Roche's first-half 2011 operating performance impacted by strong currency effects

Swiss drug major Roche (ROG: SIX) posted solid operating results in the first half of 2011. Group sales were stable in local currencies (-12% in Swiss francs; +5% in US dollars) at 21.7 billion francs ($26.59). Excluding flu drug Tamiflu (oseltamivir), group sales increased 2% in local currencies. Core operating profit grew faster than sales, rising by a 5% in local currencies (-10% in francs) to 8.3 billion francs.

Roche’s net income grew even more strongly, advancing 10% on a currency-adjusted basis (-5% in francs) to 5.3 billion francs. These results reflect the strength of the group’s business as well as the impact of the strong appreciation of the Swiss franc against all currencies relevant for Roche since the first half of 2010, the company said.