1244 GMT - Roche Holding is showing signs of improving its research-and-development productivity, Berenberg analysts say in a research note. The returns on the Swiss drugmaker's research-and-development investments this year are on track to reach 10%, above the 9% bar that is the average of both the sector as a whole and the company's own historic track record, Berenberg says, citing its own analysis. "Roche's valuation reflects this improved pipeline outlook," the analysts say. Shares fall 0.5%.