Roche Holding AG ROP
SIX SwissPharmaceuticalsFinancials to Jun 30, 2026 · Updated Oct 5, 2026
Moat ranks
Balance sheet
| CHF B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 5.6 | 5.4 |
| Securities | 9.9 | 4.3 |
| Debt | 31.6 | 31.8 |
| Net cash | -16.2 | -22.1 |
| Equity | 33.8 | 32.7 |
- Debt / EBITDA
- 1.50×
- Debt / equity
- 0.97×
- Leases (6/30/26)
- CHF 1.5B
- Diluted shares
- 807M
- Book value / share
- CHF 40.51
- Price / book
- 8.5×
- Net cash / share
- −CHF 27.35
- Market cap
- CHF 276.5B
- Enterprise value
- CHF 298.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | -1.9% | -5.5 pts | |
| Operating margin | 31.9% | -1.5 pts | |
| FCF margin | 20.0% | +2.5 pts | |
| Capex / revenue | 5.2% | -0.3 pts | |
| Ocrevus first-half sales | CHF 3.5B | -1% | |
| Hemlibra first-half sales | CHF 2.5B | +3% | |
| Vabysmo first-half sales | CHF 2.1B | -0% | |
| Phesgo first-half sales | CHF 1.3B | +10% | |
| Xolair first-half sales | CHF 1.7B | +16% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ROP
Roche develops specialty medicines and supplies diagnostic instruments, assays and laboratory software. Pharmaceuticals provide about 78% of product sales; Diagnostics provides the rest.
- IP Choke Point
Patents and regulatory exclusivities protect individual medicines, not the division indefinitely; H1 erosion in expired-patent products demonstrates the cliff.
- Installed Base Consumables
Installed instruments generate repeat demand for compatible assays and tests, making changing suppliers harder.
- Data Workflow Lockin
Integration of instruments, automation and digital analytics into lab operations increases workflow switching costs and supports share retention.
- Jun 30, 2026 · Half year · Impairment charge −CHF 1.0B
Acquired product-right write-downs reduced first-half profit; failed development is a real cost of renewing the medicine portfolio.
- Jun 30, 2026 · Half year · Restructuring charge −CHF 765M
Net costs from ongoing workforce and operating-site restructuring reduced first-half profit. Restructuring has occurred in several successive years.
- Dec 31, 2025 · Half year · Restructuring charge −CHF 1.1B
Net expense from named global restructuring programmes, including workforce and site changes. These charges recur across years; removing them describes programme-free earnings, not a guaranteed recurring profit. The second-half amount is the annual category less the reported first-half category.
- Jun 30, 2025 · Half year · Restructuring charge −CHF 1.0B
Net expense from named global restructuring programmes, including workforce and site changes. These charges recur across years; removing them describes programme-free earnings, not a guaranteed recurring profit. The first-half amount is reported in the interim reconciliation.
- Dec 31, 2024 · Half year · Impairment charge −CHF 3.6B
Goodwill and acquired product-right write-downs reduced reported profit. The loss is non-cash in this period, but it records money previously invested in businesses or medicines that did not meet expectations. Flatiron and Spark account for CHF 3,209 million of goodwill losses; the total also includes other acquired-right impairments. The second-half amount is the annual category less the reported first-half category.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CHF) | |||||||||||||
