Edited from annual report 2009 and “sales results for the 3rd Quarter of 2009”, company website and annual report.
Roche will continue with its strategy focussed around the combination of pharmaceuticals and diagnostics. In addition, it will continue to integrate the business operations from the recent merger (in March 2009) with Genentech.
“Following the merger agreement with Genentech and the rapid completion of the transaction, integration activities have been proceeding successfully and are already yielding substantial productivity gains,” says chief executive officer, Severin Schwan.
“The integration will be largely complete by the end of the year. As announced in September, from January 2010 a newly structured corporate executive committee will continue to implement Roche’s focused strategy built around the combination of pharmaceuticals and diagnostics,” says Schwan.
The company believes that the combination of Genentech and Roche’s late-stage product development, manufacturing and commercial operations will enable the company to “leverage its global scale, as well as achieving efficiencies”.
It is expected that the integration process will be “largely” completed by the end of 2009. In addition, from January 2010, a newly structured corporate executive committee will continue to implement Roche’s key strategy built around the combination of pharmaceuticals and diagnostics.
“Integration activities have been proceeding successfully and are already yielding substantial productivity gains,” says Schwan.
Pharmaceuticals
The company addresses “unmet” medical needs in therapeutic areas. They include oncology, virology, transplantation medicine and anaemia. One of its major goals is to be the leader in every area that it serves.
Taking the development of anticancer drugs to a new level is one of the core missions of its global research organisation. It has also made significant progress on projects to develop novel biotherapeutics for rheumatoid arthritis. Recent additions to its oncology portfolio include Avastin for colorectal cancer and Tarceva for lung cancer.
Roche's innovation strategy is built on a network that links its own in-house capabilities with those of Genentech, US and Chugai, Japan - its independently operating associated companies - and a broad array of licensing and alliance partners around the world.
Roche states that it is already “a major player in biotechnology” and is “poised to become even stronger”. It has already made major investments with biologics, which currently accounts for approximately half of Roche's revenues. It claims to be “the world's leading producer of therapeutic proteins and monoclonal antibodies”.
Diagnostics
Roche claims to be the only diagnostics company that supplies all market segments, from research institutions right through to consumers. To maintain faster-than-average growth, it is pioneering developments in new areas that promise significant medical benefit. Roche believes that developing medicines, tests and systems to meet the consumer needs will require “extensive know-how and sizeable investments”.
Outlook
Based on the sales results of the nine months of 2009, Roche raised its full-year outlook for 2009. The company now expects full-year sales in both divisions to grow well ahead of the market, with at least high single-digit sales growth for the Pharmaceuticals division.
The company is aiming for double-digit core earnings per share (EPS) growth in both 2009 and 2010 (at constant exchange rates). Due to what it states as being a “rapid progress” in integrating Genentech, Roche expects to see further productivity gains next year.
By 2011 the company aims to achieve pre-tax annual synergies of approximately Swiss francs (SF) 1bn. Based on the “strong operating free cash flow”, Roche expects to reduce debt progressively and to return to a net cash position by 2015 while maintaining its dividend outlook.
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See the article and analysis of the ICIS Top 100 on ICIS news.
Financial highlights: Roche, year ended 31 December
|
|
2008 |
2007 |
2006 |
2005 |
2004 |
|
Sales (CHF m) |
45,617 |
46,133 |
42,041 |
35,511 |
31,273 |
|
Operating Profit (CHF m) |
13,924 |
14,468 |
11,730 |
8,669 |
8,979 |
|
Net Profit (CHF m) |
10,844 |
11,437 |
9,171 |
6,866 |
6,641 |
|
Total Assets (CHF m) |
76,089 |
78,365 |
74,414 |
69,365 |
58,076 |
|
Diluted earnings per share (CHF) |
11.04 |
11.85 |
9.86 |
7.84 |
5.07 |
|
Number of Employees |
80,080 |
78,604 |
74,372 |
68,218 |
64,703 |
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Roche
Company Structure
Roche is one of the world's largest research-based healthcare groups. The company is involved in the discovery, development and manufacture of pharmaceuticals and diagnostic systems. The Roche group was founded in 1896.
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