Roche posts results for first half of 2008

Roche has revealed group sales, excluding Tamiflu pandemic sales, increased ten per cent in local currencies during the first half of the year to 22 billion Swiss francs (10.8 billion pounds).

With Tamiflu pandemic sales included, there was a four per cent rise.

The group’s net income totalled 5.7 billion Swiss francs with the margin rising to 26 per cent.

Commenting on the results, chief executive officer Severin Schwan said: “Sales of our cancer portfolio and other key products in Pharma and Diagnostics are the main contributors to the strong performance.”

In the first half of 2008, Roche claims the pharmaceuticals division continued to perform well with growth of the underlying business compensating for the anticipated decline in pandemic sales of Tamiflu to corporations and governments.

Meanwhile, the Diagnostics Division?s sales topped 4.7 billion Swiss francs, with immunochemistry and DNA sequencing products proving major growth drivers.

Roche is also confident about the rest of the year.

It predicts a high single-digit rise in group sales with above-market sales growth in both its pharmaceuticals and diagnostics divisions, excluding Tamiflu pandemic sales to corporations and governments.

This comes as Roche has offered to acquire all outstanding shares of Genentech for $89 per share in cash.