Good morning and good afternoon, everyone. I am very much excited to share our half year 2026 results with you. We again had a strong performance, and we truly made significant portfolio progress in the second quarter. Let me take you through this slide. I think the headline says everything. Core operating profit growth at +10%, ahead of sales growth at +6%. Again, increasing our margin, similar to what we have done over the last couple of years. Performance driven really by both divisions, both Pharma and Diagnostics. Diagnostics without the China impact is growing at 6%. Let me just also reframe the impact of the flu season. The flu season had about a 1% or more than CHF 200 million impact on the group results. Without that also, we would be growing at 7%. <\/p>\n
I already mentioned the strong bottom-line performance with core operating profit +10%, core operating margin +1.7 points, core EPS +9%, very strong performance. We had significant milestones that we have achieved in Q2. We have five U.S. FDA priority reviews in, for example, for Tecentriq, but also in Gazyva. We have made a number of progress in terms of filing, for example, in end-string thyroid disease. Overall, extremely good regulatory progress. On the Pharma readouts, we had two positive phase III results as well. Overall, the phase III success rate in this year is 80%, and with that significantly above the average of the industry. I think here also we are making very good progress. On the business development side, I would highlight two that I am going to also mention later. One is PathAI, the other one is Nurix Therapeutics. <\/p>\n
On the Diagnostics launches, we have had also significant amount of launches that I am also going to go through and I know Matt is going to go through as well. We have significant new flow ahead, including phase III readouts for Itovebi and Lunsumio and potentially a new NME, Cefoxitisone. In the pipeline right now, we have three new NMEs that we are going to launch, but with Cefoxitisone could be a fourth one. Then some more phase II readouts. Overall quite a lot of new flow in the second half of 2026. But even more, if you then look at 2027, 2028, 2029, we have really huge amounts of new flow coming with really a lot of potentially very big medicines and also a lot of de-risked assets. We are really, really excited as we look into the next years when it comes to our pipeline. <\/p>\n
Again, let me just highlight our numbers, 6% Pharma, 3% Diagnostics. I already mentioned the impact of the flu season and also the healthcare pricing reforms. Overall, a very good track. Here you can see the sales growth over the last quarters, and we will continue to see good uptake in also the rest of the year. As we move into the end of the decade and into the next decade, as I have shown to you in previous presentations, we believe that we will continue to have a good momentum. We feel comfortable with where we are at the moment. Really good growth across the different parts of our portfolio. We have very diversified portfolio. We have in total 16 blockbusters. We are globally number one in Diagnostics. We also have very strong market position in many of the areas like hemophilia, ophthalmology, neurology, oncology, et cetera. <\/p>\n
Here you see just some of the news. Vabysmo, where we continue to see good global growth at 6% and market share gains. There is, of course, the U.S. market, which is only growing low single digit, but where we keep gaining market share. Also in the immunology portfolio with Xolair and Gazyva, we have really good progress. Just to point that out with TL1A, of course, next year, it is a new medicine coming into this portfolio. On oncology as well, Phesgo conversion ongoing. The HER2 breast cancer franchise will peak in 2026 with a strong tail. Tecentriq we see accelerated growth driven by new indications. Alecensa, we expect flat growth for the full year. Continuing with Polivy, continued strong first-line DLBCL uptake. Columvi driven by second-line plus DLBCL and Lunsumio by third-line follicular lymphoma. <\/p>\n
OCREVUS, very strong growth in the first half year, double-digit, and also in the neurology franchise, we’re growing quite well. Let me talk a little bit about portfolio progress. Portfolio progress is a combination of our own R&D and also bringing in external assets like we’ve done in the second quarter. We’ve been quite disciplined when it comes to BD activities. At the same time, we’ve built an amazing pipeline in the late stage, but also early stage. We have a very full pipeline. I think when you look at the deals that we have done, usually we were not the highest bidder when we won the deals. I think this discipline is something that you can count on as we allocate our money, that we do it in the right way. You can see a couple of acquisitions we’ve done. <\/p>\n
You see a number of those have already moved into phase III. The latest one is the BTK degrader in hematology, but potentially also in immunology and urology. Fenebrutinib is a BTK inhibitor. With a degrader, we see even more reduction of the protein, and we believe that this could be a next-generation molecule here with a proven mechanism of action. We feel this was a very good move for us, especially also because of our strength in hematological cancers and also in immunology and neurology. Here, usually, when I talk through the slide, you have some red boxes. We had no red box in the second quarter, which really also shows that we’ve had really good pipeline progress. Just to take you through here, giredestrant, we have filing acceptance by the FDA. We have FDA priority review. <\/p>\n
We expect the launch towards the end of the year. NXT007 moved into phase III. This is the next-generation of HEMLIBRA. Feedback has been very positive so far. It’s about 30 times more potent, but also very safe. I already talked about the BTK degrader. Divarasib, I know Teresa will cover that. Very good data. Also, cevostamab has continued to progress well, as well as the HER2 tyrosine kinase. This is a brain-penetrant molecule for HER2-positive breast cancer, really also addressing one of the biggest unmet needs there, is to tackle the brain metastases that are developed in HER2-positive breast cancer. Also very exciting. On the obesity side, we’ve also had interesting data on petrelintide, specifically when it comes to tolerability, placebo-like tolerability. We know that on current medicines, most of the patients never go to the highest dose. <\/p>\n
They actually end their dose in the mid-range, where you would get to the same kind of weight loss as petrelintide. We also know incretins have a higher level of side effects, and this is really a medicine that’s extremely tolerable. Let me go to the diagnostic side and just show you some of the external activities that we’ve done over the last couple of years. I would like to pick one from the last years. That one is Stratos Genomics, sequencing by expansion technology, which we have acquired in 2020, which is really the basis for the AXELIOS sequencing. I’ve always promised that we will deliver, and we did deliver on the sequencing with really a differentiated product. Matt will go through that. In addition, we’ve done two additional acquisitions in more of the oncology space. <\/p>\n
One is SAGA Diagnostics for ultrasensitive minimal residual disease testing. You know the market cap of some of the companies out there that are working in the space. The really interesting thing about this is not only the really ultra-high sensitivities, but you actually sequence the cancer, and we have AXELIOS. You monitor by specific primers, and you do it on digital PCR, which is highly cost-effective, and we have a digital PCR system. We are extremely well-positioned here to really scale this on a global level much better than some of the other players. On PathAI, this is really AI-driven diagnostics, AI-powered diagnostics, specifically in the pathology lab, reading the slides, and really improving the diagnostics. With that, also improving the treatment. I know Matt will talk about that as well. Really excited about the progress. This is just a beautiful slide. <\/p>\n
Three major launches. Each of them, even for pharma terms, would be a blockbuster. Really differentiated when it comes to mass spec for sure, and sequencing. If you look at the industry, at times maybe you have a company having one of such launches, we have had three in such a close period of time. It just shows you how productive our R&D is, as well as adding new assays. I just picked two out of here. One is the Elecsys pTau217 for Alzheimer’s disease, where we have a significant head start versus our other major competitors out there. Really excited with that, especially in combination with trontinemab. You have seen some data just lately that we presented in London on trontinemab, which continues to impress. Elecsys Interferon Gamma Release Assay for tuberculosis. This is detecting latent tuberculosis. <\/p>\n
About 25% of the patients or of people in the world actually have latent tuberculosis. These are both really great opportunities in the scale of what you have in diagnostics when it comes to potential sales volume for a test. Let me finish with the outlook. Mid-single-digit sales growth, currently growing 6%. Core EPS growth, high single digit. Core EPS growth, growing 9% currently. We further will increase dividends in CHF. I think we’re very well on track. With that, I hand over to my team, and I want to thank them for all the great work. Alan, Teresa, and Matt, thank you very much. Over to you, Alan. <\/p>\n
Thanks, Thomas. I can just extend that and say thanks to, if you like, the whole Roche team for the achievements that we have had with the fantastic pipeline progress and also the great financial results. Let’s dig into that, and let’s start with the overview. You see the 6% sales growth, 3% in Diagnostics, as Thomas has said, 6% excluding China, Pharma with 6%, really doing well. Look at the CHF, the -2%, just for the sake of completeness. In U.S. dollars, we would have grown 8%. Core operating profit up 10%, as Thomas has outlined as well, very good cost containment. I will explain that. Core operating profit to the core net income, we keep the momentum. That means the financial result as well as taxes were not in the way. <\/p>\n
I can say stabilizing the tax rate in the first half is a little bit of an outlier, and I will come to that. Core net income to core EPS, well, the momentum slows a little bit with the +9%, but these are just the outstanding results from Chugai. As you know, we own 60%, so we have to take 40% from the performance away. I think that brings the core EPS to the +9%. IFRS net income, I will explain, +6%, still here, a couple of impairments in there. The operating free cash flow, +21%, +2% in CHF. Let me outline this. Happy with that number. The free cash flow was +58% and +26% in CHF. This is a timing effect as well. <\/p>\n
Here we had some tax payments, or we didn’t have the tax payments in the first half that we will have in the second half. With that, let’s go through the sales growth. You see really, on one hand, the 6% in CER. You see that the currency effect, which is a -8 percentage points, which brings us to the -2% in CHF. Let me talk about the +6% at CER. On one hand, you see Pharma. Excluding LOE, you see the LOE with a -CHF 244 million came in a little bit better than we all expected. It’s also reason why we updated our outlook for the full year or our additional information for the year and said we expect to lose roughly CHF 600 million due to loss of exclusivity, a lower number than we had at the beginning of the year. <\/p>\n
When you put the two together, you get to +6% in CER. Diagnostics, +6%, excluding China, -15% in China as well. You really put it together and you get to the +3% that were mentioned before. When we go through the P&L, sales is clear, other revenue. Other revenue is increasing by CHF 258 million. There are a couple of elements in it. When I start with Pharma, I think on one hand, there’s a settlement on a royalty claim, which is in here roughly CHF 70 million. We have in here an expected milestone income from Chugai for Foundayo. That’s one element here. We have a cross-licensing settlement in Pharma of CHF 126 million. When you put everything together, you get roughly pretty well to the CHF 258 million. <\/p>\n
When you look at the cost of sales, in the cost of sales, both divisions have grown their costs by 5%, which is quite an achievement because overall, volume has grown by 8%, pharma by 9% volume growth, and diagnostics by 5% volume growth. When you look really at the two divisions, the cost of sales in pharma were driven by higher profit share expenses based on higher sales of XOLAIR and royalty expenses from the increased sales of OCREVUS and Evrysdi. The cost of sales in diagnostics were driven by the increase in installed instruments, the manufacturing ramp-up of the new launches, and then certainly the U.S. tariffs of roughly CHF 43 million. When we look at R&D, R&D +1%. I think really here, a lot of cost discipline in the game here. <\/p>\n
Certainly, I think also, let’s say, quite some investment in key therapeutic areas like oncology, CVRM, and neurology. SG&A has increased by 3%, and let me on one hand say, really in pharma, we had an increase in M&D, so we really put money behind our products in marketing and distribution. Admin was really, really flat. There’s even a small saving here. I think very disciplined approach here as well. Then other operating income and expenses, here really, lower income from product disposals compared to last year. Let me make an additional comment about other revenue. I think really when you look really a little bit at our history and where we stand at the moment, other revenue normally represents roughly 3% of our sales. <\/p>\n
