Roche, the Swiss-based multinational drug maker, said its group sales for the first quarter fell to CHF14.4 billion ($15.8 billion) from CHF15.32 billion last year, a decline of 6%.
At constant exchange rates, quarterly sales increased 2% as strong demand for newer medicines as well as diagnostics products including immunodiagnostics, clinical chemistry tests and advanced staining solutions more than offset the anticipated decline in Covid-19-related sales and the impact of biosimilar/generic erosion.
After the latest quarter, the impact of the drop in Covid-19-related sales is largely over and there will be no further material impact on group sales.
Excluding Covid-19-related products, quarterly sales increased by 7%. Looking ahead for fiscal 2024, Roche still expects an increase in group sales in the mid single digit range at constant exchange rates. Core earnings per share are targeted to develop broadly in line with sales growth at constant exchange rates, excluding the impact from resolution of tax disputes in 2023.
The company expects to further increase its dividend in Swiss francs
