Roche Grows Revenue Despite Biosimilar Competition
Roche (OTC: RHHBY) capped off 2019 with sales up 8% for the year to 61.5 billion Swiss francs ($63.5 billion); at constant currency exchange rates, sales would have been up 9%. Core earnings per share grew 11% to 20.16 francs.
Most of the top-line growth came from the pharmaceutical division, which grew revenues 10% year over year, thanks to growing sales of multiple sclerosis treatment Ocrevus, hemophilia treatment Hemlibra, and cancer treatments Tecentriq and Perjeta. Those gains more than made up for declining sales of cancer drugs MabThera/Rituxan, Herceptin, and Avastin, which now face competition from biosimilars in various countries.
Revenues from Roche's smaller diagnostic division only grew 1%, although the company highlighted its immunodiagnostics business, which helped its centralized and point-of-care-solutions products grow 3% at constant exchange rates.
Source Fool.com