I think certainly now, with the Foundayo element coming in for the next couple of years, we expect that ratio to grow to 5% until the end of that decade. Good. I hope I explained how we get from 6% sales growth to 10% core operating profit growth. When you look at the margins itself, I think that looks fine. I think even in Swiss francs, I think we are able to increase the margin. As you can see, margin has increased by 1.7 percentage points in constant currencies, and that was driven by strong performance in both divisions. Pharma increasing by 2 percentage points and Dia by 0.6 percentage points. Let me outline here that both divisions benefited from the further centralization of SG&A, especially on the legal side under corporate. <\/p>\n
That represented a benefit for pharma of CHF 105 million in the first half, benefit, and diagnostics for CHF 24 million in CER, less costs compared to half year 2025. What does that mean? I’m certainly well aware of the fact that we have said basically it’s CHF 300 million for the full year that we’re going to shift. I’m not going away from that number. It could be a little bit lower, but we will see a little bit of a ramp-up of that effect in the second half. Core net financial result. Core net financial result, improvement of CHF 42 million, and surprisingly, in Swiss francs as well as in CER, the numbers are equal. You look at the equity securities, I think that’s a nice improvement here for the Roche Venture Fund. Net interest income, we had lower cash, so a little bit less compared to last year. <\/p>\n
Interest expenses, certainly US dollar helps here with plus $43. In other, we have the increase in losses from currency results and other effects. Core tax rate. First of all, I think really it’s great that it came in at 17.5%. You see just a very slight increase compared to half year 2025. Let me say here, it’s a timing effect. The timing effect that we benefited from came up late. Very clearly there will be an increased tax rate in the second half. Just to give you additional information here, I’m pretty convinced we will get to around 20%, perhaps a little bit lower for the full year, nevertheless. Core EPS. When we look at the core EPS and at the bridge, you see here the 9.3%, which represents the rounded 9% for the core EPS growth we’ve talked about already. <\/p>\n
You see operations is the major driver here. The product disposals and disposal of subsidiaries, as mentioned before, a decrease of CHF 104 million. The financial income and expense here, really positive with CHF 42 million. The tax rate, which was pretty much stable. All other effects, once again, Chugai, with an effect of minus 1.6 percentage points. Really the overperformance, if you like, from Chugai, and when you take it out, and that’s what we do in the core EPS, where we take the 40% out that we don’t own, then you get to this effect. Non-core and the IFRS income. You see really core operating profit up 10%, minus 1% in Swiss francs, then the IFRS net income up by plus 6%, minus 6% in Swiss francs. What are the drivers? A little bit less restructuring charges compared to half year 2025. <\/p>\n
The major difference are the impairments here. Let me outline that we have an explanation for the impairments in node nine, intangible assets, in the interim consolidated financial statements on page 65, where we really go through it. When you look at operating cash flow, I think really a great result here with plus 21%, plus 2% in Swiss francs, when you really take the whole range of the bars that you have here on the slide. You see really operating profit net of cash adjustments, significant increase. Networking capitals is basically effect from payables. On the pharma side, I think that will wash out, so I think that looks promising. Investments in PP&E, flat. Investments in intangible assets, a little bit less compared to last year. You remember last year we had Zealand Pharma with CHF 1.2 billion cash out. <\/p>\n
That leads us to the plus 21%, you see the currency effect kicking in, bringing us to the plus 2% in Swiss francs. When we look here at the margins, I think overall a great development here. Both divisions contributed to what you see really on the left-hand side of that slide and the increase of 201%. What does that mean for the group net debt development? First of all, you see really that net debt has increased from end of the year 2025 until end of June 2026. The increase here is CHF 5.9 billion. Having said this, when you look at gross debt, gross debt is stable. Just to mention this, gross debt is stable. Year-end it was CHF 31.6 billion. This was not on the slide, that number. At half year, it was CHF 31.8 billion. <\/p>\n
Really a stable gross debt, which means we have reduced our cash position. I will come to that on the next slide. When you look really what drove it, I think the operating free cash flow is clear. We have really taxes and the treasury is minus CHF 2.1 billion. Certainly the dividend kicks in as always. I think that’s the driver normally for the net debt increase in the first half that we will work against in the second half. Balance sheet. I will keep that short. Two things to mention. As said, cash and marketable securities, I said less cash available. We’ve paid the dividend. The other piece is really the equity. The equity goes down, which is a normal phenomenon for Roche because we deduct the dividend payment from the equity. <\/p>\n
As the profits come in the second half, we will not just hope, we will wash that out and equity will increase. Currency. Interesting. When you really look at half year itself, I’ve mentioned the currency effects, I think, quite a bit. When you look at year to date, September, keeping all the currency rates stable at the end of June, we get to minus 5 percentage points. When you look at full year for sales, core operating profit, and core EPS, we get to minus 4 percentage points, minus 6 percentage points, and minus 6 percentage points, which is exactly the same prediction that we had in Q1. The situation is stabilizing a little bit. Let’s see what happens, but the volatility is still huge when it comes to currencies. With that, let’s go to my last slide, which is the guidance slide. <\/p>\n
As said before here, Thomas has made the confirmation already. Let me mention here the LOE impact of roughly CHF 600 million now expected for 2026, which is a reduction to what we had at the beginning of the year 2026. Everything else is confirmed as we had it at the beginning of the year. With that, happy to hand over to Teresa. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:23:49 <\/p>\n
Thank you, Alan. Let’s jump straight into pharma. Pharma sales, as Alan and Thomas both mentioned, grew by 6% at constant exchange rates, reaching CHF 23.6 billion at half year. That’s 8% in USD and minus 1% in Swiss francs. All regions delivered growth, with international and Japan growing at double digits. You’ll notice that the EU also returned to growth after Q1 was impacted by a number of pricing and one-off effects for specific products. As Alan mentioned, overall pharma volumes were up by 9%. I’m not going to belabor the P&L too much because Alan made most of the comments that I would have made, only to reiterate that core operating profit is up by 10% at constant exchange rates versus that 6% sales increase with a COP margin of 53%. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:24:35 <\/p>\n
Just to underscore the extreme cost discipline, particularly effective cost management in R&D lending to that. Now let’s jump right into our individual brands. My usual comment on the graph, all absolute values and year-over-year growth rates here are presented at constant exchange rates. In the first half of the year, our top brands, XOLAIR, HEMLIBRA, OCREVUS, Phesgo, Vabysmo, and Evrysdi, generated roughly CHF 1.4 billion in new sales at constant exchange rates. I’m going to share the details on all growth dynamics for our key brands on following slides. Let’s jump right into oncology. Oncology sales increased by 1% to CHF 7.4 billion. Phesgo continues to deliver strong growth, with the global conversion rate now at 54%. You may notice that this is 1% less than we had in Q1, and this is the dynamic that we normally see. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:25:27 <\/p>\n
We added two more countries into the global conversion metrics this quarter. We would expect that that will correct itself over time as those countries now come fully online. To reiterate, we are aiming for at least 60% conversion rate to Phesgo at peak. Moving to KADCYLA, we are in line with expectations, and we continue to see competitive pressure in the U.S. and the EU. This is also a good time, I think, to reiterate our HER2 franchise outlook. We do expect the HER2 franchise to peak at around CHF 9 billion, and that’s CHF 9 billion at 2024 constant exchange rates, just as a reminder, in 2026, followed by a steady decline through the end of the decade, with a solid tail of around CHF 4 billion, primarily Phesgo, around CHF 1 billion for KADCYLA, and a bit of Herceptin plus Perjeta. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:26:16 <\/p>\n
We do not foresee a biosimilar for the U.S. for Perjeta before 2028 and in the EU before 2027. Let me also confirm again that we do not foresee any cliff situation in the HER2 franchise. The Itovebi launch is ongoing with good momentum, and we had an exciting Q2 news flow for giredestrant with the PDUFA date for lidERA and adjuvant ER-positive, HER2-negative breast cancer set for November 30th. To briefly remind everyone, for Avera, the PDUFA had already been set for December 18th. Let’s shift gears into lung cancer, starting with Alecensa. As we signaled previously, competitive pressure continues to increase, especially in the EU and the U.S., and therefore we are, as Thomas mentioned, expecting flat growth through the end of the year. Moving on to Tecentriq. The new indications are driving global growth, especially in IMforte and small cell lung cancer. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:27:09 <\/p>\n
Building on this, we’re adding further indications with the successful U.S. approval for IMvigor011 in muscle-invasive bladder and have filed ATOMIC in dMMR colon cancer with U.S. and EU regulators. I also want to confirm our full-year outlook of low double-digit growth for Tecentriq. Finally, we are very happy to report the positive outcome of the Krascendo 1 trial of divarasib in second line plus KRAS G12C positive non-small cell, and let’s take a look at that in more detail on this slide. To reiterate, we recently shared the good news of the positive phase III Krascendo 1 trial of divarasib in second line plus KRAS G12C positive non-small cell lung cancer. Importantly, this was a head-to-head study against the currently approved G12C inhibitors, and the results clearly show divarasib’s superiority in terms of PFS and OS improvements versus the approved G12C inhibitors. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:28:03 <\/p>\n
Let’s also take note that that OS statistical significance was already reached at interim, which is very impressive. The divarasib safety profile remained consistent with previous data and was overall manageable. The data will be submitted to health authorities and will be presented at an upcoming congress. Certainly strong results that reinforce our conviction that divarasib has best-in-class potential. However, this wasn’t the only good news for divarasib this quarter. At ASCO, we shared the results from the Phase II Krascendo-170 study in first-line non-small cell. Here, the combination of divarasib plus pembro achieved strong efficacy results across the PD-L1 positive and negative cohorts, this bodes well for the ongoing Phase III Krascendo 2 study in the same regimen in first-line non-small cell. As you can see on the right side of the slide, we have a broad development program for RAS targeted molecules. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:28:51 <\/p>\n
This includes divarasib in first line, second line, and adjuvant non-small cell, but also a G12D specific and several pan-mutation assets. We don’t only have one single mechanism of action, but we’re bringing in potentially best-in-class molecules and different mechanisms, allowing us to think about unique combinations addressing the efficacy concerns as well as tolerability and combinability. We’re extremely excited to see the progress that divarasib has already made, there is more to come. Next up, let’s move into the hematology franchise. The hematology franchise delivered strong growth of 14% at constant exchange rates, achieving CHF 4.6 billion in sales. Our key growth driver for the franchise remains HEMLIBRA. We are seeing impressive continued global growth driven by an increasing adoption in non-inhibitor patients and an increasing penetration amongst older adults. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:29:40 <\/p>\n
Based on the strong performance so far, we’re updating our full-year growth outlook to mid-single digit from previously low single digit. I should note that this is a conservative projection, which takes into account increasing headwinds later this year due to upcoming competitor launches. In that context, let me also tease that we’re looking forward to sharing more on the in-development HEMLIBRA auto-injector at Pharma Day in September. A little bit of an aside, we did a demo device at the recent ISTH conference in Paris, it was so popular that we literally had to position someone at the booth to prevent people from prying it off the wall because people were so eager to get their hands on it. We’re clearly excited to be able to bring you more information on this program and ultimately to bring it to patients. Next up is malignant heme. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:30:25 <\/p>\n
