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Published on 3 February 2010

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Roche profits down 22% on takeover

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Roche has posted an 22% slump in full-year net profits as takeover costs weighed heavy on the Swiss drug maker.

Overall net profit fell to £5 billion (8.51bn Swiss francs/$8.06bn) following the takeover of pharmaceutical firm Genentech, based in California.

However, sales at Roche increased 8% to £29 billion ($46.44bn) compared to market rival Novartis, whose sales only rose to £27.62bn ($44.27bn).

Novartis, however, posted a full-year net profit of £6.4 billion ($10.27bn) last month.

Chief Executive Severin Schwan said: “In a turbulent external environment Roche performed extraordinarily well.”

Roche completed its £29 billion ($46.8 bn) takeover of Genentech in March last year. The integration cost it around 2.4 billion Swiss francs in restructuring expenses.

The move helped boost Roche’s income from cancer drugs Avastin and Rituxan, which were both developed by the South San Francisco biotech firm.

Core earnings per Roche share were up 10% to 12.19 francs. The company plans to raise its dividend per share by 20% to 6 francs.

Copyright Press Association 2010
Roche

 



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