Swiss pharma giant Roche overcomes post-Covid-19 slump with huge first-quarter sales jump

Swiss pharmaceutical company Roche Sales rose slightly in the first quarter, the company said on Wednesday, although low demand for Covid-19 products continued to weigh on the company.

The company said sales rose 2% on a constant currency basis due to strong demand for Roche’s new drugs and diagnostics. Excluding Covid-19 products, sales rose 7%.

But sales in the company’s local currency tightened, falling 6% due to the strength of the Swiss franc.

Roche Chief Executive Thomas Schinecker confirmed the company’s outlook for 2024 on Wednesday, saying the company has largely emerged from the post-Covid-19 recession.

“Outside of this quarter, the sales impact related to COVID-19 has been largely overcome,” he said.

Roche revealed a softer-than-expected growth outlook for 2024, Reuters reported, as the company faced declining demand for its Covid-19 products and several cancer drugs in February.

At the time, the company forecast annual group sales growth by a mid-single-digit percentage, adjusted for currency fluctuations.

“We are confident that group sales will grow in the mid-single digits (at constant exchange rates) this year and so we confirm our outlook for 2024,” Shinneker said on Wednesday.

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