Roche 2009 figures miss targets, hit by Genentech buy costs and slowing sales of some cancer drugs

3 February 2010

Swiss drug major Roche posted full-year 2009 profits that missed forecasts due to acquisition costs related to US biotech firm Genentech and disappointing sales of key cancer drugs, sending its stock 2.2% lower to 176 Swiss francs by 08.50 GMT, underperforming the DJ Stoxx European healthcare index, which dipped 1.0%.

This morning, the company reported a 10% increase in 2009 group turnover to 49.4 billion Swiss francs ($46.87 billion), versus consensus forecasts of 50.25 billion francs, driven by 11% growth in pharmaceuticals to 39.0 billion francs and a 9% increase in diagnostics 10.1 billion francs.

Operating profit rose 14% to 15.0 billion francs (consensus 17.6 billion francs), while net income declined 22% to 8.5 billion francs due to exceptional items related to the Genentech transaction and integration, excluding which net income rose 9% to 9.8 billion francs. Core earnings per share increased 20% at constant currency to 12.19 francs (consensus 12.1 francs).

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