Roche 2010 Net Profit Up 4% at CHF8.89Bln, Sales Drop 3%
February 02 2011 - 12:39AM
Dow Jones News
Swiss pharmaceutical company Roche Holding AG (ROG.VX) Wednesday
said net profit rose 4% in 2010 to CHF8.89 billion, with sales
declining 3% to CHF47.47 billion.
Roche expects group and drug sales to grow at low-single-digit
rates in local currencies and excluding flu drug Tamiflu, in line
with market growth.
MAIN FACTS:
-Group sales increase 5% in local currencies, excluding Tamiflu;
including Tamiflu, Group sales remain stable in local currencies at
47.5 billion Swiss francs.
-Growth momentum maintained throughout 4th quarter due to
continued uptake for Actemra, Herceptin, MabThera and
immunoassays.
-Core operating profit increases 7% in local currencies to 16.6
billion Swiss francs, core operating profit margin up by 1.7
percentage points to 34.9%; operating free cash flow of 14.1
billion Swiss francs underscores financial strength.
-Net income increases 4% to 8.9 billion Swiss francs despite
significant costs in connection with the 'Operational Excellence'
initiative.
-Core Earnings per Share 10% higher at constant exchange rates
and 4% higher in Swiss francs.
-Implementation of Operational Excellence on track; Group-wide
review of structures and processes aims to accelerate productivity
improvements and strengthen innovation capacity; cost savings of
2.4 billion Swiss francs from 2012 onwards; restructuring charges
of 2.7 billion Swiss francs, of which 1.3 billion Swiss francs were
included in the 2010 operating results.
-Board proposes a dividend increase of 10% to 6.60 Swiss francs,
the 24th consecutive year of dividend growth; this would increase
the payout ratio to 52%.
-Pharmaceuticals sales up 5% in local currencies, excluding
Tamiflu, above the global market. Major growth drivers are key
products for cancer, Actemra/RoActemra for rheumatoid arthritis and
Lucentis in ophthalmology.
-Core operating profit margin increases significantly, by 1.9
percentage points to 39.9%.
-Roche has made the decision to stop the development of
taspoglutide for type 2 diabetes and to return the product to
Ipsen.
-Zurich Bureau, Dow Jones Newswires; +41 43 443 8040;
zurichdjnews@dowjones.com
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