Polivy keeps on achieving new milestones in first-line DLBCL with globally expanding market shares and now over 120,000 patients treated globally. That’s up from 95,000 patients at Q1 in this setting. For Lunsumio, we achieved U.S. filing for the positive SUNMO data of Lunsumio plus Polivy in second line plus DLBCL, that PDUFA date has been set for February 9th. Staying on the subject of second-line DLBCL, I wanted to briefly highlight our conviction and the potential for both Lunsumio and Columvi in the setting. Lunsumio SUNMO delivers a best-in-class safety profile with significantly less CRS, making it highly preferred by U.S. clinical advisors for outpatient and community oncology settings due to its manageable profile. Columvi Stargo is supported by proven survival data with mature long-term follow-up, many advisors regard it as curative. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:31:14 <\/p>\n
It enjoys a two-year-plus first-mover advantage ex-U.S. Post reimbursement is the standard of care. Let’s take a look at Gazyva. As I mentioned in our last call, we do see increasing competitive pressure in CLL and follicular lymphoma impacting Gazyva’s performance in hematological indications. This is essentially masking the ongoing Gazyva launch in immunology. However, we have the first early indicators of the launch in lupus nephritis showing a positive impact on overall Gazyva performance. In fact, we see the Gazyva quarterly growth in countries like the U.S., Germany, and the U.K., where lupus nephritis is launched and reimbursed, is ahead of the global average. More on Gazyva and immunology in the coming slides, but let me repeat, we will show a sales split by therapeutic area in the future as those data sources mature. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:32:00 <\/p>\n
Let’s take a look at the newest addition to our hematology pipeline. We recently announced and have now closed our partnership with Nurix Therapeutics to collaborate on the development of bexobrutideg. Bexobrutideg is a BTK degrader with a best-in-class potential in the BTK-targeted therapy space, including BTK inhibitors. As you know, BTK as a target has been validated for different hematological malignancies, but also in neurology and immunology. More on that later. Importantly, bexobrutideg is a BTK degrader, and via degradation, all functions of BTK are removed. This is unlike existing BTK inhibitors, where some function may remain. Additionally, BTK degradation has been shown to overcome BTK inhibitor resistance mutations. Furthermore, bexobrutideg has strong data showing it is highly selective and potent against BTK, as well as has the ability to cross the blood-brain barrier. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:32:50 <\/p>\n
Taken altogether, we believe that bexobrutideg has the potential to deliver best-in-class efficacy, safety, and tolerability. Our belief in the best-in-class profile is demonstrated by the recently initiated phase III and first line plus CLL, which is running head to head versus ibrutinib. Speaking of the development program, we have a broad development program in malignant heme, where we’re moving at pace together with Nurix. Let me highlight that this includes a basket combination trial where we will explore different combination options in CLL. Additionally, we’re planning to investigate bexobrutideg’s potential in MS and CSU in upcoming phase II trials. In short, a very exciting molecule to be added to the portfolio, we’re looking forward to updating you on the progress going forward. Let’s move to neurology. Our neurology franchise delivered 9% growth at constant exchange rates, reaching CHF 5 billion in sales. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:33:42 <\/p>\n
Ocrevus global growth remains strong, the subcutaneous formulation, known as ZUNOVO in the U.S., is the key growth driver. We now have roughly 44,000 patients on subcut, which is a significant increase versus the roughly 24,000 patients we shared at Q1. For the U.S., we’re excited to see that ZUNOVO is now the fastest-growing anti-CD20 MS brand, underscoring the strong differentiation of being the only anti-CD20 with every six-month subcut dosing. Let me also quickly update the outlook. Beginning of the year, we had provided a 2026 growth outlook for the Ocrevus franchise in the high single-digit to low double-digit range. However, we’re currently experiencing some competitive dynamics in the anti-CD20 space that are at the upper end of our previous assumptions. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:34:24 <\/p>\n
Therefore, we now expect to come in at the lower end of that high single digit to low double digit range for the full year growth outlook. However, this does not change our peak sales assumptions, and we continue to be very happy on how we track towards achieving that ambition. As a reminder, our peak sales expectations for the OCREVUS franchise are CHF 9 billion by 2029, and this includes CHF 2 billion in incremental sales from OCREVUS subcut, but there will be, of course, some switching from IV to subcut on top. In the spirit of teasing Pharma Day topics, we are pleased to see that the development of the on-body injector for the subcut formulation is on track, and we are excited to share more on this subject at Pharma Day. Briefly staying with our MS franchise, I am sure you are eager to hear more on our fenebrutinib filing efforts. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:35:06 <\/p>\n
Let me just say that we expect to complete U.S. filing in the coming weeks, and once we have filing acceptance later in Q3, we will confirm this milestone via press release as always. Finally, we also shared positive updates on trontinemab and Alzheimer’s disease at last week’s AAIC in London, as Thomas mentioned. This includes long-term data from the phase I\/II study, which continues to underline the strong potential for trontinemab and the advantages of our brain shuttle technology, where specifically this long-term data, excuse me, confirmed the impressive amyloid clearance speed and depth, as well as a strong safety profile for trontinemab. Furthermore, we shared the study design of PrevenTRON, our phase III study of trontinemab in preclinical AD. PrevenTRON is enrolling cognitively unimpaired individual at high risk of progression to symptomatic AD and highlights our ambition to maximize the potential impact of trontinemab in Alzheimer’s. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:35:55 <\/p>\n
Next up is our immunology franchise. Immunology reached CHF 3.3 billion, growing 8% at constant exchange rates, with XOLAIR being our key growth driver. Staying with XOLAIR, we have reached yet another significant milestone in food allergy. By now, more than 130,000 patients have been treated with XOLAIR for food allergies since launch, a truly impressive number. Our 2026 outlook remains unchanged, and we expect around 20% growth for XOLAIR. This includes the expected impact of a first biosimilar entering the market in the second half of the year, which is currently projected for September based on our latest knowledge. Actemra sales declined by 9% at half year, driven by biosimilar impact, as expected. Gazyva has had a lot of positive news flow this quarter, but we will cover this in greater detail on the next slide. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:36:43 <\/p>\n
Before we get there, let me quickly just comment once again on the ongoing launches in lupus nephritis. As I mentioned on the hematology slide, despite the increased pressure on Gazyva in hematology, we do see strong uptake of the newly launched lupus nephritis indication. As I mentioned, we see Gazyva sales growing faster in those three markets where LN is already reimbursed. We see patient shares approaching 10% across those same markets. Underpinned by strong early adoption in the hospital setting, we see a real inflection, in particular in the U.S. In the coming quarters, we expect strong momentum to be driven by three New England Journal publications for SLE, lupus nephritis, and the INS phase III results, two FDA breakthrough therapy designations, and growing lupus nephritis access and inclusion in clinical society guidelines. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:37:29 <\/p>\n
Taken together, we are confident in realizing the up to a CHF 2 billion opportunity for Gazyva across all of its immunology kidney indications. Finally, I’d like to mention the upcoming phase III interim readout for sefaxersen and IgAN, which is expected for later in the year. Now let’s take a look at Gazyva in more detail. Starting with the phase III MAJESTY study in MN, we recently shared at ERA, Gazyva clearly demonstrated superiority over tacrolimus on complete response, as you can see on the graph on the left. Based on the strong results, we believe in Gazyva’s potential to become the first approved treatment for MN and therefore the new standard of care. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:38:06 <\/p>\n
With that in mind, we’re happy to report that we achieved U.S. and EU filing in MN. Moreover, the FDA granted breakthrough therapy designation and priority review in this indication with a PDUFA of the 15th of November. As you can see, we have now successfully filed all immunology indications in the U.S. and the EU. We are looking forward to regulatory decisions in the second half of this year, starting with INS in September. The new indications will further fuel Gazyva’s uptake in immunology. We’re extremely excited for the impact that it’s going to have on patients. Up next, let’s take a look at ophthalmology. Ophthalmology grew by 6%, achieving CHF 2.1 billion in sales. Vabysmo continues to expand its global market share and position itself as the preferred first-line treatment. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:38:56 <\/p>\n
This can clearly be seen, for instance, by the fact that more than 60% of U.S. patient starts are naive to treatment. I will spend a little bit more time discussing Vabysmo’s growth outlook on the next slide. Here I also wanted to highlight the positive phase III POYANG readout in Vabysmo in myopic choroidal neovascularization. This is the potential fourth indication for Vabysmo. While a smaller opportunity, is highly relevant for patients, especially in Asia. We are looking forward to discussing next steps with health authorities. Data will be shared in an upcoming medical conference. Moving on to ENSPRYNG, our IL-6, where we are in development for TED, thyroid eye disease. We are excited to not only have achieved U.S. filing, also to have been granted priority review. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:39:37 <\/p>\n
This underlines the significant remaining unmet need in TED and ENSPRYNG’s potential to provide a much-needed additional treatment option for these patients. We’re looking forward to the FDA decision by October 15th. This leaves us with one more potential new ophthalmology medicine that we plan to file later this year, vamikibart and UME. We will, of course, update you once those filings have been completed. Now, as promised, let’s take a closer look at Vabysmo growth. Let me start by confirming that we expect continued global market share gains and growth for Vabysmo. Furthermore, as briefly mentioned on the previous slide, we see that Vabysmo has established itself as the preferred therapy for first-line treatment of AMD and DME. This is in large part due to the strong and consistent clinical as well as real-world data. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:40:20 <\/p>\n
This data has shown time and time again that Vabysmo delivers strong anatomic outcomes like drying, paired with high durability across all of its improved indications. The survey data you see on the left supports how Vabysmo’s anatomic outcomes and durability are perceived. The survey comes from ASRS, that’s the American Society of Retina Specialists, and is in the 2026 edition of their preferences and trends survey amongst roughly 1,000 retinal specialists in the U.S. and ex-U.S. This obviously gives us confidence in the global market share gains and growth, but there are some regional dynamics that need to be considered. In the U.S., we do believe the branded market has now stabilized, though at a lower level than before. We do see this as the new normal and don’t expect a full rebound to previous levels, but do expect strong volume growth from here. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:41:03 <\/p>\n
As Vabysmo is perceived as the most efficacious drug, this will drive sales growth in the low double-digit to mid-double-digit range in the U.S. In the EU, we continue to see strong share expansion across all key markets, Vabysmo’s strong volume growth is overcompensating for price effects in this region. In the rest of the world, we see significant untapped potential and are encouraged by strong growth momentum across key markets. In summary, we are expecting low double-digit growth globally for Vabysmo, driven by ex-U.S., with U.S. growing in the low single-digit to mid-single-digit range for the year. Let me also say that we continue to consider consensus peak sales expectations for Vabysmo of around $6 billion as very reasonable, and we’re confident that we’re on track to achieve this number. Now let’s move on to CVRM. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:41:48 <\/p>\n
