Roche Holding AG (RHHBY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to Roche's full year results webinar 2025. My name is Henrik and I'm the technical operator for today's call. Kindly note that the webinar is being recorded. I'd like to inform you that all participants are in listen-only mode during the call. After the presentation, there will be a question and answer session. You are invited to send in questions for this throughout the entire session using the Q&A functionality of Zoom. In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, just star nine on your phone's star pad. When you then get selected to ask your questions, please follow the instructions from the phone and press star six to unmute yourself. One last remark, if you'd like to follow the presented slides on your end as well, please feel free to go to roche.com slash investors to download the presentation. At this time, it's our pleasure to introduce you to Thomas Schienecker, CEO of Wash Group. Mr. Schienecker, the stage is yours. Thank you very much and good morning, good afternoon and good evening. I'm really, really excited to share with you the updates for the full year because we had an amazing fourth quarter, not only in terms of financial results, but also in terms of pipeline news. So let me get started on the normal overview slide. So group sales in 2025 grew with 7%. Pharma at 9%, diagnostics at 2%. Again, this was due to the China healthcare pricing reforms. Without that, diagnostics actually grew with 7% last year, with a very strong operating performance, with a core operating profit of plus 13%. in the cooperating margin plus 1.9 percentage points, in core EPS plus 11%. So you may ask, what's the difference between EPS and OP...