Despite waning Covid medicine sales, Roche posted strong numbers for Q1 2022 and expects a stable outlook for the rest of the year
Hoffmann-La Roche AG (Roche Holding AG) posted its 2022 Q1 sales result on April 25, which showed strong numbers. For the period, there was a noticeable increase in sales for Roche, which was enough to exceed analysts’ expectations.
Furthermore, the pharmaceutical company’s outlook for the rest of the year is given support by the recorded sales growth. Despite a foreseen fall in the sales of Covid-19 medicines and diagnostics, this encouraging optic holds control.
Roche Q1 2022 Sales Results by the Numbers
Owing to strong demand for rapid Covid-19 antigen tests and drugs in the US, Roche’s Q1 2022 sales rose by 10%. These include Hemlibra against hemophilia as well as Ocrevus against multiple sclerosis. Quarterly sales were at 16.45 billion Swiss francs, or $17.19 billion, according to the Swiss multinational healthcare company.
This figure has climbed from the 14.93 billion Swiss francs fetched in the year-earlier period. In addition, the most recent Roche sales growth figure beat the 16 billion Swiss francs consensus. Roche CEO Severin Schwan weighed in on the Group’s sales in the report, saying:
“As expected, we started the year with strong demand for our diagnostics base business, our broad portfolio of COVID19 tests, and our new medicines. I am particularly pleased about the progress we are making in developing our product pipeline, including positive new data in neurology as well as in severe eye diseases.”
Considering the current pandemic, Schwan also mentioned Roche’s full-year outlook. According to him:
“Based on our current assessment of the development of the COVID-19 pandemic, we confirm the outlook for the full year.”
Currently, Roche’s diagnostic division has a sales growth of 5.29 billion Swiss francs in the first quarter. Compared with the 4.33 billion Swiss francs recorded for the same period last year, this year’s growth is higher. Moreover, the pharmaceuticals division of the healthcare firm also reported a sales increase of 11.16 billion Swiss francs from 10.60 billion Swiss francs.
Overall, Roche’s sales increased across all regions as follows:
Latin America (9%), North America (59%), Asia-Pacific (34%), Middle East as well as Europe, and Africa (2%).
Roche, looking ahead, asserts that its currency-adjusted 2022 sales will either grow in the low-single-digit percentage range at constant exchange rates or be flat. Keeping in mind this estimate is below last year’s 9% gain.
Furthermore, a decline of about 2 billion Swiss francs to 5 billion francs in sales of Covid medicines and diagnostics this year was also predicted by Roche.
Roche has been aiming to play a key role in bringing about ameliorative measures since the pandemic first broke out worldwide. The Swiss pharmaceutical company formed a partnership with Moderna (NASDAQ: MRNA) back in 2021 to bring antibody testing to Moderna’s Covid vaccine trials.
The test involved Moderna’s mRNA-1273 vaccine and Roche’s Elecsys® Anti-SARS-CoV-2 S antibody test. For a qualitative measure of the SARS-CoV-2 antibodies, a blood draw was required under the Emergency Use Authorization from the US Food and Drug Administration.