13th February 2023 -IAM, News
Daniel Pfund, Senior Financial Analyst
Pharmaceutical giant Roche announced several important news last week. First, the full financial results for 2022. Group sales are up 2% in constant currencies and 1% in Swiss francs to CHF 63.3 billion. Thanks to cost reductions, the company managed to increase its margins and grow its earnings per share by 2% in Swiss francs. For 2023, the group expects a decline in sales. The reason being mainly attributed to a decline in COVID-19 related products, amounting to CHF 5 billion. Without this transitional effect, the company expects sales growth in both its pharmaceutical and diagnostic divisions.
On the other hand, the Basel-based company also announced management changes. The key position of head of the pharmaceutical division has been given to Teresa Graham, who will also become a member of the executive board. Ms. Graham began her career at Genentech in 2005, where she was responsible for sales of key products such as Rituxan and Actemra. The current CEO, Severin Schwan, will become Chairman of the Board of Directors in March. The already announced new CEO will be Thomas Schinecker.