The CVRM pipeline is making good progress, following ADA, we hosted an IR call to cover the latest pipeline developments. Let’s just focus on what happened in Q2. On petrelintide, we presented positive phase II ZUPREME-1 data at ADA and shared our phase III go decision. The data was well-received with a lot of excitement about the placebo-like tolerability profile paired with double-digit weight loss that petrelintide demonstrated. We believe in the potential of petrelintide as a monotherapy to provide meaningful weight loss at a level desired by many patients. Combined with the exceptional tolerability that doesn’t interrupt the daily life of patients and promotes long-term adherence, a critical factor for sustained health outcomes and chronic weight management, we continue to think this is going to be a very important option for patients. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:42:30 <\/p>\n
Together with Zealand, we’re looking forward to initiating the phase III in the second half of the year. On enicepatide, which was formerly known as CT-388, we presented positive phase II data at ADA, which I will cover in more detail in the next slide. The phase III trials ENITH 1 and 2 for enicepatide and in obesity are ongoing, we announced plans to initiate phase III trials in glycemic control as well as a CVOT. On CT-868, we announced at ADA that we decided to discontinue the development of CT-868 in type 1 diabetes. It’s important to note that this decision was entirely unrelated to the safety or tolerability of CT-868. We did have positive phase II results, ultimately, we believe we have better options in our portfolio to address the unmet needs for patients with type 1 diabetes. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:43:16 <\/p>\n
For example, based on the latest data, we believe that enicepatide may have best-in-disease potential for glycemic control. We look forward to sharing the details of our plans in type 1 diabetes at a later stage. There is a lot of news flow for the remainder of the year, in particular phase II results for enicepatide in obesity with type 2. Phase II CT-996 results in obesity, our oral therapy. The phase II ZUPREME-2 results for petrelintide in obesity with type 2, and finally, the phase II Gimonda results for asmurozart plus tirzepatide in obesity. We plan to provide updates for all of these at Pharma Day, upcoming conferences, or by top-line releases when the data is available. Let me quickly finish this slide by commenting on further pipeline progress expected to happen in the second half. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:44:03 <\/p>\n
The phase II study eNRGy for enicepatide plus petrelintide in obesity is about to be initiated. This study is designed in a comprehensive way so that we can find the ideal combination of the two for the best efficacy and tolerability profile, and that of course, is key to select the best fixed-dose combination for the potential phase III. The decision for phase III initiation for petrelintide monotherapy in obesity has been formally taken in Q2, and that study is expected to start in the second half. And finally, the phase III initiation for CT-996 remains scheduled for half two following the phase II readout, which is soon to come. As I mentioned, let’s take a closer look at the enicepatide phase II data presented at ADA. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:44:44 <\/p>\n
I do believe it is worth reinforcing some of the key insights from the phase II results that were shared at ADA, and in particular highlight why we’re so excited about enicepatide, which we believe has a clearly best-in-class weight loss profile. On the left side of the slide, you see the weight loss curves. Clearly the 24 mg dose did not reach a weight loss plateau at 48 weeks. Therefore, we see the potential for additional weight loss with longer treatment. That’s something we hoped to see in the phase III, which includes longer treatment durations. We have also shared at the ADA IR call that we will explore dose levels higher than 24 mg, as we’ve not seen the tolerability ceiling at the highest dose tested. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:45:21 <\/p>\n
The right-hand of the graph shows what percentage of patients achieved what weight loss at a certain dose. What you can see here is that the highest 24 mg dose tested, 48% of patients achieved greater than a 20% weight loss, 38% of patients achieved greater than a 25% weight loss, and 26% of patients even achieved a greater than 30% weight loss. Based on these results, we believe that enicepatide has clearly the potential to develop weight loss approaching the efficacy seen with triple G drugs in development, and with the tolerability profile in line with that of the dual GLP-1\/GIP agonists. Overall, we are very excited to further develop enicepatide as a monotherapy, but let me also highlight that upcoming phase II combination trial of enicepatide and petrelintide. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:46:07 <\/p>\n
Combining these two molecules with their respective strong clinical profiles and the potential to address unmet needs for patients beyond just the scope of monotherapy, in particular for patients needing greater weight loss and\/or better glycemic control, with better tolerability. We have strong conviction in the combined potential of these already individually strong assets, hence the name of the trial, Zenergy. We expect to initiate that trial in the second half of the year. On to my last slide for the day. As usual, let me close with the 2026 Pharma key news flow. All of the updates here I have already covered on previous slide, but there is one piece that I want to highlight. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
0:46:45 <\/p>\n
So far this year, we have achieved five FDA priority reviews, which is really impressive, and that of course helps with speeding up regulatory processes and bringing medicines faster to patients. To reiterate, these five priority reviews were granted for giredestrant in the adjuvant early breast cancer, ENSPRYNG in TED, Tecentriq, ATOMIC in dMMR and MSI-H colon cancer, Gazyva in INS, and most recently, Gazyva in MN. With that, I am happy to hand it over to Matt. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:47:17 <\/p>\n
Thanks a lot, Teresa, and congratulations for the strong half of the year. With that, good morning, good afternoon, everyone. It’s my pleasure to present the half year 2026 Diagnostics Division results. As you heard from Thomas and Alan, with sales of CHF 6.7 billion, the Diagnostics Division grew sales at 3% or +CHF 228 million compared to last year at constant exchange rates. This growth was achieved despite the ongoing impact of the healthcare pricing reform in China, which continued to impact sales in 2026. Excluding the effect of the healthcare price reform in China, sales would have grown at +6%. Additionally, as you heard from Alan and Thomas, we had the impact of the weak respiratory season in the Northern Hemisphere, which impacted diagnostic sales by an additional CHF 50 million. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:48:06 <\/p>\n
With that, let me go through the results by customer area. Sales in our largest franchise, the Core Lab, increased at 4%. This is impacted by the previously mentioned policy impact in China. Excluding this effect, the Core Lab grew at 8%. Sales in the Molecular Lab grew at +3% with, and I would call it the strong performance of our transplant business, which grew 18%. However, again, this was offset by the previously mentioned mild respiratory season, which lowered the overall testing volumes. Sales in the Near Patient Care business area or customer, excuse me, decreased at -5%. This was driven by lower cobas Liat sales, again due to the weak respiratory season, but offset partially by growth in our blood glucose monitoring business at +3% following competitive wins. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:48:51 <\/p>\n
Sales in our pathology lab grew strongly at +11%, mainly driven by advanced staining growth of +7% and companion diagnostics growth of +24%. Allow me to take you through the performance at a regional level. We saw growth in North America at +8%. In EMEA, the business grew at +3%. LATAM grew at +10%. In APAC, the business declined at -5%. As previously mentioned, sales growth was impacted by the healthcare pricing reform in China, and as a result of this, China sales declined at -15%. Excluding China, APAC sales grew at +6%. As you heard in our full year and Q1 earnings calls, we expect a lessened impact of the China price reforms in 2026. I would call out again that our ambition this year is to grow sales at mid-single digits. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:49:43 <\/p>\n
Looking forward into 2027, our ambition will be to return to mid to high single-digit sales growth. I’d like to take you through our P&L line by line. Alan went through the cost of sales in some detail, and as he mentioned, cost of sales increased 5% at first, driven by the impact of the pricing reform in China, the cost of manufacturing ramp-up for our new launches, as well as the tariff impact in the U.S. R&D increased at 3% as a result of the increased spend on our innovative systems, including our AXELIOS sequencing solution and our i601 mass spec. SG&A increased at 3% due to higher distribution costs associated with increased sales volume and also commercial investment into our new launches. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:50:31 <\/p>\n
As a result, core operating profit on sales of CHF 6.7 billion was CHF 1.2 billion, increasing at +6% at constant exchange. As you heard earlier, this was also benefited by CHF 126 million in extraordinary income from patent licensing. I would like to reiterate our ambition from previous calls that while our consistent ambition for diagnostics is to grow profit faster than sales, our ambition for full year 2026 is to keep our margin broadly stable at constant exchange versus the 14.4% from full year 2025 as we absorb the impact of the healthcare pricing reform in China and the U.S. tariffs. I would also like to mention that in 2026, we again anticipate a negative impact, or excuse me, we have a negative impact from currency headwinds on our COP margin. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:51:26 <\/p>\n
I would like to turn to some of the exciting developments in the diagnostics pipeline. Specifically, I’d like to start with the launch of our AXELIOS 1 sequencing solution, which I’m delighted to report that we launched on June 29th. Thomas talked a little bit about our history of M&A, specifically the acquisition of Stratos and how it relates to our development here. I would also frame the discussion by saying that we view the next-generation sequencing market at around $7.3 billion. This was assessed in 2025, and we expect to see it continue to grow, especially as new clinical applications become part of routine use. I would also like to briefly highlight the performance we achieved with our AXELIOS sequencing solution, as you can see on the left-hand side of this page, and why we feel the solution is so highly differentiated. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:52:19 <\/p>\n
We have two run modes utilizing our SBX sequencing by expansion chemistry and our SBX-duplex, as well as our SBX-simplex workflow. This enables us to achieve flexibility, speed, and scalability that is unprecedented and deliver what we feel is very, I’d say, differentiated cost-effectiveness. As we previously demonstrated with the technology, we are able to achieve 1.8 terabases of SBX-duplex output in four hours of sequencing time, and this is equivalent to around 16 whole human genomes. I would mention that this is also combined with a high level of accuracy with a Q score of 38, which translates to approximately 99.98% accuracy. Additionally, the simplex mode offers an ultra-high throughput and also longer reads of up to 1,500 bases, which enable isoform detection and structural variants combined with our differentiated price position. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:53:31 <\/p>\n
Here I would call out that in one four-hour run, we’re able to generate 40 billion reads with an average of 175 base pairs, which is an unprecedented amount of data output. I would note that the interest from the market has been consistently high since we unveiled SBX at AGBT in 2025, and our AXELIOS 1 solution is positioned to set a new standard of care in next-generation sequencing for a broad array of applications. Thomas mentioned this a bit earlier, how AXELIOS really fits in across our entire vision for oncology. Our strategy in oncology with diagnostics is to build an end-to-end portfolio that follows the entire patient journey via a combination of internal innovation and purposeful M&A. This is everything from early cancer detection, precise diagnosis of cancer, therapy selection, as well as disease monitoring. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:54:29 <\/p>\n
Here I’m delighted to discuss the definitive merger agreement we’ve signed with PathAI earlier this month, which completes our offering in primary and advanced staining for cancer diagnosis. PathAI is the leading provider of digital pathology image management systems, which enables pathologists to augment their existing IHC or primary, which is H&E staining workflows with AI-powered digital algorithms and tools to automate slide analysis and provide deeper patient insight. The combination of AI-powered digital pathology image management combined with clinical decision support algorithms will integrate seamlessly with our VENTANA solutions and augment our PHC business to increase our leadership position in companion diagnostics. This solution is wholly complementary to our VENTANA business, and by putting these two solutions together, we’re going to be even more competitive in this key area of our business. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:55:27 <\/p>\n