| Revenue | 58.81 | 61.98 | 66.10 | 71.14 | 67.43 | 73.02 | 78.32 | 73.03 | 75.43 | 76.61 | 75.51 | +3.0%/yr | |
| Cash flow | 17.44 | 20.96 | 23.23 | 25.91 | 21.46 | 24.39 | 22.03 | 20.02 | 25.05 | 23.48 | 24.02 | +3.4%/yr | |
| Earnings | 11.13 | 10.04 | 12.21 | 15.62 | 16.53 | 16.20 | 15.37 | 14.30 | 10.32 | 16.04 | 15.29 | +4.1%/yr | |
| Free cash flow | 12.62 | 16.88 | 18.53 | 21.85 | 17.38 | 20.10 | 17.76 | 15.36 | 20.65 | 18.81 | 19.52 | +4.5%/yr | |
| Capex | 4.82 | 4.08 | 4.70 | 4.05 | 4.08 | 4.29 | 4.27 | 4.65 | 4.40 | 4.67 | 4.51 | -0.4%/yr | |
| Dividends | 8.03 | 8.14 | 8.25 | 8.62 | 8.90 | 9.04 | 9.22 | 9.44 | 9.54 | 9.63 | 9.67 | +2.0%/yr | |
| Book value | 27.80 | 30.75 | 32.12 | 37.90 | 42.01 | 28.48 | 34.64 | 36.46 | 39.61 | 42.09 | 40.51 | +4.7%/yr | |
| Diluted shares (M) | 860 | 860 | 860 | 864 | 865 | 860 | 808 | 804 | 802 | 803 | 807 | -0.8%/yr | |
| Totals (CHF B) | |||||||||||||
| Revenue | 50.6 | 53.3 | 56.8 | 61.5 | 58.3 | 62.8 | 63.3 | 58.7 | 60.5 | 61.5 | 60.9 | +2.2%/yr | |
| Operating income | 14.1 | 13.0 | 14.8 | 17.5 | 18.5 | 18.2 | 17.5 | 15.4 | 13.4 | 18.5 | 17.8 | +3.1%/yr | |
| Net income | 9.6 | 8.6 | 10.5 | 13.5 | 14.3 | 13.9 | 12.4 | 11.5 | 8.3 | 12.9 | 12.3 | +3.3%/yr | |
| Free cash flow | 10.9 | 14.5 | 15.9 | 18.9 | 15.0 | 17.3 | 14.4 | 12.4 | 16.6 | 15.1 | 15.7 | +3.7%/yr | |
| Dividends | 6.9 | 7.0 | 7.1 | 7.4 | 7.7 | 7.8 | 7.4 | 7.6 | 7.7 | 7.7 | 7.8 | +1.3%/yr | |
| Net cash | -13.2 | -7.0 | -5.6 | -2.5 | -1.9 | -18.2 | -15.6 | -18.7 | -17.3 | -16.2 | -22.1 | −CHF 2.9B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 68.0 | 65.9 | 69.6 | 70.1 | 72.3 | 68.7 | 68.8 | 72.1 | 73.1 | 72.9 | 72.7 | +4.9 pts | |
| Operating margin | 27.8 | 24.4 | 26.0 | 28.5 | 31.8 | 28.9 | 27.6 | 26.2 | 22.2 | 30.0 | 29.2 | +2.2 pts | |
| Net margin | 18.9 | 16.2 | 18.5 | 22.0 | 24.5 | 22.2 | 19.6 | 19.6 | 13.7 | 20.9 | 20.3 | +2.0 pts | |
| FCF margin | 21.5 | 27.2 | 28.0 | 30.7 | 25.8 | 27.5 | 22.7 | 21.0 | 27.4 | 24.6 | 25.8 | +3.1 pts | |
| ROIC | 32.7 | 33.6 | 38.3 | 43.0 | 41.9 | 36.7 | 34.6 | 27.7 | 23.6 | 31.9 | 28.1 | -0.8 pts | |
| Return on equity | 40.0 | 32.7 | 38.0 | 41.2 | 39.3 | 56.9 | 44.4 | 39.2 | 26.1 | 38.1 | 37.7 | -1.9 pts | |
| R&D % of revenue | 22.8 | 21.2 | 21.3 | 20.8 | 22.3 | 23.6 | 24.1 | 24.2 | 25.3 | 21.7 | 22.8 | -1.1 pts | |
| Stock pay % of revenue | 0.9 | 0.9 | 0.9 | 1.0 | 1.2 | 1.1 | 1.2 | 1.4 | 1.4 | 1.4 | 1.4 | +0.5 pts | |
| Capex % of revenue | 8.2 | 6.6 | 7.1 | 5.7 | 6.0 | 5.9 | 5.5 | 6.4 | 5.8 | 6.1 | 6.0 | -2.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- stable
- Pricing power
- moderate
- Pharmaceuticals77.8%1 claim
- Diagnostics22.2%2 claims
Moat claims
- Applies to
- Pharmaceuticals
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Patents and regulatory exclusivities protect individual medicines, not the division indefinitely; H1 erosion in expired-patent products demonstrates the cliff.
