Roche warned on Thursday profits will decline in 2023 as falling demand for its COVID-19 therapy and diagnostics kits will knock sales by over $5 billion, the latest sign that the pharmaceutical industry's years-long pandemic boost is ebbing.
Roche tablets are seen positioned in front of a displayed Roche logo in this photo illustration shot January 22, 2016. REUTERS/Dado Ruvic/Illustration/FilesCo says falling demand for COVID treatments, testing will hit saleswarned on Thursday profits will decline in 2023 as falling demand for its COVID-19 therapy and diagnostics kits will knock sales by over $5 billion, the latest sign that the pharmaceutical industry's years-long pandemic boost is ebbing.
Sales and core earnings per share were expected to decrease at a "low single-digit" percentage this year, the Swiss pharmaceuticals and diagnostics company said in a statement. COVID-related sales, mainly from lab testing and antibody treatment Ronapreve, are seen falling by 5 billion Swiss francs for the full year, it said.
Revenue growth from new drugs, including its haemophilia treatment and multiple sclerosis drug, would not make up for the steep COVID drop. But "the underlying business is growing very strongly in the high single digits," said Chief Executive Severin Schwan.
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