Roche Holding Ltd · SIX:RO
Roche — ZKB Swiss Equity Conference 2025
26 slides from Roche's conference presentation, Nov 6, 2025
Slide 1: Roche
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, str
Slide 3: Roche Update
Roche Update Alan Hippe | CFO Roche Group ZKB Swiss Equity Conference 6 November 2025
Slide 4: Business update
Business update Progress on R&D excellence and portfolio Obesity/ CVRM Latest news flow / Outlook
Slide 5: Roche delivered consistent growth throughout the last decade
Roche delivered consistent growth throughout the last decade Increased diversification with 17 blockbusters in Pharma CAGR at CER* 70 +5% Sales 60 +8% Core EPS Ronapreve 50 Sales in CHFbn (CER) 40 Pharma 30 20 Avastin, Herceptin, MabThera/Rituxan Dia COVID-19 10 Diagnostics 2015 2016 2017 2018 2019
Slide 6: A solid base to deliver long-lasting future growth
A solid base to deliver long-lasting future growth Emerging pipeline complemented by business development to add significant upside potential illustrative Business development ▪ BD to accelerate pipeline rejuvenation ▪ In-house pipeline with upside potential Pharma pipeline ▪ Today’s on-market Pharm
Slide 7: Key growth drivers of the Roche portfolio
Key growth drivers of the Roche portfolio All therapeutic areas delivering strong growth; Diagnostics impacted by healthcare pricing reforms in China Diagnostics: Molecular Lab and YTD Sep 2025 sales Pathology Lab with strong growth; Core (CHFbn, YoY CER growth) Lab impacted by China healthcare +1%
Slide 8: 2025 guidance raised
2025 guidance raised LOE impact of CHF 0.8bn (CER, updated from CHF 1.0bn) expected for 2025 Group sales growth1 Mid single digit sales growth High single digit to low double digit Core EPS growth Core EPS growth1 (from high single digit growth) Dividend outlook Further increase dividend in Swiss fr
Slide 9: Progress on R&D excellence and portfolio
Business update Progress on R&D excellence and portfolio Obesity/ CVRM Latest Newsflow / Outlook
Slide 10: Further pipeline progression through 89bio acquisition
Further pipeline progression through 89bio acquisition* Prioritization of high-impact projects while increasing the total portfolio value Portfolio evolution (NME additions / removals) Portfolio value Average peak sales per pipeline project, CHF bn1 8 -8 +57% 81 4 -3 1 FGF21 analog -5 in MASH* 3 -4
Slide 11: Significant progress made on Ten-Year Pharma Ambition
Significant progress made on Ten-Year Pharma Ambition Pharma Ambition Value Innovation Access Ten-Year Ambition 20 +40% 80% +200% +55% Total +9%p vs FY ‘23 portfolio value +26% 67% 10 +40% 10 transformative +55% avg. peak sales per 67% late-stage projects +40% more patients medicines1 launched pipel
Slide 12: Our cumulative impact (2024 - YTD 2025)
Our cumulative impact (2024 - YTD 2025) Added 29 assets total from early CHF +0.45bn1 average peak year sales Team-assessed Ph III PTS has increased R&D and high-value partnerships across late-stage portfolio since R&D Excellence roll-out (+12 in 2025) Success Volume Value rate Effectiveness R&D Exc
Slide 13: 10 NMEs new to Ph III in 2025
10 NMEs new to Ph III in 2025 5 Ph III decisions taken in Q3: CT-388, CT-868, zilebesiran, cevostamab and HER2 TKI NXT007 in cevostamab in HER2 TKI in trontinemab in prasinezumab in zosurabalpin in zilebesiran in CT-388 in CT-868 in pegozafermin in hemophilia A R/R MM HER2+ BC AD PD MDR bacterial in
Slide 14: Up to 19 NMEs with launch potential by 2030
Up to 19 NMEs with launch potential by 2030 0.5-1bn peak sales 1-2bn peak sales afimkibart 2-3bn peak sales >3bn peak sales CT-388 IBD, AtD, AD, RA, MASH Obesity +/- T2D sefaxersen CT-868 IgAN T1D with BMI ≥25 zosurabalpin CT-996 Bacterial infections Obesity +/- T2D petrelintide* vamikibart Obesity
