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 The world's largest maker of cancer drugs said group sales rose 2
percent to 11.78 billion Swiss francs ($12.5 billion), slightly
ahead of the average forecast of 11.57 billion given by analysts in
a Reuters poll.
A strong showing by new breast cancer therapies, Perjeta and Kadcyla,
helped offset the loss of exclusivity on chemotherapy drug Xeloda
and falling sales of hepatitis medicine Pegasys, which faces
increased competition.
The Basel-based firm has launched a string of new expensive cancer
drugs over the past two years, hoping that these improved versions
of its top-sellers will help defend its market share once copycat
versions of its older biotech medicines, known as "biosimilars", go
on sale.
Sales of Perjeta, a treatment for women with a particularly
aggressive form of breast cancer, more than tripled in the third
quarter to 245 million francs. Meanwhile Kadcyla sales more than
doubled to 144 million francs.
A study presented last month found Perjeta showed "unprecedented"
survival benefits when used on top of older medicine Herceptin and
chemotherapy.
The drugmaker's results were also supported by a strong showing by
flu medicine Tamiflu and rheumatoid arthritis drug Actemra, while
sales in its diagnostics division were up 7 percent.
J. Safra Sarasin analyst Chi Tran-Braendli, who has a 'buy' rating
on the stock, described the results as strong in what has been a
relatively difficult year for the company.
"Roche is not cheap, but it offers the most compelling and stable
growth story amongst peers," Braendli wrote in a note.
The company's share price, which has fallen by over 8 percent in the
past three weeks, was 0.4 percent higher at 259.8 Swiss francs by
5.14 a.m. EDT, when the Stoxx Europe 600 healthcare sector index was
down 0.5 percent.
Excluding the impact of the strong Swiss franc, Roche's
third-quarter sales rose 5 percent, in line with management's
forecast for low- to mid-single digit sales growth this year at
constant exchange rates.
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The company said it expects a negative currency impact of 3
percentage points on full-year sales if current exchange rates
persist. Some analysts have suggested a strengthening U.S. dollar
could add a positive tailwind for the fourth quarter.
Roche also confirmed its target for core earnings per share to grow
ahead of sales. It expects to increase its dividend from the 7.80
Swiss francs per share it paid out in 2013.
GREEN LIGHT FOR ESBRIET
The Swiss firm has also looked to diversify beyond oncology, buying
U.S. biotech InterMune for 8.3 billion euros in August to expand its
interest in respiratory medicines.
The company was given an additional boost after U.S. health
regulators approved InterMune's drug Esbriet, a treatment for
idiopathic pulmonary fibrosis on Wednesday.
Chief Executive Severin Schwan said Roche was confident about the
launch of Esbriet even though a rival product from privately-held
German drugmaker Boehringer Ingelheim was approved at the same time.
He also told reporters another deal the size of InterMune was
unlikely, but said Roche would continue to look out for targeted
bolt-on acquisitions.
(Editing by Greg Mahlich)
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