First-Half Sales Disappoint At Roche

Swiss pharmaceutical company Hoffmann-La Roche has announced a rise in sales for the first six months of 1994 of 7.3% to 7.3 billion Swiss francs ($5.7 billion). The company said that growth in Swiss franc terms amounted to 2.4% as a result of the revaluation of the franc against other major currencies, particularly the US dollar.

The company's pharmaceutical business experienced a dramatic slowing of its growth rate from 12% (14% in local currencies) in the first six months of 1993 to 4% or 9% in local currencies in the first six months of the current year.

Continuing pressure to keep health care spending and drug pricing controlled has had a negative influence on the pharmaceutical business, said the company, along with pressure from growing competition. Roche acknowledged that it has been unable to completely avoid competition, but said it has continued to show above average growth.