Roche posts sales figure of CHF24,006m for the six month ended period, 2009. Net income for the company was CHF4,051m, a decrease of 29% compared to the previous year. Roche has also posted a operating profit (before exceptional items) of 20% to CHF7,970m.
Severin Schwan, CEO of Roche, said: ‘Roche continued the positive trend of recent years, with double-digit increases in sales and operating profit. I am especially pleased about the excellent progress we’ve made in integrating Roche and Genentech. Work at Genentech’s research and early development centre in South San Francisco has continued seamlessly with the existing management team. We will be realising synergies from the merger sooner than originally anticipated, particularly from consolidating our manufacturing network and streamlining administrative functions. The Genentech transaction further strengthens our ability to deliver on our long-term strategy of innovation in our core pharmaceuticals and diagnostics businesses. The combined company has one of the strongest development portfolios in the industry, with ten new molecular entities in ongoing or planned late-stage clinical development.’
The company expects 2009 full-year sales in both divisions to grow well ahead of the market. In the pharmaceuticals divisions it expect full-year sales growth in the high single-digit range. The company is aiming for double-digit Core EPS growth in both 2009 and 2010 (at constant exchange rates). Given the rapid progress in integrating Genentech, it expects to see further significant productivity gains next year. By 2011 Roche aims to capture annual synergies of approximately 1 billion Swiss francs. Based on strong operating free cash flow, it expects to reduce debt progressively and to return to a net cash position by 2015 while maintaining dividend guidance.