In addition, for the pharma side, this will enhance our pharma business with AI solutions that support our clinical trial work as well as enable the introduction of new biomarkers. Theresa mentioned briefly AAIC, and now I’d like to switch to our assay pipeline, specifically the launch of our CE Mark we received for our Elecsys pTau217 test, which we received on May 12th. Alzheimer’s disease is the leading cause of dementia worldwide. We anticipate that it will affect over 80 million people by 2030. However, diagnosis takes approximately three years after symptom onset, and routine diagnostic methods are either invasive or difficult to access. They involve imaging methodologies that are not readily available and lead to this significant backlog in patient diagnosis. With our Elecsys 217 assay, we provide a rapid, minimally invasive alternative via a simple routine blood draw. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:56:33 <\/p>\n
This test is the first blood-based biomarker intended to rule in or rule out Alzheimer’s in primary and secondary care settings as a result of the study that we performed. Our assay demonstrated high diagnostic accuracy across healthcare settings and clinical stages, additionally meets the CEOi recommendations for Alzheimer’s disease diagnosis. By bringing this test into healthcare systems worldwide, particularly primary care, we will help physicians to identify Alzheimer’s disease earlier, which will facilitate timely intervention and potentially reduce healthcare costs. Now I’d like to transition to latent tuberculosis and continue with an update on our Elecsys IGRA TB test, which received CE Mark earlier this month. Why this test is important is around the world, approximately 25% of the world’s population is estimated to be a carrier of tuberculosis infection. As a consequence, this is one of the world’s largest public health challenges. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:57:40 <\/p>\n
With Elecsys TB, we enable high throughput testing, automated result generation, a three-tube workflow, which is superior versus existing systems that are available while maintaining comparable levels of data performance in the clinical setting. In the near future, we plan to integrate our cobas ultra solutions to automate the pre-analytical steps, further improving laboratory efficiency for tuberculosis testing, it will also help facilitate our entry into the high throughput segments of the market, such as the U.S. This test has the potential to expand global access to latent tuberculosis infection testing and also help advance progress towards the WHO elimination targets. I would call out here that we have the broadest install base of immunoassay analyzers anywhere in the world, we will leverage our install base to grow and expand with this test. <\/p>\n
Matt Sause <\/p>\n
CEO of Roche Diagnostics <\/p>\n
0:58:38 <\/p>\n
To conclude, I would like to report the progress on our key launch list for the diagnostics division. Of the 11 launches shown here, we’ve achieved seven by half year 2026. We’re making good progress on those that remain, I look forward to updating you on this in future calls. With that, I would like to hand it over to Bruno, actually. Thank you very much. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
0:59:01 <\/p>\n
Thanks, Matt, let me quickly close here with the next event, which is scheduled for our investor analyst community. We have Pharma Day coming up at the 28th of September, again, as a live event in London. Similar setup as in previous years, a couple of highlights here to call out. In the morning session, we will again cover our pharma strategy and provide an update on our commercialization efforts. We will provide an update on the R&D excellence initiatives on the KPIs we have shown in recent years. Also have a focus on our cost-saving initiatives and relocation on the investments. I think a special highlight is we have Aviv Regev joining on the implication of AI in early drug development. We’ll take you through all the stages of early drug development and how AI there comes to life and where we stand. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
0:59:51 <\/p>\n
In the afternoon sessions, a bit of similar setup like last year, we will take you through the five therapeutic areas with new area heads being present. Until the end of September, we also would expect a couple of additional data points to come in. As Teresa mentioned already, we have then the opportunity also to touch on some of the assets of the obesity franchise, like CT-388 or CT-996, and provide updates on them. With that, I think we are done with the presentation, and we’ll open the Q&A session. First questions would go to Graham Parry from Citi. Graham, please. <\/p>\n
Great. Thanks for taking the questions. There’s a question on divarasib. You’ve obviously started now the Krascendo 2 trial. Primary completion date on clinicaltrials.gov for that is October 2028. I was just wondering, though, just given the very long PFS that you saw in the phase II of 19 months, whether you feel there could be separation that occurs in an earlier readout on that. Secondly, you still have this as a CHF 1 billion-CHF 2 billion peak sales opportunity in your slides, despite the strong phase II data and in phase I and hitting the primary endpoint in the second-line as well. Is that now just achievable with the second-line indication, when would you provide an update on whether you see that as going higher given the strong PFS, long PFS you’re seeing in these studies? Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:01:16 <\/p>\n
Great. Thanks, Graham. Well, I think Pharma Day is going to be for you. We will be able to provide an update on the entire divarasib clinical trial program, as well as the fact that we are currently now based on the strength of the Krascendo 1 data, we are reevaluating what we believe peak sales might be. We’re talking with thought leaders, thinking about what our ultimate clinical trial program will look like, we’ll be able to provide you an update at Pharma Day. Though for right now, we are confirming CHF 1 billion-CHF 2 billion, stay tuned. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:01:51 <\/p>\n
Graham, did we answer all your questions? <\/p>\n
Just the potential for early readout in 2028. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:01:59 <\/p>\n
I think we’ve just initiated the trial, so we’ll see how we go. As always with an event-driven trial, the data will tell us. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:02:13 <\/p>\n
Okay. We move on. Next question go to Simon Baker from Redburn. Simon, please. <\/p>\n
Thanks so much, Bruno, for taking my questions. Two, if I may. Firstly, I see for Lunsumio, it’s entered phase II for SLE. Just wondering if you could give us your thoughts on Lunsumio in that setting, and also the interplay with Gazyva in that space. Secondly, on Vabysmo, Teresa, you gave us some color on the dynamics within that market. I just wonder specifically if you could give us an update on any activity you’re seeing with respect to patient assistance foundations, either by yourself or others, and your expectations of that for the rest of the year. Thanks so much. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:03:03 <\/p>\n
Great. In terms of Lunsumio for SLE is a very heterogeneous and complex disease, and while we saw great results with Gazyva, we do believe there’s an opportunity for more benefit for patients. We think that based on Lunsumio’s mechanism of action and its safety profile, we think it could actually be a really great option for patients with SLE. It has very strong B-cell depletion, as does Gazyva. We are curious to see whether or not, with a slightly different mechanism, we can actually achieve even greater results for these patients. Stay tuned on Lunsumio, but deeper and deeper B-cell depletion is likely what these patients need. In terms of the copay assistance foundations, again, I will just reiterate that these are charitable donations, and they’re certainly not meant to drive sales. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:04:00 <\/p>\n
I think what we are seeing is that there has not been a recovery to the overall market. We are seeing sort of that 2%-3% growth in the overall retinal market. We do expect that this is going to be the new normal, and we don’t expect a rebound to previous levels. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:04:19 <\/p>\n
Okay. We go on. Next questions go to Sachin Jain from Bank of America. Sachin? <\/p>\n
Hi there. Thanks for taking my questions. I’ve got a few if I may. Firstly, just another one on lidERA launch. At 1Q, you talked optimistically about launch in discussion by risk group. My question for this quarter is what visibility you have on a bolus of patients that could be fast adopters. That’s specifically patients who, over the course of the last three or four years, have discontinued CDK4\/6 due to toxicity and are back on just an AI. Any sense, firstly, how big that bolus is that could be rapid adopters, and would usage in that switch group be consistent with an expected label? Second question is OCREVUS. You’re calling out competition. I’m guessing that’s Briumvi. <\/p>\n
Wonder if you could just give us a bit more color as to why that’s impacting now, given it’s a launch from a while and why you think it’s temporary. Just one question for Alan. I think it’s the first time you’ve called out the expected growth in other revenues, midterm 3%-5%. That kind of implies CHF 2 billion growing to about CHF 4 billion. That’s all EBIT. Is that a driver of margin expansion, or is it funding investments within your commentary of margins being stable? I’m just going to dovetail that with Bruno also mentioning an entire cost-focused session at the Pharma Day. Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:05:36 <\/p>\n
Okay. Let’s start with giredestrant. First of all, Sachin, I think you are spot on to something here, let’s start by sort of looking at what does the treatment of ER-positive, HER2-negative early breast cancer really look like. There is sort of four risk groups of patients. There is the low-risk patient group, which is between 55% and 60% of patients. There is the intermediate-risk group, which is about 10% of patients, the medium-risk group, which is between 15% and 20% of patients, the high-risk group, which is 15% of patients. We would expect that one of the first places we would gain utilization is patients who just are not on CDK4\/6 inhibitors right now. That is 90%-plus of that intermediate group. It is 80%-plus of the medium risk and 50%+ of the high risk. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:06:29 <\/p>\n
There is a tremendous opportunity within that group that has just never gone on a CDK4\/6. You are right, there is about 50% of patients today who can not tolerate their CDK4\/6 treatment. It is part of the reason that we see such bad outcomes for people with this type of cancer, is they just can not tolerate the treatment. For those people who either can not tolerate and maybe who have come off and are waiting, we would absolutely see this as a potential patient population, and we would not see this to. It would not be in conflict likely with any kind of label, probably. The switch question is not usually something that comes up in the label. We are generating, however, switch data. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:07:17 <\/p>\n
For patients who are on CDK4\/6s today and want to switch, we will generate that data, we are also generating data for that low-risk population, which is the majority of patients, that 55%-60%, none of whom are currently on treatment. Our own combination data is also forthcoming. We do believe that when you look at the totality of the giredestrant data that we have in our hands already between lidERA and Avera, we have already got about 80% of the market covered. We are doing trials to cover the rest. Sort of really looking at what is the clinical data that we need to make sure that we have the ability to answer all of the physicians’ questions in terms of other ways that giredestrant might be utilized. We do certainly think that there is quite a bit of opportunity for giredestrant. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:08:05 <\/p>\n
In terms of competition with Briumvi, normally we do not comment on individual competitors. Generally, we are just seeing a higher level of competition in the market, we certainly believe that based on the clinical attributes of OCREVUS, we are very well-positioned to compete. OCREVUS remains the leader in MS with OCREVUS ZUNOVO as the key growth driver. It is the fastest growth driver in MS. It is the first and only twice-yearly MS therapy that is approved in RMS and PPMS. It has over a decade worth of experience. We see that 80% of first-line RMS patients do not experience progression. 90% do not need walking implements. We are the only high-efficacy therapy that has robust family planning data in hand. Frankly, that outstanding patient convenience with six-month dosing available as a 10-minute subcut just twice a year, that is an incredible value proposition for patients. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:09:05 <\/p>\n
In any given situation, you will see little bursts of competitive activity. At the end of the day, these aren’t driven on clinical differentiation. Ocrevus remains the most differentiated product in MS. We strongly believe in our ability to compete and win for patients who deserve to be on the best therapy. <\/p>\n
