SOUTH SAN FRANCISCO (dpa-AFX) - Swiss drug major Roche (RHHBY) reported that its IFRS net income for the first half of 2024 decreased 11% to 6.70 billion Swiss francs from last year's 7.56 billion francs, mainly due to the impairment of product and technology intangible assets in the research or development phase following strategic decisions. In addition, the IFRS result was impacted by the base effect of the release of provisions related to litigations in the first half of 2023. IFRS net income for the period was down 4% at constant exchange rates or CER.
But core earnings per share for the period grew to 10.23 francs from 10.10 francs in the previous year.
Group sales for the first half of 2024 increased by 5% to 29.85 billion francs at constant exchange rates, while remaining stable in Swiss francs. Although the Swiss franc appreciated more slowly against most currencies, this affected the reported results unfavorably in Swiss francs compared to constant exchange rates.
The company raised its earnings outlook for the full year.
For fiscal year 2024, Roche expects an increase in Group sales in the mid single digit range at CER. It expects to further increase its dividend in Swiss francs.
The company now expects annual core earnings per share to grow in the high single digit range at CER, excluding the impact from the resolution of tax disputes in 2023. The company said in April that it expected core earnings per share to develop broadly in line with sales growth at constant exchange rates, excluding the impact from resolution of tax disputes in 2023.
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