Roche posts 11% rise in 2010 net profit but sales down 3%
Swiss drug major Roche (ROG: VX) this morning revealed that full-year 2011 net profit rose 11% to 8.67 billion Swiss francs ($9.03 billion), but revenues were down 3% to 47.5 billion francs, slightly below consensus forecasts of 47.9 billion francs. Net income increased 4% to 8.9 billion francs despite significant costs in connection with the firm’s ‘Operational Excellence’ initiative (The Pharma Letter November 17, 2010). Core earnings per share of 12.78 francs were10% higher at constant exchange rates and up 4% in Swiss francs.
The company, the world’s largest producer of cancer drugs, said growth momentum maintained throughout fourth quarter due to continued uptake for Actemra (tocilizumab), Herceptin (trastuzumab), MabThera/Rituxan (rituximab) and immunoassays.
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