New medicines still offset current patent losses, but protection is renewed product by product. H1 growth was driven by Xolair and newer medicines while the older five-product group fell 8% at constant currencies. Perjeta biosimilars and a new Enhertu regimen limit a widening assessment.
- Ocrevus annual salesCHF 7.0B+4%
- Ocrevus first-half salesCHF 3.5B-1%
- Hemlibra annual salesCHF 4.8B+6%
- Hemlibra first-half salesCHF 2.5B+3%
- Vabysmo annual salesCHF 4.1B+6%
- Vabysmo first-half salesCHF 2.1B-0%
- Phesgo annual salesCHF 2.4B+40%
- Phesgo first-half salesCHF 1.3B+10%
- Xolair annual salesCHF 3.1B+24%
- Xolair first-half salesCHF 1.7B+16%
- Cash paid for intangible assets annualCHF 2.0B+37%
- Cash paid for intangible assets first-halfCHF 1.3B-12%
- Cash paid for asset acquisitions annualCHF 2.2B+666%
- Cash paid for asset acquisitions first-halfCHF 134M+2,580%
- Royalties and other revenue annualCHF 1.8B-3%
- Royalties and other revenue first-halfCHF 1.1B+20%
- Phesgo volume conversion54.0%
- Pharmaceuticals annual salesCHF 47.7B+3%
- Pharmaceuticals first-half salesCHF 23.6B-1%
- Loss of exclusivity (patent cliffs) on major products
- Biosimilar/generic substitution and tendering
- Government price controls and reference pricing
- Pipeline clinical failures or safety signals
- SourceRoche Half-Year Results 2026Jul 23, 2026
- SourceRoche FY2025 Results Update - patent-expired productsJan 29, 2026
- Applies to
- Diagnostics
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 5, 2026
Installed instruments generate repeat demand for compatible assays and tests, making changing suppliers harder.
Annual tests rose from 29 billion in 2023 to 31 billion in 2025, and cobas placements support repeat assays. China price cuts still hurt sales; a larger installed base has not established stronger pricing power or disclosed retention.
- Diagnostic tests delivered31.00B+3%
- cobas pro analytical units growth+52%
- cobas pure analytical units growth+55%
- Diagnostics annual salesCHF 13.8B-3%
- Diagnostics first-half salesCHF 6.7B-3%
- Price pressure via tenders and hospital procurement cycles
- Customers adopting multi-vendor strategies to reduce dependence
- Technology shifts that reduce demand for central lab testing
- SourceRoche Annual Report 2025 - Diagnostics installed baseJan 29, 2026
- SourceRoche Annual Report 2025 - Diagnostics factsJan 29, 2026
- SourceRoche Half-Year Results 2026 - Elecsys IGRA TBJul 23, 2026
- Applies to
- Diagnostics
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Integration of instruments, automation and digital analytics into lab operations increases workflow switching costs and supports share retention.
Automation, common reagents and a wider assay menu keep workflows useful. Roche does not publish a comparable retention or software-attachment series, and rival platforms plus independent laboratory software can reduce switching friction.
- Diagnostic tests delivered31.00B+3%
- cobas pro analytical units growth+52%
- cobas pure analytical units growth+55%
- Diagnostics annual salesCHF 13.8B-3%
- Diagnostics first-half salesCHF 6.7B-3%
- Third-party middleware/LIS interoperability reduces vendor lock-in
- Open standards and competitor integrations improve portability
- IT/security incidents undermine trust in digital workflow products
- SourceRoche and Hitachi High-Tech extend their long-standing partnershipMay 27, 2024
- SourceRoche Annual Report 2024 - Diagnostics (integrated lab solution)Jan 30, 2025
- SourceRoche Half-Year Results 2026 - Elecsys IGRA TBJul 23, 2026
Profile change log
- Oct 5, 2026 · analyst revision
Added sourced impairment and recurring restructuring adjustments, disclosed unavailable gross repurchases and quarterly statements, and recorded a 2 October 2026 market cap for both equity classes with dated currency translation.