Yeah, let me take the margin point, Sachin. I think you make a great point. I think very clear, once we grow from 3% of sales to 5% of sales, that makes a difference until the end of the decade. There’s no doubt about it. I think for the time being, nevertheless, yeah, I think we stick to the point to say either we stabilize the margin or we grow it. Yeah, I think now things come nicely together. We’ll see how that plays out. I think that gives even more substance to our statement. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:09:55 <\/p>\n
Sachin, did we answer your questions? <\/p>\n
Yeah. Perfect. Thank you so much. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:10:01 <\/p>\n
We move on. Next one in the row is Colin White from UBS. Colin, please. <\/p>\n
Hi. Colin White from UBS here. Thanks for taking my questions. Just to go back to Vabysmo. You talked about being confident of a stabilization of the branded market. I was wondering if you could talk about the dynamics related to the reduced Vabysmo growth expectations between charitable funding assistance and the increased use of biosimilars. If biosimilar market share has shifted, what % of the market do you expect to be biosimilars going forward, and why do you have confidence that the branded market’s now stabilizing? Just a second question on first-line DLBCL, if I may. There’s a big competitor readout for EPKINLY coming up in first-line DLBCL. If that study reads out positively, I just wondered what you’re thinking about in terms of the impact that might have on Polivy, and how it fits in with your own first-line study for your anti-CD20. Thanks. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:11:09 <\/p>\n
Yeah. Let’s talk a little bit first about the biosimilar market in ophthalmology. It’s just a little bit different than in other places. But where we are seeing biosimilar impact happen, it is impacting sort of directly the molecule that it’s replacing. A biosimilar to LUCENTIS took LUCENTIS’ share. Biosimilars for other molecules are taking specifically that share and really impacting that part of the market. We’re not really necessarily seeing the bleed over that you might see in other places. We saw 8% growth with Vabysmo in sales this half, but we saw 30% increase in volume globally. We really do believe that Vabysmo has entrenched itself as the preferred therapy of choice. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:11:59 <\/p>\n
I think you can very clearly see that from the ASRS data. That where physicians are making a determination for a new patient, the majority of the time, that is coming Vabysmo’s way. Again, we’re not seeing new biosimilars entering the market impacting Vabysmo. We’re seeing them impact the originator product that they are the biosimilar of. The stabilization, that comes from just sort of having watched the market over the last six months, talking with physicians, and seeing how they’re running their practice and how they’re utilizing the resources available to them and their patients. We do think that 2%-3% overall growth in retina will accommodate the biosimilar entry. It will accommodate other things. Clearly, Vabysmo is continuing to grow in the U.S., and it is continuing to take a disproportionate share of that branded share growth. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:12:56 <\/p>\n
With regards to the competitor entry, they are about a year ahead with first-line DLBCL, we do see Polivy being just a much better-tolerated regimen in first-line. We wouldn’t necessarily expect to see a terrible amount of impact there. Polivy has well established itself in first-line DLBCL. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:13:24 <\/p>\n
I meant Polivy, not Lunsumio, that’s really the first-line DLBCL drug. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:13:32 <\/p>\n
Colin, did this answer your questions? We also have our own study coming up next year. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:13:38 <\/p>\n
As you know, SKYKO. Yeah. Okay. We move on. Next one in a row is Justin Smith from Bernstein. <\/p>\n
Thanks. Yeah, just a very quick one on 007. Sorry if this is a bit ignorant. Just any kind of qualitative conviction you can give us as to why 360 patients means you’re well-powered in that sort of head-to-head versus HEMLIBRA in phase III? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:14:07 <\/p>\n
Yeah, I think we’ve done the statistical analysis based on what we know about the performance of HEMLIBRA and what we believe to be true about 007, given, as Thomas mentioned, the incredibly high level of potency, and we feel confident in the design. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:14:20 <\/p>\n
Yeah. Maybe what I can add here in terms of the timelines, I think for this study, which now has seen the first patient in, we would expect data, I think, at around year-end next year, beginning of the year after. 2027, 2028, which I think also puts us in a very favorable situation here. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:14:41 <\/p>\n
Bridge <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:14:42 <\/p>\n
bridge to the next generation. Any additional questions, Justin? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:14:51 <\/p>\n
Okay, thanks, Justin. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:14:54 <\/p>\n
We move on. Next questions go to Sarita Kapila from Morgan Stanley. <\/p>\n
Hey, thanks for taking my questions. At ASCO, you talked about new indications for giredestrant, the HEREDIRA trial and the OLEVERA trial. Could you quantify how large you think these opportunities are and whether these are upside to the CHF 9 billion peak commentary? How, if I can squeeze in, do you see positioning specifically for HEREDIRA of giredestrant in ER-positive HER2 breast following positive data for Pfizer’s IBRANCE in the PATINA trial? If I could just squeeze in a quick follow-up on divarasib. If you’re reevaluating peak sales, this is a KRAS G12D, G12C, how should we think about it versus emerging pan-RAS agents, including pipeline or programs within your own pipeline? Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:15:43 <\/p>\n
Yep, absolutely. I’ll start with the second question first and then go up to giredestrant. When you think about KRAS mutations, KRAS mutations are present in about 25% of patients with lung cancer. G12C mutations represent 40% of the KRAS mutations, which means you’re at about 12, 13-ish % of overall non-small cell patients have a KRAS G12C mutation. So the potency, the selectivity, the safety profile of divarasib, we believe positions it very well in patients with those specific mutations. I think we’ve seen that in the 170 data, we’re seeing it in Krascendo 1, and it’s something that we expect will play out in other trials as well. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:16:42 <\/p>\n
I think, because of the strong specificity for that mutation and the fact that mutation is so prevalent, I think, if you had that mutation, you would be more apt to use a therapy that would target that mutation directly. Certainly, there’s going to be a place for pan-RAS inhibitors. We have several of them in our pipeline as well, and we look forward to developing them and seeing what their results are for patients. We have a very diverse pipeline here, which is great. When you talk about the opportunities for giredestrant, as I mentioned previously, between lidERA and DEVERA, we already have 80% of the ER-positive, HER2-negative market covered. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:17:29 <\/p>\n
The other trials that we have in place that are looking at the different aspects of first line in different combinations, those really give us the opportunity to cover pretty much 100% of this patient population. The peak sales that we’ve mentioned, they sort of encapsulate the fact that we do have a pretty broad program already in place for giredestrant, but certainly if some of these other programs came in, that could potentially be upside as well. As I mentioned, we’ll be able to give you a very good and thorough update of what our development plans look like for giredestrant at Pharma Day in just a couple of weeks. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:18:07 <\/p>\n
The upside on divarasib is also in other cancer types, right? Beyond <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:18:11 <\/p>\n
Absolutely <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:18:12 <\/p>\n
lung cancer. In fact, RAS is one of the best known, or most known and most mutated genes- <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:18:19 <\/p>\n
Yep <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:18:19 <\/p>\n
in different cancer types. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:18:21 <\/p>\n
Absolutely. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:18:25 <\/p>\n
Did we answer all your questions, Sarita, or your follow-on questions? <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:18:32 <\/p>\n
Okay. Next questions go to Richard Vosser from JPMorgan. <\/p>\n
Thanks very much, Bruno. A couple of questions, please. Just a follow-up on OCREVUS. ZUNOVO uptake seems very strong and very fast. You mentioned again the CHF 2 billion for ZUNOVO, could this actually be larger and protect more of the franchise from biosimilars? Just thinking about that. Second question, a follow-up on Vabysmo. I don’t think you mentioned pricing impacts. Just wondering about, we’ve seen biosimilars to other agents affect pricing in the classes. Obviously, there’s very low dose of Avastin here, or very low price of Avastin, but are you seeing anything there in terms of pricing, maybe in the ex-U.S. markets? One final question, just on other revenues, coming back to that. I think there are probably some milestones there in this quarter for some of the new agents. You’ve got quite a lot of new agents from other companies launching. <\/p>\n
Should there be other milestones that we should think about in the next few years that could boost the trajectory from actually the royalties that you’re getting in? Just some thoughts there as well. Thanks very much. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:19:46 <\/p>\n
Great. Thanks, Richard. I promised you guys a hockey stick for OCREVUS ZUNOVO, We have delivered the hockey stick. We’re well on our way. We do think that as I mentioned in many other calls previously, as practices and patients get experience with ZUNOVO, it fits into the practice flow very well, and it’s intensely convenient for patients. Is there additional conversion opportunity? Quite probably. I think at the moment, we still feel very confident in our additional CHF 2 billion, understanding that there will be the sort of CHF 2 billion that are just brand new patients to ZUNOVO, but we would expect that there will be switching as well. Ultimately, that entire pie could look bigger, and certainly that would provide some additional protection to OCREVUS over time, as would the on-body injector, which we’re excited to talk more about at Pharma Day. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:20:39 <\/p>\n
In terms of Vabysmo, certainly we’ve seen pricing impacts outside the U.S., Those have largely been related to volume because Vabysmo has been doing exceptionally well in generating patient share inside of Europe. Alan? <\/p>\n
I think really in general, no. That’s the answer. I think there can always be stuff, That’s why we have said we go from 3%-5%, I would argue that includes everything. <\/p>\n
It’s mostly royalty-driven, not milestone-driven. <\/p>\n
Just to be very clear. Also, Richard, to you There are a couple of milestones also included here. <\/p>\n
Is royalty, by far. On the OCREVUS side also, you were talking about switching to OCREVUS ZUNOVO also to make sure that we can protect that franchise into the next decade as well and beyond. Here, I just want to say that we have a couple of other options in play as well with fenebrutinib, but a number of things that we have in the pipeline where we believe that we can extend that as well. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:21:45 <\/p>\n
Absolutely. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:21:48 <\/p>\n
Very good. Richard, any additional questions? <\/p>\n
No. Perfect, Bruno. Thank you very much. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:21:53 <\/p>\n
Thanks, Richard. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:21:55 <\/p>\n
Next questions come from James Gordon from Barclays. James, please. <\/p>\n
Hello. James Gordon from Barclays. Thanks for taking the questions. A couple, please. One was giredestrant and adjuvant, and the launch expectations. At ASCO, there was some mixed discussant feedback on lidERA and talk about need for longer-term PFS data and OS and more data versus CDK4\/6s. Do you think that view is typical? Could that blunt the initial uptake at all, or do you think that’s atypical? Where are you on ex-U.S. regulatory? Might you need longer-term data there? I think Bloomberg consensus is about CHF 300 million next year, which doesn’t look a lot versus the size of the very big hormonal breast cancer market. Are there any sort of roadblocks we should be aware of if we’re modeling out the launch, or is that plausible? The second question would be fenebrutinib regulatory. Latest confidence on U.S. approvability. <\/p>\n
