Roche Holding AG’s third-quarter sales fell short of estimates as a boost from Covid-19 tests and new medicines weren’t enough to offset a decline from aging prescription drugs.
The Swiss drugmaker’s revenue rose 1% to 14.7 billion francs ($16.1 billion), the companysaid. Analysts expected sales of 15.4 billion francs, according to the average of eight estimates. The stock dropped as much as 2% in Zurich trading.
Roche has forged partnerships and used its diagnostics unit to get into the market for tests and potential treatments for Covid-19, helping it counteract a more challenging environment for its older medicines. These medicines face competition from cheaper copies called biosimilars even as some patients delay doctor’s visits on pandemic concerns.
“It was another tough three months for Roche,” Wimal Kapadia, an analyst at Sanford C. Bernstein, wrote in a note.
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