Slide 1: Slide 1
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 HY 2026 results
Roche HY 2026 results Basel, 23 July 2026
Slide 4: Group
Group Thomas Schinecker Chief Executive Officer
Slide 5: Performance, Portfolio progress, Outlook
Performance Portfolio progress Outlook
Slide 6: HY 2026: COP growth at +10% ahead of sales growth at +6%
HY 2026: COP growth at +10% ahead of sales growth at +6%* HY results all at CER ▪ Group sales growth +6%, Pharma +6% and Diagnostics +3% (still impacted by the healthcare pricing reforms in China) ▪ Strong bottom line performance with Core OP +10% and Core OP margin +1.7%p; Core EPS +9% ▪ LOE impact
Slide 7: HY 2026: Strong Pharma sales driving Group growth
HY 2026: Strong Pharma sales driving Group growth Sales impacted by low flu season and Diagnostics healthcare pricing reforms in China HY 2026 HY 2025 Change in % CHFbn CHFbn CHF CER Pharmaceuticals Division 23.6 24.0 -1 6 Diagnostics Division 6.7 7.0 -3 3 Roche Group 30.4 30.9 -2 ##### 6 CER: Const
Slide 8: HY 2026: Consistent strong growth
HY 2026: Consistent strong growth Sales impacted by low flu season and Diagnostics healthcare pricing reforms in China Group sales growth %CER +15% +10% +9% +9% +9% +9% +8% +8% +6% +6% +6% +5% +5% +2% +1% +2% +1% 0% COVID-19 pandemic Pandemic phase out Post-pandemic Base business: +1%* Base business
Slide 9: Key growth drivers of the Roche portfolio
Key growth drivers of the Roche portfolio Growth driven by a broad and diversified portfolio 2026 sales Diagnostics: Pathology Lab with strong +3% (CHFbn, YoY CER growth) growth; Core Lab growing despite China Phesgo: Conversion ongoing; HER2+ BC franchise healthcare pricing reforms to peak in 2026
Slide 10: Performance, Portfolio progress, Outlook
Performance Portfolio progress Outlook
Slide 11: Pharma: Continuous pipeline progress through partnering and M&A
Pharma: Continuous pipeline progress through partnering and M&A Addition of a BTK degrader with BIC potential through Nurix deal to strengthen oncology and beyond Onc/Heme, Ophthalmology Onc/Heme Onc/Heme Immunology CVRM CVRM CVRM CVRM Immuno & Neuro BTK Anti-TL1A siRNA CDKi Dual GLP- Long-acting Wn
Slide 12: Pharma: Up to 19 NMEs with launch potential by 2030
Pharma: Up to 19 NMEs with launch potential by 2030 Positive Ph III (KRASCENDO 1) divarasib in 2L+ KRAS G12C+ NSCLC; upcoming sefaxersen readout in IgAN afimkibart 0.5-1bn peak sales 1-2bn peak sales enicepatide** IBD, Atopic derm, RA, MASH >3bn peak sales Obesity +/- T2D 2-3bn peak sales sefaxersen
Slide 13: Diagnostics: Key Business Development across Customer Areas
Diagnostics: Key Business Development across Customer Areas PathAI acquisition* to expand pathology portfolio; recent deals to strengthen oncology ecosystem * Molecular Lab Molecular Lab Molecular Lab Molecular Lab Molecular Lab Pathology Lab Near Patient Care Sequencing-by- Ultra-rapid PCR Syndromi
Slide 14: Diagnostics: Key technology launches driving future growth
Diagnostics: Key technology launches driving future growth AXELIOS 1 sequencing solution launched in June 2026 Key platform launches Selected assays cobas Lp(a) Gen 2 Near Patient Care Core Lab Molecular Lab Cardiovascular risk Elecsys hs-TnT Gen 6 Acute coronary syndrome Accu-Chek SmartGuide cobas
Slide 15: Performance, Portfolio progress, Outlook
Performance Portfolio progress Outlook
