Roche’s adjusted operating profit rose by a lower-than-expected 5% in 2025, due to the weakened US dollar, despite the drugmaker reporting strong growth for food allergy medicine Xolair (omalizumab) and multiple sclerosis treatment Ocrevus (ocrelizumab).
Core operating profit reached SFr21.8bn ($28.4bn) for the Swiss big pharma company in 2025, slightly down from a market consensus of SFr22bn cited by analysts.
Total sales for Roche came in at SFr61.5bn, a 7% change at constant exchange rates (CER). This growth dropped to 2% in Swiss Francs. The CER value was in line with consensus, as per a research note from Citi analysts. Core earnings per share were SFr19.46, 1% below consensus.
In its report, Roche stated: “The appreciation of the Swiss Franc against most currencies, notably the US dollar, had a significant impact on the results reported in Swiss Francs compared to CER.”
On an earnings call, Roche’s chief financial officer Alan Hippe said: “The weak US dollar is something we’re fighting against.”
Alluding to the market volatility in foreign exchange rates, Hippe said he expects “the same picture for 2026” if current rates hold throughout the year.
On 28 January, the US dollar fell to its lowest level in four years. Over the past year, the currency has tumbled amid President Trump’s tariffs and policy making.
Investor reaction to Roche’s financials was lukewarm. Shares in Zurich-listed Roche opened 0.6% down at SFr336.3 at market open 29 January, from SFr338.3 at market close on 28 January. The company has a market cap of SFr272.6bn.
Revenue breakdown
Roche’s pharmaceuticals business contributed sales of SFr47.7bn, up 9% from 2024. Multiple sclerosis therapy Ocrevus was the company’s top-selling drug, netting SFr7bn for the year. Vabysmo (faricimab), which is approved in several retinal disease indications, grew 12% year-over-year to bring in SFr4.1bn. However, growth was 2% below consensus estimates, with Roche blaming a reduced rate on the contraction of the branded market due to biosimilars of rival products. Roche expects market recovery in 2026 for Vabysmo. Xolair grew 32% in 2025, though biosimilar launches are expected in the second half of 2026.
Stock in Roche has been up over the past few months on the back of positive clinical data for pipeline products. In November, Roche’s successor for Ocrevus, fenebrutinib succeeded in a pair of pivotal Phase III multiple sclerosis studies. Then, earlier this week, the drugmaker reported positive Phase II data from obesity candidate CT-388 as it looks to enter a market dominated by Eli Lilly and Novo Nordisk. Speaking on the earnings call, CEO Thomas Schinecker said the company hopes to launch 19 new molecular entities (NMEs) by 2030.
