Roche shares fall on modest 2024 outlook
Roche shares fall on modest 2024 outlook
LONDON/FRANKFURT, Feb 1 (Reuters) – Roche (ROG.S) shares fell more than 4% on Thursday as the market expressed disappointed with the company’s more modest than expected 2024 outlook.
The Swiss drugs and diagnostic maker said on Thursday that group sales, which include diagnostics, would grow by a mid-single digit percentage, when adjusted for currency swings. But analysts said consensus forecasts were well above this, meaning investor expectations will have to come down.
The company said its results showed it was overcoming a slump in demand for its COVID-19 products and a decline in sales of a trio of established cancer drugs.
Sales in 2023 rose 1% when stripping out currency fluctuations but were down 7% in the group’s reporting currency Swiss francs, to 58.7 billion francs ($68 billion). That was slightly below analysts’ average estimate of closer to 60 billion francs, according to LSEG data.
Reuters