Slide 16: 2026 guidance confirmed
2026 guidance confirmed LOE impact of roughly CHF 0.6bn expected for 2026 Group sales growth1 Mid single digit sales growth Core EPS growth1 High single digit Core EPS growth Dividend outlook Further increase dividend in Swiss francs 1. At CER: Constant exchange rates (avg. full year 2025); LOE: Los
Slide 17: Finance
Finance Alan Hippe Chief Financial Officer
Slide 18: Results, Cash & balance sheet, Currency guidance & outlook
Results Cash & balance sheet Currency guidance & outlook
Slide 19: HY 2026: Group performance
HY 2026: Group performance Sales increase of +6% and Core EPS increase of +9% at CER 2026 2025 Change in % CHFm CHFm CHF CER Sales 30,364 30,944 -2 +6 Core operating profit 11,856 12,010 -1 +10 as % of sales 39.0 38.8 Core net income 9,216 9,319 -1 +11 as % of sales 30.4 30.1 Core EPS (in CHF) 10.85
Slide 20: HY 2026: Group sales growth +6%
HY 2026: Group sales growth +6% Business growth exceeding impact of healthcare pricing reforms in China and LOE +6% at CER CHFm +359 +1,697 -244 -131 -2,261 30,944 30,364 HY 2025 Pharma LOE Dia China Fx HY 2026 (excl. LOE) (excl. China) healthcare pricing reforms Totals may include differences due t
Slide 21: HY 2026: Group core operating profit
HY 2026: Group core operating profit Core operating profit up +10%, driven by higher sales and effective cost management 2026 2026 vs. 2025 CHFm Abs. CERm CER growth Sales 30,364 +1,681 6% Other revenue 1,088 +258 29% Cost of sales -7,673 -391 5% R&D -5,765 -66 1% SG&A -6,370 -221 3% OOI&E 212 -87 -
Slide 22: HY 2026: Core operating profit and margin
HY 2026: Core operating profit and margin 52.2% 53.0% % of sales +2.0%p¹ 38.8% 39.0% +1.7%p¹ 18.0% 17.5% +10%¹ CHFm +10%¹ +0.6%p¹ 12,522 12,532 12,010 11,856 +6%¹ 2025 2026 1,250 1,180 Roche Group Pharma Division Diagnostics Division Note: Group core operating profit includes -1.9bn from Corporate (
Slide 23: HY 2026: Core net financial result
HY 2026: Core net financial result Improvement mainly driven by higher gains on equity securities CHFm ▪ Net financial result improved by +42m / -7% at CER ▪ Interest expenses1 stable at CER -729 -687 +43 -82 +96 -15 HY 2025 Equity Net interest Interest Other HY 2026 securities income expenses1 1. I
Slide 24: HY 2026: Core tax rate
HY 2026: Core tax rate Tax rate stable compared to HY 2025 17.4% +0.1% 17.5% Effective tax rate Effective tax rate HY 2025 HY 2026 All at reported exchange rates 24
Slide 25: HY 2026: Core EPS
HY 2026: Core EPS Increase in operations partially offset by lower gains on product disposals +9.3% 11.71 -1.0%p +0.4%p -0.3%p -2.1%p +12.3%p 10.72 HY 2025 Operations1 Product disposals Financial Effective tax All other effects HY 2026 & disposal of income/expense rate change subsidiaries All at CER
Slide 26: HY 2026: Non-core and IFRS income
HY 2026: Non-core and IFRS income Non-core items up vs. PY mainly due to higher impairment of intangible assets 2026 2025 Var. at Change in % CHFm CHFm CERm CHF CER Core operating profit 11,856 12,010 +1,173 -1 +10 Global restructuring plans -765 -1,023 +222 Amortisation of intangible assets -391 -3
Slide 27: Results, Cash & balance sheet, Currency guidance & outlook
Results Cash & balance sheet Currency guidance & outlook
Slide 28: HY 2026: Group operating free cash flow