I know some investors still have quite big safety and tolerability concerns. Now you’ve had a bit more time to have some interactions with regulators. Anything concerning there? Where are you ex-U.S.? Any interactions there? I saw fenebrutinib’s been EU-approved despite its liver profile. How are you thinking about timing for ex-U.S.? Finally, it was just obesity update. We’ve got updates on your GLP-1\/GIP and your amylin at ADA. I think you’ve got your antimyocin and your oral GLP-1 imminently, presumably at the Pharma Day or before. How are you thinking about differentiation? Of the four assets in obesity, which is the one that’s most exciting, because you’ve given similar peak sales estimates for them all. Which is the one we should be most excited about? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:23:24 <\/p>\n
James asking me to pick my favorite kid. That’s harsh. Okay. There’s a lot in there. In terms of giredestrant adjuvant, I would say that we are spending a lot of time with KOLs and with potential treaters, sort of asking what their confidence is in the data. I think what we are hearing is that people are excited about having an option. The profile of giredestrant is very attractive to people. We’ve mentioned this a number of times before. With CDK4\/6, 50% of patients can’t stay on their therapies over time. That necessarily means that leads to worse outcomes when you can’t take the medicine that’s designed to help you. The giredestrant tolerability and safety profile just looks much better. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:24:13 <\/p>\n
I think we are increasingly confident that physicians are excited about giredestrant and will find a place to use it in their practices fairly easily. My writing is not great here. Ex-U.S., we are currently assembling the data package that we believe will be the most robust data package to allow us to file in Europe and achieve a sustainable reimbursement value. That is coming, and we fully intend to file in Europe, and are just waiting for that data package to mature. In terms of the consensus numbers, we don’t generally comment specifically on launch projections. What I will say is that we should remember that this is a chronic therapy. While we do expect a strong launch, clearly the big numbers will build over time as they do with any chronic therapy. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:25:08 <\/p>\n
We would expect patients will stay on giredestrant for five years plus, given what we’ve seen in the market and what the tolerability profile is for giredestrant. In terms of fenebrutinib regulatory, as I mentioned, we’re well on track to file first in the U.S. We’ll use that U.S. package then to springboard off of for other regulatory filings. We are collecting the additional data that we need for the EU, and again, we have every intention of filing. Again, our focus has been on getting the U.S. package ready, and then we’ll go from there. While I won’t comment on the specifics of any regulatory interactions, we haven’t seen anything that would indicate that a filing in the U.S. is going to be at all problematic. In terms of picking my favorite child, that’s really unfair. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:25:58 <\/p>\n
I think that what we saw at ADA with just the really impressive weight loss data from enicepatide and the very interesting and positive tolerability profile for petrelintide, if you think of that bell curve that I showed you guys at Pharma Day last year, for the patients who need deep weight loss, we have that. For the people who maybe need that 10%-15% weight loss with a placebo-like tolerability, we have that. The fixed-dose combination could be a booster for both of those products. I think what we are finding is that the nature of both of these medicines in different ways are making them differentiated and are giving them opportunities to really find a very unique space in obesity in ways that will ultimately really help patients with what they need. I think that’s actually super exciting as we head into our phase III programs. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:27:03 <\/p>\n
Clearly, we’ll have the data on the anti-myostatin in CT-996 quickly. Having an oral option is of course important, so we’re excited to see CT-996. I would have to say, I don’t think I can pick a favorite, because I think what I really love about the obesity portfolio that we’ve built is it’s delivering on exactly what I talked to you all about last year at Pharma Day, the ability to build a broad adaptive portfolio that regardless of where they are in their obesity or health journey, we have a medicine that can help them. Could help them throughout their entire weight loss journey. I’m just really excited about what we’ve seen in the data as it’s come to maturity. I’m increasingly getting excited about bringing the entire portfolio to patients. <\/p>\n
Let me add to point one. One on giredestrant and one on fenebrutinib, also that increases my confidence level in those molecules. You already pointed out the safety profile of giredestrant, specifically against CDKs. I would like to point out not only the potency advantage it has versus another SERD, but also the label and safety aspect that it has versus another SERD. I think from a safety perspective, it is quite differentiated as well. On the fenebrutinib, we mentioned that before that the FDA allowed open-label extension for fenebrutinib for initially PPMS patients. People that were on the fenebrutinib arm continued, but people who were on the control arm were switched to fenebrutinib. The same happened for RMS. The RMS patients that were on fenebrutinib continue on the open-label extension as well as on the control arm patients moved to fenebrutinib. <\/p>\n
I think these are good indicators, I would say. <\/p>\n
It gives us a certain level of confidence in that, but ultimately we’ll see. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:29:10 <\/p>\n
Yeah. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:29:12 <\/p>\n
Very good. Any additional questions, James? <\/p>\n
I’ll leave it there. Thank you very much for the answers. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:29:17 <\/p>\n
Okay. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:29:17 <\/p>\n
Thanks, James. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:29:18 <\/p>\n
Yep. We move on to the next James. James Quigley from Goldman Sachs. <\/p>\n
Great. Thanks for taking my questions, Bruno. I have two as well. Again, both for Teresa. The BTK degrader, from the data you’ve seen so far, where do you think the asset can be differentiated in cancer indications? Is it efficacy, safety, combinability, dosing? Be interesting to hear there. As you move into immunology, where do you hope to be differentiated on the immunology side, and how quickly do you think you can move there into MS and CSU, depending on when you see the data? Secondly, Gazyva in immunology. I think I asked this last time as well, when we hear you speak, Teresa, you sound very excited about the opportunity. When you look at the four indications, CHF 2 billion looks like it might be on the low side. <\/p>\n
What is holding you back at the moment in terms of looking at peak sales here? Is there anything in the indication size? Is there anything in terms of segmentation that might be holding you back on the potential peak sales for Gazyva? Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:30:20 <\/p>\n
Great. Okay. A lot of immunology questions. I love it. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:30:24 <\/p>\n
Okay, bexobrutideg, all of those things, right? I think we’re excited about the potential. I think we’re excited about the efficacy. I think we’re excited about the safety, the tolerability, the combinability. I think we really believe that a BTK degrader could be a real game changer in some of these indications, particularly in oncology. I think we’re very excited to get this into trials and to see where it can go. Now that having been said, for all of those same reasons, having the degrader versus the inhibitor, we could see a really differentiated efficacy profile in immunology. Immunological diseases are notoriously difficult to tackle. As I mentioned previously, they’re very heterogeneous. Having a degrader versus an inhibitor, I think we could very well see that incremental efficacy, which in immunological indications can really be quite meaningful. Time will tell. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:31:20 <\/p>\n
It’s a brand new asset to us. We’ll give you a little bit more insight as to what our plans are at Pharma Day. I think we’re really excited to have this partnership with Nurix to be able to bring this molecule forward. In terms of Gazyva for immunology, a couple of those indications are quite small. Membranous and INS are quite small indications. Lupus nephritis, while more sort of on the medium size, is also not huge. SLE is clearly a bigger opportunity, but there are some highly entrenched therapies there. I think it’s more just about sort of thinking about where we can actually make inroads. The pricing for Gazyva is also not in the same ballpark, let’s say, as some of the other immunological drugs that are out there. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:32:10 <\/p>\n
I think that also lends a little bit to what our peak sales estimates would be, just because we’re anchored to the oncology pricing. Gazyva and immunology is going to make a big difference for patients, and I do think it’s worth watching, and we do feel quite confident in that up to CHF 2 billion peak sales. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:32:29 <\/p>\n
Any additional questions? James? <\/p>\n
That’s it. Thank you, Bruno. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:32:34 <\/p>\n
Yep. Okay. Next questions go to Luisa Hector from Berenberg. Luisa, please. <\/p>\n
Thank you, Bruno. A couple, please. I just wanted to check, are you expecting an advisory committee meeting for giredestrant? You highlighted your excellent 80% phase III success rate year to date. I just wondered if you can tie that into your latest thoughts on capital allocation. Where are you targeting now any future M&A business development and also that kind of relative external versus internal R&D spend given the intensity of your phase III starts as well? How should we be thinking about those two items? Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:33:21 <\/p>\n
Excellent. Well, I’ll take the easy question first and pass off the capital allocation question. No. Because giredestrant received, as you know, priority review. We’ve been in close conversations with the agency, and we haven’t had any indications of an ad board at this time. <\/p>\n
To the second question. We feel very good where we are at in terms of our pipeline. We’ve increased the value of our pipeline by 93% versus end of 2022. We are now at an all-time high in terms of pipeline. We have 19 medicines that we could launch until the end of the decade. A very full late-stage pipeline. We are really progressing well in our R&D excellence initiative across all different dimensions. If I just look at the output we have in research, it has significantly increased versus three years ago. We also measure, for example, speed of trial recruitment, speed of trial closure, the white spaces between the different phases of development, et cetera. We see a significant progress here as well. <\/p>\n
Also, in terms of reallocation of our resources within R&D, we’ve now relocated and brought out efficiencies in our organization of about CHF 1.3 billion. We could allocate that to all these phase III trials into other parts of our pipeline. I mentioned one example of that in the past. For example, we negotiated contracts with CROs. In the past, we were quite fragmented in that. We negotiated new contracts, which gives us CHF a couple of hundred million. Another one that I already mentioned in the past was Flatiron used to make losses of close to CHF 250 million. We are now profitable with Flatiron. These are all things that we could reallocate in terms of money. You can see that we are really going after inefficiencies in the organization and making sure that we put money behind the projects. <\/p>\n
Now, that doesn’t mean that we won’t do any more BD or that we don’t want to do BD, we are very disciplined when it comes to BD. We always make very detailed due diligence. We always have material transfer agreements where we really test the molecules in our own hands. These are all things that I would say where I’ve seen other companies lose a bit of discipline in this space, but we don’t do that. Maybe it’s also because we are not with the back against the wall, and we are not at the same level of pressure as maybe some others. You will continue to see us doing deals, really deals that make sense and also make financial sense and where our team negotiates well. I mentioned that in my presentation. <\/p>\n
Most of the time when we won the deals, we’re not the highest bidder in terms of money, we bring other things like expertise to the table, we are a trusted partner. I think these are all elements that also are playing in our favor. You will continue to see that kind of behavior from our side. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:36:35 <\/p>\n
Very good. Luisa, your questions answered? <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:36:40 <\/p>\n
Thanks, Luisa. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:36:42 <\/p>\n
We have questions coming from Emmanuel Papadakis, Deutsche Bank. <\/p>\n
Emmanuel Papadakis <\/p>\n
Analyst <\/p>\n
1:36:49 <\/p>\n
