Roche Flags Lower 2023 Sales On Declining Demand For COVID-19 Treatment, Diagnostics

• Roche Holdings AG (OTC: RHHBY) released FY22 sales growth of 2% (+1% in CHF) to CHF 63.3 billion.

• Core operating profit increased by 3% (+1% in CHF), reflecting the good underlying business performance.

• The company warned that in 2023, a sharp decline in COVID-19 products would knock sales by around CHF 5 billion.

• Sales and core earnings per share were expected to decrease at a "low single-digit" percentage this year, the company said.

• Related: FDA Approves Roche's Tocilizumab As First Monoclonal Antibody For COVID-19 Treatment.

• "For the current year, we expect solid underlying growth in both divisions, which will largely compensate for the further significant drop in sales of roughly CHF 5 billion in COVID-19 products," Roche's CEO said.

• Pharmaceuticals Division sales increased by 2% to $45.6 billion on the solid growth of newer medicines, more than compensated for the impact of biosimilars and lower sales of Actemra/RoActemra (severe COVID-19).

• Roche's bestseller multiple sclerosis drug Ocrevus gained a currency-adjusted 17% in sales to just over CHF 6 billion in 2023, while its hemophilia treatment Hemlibra jumped 27% to CHF 3.8 billion.

• Newly approved Vabysmo for 'wet' age-related macular degeneration and diabetic macular edema generated CHF 591 million in sales.

• Diagnostics Division sales grew by 3% to CHF 17.7 billion on ongoing strong momentum in base business (+7%), more than compensating for the continuing decline in the demand for COVID-19 tests in 2H 2022.

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