Roche Q1 2022 Results Beat Expectations, Company Confirms 2022 Outlook

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by Tolu Ajiboye · 3 min read
Roche Q1 2022 Results Beat Expectations, Company Confirms 2022 Outlook
Photo: Roche

Roche posted good numbers for Q1 2022 and expects a stable outlook for the rest of the year despite waning Covid medicine sales.

On Monday, F. Hoffmann-La Roche AG (Roche Holding AG) posted its 2022 Q1 sales result, which showed strong numbers. For Roche, there was a noticeable increase in sales for the period, which was enough to surpass analysts’ estimates. In addition, the recorded sales growth lends support to the pharmaceutical company’s outlook for the rest of the year. This encouraging optic holds sway despite an expected decrease in the sales of Covid-19 medicines and diagnostics.

Roche Q1 2022 Sales Results by the Numbers

Roche’s Q1 2022 sales rose by 10% due to strong demand in the US for rapid Covid-19 antigen tests and drugs. These include Ocrevus against multiple sclerosis as well as Hemlibra against hemophilia. According to the Swiss multinational healthcare company, quarterly sales were at 16.45 billion Swiss francs, or $17.19 billion. This figure is up from the 14.93 billion Swiss francs realized in the year-earlier period. Furthermore, the latest Roche sales growth figure beat the 16 billion Swiss francs consensus.

In the report, Roche CEO Severin Schwan commented on the Group’s sales, saying:

“As expected, we started the year with strong demand for our diagnostics base business, our broad portfolio of COVID[1]19 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.”

Furthermore, Schwan mentioned Roche’s full-year outlook in light of the current pandemic. According to him:

“Based on our current assessment of the development of the COVID-19 pandemic, we confirm the outlook for the full year.”

As it stands, Roche’s diagnostic division has a sales increase of 5.29 billion Swiss francs in the first quarter. This is higher than the 4.33 billion Swiss francs recorded for the same period last year. In addition, the healthcare firm’s pharmaceuticals division also reported a sales increase of 11.16 billion Swiss francs from 10.60 billion Swiss francs.

Overall, Roche’s sales grew across all regions as follows:

North America (59%), Asia-Pacific (34%), Latin America (9%), Europe, as well as the Middle East and Africa (2%).

Future Outlook

Looking ahead, Roche posits that its currency-adjusted 2022 sales will either be flat or grow in the low-single-digit percentage range at constant exchange rates. It is also worth noting that this estimate is below last year’s 9% gain.

In addition, Roche also forecasts a decrease of around 2 billion Swiss francs this year in sales of Covid medicines and diagnostics, to 5 billion francs.

Since the pandemic first broke out worldwide, Roche has been striving to play a key role in bringing about ameliorative measures. Back in late 2020, the Swiss pharmaceutical company formed a partnership with Moderna (NASDAQ: MRNA) to bring antibody testing to Moderna’s Covid vaccine trials.

The test involved Roche’s Elecsys® Anti-SARS-CoV-2 S antibody test and Moderna’s mRNA-1273 vaccine. Furthermore, a blood draw was required under the Emergency Use Authorization from the US Food and Drug Administration for a qualitative measure of the SARS-CoV-2 antibodies.

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