HY 2026: Group operating free cash flow OFCF up by +21% mainly driven by higher cash operating profit, partly offset by NWC movement CHFm -434 +25 +144 +1,446 -625 6,889 OFCF up by +21% (+1,180m at CER) 6,264 5,708 HY 2025 OP, net of cash NWC Investments Investments HY 2026 Foreign HY 2026 (CER) adj
Slide 29: HY 2026: Operating free cash flow and margin
HY 2026: Operating free cash flow and margin % of sales 47.7% 49.2% 35.6% 35.7% 35.5% +1.9%p¹ 34.4% 19.8% 20.6% +1.6%p¹ +1.9%p¹ +2.7%p¹ +13%¹ -3.3% 0.2% +11%¹ 16.8% 14.4% CHFm +13%¹ 8,533 23,440 8,428 +4.8%p¹ 21,833 22,014 -1.1%p¹ 20,823 +21%¹ 6,114 6,264 -¹ 2025 2026 14 -4%¹ 2024 2025 2,402 -232 1,
Slide 30: HY 2026: Group net debt development
HY 2026: Group net debt development Net debt higher by CHF -5.9bn vs. YE 2025 Free cash flow CHF +4.2 CHFbn Dividends paid -8.3 -16.2 Trans. own eq. inst. -0.6 M&A & all. trans. -0.4 -2.1 Curr. transl. & oth. -0.8 -22.1 +6.3 Taxes -1.6 Treasury -0.5 -10.1 Net debt Operating Non-operating Dividends,
Slide 31: Balance sheet 30 June 2026
Balance sheet 30 June 2026 Equity ratio at 37% (31 Dec 2025: 38%; 30 Jun 2025: 35%) % change in CER % change in CER CHFbn vs. 31 Dec 2025 vs. 31 Dec 2025 Cash and 100.7 -3% 100.7 -3% 98.2 98.2 marketable 15.5 9.7 -36% securities 15% 10% Current 28.0 28.8 +2% Other liabilities 28% 25.7 29% current 23
Slide 32: Results, Cash & balance sheet, Currency guidance & outlook
Results Cash & balance sheet Currency guidance & outlook
Slide 33: Expected 2026 currency impact
Expected 2026 currency impact USD / CHF Assumed avg. YTD 2026 -13% -9% -6% -4% 0.90 Assuming the 30 June 2026 exchange rates remain stable 0.86 0.84 0.83 until the end of 2026. 0.78 0.79 2026 impact1 is expected to be (%p): 0.79 0.80 Q1 Q2 Q3 Q4 0.79 0.77 0.79 0.79 0.78 0.80 0.81 0.81 0.81 0.81 0.81
Slide 34: 2026 guidance confirmed
2026 guidance confirmed LOE impact of roughly CHF 0.6bn expected for 2026 Group sales growth1 Mid single digit sales growth Core EPS growth1 High single digit Core EPS growth Dividend outlook Further increase dividend in Swiss francs 1. At CER: Constant exchange rates (avg. full year 2025); LOE: Los
Slide 35: Pharmaceuticals Division
Pharmaceuticals Division Teresa Graham CEO Roche Pharmaceuticals
Slide 36: HY 2026: Pharmaceuticals sales
HY 2026: Pharmaceuticals sales All regions delivering growth HY 2026 HY 2025 Change in % CHFm CHFm CHF CER Pharmaceuticals Division 23,629 23,985 -1 6 United States 12,229 12,670 -3 6 Europe 4,520 4,566 -1 1 Japan 1,360 1,425 -5 11 International 5,520 5,324 4 ##### 10 CER: Constant exchange rates (a
Slide 37: HY 2026: Pharmaceuticals core operating profit
HY 2026: Pharmaceuticals core operating profit Core operating profit growing ahead of sales with +10%, driven by effective cost management 2026 2026 vs. 2025 CHFm Abs. CERm CER growth Sales 23,629 +1,453 6% Other revenue 965 +168 20% Cost of sales -4,231 -217 5% R&D -4,895 -40 Includes shift of CHF
Slide 38: HY 2026: Diversified set of key growth drivers
HY 2026: Diversified set of key growth drivers Xolair remaining top growth driver, closely followed by Ocrevus and Hematology franchise Xolair 27% Hemlibra 11% Ocrevus 7% Phesgo 18% Vabysmo 8% Evrysdi 17% Polivy 20% Tecentriq 6% Columvi 70% Itovebi 212% Elevidys 62% Lunsumio 130% Alecensa 6% Enspryn
Slide 39: Oncology growth driven by Phesgo and Tecentriq
