Smooth 1Q for Roche

We continue to think that Roche will be able to generate top-line growth of roughly 2% in 2010

Karen Andersen, CFA 16 April, 2010 | 10:02AM
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Roche reported top-line results for the first quarter of 2010 which were in line with our expectations, and we're maintaining our CHF 219 fair value estimate. Total sales grew 6% as reported (9% at constant currencies) to reach CHF 12.2 billion, strengthened by sales of its cancer drug portfolio as well as sales in emerging markets. Reported sales of Avastin grew 12% overall (18% at constant currencies) to reach almost CHF 1.7 billion. This includes 24% growth in the international segment (outside of the US, Western Europe and Japan), and we think international growth should be bolstered by Avastin's recent appr

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About Author

Karen Andersen, CFA  Karen Andersen, CFA, is a senior stock analyst with Morningstar.

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