risk of disease progression |
| Alecensa | Lung Cancer | 76% reduction in risk of recurrence (early-stage) |
| CT-388 / CT-996 | Obesity | Competitive weight loss percentages in Phase I |
| Ocrevus Zunovo | Multiple Sclerosis | 10-minute delivery achieved bioequivalence to IV |
The following is the English summary of the major acquisition deals and strategic investments as detailed in Roche’s 2025 financial disclosures. These deals highlight Roche’s aggressive expansion into the Metabolic (Obesity) and Immunology markets.
1. Metabolic & Obesity: Carmot Therapeutics Acquisition
This acquisition serves as Roche’s primary entry point into the lucrative GLP-1 weight-loss market.
- Upfront Payment: Approximately USD 2.7 billion in cash.
- Contingent Conditions (Milestones): Roche is committed to additional payments of up to USD 1.1 billion based on the achievement of specific R&D and commercial milestones.
- Core Assets Acquired: * CT-388: A dual GLP-1/GIP receptor agonist for obesity and type 2 diabetes.
- CT-996: A once-daily oral small-molecule GLP-1 receptor agonist.
- Strategic Value: Allows Roche to compete directly with leaders like Novo Nordisk and Eli Lilly.
2. Immunology Blockbuster: Telavant (from Roivant & Pfizer)
A high-value acquisition aimed at securing a leading position in the Inflammatory Bowel Disease (IBD) market.
- Upfront Payment: USD 7.1 billion in cash.
- Contingent Conditions: Includes a near-term milestone payment of approximately USD 150 million.
- Core Asset (Tulgocertat / RVT-3101): * Roche acquired the rights to develop, manufacture, and commercialize this TL1A antibody in the U.S. and Japan.
- Pfizer retains rights for the rest of the world.
- Strategic Value: Provides a potential multi-billion dollar therapy for Ulcerative Colitis and Crohn’s disease.
3. Diagnostics Expansion: LumiraDx Point-of-Care Business
Designed to strengthen the Diagnostics Division’s decentralized testing capabilities.
- Purchase Price: Approximately USD 295 million.
- Additional Payments: Up to USD 55 million depending on business integration and technical success.
- Core Value: Integration of LumiraDx’s technology into Roche’s existing digital and point-of-care networks, allowing for hospital-grade PCR testing in decentralized settings.
4. Oncology & Platform Partnerships: Poseida Therapeutics
Focused on cell therapy innovation to bolster the oncology pipeline.
- Deal Structure: A mix of upfront payments and long-term milestones.
- Terms: Often structured with lower upfront cash but high-value milestones exceeding USD 1 billion if multiple targets reach the market.
- Objective: To develop “off-the-shelf” CAR-T cell therapies for hematologic malignancies.
Acquisition Summary Table
| Target Company | Primary Field | Upfront Cash | Potential Milestones | Strategic Rationale |
| Telavant | Immunology (IBD) | USD 7.1B | USD 0.15B | Secure US/Japan market lead for TL1A |
| Carmot | Obesity / Diabetes | USD 2.7B | USD 1.1B | Rapid entry into GLP-1/GIP space |
| LumiraDx Assets | Diagnostics (PoC) | USD 295M | USD 55M | Expand decentralized PCR testing |
These acquisitions have led to an increase in Intangible Assets and Net Debt on the balance sheet, but they are critical for offsetting revenue gaps as older oncology blockbusters face patent expirations.
Source: https://www.roche.com/investors/events/q3-2025
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