Roche’s 2014 profits miss forecasts, impacted by costs

Despite posting higher sales for full-year 2014, Swiss pharma major Roche (ROG: SIX) missed analysts’ forecasts, a 16.4% drop in annual profit to 9.33 billion Swiss francs ($10.34 billion), as the company booked large impairments and restructured its debt. Roche’s shares fell by as much as 4.1% in early trading, but were down just 1.85 at 252.60 francs around midday.

Full-year sales rose 1% to 47.5 billion francs (+5% at constant exchange rates), with core earnings per share rising 5% to14.29 francs (up 7% excluding one-time double charge of the US Branded Prescription Drug fee, a fee imposed on drugmakers as part of the US health-care reforms, the company noted. Analysts in a Reuters poll had forecast sales of 47.1 billion francs and core EPS of 14.7 francs.

Forecasts a “little disappointing”