Roche reported first-quarter sales of CHF15.14bn, up 2% from the same period in 2019. This easily beat analysts’ consensus estimates of CHF14.65bn. A strong Swiss franc reduced Roche’s group revenue growth in constant currencies from 7%. In Swiss franc terms, the sales growth in Roche’s pharmaceuticals and diagnostics divisions were 3% and -1%, respectively. In a bullish move, Roche maintained its full-year 2020 sales and core earnings guidance, and confirmed further dividend increases. This contrasts with many other companies where financial guidance has either been reduced or withdrawn, and dividends cancelled due to the coronavirus pandemic. (In a further bullish, although perhaps premature statement, Roche noted that its “business had so far proved resilient in this difficult environment.”
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