Roche reports 37% rise first first-half 2010 profits, boosted by Genentech synergies

23 July 2010

Swiss drug major Roche reported yesterday that profit for the first half of 2010 rose 37% to 5.56 billion Swiss francs ($5.3 billion). The figure was boosted by taking full control in March 2009 of US biotechnology firm Genentech, for some $46.8 billion. Group turnover for the reporting period edged 3% higher to 24.63 billion francs. Roche's share price edged 1% higher to 138.4 francs yesterday, having fallen 8.5% since July 15 ahead of a vital US review of its cancer drug Avastin (bevacizumab).

The Roche pharmaceutical division's operating profit rose 7% to 8 billion francs for the half on higher sales and cost synergies from the Genentech merger, but the results came in under analysts' expectations, according to Reuters and analysts polled by Dow Jones Newswires were forecasting net income of 5.62 billion francs.

Affirms mid-single digit growth for pharma

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