Oncology/Hematology Oncology growth driven by Phesgo and Tecentriq Giredestrant: lidERA PDUFA set for 30th Nov; positive Ph III for divarasib in 2L+ KRAS G12C+ NSCLC Q2 update Itovebi ▪ Phesgo: Global conversion rate at 54%* CHF 104m / +74% Others CHF 279m / -9% ▪ Perjeta: Conversion to Phesgo ongoi
Slide 40: Divarasib in 2L+ NSCLC: Superiority in PFS and OS vs. SoC
Oncology/Hematology Divarasib in 2L+ NSCLC: Superiority in PFS and OS vs. SoC Potentially best-in-class KRAS G12C inhibitor; strong divarasib activity in 1L NSCLC in combination with pembro Ph II KRASCENDO 170 efficacy1 Roche RAS-targeted pipeline PD-L1 Positive Cohort, 400mg (N=59)* Molecule Indica
Slide 41: Polivy expanding strong global position in 1L DLBCL
Oncology/Hematology Polivy expanding strong global position in 1L DLBCL (IPI 0-5) Lunsumio in 2L+ DLBCL (SUNMO) with US PDUFA set for 9th Feb Q2 update Lunsumio Columvi CHF 100m / +130% ▪ Hemlibra: Continued global growth; increasing adoption in non- CHF 196m / +70% inhibitor patients PiaSky MabTher
Slide 42: Bexobrutideg: Potential BIC BTK-targeted therapy
Oncology/Hematology Bexobrutideg: Potential BIC BTK-targeted therapy Broad development program in Hematology; ongoing expansion to Neurology and Immunology indications Bexobrutideg (BTK degrader) Development program TA Indication Ph I Ph I Ph II Ph II Ph III Ph III Status 3L+ CLL DAYBreak CLL-201 On
Slide 43: Ocrevus: Global growth driven by SC
Neurology Ocrevus: Global growth driven by SC Ocrevus Zunovo is the fastest growing aCD20 MS treatment in the US Q2 update Elevidys Others ▪ Ocrevus: ~44,000 patients on Ocrevus SC globally with CHF 180m / +62% significant momentum vs. Q1 CHF 157m / -21% Enspryng CHF 195m / +22% ▪ US: ~60% of SC vol
Slide 44: Xolair driving overall Immunology growth
Immunology Xolair driving overall Immunology growth Gazyva: US & EU filing for MN achieved with PDUFA set for 15th Nov; US PDUFA in INS set for 27th Sep Q2 update ▪ Xolair: Growth driven by food allergy Others CHF 402m / -5% Actemra ▪ Food allergy: >130,000 patients treated since launch CHF 1,074m /
Slide 45: Gazyva: Potential to become first approved treatment for MN
Immunology Gazyva: Potential to become first approved treatment for MN Gazyva demonstrated superiority over tacrolimus in CR at week 104; all Gazyva indications filed in US & EU Ph III (MAJESTY) in MN results1,2 Development program Primary endpoint: CR3 (UPCR ≤0.3 g/g and stable eGFR (≥85% of baseli
Slide 46: Vabysmo with continued global market share expansion
Ophthalmology Vabysmo with continued global market share expansion Enspryng in TED US filing and priority review achieved with PDUFA set for 15th Oct Q2 update Susvimo Others ▪ Vabysmo: Continued global growth and market share gains CHF 9m / +109% CHF 39m / -44% ▪ US: >60% of patient starts are naïv
Slide 47: Vabysmo: Expecting continued global market share gains
Ophthalmology Vabysmo: Expecting continued global market share gains Strong, consistent clinical and real-world data on anatomic outcomes and durability across indications ASRS PAT survey: Anatomic outcomes and durability in AMD, DME & RVO1 Global growth outlook Q: Which IVT injection delivers the b
Slide 48: CVRM pipeline progressing
Cardiovascular, Renal & Metabolism CVRM pipeline progressing Ph II data for enicepatide and petrelintide shared at ADA; pipeline progressing towards late-stage Clinical development Q2 update ▪ Enicepatide: Ph II (103) data in obesity presented at ADA Asset Indication Ph I Ph II Ph III ▪ Petrelintide
