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Swiss pharmaceutical and diagnostics leader, developing cancer, immunology, and neuroscience drugs alongside lab and diagnostic testing equipment.
Swiss pharmaceutical and diagnostics leader, developing cancer, immunology, and neuroscience drugs alongside lab and diagnostic testing equipment.
Two businesses: prescription medicines, the larger, and diagnostics, which places testing machines with laboratories and then sells the chemicals used in every test, a recurring stream. Genentech is its US biotech arm. The Hoffmann and Oeri founding families hold the voting shares.
In one line: A Swiss Pfizer/Danaher hybrid (pharma + diagnostics).
Moat: wide (IP / patents, scale, regulatory licence). Deep oncology drug patent portfolio plus a diagnostics business few pharma peers also operate at scale.
Headquarters: Basel, Switzerland · Founded: 1896 · Employees: 112,774
Size Roche (RO.SW) is a Switzerland Health Care company (Pharmaceuticals: Major) with a market value of $385B, the largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 400.00 on 6 Nov 2026.
Performance Over six months the shares gained 21.8%, against +14.6% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 6th highest of 13 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +5.4%); the operating margin is 30.6% (peer median 28.8%).
Valuation It trades at 19.6× forward earnings against a peer median of 17.8× (4th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.6 points above its cost of capital (5.3% WACC).
Credit Roche has 22 bonds outstanding ($20.0B), rated AA by the agencies and trading like AA at a weighted spread of 60 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 60.9B | CHF 61.5B | CHF 60.5B | CHF 58.7B | CHF 63.3B |
| Revenue growth | — | +2% | +3% | -7% | — |
| Gross profit | CHF 44.3B | CHF 45.2B | CHF 44.5B | CHF 42.9B | CHF 44.4B |
| EBITDA | CHF 22.1B | CHF 22.7B | CHF 21.7B | CHF 19.8B | CHF 22.0B |
| Net income | CHF 12.3B | CHF 12.9B | CHF 8.28B | CHF 11.5B | CHF 12.4B |
| Free cash flow | CHF 14.8B | CHF 14.1B | CHF 15.7B | CHF 11.8B | CHF 14.4B |
| Capital expenditure | CHF 5.62B | CHF 5.78B | CHF 5.01B | CHF 4.65B | CHF 4.55B |
| Total debt | n/a | CHF 33.2B | CHF 36.4B | CHF 30.8B | CHF 26.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RO.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +8.3% | 5th highest of 13 |
| 6-month return | +21.8% | +14.6% | 6th highest of 13 |
| Distance from 52-week high | -3.8% | -6.7% | 3rd highest of 13 |
| Revenue growth (TTM) | -1.1% | +5.4% | 2nd lowest of 13 |
| Operating margin | 30.6% | 28.8% | 6th highest of 13 |
| Forward P/E | 19.6× | 17.8× | 4th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | 0.9% | 7th least demanding of 13 |
| Growth delivered (Del g) | +1.1% | +7.2% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | -0.2 pp | -7.1 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | +18.6 pp | +12.0 pp | 4th highest of 13 |
| EV / EBITDA | 15.4× | 15.1× | 6th most expensive of 12 |
| Net debt / EBITDA | 1.0× | 1.2× | 6th least indebted of 12 |
| Bond spread | 60 bp | 63 bp | 6th tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Roche RO.SW | Switzerland | $385B | +22% | -1% | 31% | 19.6× | 0.9% | +1.1% |
| Merck & MRK | United States | $362B | +33% | +5% | 18% | 17.4× | 4.1% | +9.3% |
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| AbbVie ABBV | United States | $515B | +45% | +11% | 36% | 18.4× | -0.1% | +6.0% |
| Johnson & Johnson JNJ | United States | $665B | +26% | +8% | 26% | 24.5× | 3.5% | +2.7% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Lilly (Eli) LLY | United States | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% | +21.6% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
Roche has 22 bonds outstanding with $20.0B face value. The agencies rate it AA; its bonds trade like AA. Weighted yield 4.93%, a spread of 60 bp over government bonds.