Thank you for taking the question. I’ll try to be brief. Maybe a follow-up on giredestrant pricing, given we’re getting a little closer to commercialization. SERDs have launched above CHF 300,000 in metastatic. That seems a little prohibitive for broad adjuvant access. We’ve seen examples in the past where you’ve been prepared to make concessions to ensure that. Could you just give us some latest thoughts on pricing direction should we see approval at the end of November? Maybe a follow-up on NXT007, given the official start of the phase III, the head-to-head. It looks like HEMLIBRA can be used at the discretion of the physician in terms of frequency, and if I recall, median ABRs were pretty close to zero. Are you confident in showing superiority on the primary endpoint, or is this more about showing improvement on secondaries? <\/p>\n
Emmanuel Papadakis <\/p>\n
Analyst <\/p>\n
1:37:34 <\/p>\n
Perhaps you could also just remind us your latest thoughts on the clinical significance of antidrug antibodies we saw in phase II. Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:37:40 <\/p>\n
Yeah. Great. Obviously we won’t comment on pricing prior to launch. We don’t ever do that with any of our products. I will say that I think you can expect us to do what we have done in the past, which is to make a reasonable pricing decision based on the clinical benefit that our medicine provides. In terms of HEMLIBRA, we do have multiple dosing frequencies approved in the label, Q2 and Q4. The patients and physicians can choose what their dosing frequency is. We haven’t actually commented on the head-to-head versus whether the head-to-head with HEMLIBRA is either superiority or inferiority at this point. We do believe that there is an opportunity for that greater durability and convenience to be very meaningful to patients in the future. Though certainly that can’t be the only thing that we bring. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:38:43 <\/p>\n
In terms of ADAs in the phase I, II, the ADAs had no impact on the pharmacokinetics efficacy or safety and didn’t have any cross-reactions. At this point, we’re not viewing them as clinically meaningful, obviously we do continue to monitor. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:39:01 <\/p>\n
Emmanuel? <\/p>\n
Emmanuel Papadakis <\/p>\n
Analyst <\/p>\n
1:39:03 <\/p>\n
Kind of. Thank you. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:39:09 <\/p>\n
Good. We move on. Next questions go to Peter Verdult from BNP. <\/p>\n
Thanks, Bruno. Peter Verdult here, BNP Paribas. Just two for Teresa, just back on giredestrant. Huge potential, but also Roche’s first major launch in a post-MFN world. I heard your answer to the last question, so I’m not going to ask you for numbers, Teresa, but could you maybe just remind us what the ballpark US\/ex-US net price difference is for your current on-market breast cancer franchise, and how your ex-US pricing strategy might evolve for giredestrant in this new environment that the industry’s operating in? That’s question number 1. Realize you’re not going to go into the specifics, but just want to understand that a little bit better. Secondly, on obesity, we share your enthusiasm on CT-868, but I’m just struggling to see how you’re going to differentiate your oral GLP-1 offering given what’s currently on the market. <\/p>\n
On petrelintide, I’m just struggling to see how you’re going to position that asset given data from other amylin-targeting compounds who also have good weight loss at lower doses or with good tolerability. I just want to understand, or do you have a better understanding as to why there was just no dose response seen in the phase II petrelintide data set? Thank you. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:40:22 <\/p>\n
Great. In terms of giredestrant, you’re right. I won’t give you specifics. I can tell you that in general, our US, ex-US corridors are tighter than maybe some of our competitors have been over time. We’ve always been quite disciplined about that. As always, when we price a new molecule, we look at three things. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:40:45 <\/p>\n
We look at what is the clinical value that our medicine brings, what is the ability of systems and patients to pay, and what is required in order to continue to return enough value to the company so that we can continue to deliver innovations for patients. That is the pricing philosophy that we will continue to follow. Stay tuned. Just to reiterate, it is our intention to bring giredestrant to patients around the world, and we look forward to working with governments to make that happen. In terms of CT-996, the data will tell us. I think we’re excited to see the phase II data, to share that. We remain confident that given the design attributes of CT-996, that we will have a competitive profile, and that we’ll be able to bring it to market as quickly as possible. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:41:38 <\/p>\n
When you see the data, when we are able to share the data, when we have it in hand, we’ll be able to have a more robust conversation about that. In terms of petrelintide, again, I just think in every conversation that I had at ADA with thought leaders, there was a real concern for the level of tolerability that patients could really reasonably tolerate over time. 50% of patients don’t complete therapy as you would want them to on standard treatments. They don’t get to max doses. This has always been the promise of the amylin class, and I think we see petrelintide delivering here a very reasonable profile, and one that’s exciting. I think it was exciting at ADA for people to think about where this could be used, how it could be used, and in the different patient populations we could potentially go into. I’m excited about petrelintide. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:42:38 <\/p>\n
I think that it actually has the potential to be a really meaningful option for patients. I think I mentioned this already in my overall comments, but the CT-996 data, that will be available later this year. It won’t be too much longer before we can have a more robust conversation about why we think CT-996 might be differentiated. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:42:57 <\/p>\n
I think also to add, I think on the missing dose response, which you were asking about petrelintide, I think this phenomenon has been seen before. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:43:06 <\/p>\n
It has <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:43:06 <\/p>\n
With other gut hormones, I think we commented on it in the IR call. There’s probably a biology behind which we don’t fully understand. That’s all we can say. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:43:16 <\/p>\n
Yeah. At this juncture. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:43:18 <\/p>\n
Thanks, Bruno. Sorry, I forgot that point. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:43:20 <\/p>\n
Okay. We move on. Next question go to Rajesh Kumar from HSBC. <\/p>\n
Hi, good afternoon. Got two questions for Teresa, actually. I know it’s next to impossible to predict the future, but if you were to speculate the uptake curve for giredestrant, would that be a very fast uptake in your opinion, or would that be a more gradual one? Would that differ between U.S. and Europe? That’s my first question. The second question is around obesity. I fully appreciate that your portfolio has something for everyone, and that looks very interesting from a scientific perspective. As we are learning from the current generation of anti-obesity medications, these are subscription models, direct to consumer seems to be a much bigger part of the equation. <\/p>\n
When you think about the commercialization strategy, are you thinking in terms of efficacy, in terms of product design, in terms of what works for reimbursement channels only, or are you thinking it from a consumer product design as well? Because in reality, at the moment, about half of the patients in the U.S. seem to be paying out of pocket, and they probably don’t want to understand all the scientific gobbledygook we love. They probably want to think through, I want to pay this much, I want to lose this much weight, right? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:45:18 <\/p>\n
Yeah. <\/p>\n
Tolerability is excellent, what’s your thought process on the commercialization strategy, and how that fits within Roche’s organization? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:45:29 <\/p>\n
Yeah. Great. Two good questions. In terms of the uptake curve, I think I alluded to this a little bit earlier. As with any chronic therapy, sales build over time, right? People get on therapy, they stay on therapy, those curves build over time. I think there are a number of patients who are out there who are ready for giredestrant and waiting for it. Those really big sales numbers will take some time to generate, as we have to build up with adherence and compliance. We have to build sales up over time. Just to give that a little bit of a framing. To answer your question, yes. I think as we think about commercialization, without going into specifics, we understand that there is a reimbursable market. That’s certainly something that enicepatide is probably very well-suited for. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:46:21 <\/p>\n
We also understand that there is a large direct-to-consumer market, we are absolutely thinking creatively about how we can reach patients wherever they are accessing their medicines and however they are thinking about managing their health. Just know that we are not approaching this in a traditional Roche way. <\/p>\n
Okay. You think your competitive advantage will not only come from what the product clinical profile is, but in terms of how you commercialize it as well. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:46:59 <\/p>\n
I think in the obesity market, those things have to be two halves of a coin or two sides of a coin, right? You have to be able to have the clinical differentiation, and then you have to be able to show the value from a clinical perspective, but you also have to create a consumer experience that meets the customer where they’re at. <\/p>\n
What skill do you have in the organization to do that, in terms of have you hired people around that, or is it an existing skill or muscle within the organization somewhere? <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:47:32 <\/p>\n
Yep. Since we have entered into the cardiovascular franchise, we have hired several hundred people from the outside, specifically with the kinds of experiences that we have not had historically. We also have some great experience to lean on in the Diagnostics organization, in CVRM, that is much more consumer-oriented, and we’re certainly taking full advantage of everything that Matt has to offer. <\/p>\n
Yeah, absolutely. I wanted to actually underline that point. In Diagnostics, we are the leader in this space, and we have a lot of direct access to type 2 diabetics, type 1 diabetics. A lot of people moving also onto our mySugr platform, et cetera. We do have a lot of access and know-how in that space. I think we’re actually quite well positioned. The feedback that we are getting from KOLs is that they actually are quite excited about having both Pharma and Diagnostics at the table. <\/p>\n
Teresa Graham <\/p>\n
CEO of Roche Pharmaceuticals <\/p>\n
1:48:31 <\/p>\n
Yep, absolutely. It’s a real differentiator, actually. <\/p>\n
Thank you. Thank you very much. <\/p>\n
Bruno Eschli <\/p>\n
Head of Investor Relations <\/p>\n
1:48:37 <\/p>\n
Very good. We have the final questions here coming from Michael Leuchten from Jefferies, and we will close the call. Michael, please. Michael? Doesn’t look like that he’s on the call anymore. With that, I think we are ready to close the call. Over to you, Thomas. <\/p>\n
Yeah. Thank you very much, and thank you for attending the call today, and thanks to the team. We have great momentum in terms of sales. We have even better momentum in terms of profitability. If you look at the last couple of years, we always delivered what we said. What you can now see is a significant amount of pipeline progress. Pipeline progress that gives us visibility in terms of sales growth for the next years and into the next decade. But even more exciting is the pipeline readouts between 2027 and 2029, that are going to set up really well for future growth into the next decade and beyond. We’ll continue to build on our pipeline and also with internal activities and external activities. One thing I can say, we will deliver <\/p>\n","protected":false},"excerpt":{"rendered":"Good morning and good afternoon, everyone. I am very much excited to share our half year 2026 results…\n","protected":false},"author":2,"featured_media":113856,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[124],"tags":[159,114,166,39,167,160,161,168,162,163,169,170,171,172,173,174,134,175,164,165,176,177,178,179],"class_list":["post-113855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-roche","tag-401k","tag-business","tag-business-news","tag-economy","tag-finance","tag-financial-information","tag-investing","tag-investment-tools","tag-investor","tag-market-news","tag-mortgage","tag-mutual-funds","tag-personal-finance","tag-quote","tag-real-estate","tag-retirement","tag-roche","tag-stock","tag-stock-research","tag-stock-valuation","tag-stocks","tag-suze-orman","tag-tax","tag-track-portfolio"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/117074834476136587","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/113855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=113855"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/113855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/113856"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=113855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=113855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=113855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}