Roche starts 2014 with sales dip due to strong franc

Swiss pharma major Roche (ROG: SIX) kicked of the 2014 financial results reporting season, posting a 1% dip in group sales in Swiss franc terms to 11.496 billion francs ($13.12 billion) for the three months ended March, though up 5% at constant exchange rates, reflecting the strength of the country’s currency.

Analysts predicted 11.5 billion francs, the average of four estimates compiled by Bloomberg and below the average analyst forecast of 11.89 billion francs in a Reuters poll. Roche, whose shares had already risen 1.4% ahead of the results, gained a further 1.35 to 257.50 francs in early trading this morning.

Pharmaceutical Division sales were 9.04 billion francs, also down 1%, with US revenues of 3.87 billion francs (-1%), Europe at 2.45 francs (+5%), Japan 845 million (+2%) and international sales falling 10% to 1.90 billion francs. The Roche Diagnostics division posted sales of 2.46 billion francs, a rise of 2%. Roche does not release first-quarter profit figures.