Slide 49: Enicepatide: Potential for BIC weight loss
Cardiovascular, Renal & Metabolism Enicepatide: Potential for BIC weight loss Broad Ph III development program in obesity, T2D and CVOT with additional trials under evaluation Ph II (103) results in overweight/obesity1 Weight loss (efficacy estimand) Weight reduction thresholds (at 48 weeks) Placebo
Slide 50: 2026: Key newsflow outlook
2026: Key newsflow outlook* Giredestrant + everolimus (post CDKi ER+/HER2- mBC) filed in US; 5 FDA priority reviews achieved Compound Indication Milestone giredestrant adjuvant ER+/HER2- early BC US/EU filing (US) giredestrant + everolimus post CDKi ER+/HER2- mBC EU filing/US approval Gazyva SLE US/
Slide 51: Diagnostics Division
Diagnostics Division Matt Sause CEO Roche Diagnostics
Slide 52: HY 2026: Diagnostics sales
HY 2026: Diagnostics sales Diagnostics growing at +3%, impacted by China healthcare pricing reforms HY 2026 HY 2025 Change in % CHFm CHFm CHF CER Diagnostics Division 6,735 6,959 -3 3 Core Lab 3,756 3,839 -2 4 Molecular Lab 1,196 1,250 -4 3 Near Patient Care 909 1,018 -11 -5 Pathology Lab 874 852 3
Slide 53: HY 2026: Diagnostics highlights
HY 2026: Diagnostics highlights Diagnostics growing at +3%, impacted by China healthcare pricing reforms CHFbn YoY CER growth ▪ Immunodiagnostics (+4%) Core Lab +4% ▪ Clinical chemistry (+7%) Molecular Lab +3% ▪ Transplant (+18%) Near Patient ▪ BGM (+3%) -5% ▪ Liat POC MDx (-20%) Care EMEA North Ame
Slide 54: HY 2026: Diagnostics regional sales
HY 2026: Diagnostics regional sales North America +8% EMEA ~33% of divisional sales +3% ~37% of divisional sales Asia Pacific Latin America -5% +10% ~22% of divisional sales ~8% of divisional sales Growth rates at constant exchange rates (avg. full year 2025); EMEA: Europe, Middle East and Africa 54
Slide 55: HY 2026: Diagnostics core operating profit
HY 2026: Diagnostics core operating profit Core operating profit higher by +6%, driven by higher sales and other revenue 2026 2026 vs. 2025 CHFm Abs. CERm CER growth Sales 6,735 +228 3% Other revenue 123 +90 256% Cost of sales -3,442 -173 5% R&D -870 -27 Includes shift of CHF ~24m 3% (CER) to Corpor
Slide 56: AXELIOS 1 Sequencing platform launch
AXELIOS 1 Sequencing platform launch AXELIOS 1 delivers world-record speed, high accuracy, and multi-modal flexibility Performance1 Key partners SBX-duplex (SBX-D) output ≥ 1.8 Tb (concordant duplex bases per 4 hr run) SBX-D Mean insert length2 ~ 230 to 260 bp Accuracy3 ~ Q38 (concordant duplex base
Slide 57: PathAI acquisition
PathAI acquistion1 Expanding our pathology portfolio with the best-in-class digital pathology solution Roche Diagnostics oncology ecosystem2 PathAI overview ▪ PathAI is an AI-powered precision pathology company Early Precise Therapy Disease Detection Diagnosis Selection Monitoring ▪ Its core offerin
Slide 58: Elecsys pTau217
Elecsys® pTau217 First blood-based biomarker to rule in and rule out Alzheimer’s pathology in primary care Elecsys® pTau217 Market needs and opportunity ▪ Alzheimer's is the leading cause of dementia, a condition projected to affect 80m people by 20301 100% ▪ Diagnosis takes three years after sympto
Slide 59: Elecsys IGRA TB
