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Roche eyes return to growth after Q1 hit by forex, loss of COVID sales
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Roche eyes return to growth after Q1 hit by forex, loss of COVID sales
Apr 23, 2024 11:57 PM

FRANKFURT, April 24 (Reuters) - Roche confirmed

ambitions to return to sales growth this year on a continued

boost from eye drug Vabysmo, after first-quarter sales slipped

by 6% on the loss on COVID-19-related revenue.

Quarterly sales fell to 14.4 billion Swiss francs

($15.80 billion), the family-controlled drugmaker said in a

statement on Wednesday, hurt also by a strong Swiss franc that

weighed on overseas revenue but in line with analysts

expectations.

Roche, which does not disclose quarterly earnings, said the

rest of the year would no longer be burdened by year-earlier

comparisons that were inflated by COVID-related sales.

It reiterated its 2024 guidance of an increase in sales and

adjusted earnings per share in the "mid single-digit" percentage

range at constant exchange rates.

Excluding currency effects, quarterly revenue from Vabysmo

more than doubled to 847 million francs, surpassing an analyst

consensus of about 750 million francs, after long-term trial

data earlier this year bolstered ophthalmologists' confidence in

the drug.

Vabysmo, which is used to treat a common form of

blindness in the elderly and which won approval in 2022,

challenges rival drug Eylea from Bayer and partner

Regeneron.

At the helm for about a year, CEO Thomas Schinecker is

pursuing a variety of therapeutic fields to offset falling

oncology sales, setting a high deal pace. The group suffered

major drug trial setbacks in Alzheimer's and cancer

immunotherapy in 2022.

Roche in December joined a list of contestants seeking

to challenge weight-loss drug powerhouses Novo Nordisk and Eli

Lilly with the takeover of obesity drug developer

Carmot

for $2.7 billion upfront.

($1 = 0.9115 Swiss francs)

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