Roche Reports 2025 Financial Results, Sales Grow 7% to CHF 61.5 Billion

On January 29, 2026, Roche Group released its full-year financial results for 2025, showing robust growth despite a challenging market environment. In 2025, Roche achieved sales of CHF 61.516 billion (approximately USD 74.1 billion), marking a 7% increase at constant exchange rates (2% growth in Swiss francs). The fourth-quarter sales rose by 8%, reflecting strong business momentum. Core operating profit grew by 13% (5% in Swiss francs), highlighting the effectiveness of Roche's strategy of driving growth through innovative medicines and diagnostic solutions.

Overall Financial Performance: Sales and Profit Growth

Roche's financial performance in 2025 was strong. The group reported total sales of CHF 61.516 billion, a 7% increase compared to CHF 60.495 billion in 2024 (at constant exchange rates). In Swiss francs, sales grew by 2%, primarily due to the appreciation of the Swiss franc against most currencies, particularly the US dollar. Sales in the fourth quarter increased by 8%, indicating accelerated growth towards the end of the year.

On the profitability front, core operating profit rose 13% to CHF 21.833 billion (5% growth in Swiss francs). Core earnings per share grew 11% to CHF 19.46 (4% increase in Swiss francs). IFRS net income surged 58% to CHF 13.799 billion (50% increase in Swiss francs), largely driven by strong operational performance in 2025 and a favorable base effect from impairment charges in 2024.

The Board of Directors has proposed an increase in the dividend to CHF 9.80 per share. If approved by shareholders, this will mark the 39th consecutive year of dividend increases, demonstrating Roche’s commitment to strong cash flow and shareholder returns.

Pharmaceutical Business: Innovation Drives 9% Growth

The pharmaceutical division was the main driver of Roche’s performance in 2025, with sales growing by 9% (3% in Swiss francs) to CHF 47.669 billion (approximately USD 57.4 billion). Growth was primarily driven by several innovative drugs, including Phesgo for breast cancer, Xolair for food allergies, Ocrevus for multiple sclerosis, Hemlibra for hemophilia A, and Vabysmo for severe eye diseases. Sales from the top five growth-driving products (Phesgo, Xolair, Ocrevus, Hemlibra, and Vabysmo) totaled CHF 21.4 billion, an increase of CHF 3.2 billion compared to 2024 (at constant exchange rates).

Regionally, sales in the US increased by 8%, benefiting from continued growth of Xolair and the adoption of Ocrevus, Phesgo, Hemlibra, and Polivy (a drug for blood cancer). Sales in Europe grew by 5%, driven by strong demand for Ocrevus and Vabysmo. The Japanese market grew by 5%, mainly due to the adoption of Phesgo and Vabysmo. The international market saw a notable 14% increase, with China up by 10%, supported by the inclusion of Phesgo in the government reimbursement list.

Sales of off-patent products (e.g., Avastin, Herceptin) declined by CHF 700 million (at constant exchange rates), but the growth of innovative products effectively offset this impact.

Diagnostics Business: Steady Growth Despite Market Challenges

The diagnostics division recorded a 2% sales growth (a 3% decline in Swiss francs) to CHF 13.847 billion. Growth was driven mainly by increased demand for pathology and molecular solutions, which helped counteract the impact of healthcare pricing reforms in China. Regionally, sales in Europe, the Middle East, and Africa grew by 6%, North America saw a 9% increase, while the Asia-Pacific region dropped by 12% due to policy changes in China.

In 2025, Roche launched two new instrument platforms, six digital solutions, and 53 new tests, including innovative diagnostic products for dengue fever and vaginal infections, enhancing diagnostic accuracy and efficiency.

R&D and Innovation: Significant Pipeline Progress

Roche made notable advances in its research and development (R&D) efforts. In 2025, 10 key molecules entered Phase III clinical development, covering areas like oncology and immunology. Key milestones included:

• Lunsumio subcutaneous formulation received US and EU approval for blood cancer treatment, reducing administration time from 2-4 hours to approximately 1 minute.

• Gazyva/Gazyvaro was approved in the EU for lupus nephritis, becoming the first anti-CD20 antibody to show kidney response benefits in a Phase III trial.

• CT-388, a dual GLP-1/GIP receptor agonist for obesity, showed promising results in Phase II, with a 22.5% weight reduction after 48 weeks.

• Giredestrant, a breast cancer drug, showed a 30% improvement in invasive disease-free survival in early-stage breast cancer patients.

Roche Chairman Severin Schwan stated, “2025 was a breakthrough year for Roche. We have the strongest product portfolio and R&D pipeline in our history, and medical innovations are transforming patients’ lives.”

Regional Performance: Balanced Growth Across Markets

Regionally, the US market saw an 8% sales increase, accounting for 53.2% of total group revenue. Sales in Europe grew by 5%, Japan by 5%, and the international market (including Asia Pacific, Latin America, etc.) grew by 14%, demonstrating the resilience of Roche’s global business. Roche CEO Thomas Schinecker noted, “We have strong momentum in our pharmaceutical pipeline, with ten new medicines entering late-stage development and twelve positive results from late-stage clinical trials.”

Outlook for 2026: Focusing on Sustainable Growth

Given the current momentum, Roche remains optimistic for 2026. The company expects mid-single-digit sales growth (at constant exchange rates) and a high-single-digit increase in core earnings per share. Roche plans to continue increasing its dividend (in Swiss francs) and drive long-term value through innovation. Schinecker emphasized, “With strong financial performance and continuous progress in innovation, we are laying a solid foundation for future growth.”

Reference

[1]. https://assets.roche.com/f/176343/x/fca190f63e/fb25e.pdf