Slide 15: Roche Diagnostics: Key technologies to drive future growth
Roche Diagnostics: Key technologies to drive future growth New SBX data at ASHG, including GUINNESS WORLD RECORDSTM title for fastest DNA sequencing technique AXELIOS 1: Roche sequencing solution Accu-Chek® SmartGuide cobas® i601 Mass Spec Molecular Lab Near Patient Care Core Lab Roche sequencing so
Slide 16: Obesity / CVRM
Business update Progress on R&D excellence and portfolio Obesity/ CVRM Latest news flow / Outlook
Slide 17: Obesity is a major risk factor for a range of diseases
Cardiovascular, Renal & Metabolism Obesity is a major risk factor for a range of diseases >220 complications and comorbidities are associated with Obesity1 Metabolic disease ▪ Metabolic syndrome ▪ Associated diseases (T2D, HF, dyslipidemia, MASH) Cardiovascular disease* ▪ Hypertension Atherosclerosi
Slide 18: Our capabilities strongly position us to deliver in Obesity
Cardiovascular, Renal & Metabolism Our capabilities strongly position us to deliver in Obesity Best-in-disease Synergies across Manufacturing Global commercial End-to-end potential TAs and supply chain footprint patient journey Multiple pipeline assets with Leverage potential of Robust manufacturing
Slide 19: Diverse patient needs will lead to increased market segmentation
Cardiovascular, Renal & Metabolism Diverse patient needs will lead to increased market segmentation Physicians expect new therapies to improve weight-related comorbidities Roche internal KOL survey results Obesity market outlook by segment and drug class Expectation for upcoming treatments by freque
Slide 20: Our near-term portfolio offers a strong foundation
Cardiovascular, Renal & Metabolism Our near-term portfolio offers a strong foundation Our differentiation potential relies on the breadth of options to address patient needs Tolerability Ceiling effect on weight loss e.g. nausea/emesis is a main driver for discontinuation e.g., weight loss plateaus
Slide 21: Latest news flow / Outlook
Business update Progress on R&D excellence and portfolio Obesity/ CVRM Latest news flow / Outlook
Slide 22: Gazyva: Positive Ph III results in INS and SLE
Immunology Gazyva: Positive Ph III results in INS and SLE Ph III (REGENCY) in LN: US approval achieved on October 20th Gazyva (anti-CD20 mAb) Ph III (REGENCY) results in lupus nephritis B cell depletion vs 60 Treatment Difference 1 Rituxan4 Primary Endpoint: CRR at Week 13.4% (95% CI: 2.0 to 24.8) 7
Slide 23: 2025: Fenebrutinib in PPMS and PiaSky in aHUS still to come
2025: Fenebrutinib in PPMS and PiaSky in aHUS still to come Compound Indication Milestone Itovebi + palbociclib + fulvestrant 1L PIK3CA-mut HR+ BC EU approval Columvi + GemOx 2L+ DLBCL US/EU approval / (US/EU) Lunsumio SC 3L+ FL US approval/EU filing (EU filing) Elevidys DMD EU approval Regulatory G
Slide 24: 2026: Key newsflow outlook
2026: Key newsflow outlook* Compound Indication Milestone Lunsumio + Polivy 2L+ DLBCL US approval giredestrant + everolimus post CDKi ER+/HER2- mBC US/EU filing/ US approval Susvimo nAMD EU approval Regulatory Susvimo DME EU filing vamikibart UME US/EU filing divarasib 2L KRASG12C+ NSCLC Ph III KRAS
Slide 25: Consensus outlook 2024-29
Consensus outlook 2024-29* Growth driven by our young on-market portfolio; potential pipeline up-side Biosimilar gap (24-29) Consensus sales growth (24-29) Potential up-side 2026+ CHF Vabysmo 2.5bn Itovebi 1.1bn Ronapreve 015 bn Lucentis 0.1bn Polivy 1.0bn Assets with low to no coverage in Columvi 0
Slide 26: Doing now what patients need next
Doing now what patients need next