On July 24, Roche announced its financial results for the first half of 2025. Total revenue for h1 reached CHF 30.944 billion (approximately USD 36.025 billion, based on the 2025 average exchange rate of 1 CHF = 1.1642 USD), marking a 7% year-over-year growth at constant exchange rates (CER). R&D investment totaled CHF 6.074 billion (around USD 7.071 billion), accounting for about 20% of total revenue.
The pharmaceutical division recorded CHF 23.985 billion in revenue (+10%, approx. USD 27.923 billion), with China contributing CHF 1.702 billion (+9%, approx. USD 1.981 billion). Diagnostics revenue remained flat at CHF 6.959 billion (approx. USD 8.102 billion), with China revenue at CHF 914 million (-26%, approx. USD 1.064 billion). Combined revenue from both divisions in China totaled CHF 2.616 billion (approx. USD 3.045 billion), down from CHF 2.882 billion (approx. USD 3.256 billion) in the same period last year.
In Roche’s core pharmaceutical segments, oncology remained stable (+2%), while hematology (+19%), neuroscience (+10%), immunology (+14%), and ophthalmology (+17%) all achieved double-digit growth.
The oncology segment continues to feel the pressure from the decline of the "big three" drugs. Unfortunately, Perjeta (pertuzumab) lost patent protection in the US and Europe in 2023 and 2024, respectively. Biosimilars are beginning to erode its market share, with h2 revenue down 12% to CHF 1.613 billion (approx. USD 1.878 billion).
However, the HER2 combination therapy Phesgo (pertuzumab and trastuzumab for subcutaneous injection) posted strong growth, up 55% year-over-year to CHF 1.197 billion (approx. USD 1.394 billion), becoming a key driver offsetting the slowdown in the oncology segment. Other next-gen oncology products are gaining traction, such as PI3Kα inhibitor Itovebi (inavolisib), which generated CHF 36 million (approx. USD 42 million) in h2 following US approval last year and Chinese approval in March this year.
Hematology revenue surged, mainly due to strong sales of the CD79b ADC drug Polivy (polatuzumab vedotin), the CD3/CD20 bispecific antibody Columvi (glofitamab), and Lunsumio (mosunetuzumab). The innovative use of Polivy in first-line treatment of diffuse large B-cell lymphoma (DLBCL) contributed CHF 730 million (+46%, approx. USD 850 million) in sales.
The phase III SUNMO trial evaluating Polivy combined with Lunsumio for second-line treatment of large B-cell lymphoma (LBCL) met its primary endpoint in h2. Roche plans to file for an expanded indication, potentially unlocking further growth.
Columvi also showed strong momentum, with sales growing 88% to CHF 123 million (approx. USD 143 million) after approval for second-line DLBCL treatment in the US, EU, and China. However, the FDA recently issued a rejection for the indication due to a low proportion of US patients in the phase III trial.
In contrast, Lunsumio posted more modest growth with CHF 48 million (+33%, approx. USD 56 million) in h2 sales. A subcutaneous formulation of Lunsumio is expected to be approved by the end of this year, offering new potential for growth.
Ocrevus (ocrelizumab), Roche’s best-selling neuroscience drug, is entering a plateau phase with h2 sales at CHF 3.506 billion (+8%, approx. USD 4.082 billion). To maintain market share, Roche launched a subcutaneous version in 2024 and is exploring higher doses (1200mg or 1800mg). However, the high-dose version failed to outperform the low-dose in the phase III MUSETTE trial.
In immunology, Xolair (omalizumab) remains the main growth engine, with h2 revenue up 34% to CHF 1.445 billion (approx. USD 1.682 billion), aided by its new approval for food allergy. The drug, however, will face biosimilar competition starting next year.
Vabysmo (faricimab), a bispecific antibody in ophthalmology, continues to deliver impressive growth with its once-every-four-month injection schedule. It climbed to third place on Roche’s best-selling list in just two years. h2 revenue reached CHF 2.067 billion (+18%, approx. USD 2.406 billion), trailing Hemlibra (emicizumab) by less than CHF 400 million, with a chance to move up in the rankings by year-end.
Beyond its current portfolio, Roche is building a cardio-renal-metabolic pipeline, advancing several GLP-1 therapies, amylin analogs, and the RNAi drug Zilebesiran. Both the GLP-1R/GIPR agonist CT-388 and antihypertensive Zilebesiran are preparing to enter phase III trials.
Given its strong h2 performance, Roche reaffirmed its forecast for mid-single-digit growth in full-year revenue.
[1]. Presentation of Roche.url:https://assets.roche.com/f/176343/x/184f41bf07/irp250724-a.pdf