Elecsys® IGRA TB Entering the attractive latent TB segment and strengthening Roche's Infectious Disease offering 46TH ANNUAL CONGRESS Elecsys® IGRA TB Market needs and opportunity ▪ ~25% of the global population may have been infected with the bacteria that cause TB7 ▪ Expanding access to diagnostic
Slide 60: Diagnostics key launches 2026
Diagnostics key launches 2026 Area Product Description Market Status Molecular Novel high-throughput solution for ultra-rapid, scalable, and flexible sequencing powered by Sequencing by Systems Lab AXELIOS 1 Sequencing Solution Expansion (SBX) technology Global Non-invasive blood-based biomarker to
Slide 61: IR events in 2026
IR events in 2026 Additional events driven by readouts Neurology Update Diagnostics Day Oncology Update CVRM Update Pharma Day 22 Apr 12 May 2 Jun 8 Jun 28 Sep ▪ MS franchise update at ▪ Group and Diagnostics ▪ Oncology franchise ▪ Obesity franchise update ▪ Update on Pharma AAN division strategy up
Slide 62: Doing now what patients need next
Doing now what patients need next
Slide 63: Changes to the development pipeline
Changes to the development pipeline Q2 2026 update New to phase I New to phase II New to phase III New to registration 4 NMEs: 3 NMEs: 3 NMEs: 2 AIs: RG6697 NME - DME RG6596 HER2 TKI (ZN-1041) – 2L+ HER2+ mBC RG6512 zemocimig (NXT007) – hemophilia A RG7159 Gazyva - membranous nephropathy RG6852 NME
Slide 64: Roche Group development pipeline
Roche Group development pipeline Phase I (37 NMEs + 6 AIs) Phase II (12 NMEs + 6 AIs) RG6026 Columvi monotherapy + combos heme tumors Muco-obstructive RG6114 Itovebi + enzalutamide CRPC RG6421 TMEM16A potentiator RG6171 giredestrant monotherapy + combos solid tumors respiratory disease RG6114 Itoveb
Slide 65: Roche Group development pipeline
Roche Group development pipeline Phase III (14 NMEs + 21 AIs) Registration US & EU (2 NMEs + 7 AI) RG3502 Kadcyla + T HER-2+ eBC high-risk RG6149 astegolimab COPD giredestrant + post-CDK4/6 ER+/HER2- BC RG6013 Hemlibra Type 3 VWD RG62992 sefaxersen (ASO factor B) IgA nephropathy RG6171 everolimus† C
Slide 66: Expected regulatory submissions
Expected regulatory submissions* New Molecular Entities: Lead and additional indications New Molecular Entity (NME) Cardiovascular, Renal & Metabolism Additional Indication (AI) Neurology Oncology / Hematology Ophthalmology Immunology Other *Filing timelines reflect the anticipated filing of a poten
Slide 67: Expected regulatory submissions
Expected regulatory submissions* Marketed products: Additional indications New Molecular Entity (NME) Cardiovascular, Renal & Metabolism Additional Indication (AI) Neurology Oncology / Hematology Ophthalmology Immunology Other *Filing timelines reflect the anticipated filing of a potential indicatio
Slide 68: Major pending approvals 2026
Major pending approvals 2026 US EU China Japan-Chugai giredestrant + everolimus Tecentriq giredestrant Tecentriq RG6171 post-CDK4/6 ER+/HER2- BC RG7446 stage III dMMR/MSI-H colon cancer RG6171 ER+ BC adj RG7446 ctDNA+ high-risk MIBC Filed December 2025 Filed July 2026 Filed April 2026 Filed January
Slide 69: Major granted approvals 2026
Major granted approvals 2026 US EU China Japan-Chugai Tecentriq Polivy + chemo Lunsumio + Polivy RG7446 ctDNA+ high-risk MIBC RG7596 r/r DLBCL RG7828 r/r large B-cell lymphoma May 2026 March 2026 March 2026 Alecensa RG7853 ALK+ solid tumors May 2026 Avastin RG435 neurofibromatosis Type 2 June 2026 N
Slide 70: Doing now what patients need next
Doing now what patients need next