- Oct 5, 2026 · analyst revision
Added ten years of reported CHF financials, twelve sales quarters and six full half years. Separated business combinations from acquired assets and licensed rights, kept shareholder profit and equity separate from minority owners, and documented lease adoption, Foundation Medicine reclassification and the one-for-one ROG-to-ROP exchange.
- Oct 5, 2026 · analyst revision
Added stable, sourced moat trajectories, competitor approvals, product and diagnostic KPI histories, a bull and bear debate, CEO and control-right evidence, and shared prescription-medicine and diagnostics market profiles. Corrected the 2024 report publication date to 30 January 2025 and replaced older report links with verified Roche assets.
- Oct 5, 2026 · analyst revision
Removed Pharmaceuticals 92.57% and Diagnostics 7.43% profit shares: they excluded the corporate loss and did not represent shares of group profit. Retained the verified H1 2026 sales shares and existing moat strengths.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global prescription pharmaceuticals
Prescription medicines sold through retail and hospital channels at manufacturer prices worldwide, including originator brands, generics and biosimilars. Roche and CSL Vifor compete in specialty medicines, with each serving only part of this market. This broad market excludes diagnostics, medical devices and over-the-counter medicines; it is not a company-addressable revenue forecast.
- Eli Lilly
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ROP | 69 | 72.7% | 29.2% | |
| Industry median | 17 | 69 | 72.9% | 22.1% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Aging populations and long treatment periods support demand for cancer, immune and neurological medicines. Patient need is less sensitive to the economic cycle than discretionary spending.
- New indications and better clinical outcomes expand treated populations; a successful launch can replace revenue lost when an older product loses exclusivity.
- Biologics and convenient formulations can improve care and adoption, but convenience must remain valuable against new treatments.
- Insurance coverage and healthcare access expand demand in emerging markets; reimbursement inclusion can increase volume while lowering price.
- Growing cancer treatment options and diagnostic testing can increase eligible patients; commercial value still depends on better outcomes and reimbursement.
- Patent expiry and biosimilar entry remove product protection. Clinical superiority can also take share before patents expire.
- US Medicare negotiation and international reference pricing, European reimbursement reviews and Chinese tenders constrain price. Voluntary agreements can exchange tariff relief for price concessions and change the timing of launches across countries.
- Trials, safety findings, manufacturing control failures and failed acquired drug programmes can destroy invested capital or restrict supply. Pipeline size and patents alone do not establish commercial success.
- Higher interest rates raise acquisition and financing costs. Tariffs, local production rules and biologic manufacturing requirements increase the cash needed to launch and supply products.
- Exchange-rate moves change reported sales and profit for global manufacturers. Merck reported Q2 2026 sales growth of 5% in USD and 4% excluding currency, while Roche's Swiss-franc reporting faced translation pressure.
- Vaccine eligibility, uptake and public procurement can change quickly. Pfizer’s XFG-adapted Comirnaty approval covers older people and younger people with a risk condition, constraining the eligible market.
Bulls & bears
Can new medicines keep replacing sales lost to patent expiry and better rival treatments without a rising cash cost of renewing the portfolio?
Arguments
What to watch
- 1Annual and first-half Ocrevus, Hemlibra, Vabysmo, Phesgo and Xolair sales, with constant-currency growth kept separate from CHF sales
- 2HER2 franchise sales and Phesgo conversion: distinguish conversion from new patients and lost market share
- 3Diagnostic tests delivered, cobas installed-base growth and Diagnostics Asia-Pacific constant-currency sales
- 4Acquired drug-right cash payments, asset acquisitions, business combinations and subsequent impairments
- 5Pipeline approvals and clinical outcomes, followed by realised launch sales; not the number of projected launches
- 6Reported operating cash flow, restructuring charges and CHF translation against underlying demand
Next check: 22 October 2026 nine-month sales release: check Xolair and HER2 competition, Vabysmo regional sales, and Diagnostics China pricing. January 2027 full-year results will update cash flow, tests delivered and acquired-right investment.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 2, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 69/100 by <a href="https://www.findmymoat.com/stocks/XSWX:ROP">Find My Moat</a> (as of September 2026)Request update
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