1235 GMT - Roche Holding shares trade at a premium to those of peers, which will be difficult to justify if the launches of its next drugs don't deliver on expectations, Jefferies analysts say in a research note. There were no big surprises in the Swiss drugmaker's update on its pharma business held Monday and 2027 is shaping up to be a year more focused on regulatory filings than on clinical-trial results, the analysts say. "What is now perhaps even clearer is that 2027 giredestrant and fenebrutinib launches must deliver, if approved, as key clinical catalysts don't emerge until closer to 2028," Jefferies says, referring to Roche's new drugs for breast cancer and multiple sclerosis, respectively. Shares fall 1.2%.