Roche Holding AG (XSWX:ROG)

CHF 237.1 2.3 (0.98%) Market Cap: 191.28 Bil Enterprise Value: 211.55 Bil PE Ratio: 16.57 PB Ratio: 6.45 GF Score: 92/100

Full Year 2019 Roche Holding AG Earnings Call Transcript

Jan 30, 2020 / 03:00PM GMT

Release Date Price: CHF327.1 (+0.48%)

Transcript

Severin Schwan

Roche Holding AG - CEO & Executive Director

Good afternoon. Great to be back in London for our full year briefing. Let me get right into the numbers, which we shared with you already. This morning, you have seen group sales up by 9%, in local currencies 8%, at constant rates. Core EPS growing at a stronger rate at 13%. And on that basis, we propose to increase the dividend to CHF 9.

On a divisional basis, a very strong result on the Pharma side, entirely driven by the newly launched medicines. I will come back to that in a moment. On the Diagnostics side, solid, more moderate growth at 3%. I'll get back to that in a moment as well.

Now if you look here on the quarterly sales development, you see a 6% sales growth after a very strong third quarter. And there are really 2 reasons why sales growth has come down in the fourth quarter. On the one hand, we do feel the impact of the biosimilars now in the U.S. So finally, they have entered. And on the other hand, we took a decision to take down inventories in China, actually for both divisions, for Diagnostics and for

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