By Helena Smolak

Roche Holding is scheduled to report results for 2024 on Thursday. Here is what to know.

SALES FORECAST: The Swiss pharma giant's sales for last year are forecast at 60.41 billion Swiss francs ($66.68 billion), according to a consensus of 15 analysts' estimates compiled by Visible Alpha. This compares with sales of 58.72 billion francs in 2023.

EARNINGS FORECAST: Roche's core earnings per share are expected to come in at 18.59 francs, according to the Visible Alpha consensus. For 2023, the company reported core EPS of 18.57 francs.

As of Monday morning trade in Europe, the stock is up 9.2% since the start of 2025, and up 13% over the last 12 months.

WHAT TO WATCH

--R&D productivity: Roche's longer-term R&D spend growth is in focus among investors as doubts around its R&D productivity, due to high-profile trial failures in recent years, persist, according to Jefferies. Roche said it would keep its 2025 R&D spend roughly flat in the short term. While many of its 2025 readouts are considered high risk, positive results could help rebuild confidence, Jefferies said.

--Pipeline: Investors will keep an eye on Roche's multiple sclerosis treatment Ocrevus that is expected to post high-single-digit growth, Jefferies analysts said. Trends of eye drug Vabysmo will also draw attention amid Roche's pipeline revamp, after the European Medicines Agency granted approval for the switch to a pre-filled syringe form, Jefferies said.

--FX headwinds: The company's full-year sales, profit and guidance for 2025 should be broadly in line with consensus estimates, Jefferies said. Roche expects its sales to take a hit of 4% from fluctuations in currency exchange rates.

--M&A: Industry watchers will look at Roche's area of interest for bolt- on transactions as M&A activity is expected to increase across the sector amid solid balance sheets and a new U.S. administration, Barclays analysts said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

January 27, 2025 06:21 ET (11:21 GMT)

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