Rankings Pharma & medtech Roche
Roche
61
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−9
- Pipeline execution−5
- Quality of growth−3
Strengths
- Dividend from FCF+2
- Diversified business+1
How the score is built
From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 397.70 CHF
- Median analyst target
- 400.00 CHF
- Upside to median
- +0.6%
- Analysts
- 22
- Target range
- 250.00 – 500.00 CHF
- 52-week change
- +53%
- P/E (trailing)
- 25.9
- Forward P/E
- 18.6
- PEG
- 2.33
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−8 of −30
- −3Quality of growthRevenue in CHF has gone from CHF 65.9bn (2021) to CHF 63.0bn TTM, and consensus expects −0.8% in 2026. At constant exchange rates sales grew 6% in H1 2026, but a Swiss reporter bears the strength of the franc year after year: core EPS was −2% in CHF vs +9% at constant rates.
- −3Diagnostics and ROICDiagnostics fell 3% in CHF in H1 2026 (+3% at constant exchange rates) because of price reform in China and a weak respiratory season. Group ROIC has fallen from 38% (2021) to 28% TTM, partly after the covid tests, partly after acquisitions.
- −2Capital allocationRoche bought its way into obesity via Carmot (about USD 2.7bn) and the partnership with Zealand on petrelintide (USD 1.65bn upfront). Petrelintide's weight loss was called disappointing, and JPMorgan cut its price target on that basis.
Price
Today's multiples against the company's own history and its peers. · 1 finding−9 of −35
- −9Multiples vs own historyForward P/E 18.0 vs 12.5–18.2 in 2021–25 (average about 14.7), P/FCF 19.3 vs 12.4–17.8 and EV/EBITDA 13.7 vs 10.4–13.1. The stock is above its five-year history on P/FCF and EV/EBITDA after a 33% rise in 52 weeks, while sales in CHF are flat.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −5Pipeline executionThe phase III study persevERA with giredestrant in first-line breast cancer missed the primary endpoint (March 2026), and the obesity candidate petrelintide disappointed. BNP Paribas downgraded to Neutral because the big pipeline data come only in 2027. Fenebrutinib's positive MS data pull the other way.
- −3Patent expiry and biosimilarsAvastin and Herceptin continue to lose ground to biosimilars. Analysts point to medium-term risk from large patent expiries and price pressure in key markets, including for Ocrevus, Roche's biggest product (about CHF 7bn in 2025). Fenebrutinib does not fill that gap in the short term.
- −2Price pressure and tariffs (USA)Trump is threatening new pharmaceutical tariffs. Roche's pricing and investment agreement with the US government is expected to dampen the effect, but the agreement locks in prices in the USA, Roche's most important market.
- −2GovernanceGenusscheine (ROG), which is the liquid line, carry no voting rights. The shareholder group with pooled voting rights (the founding families) owned 64.97% of the issued voting shares at 31/12/2025. Holders of Genusscheine have effectively no influence.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Dividend from FCFFCF after leases was about CHF 15.4bn TTM vs dividends of CHF 7.8bn; the dividend has been raised 28 years in a row according to stockanalysis. No buybacks (share count +0.3%), so no buyback bonus is given.
- +1Diversified businessRoche has two legs: Pharma (CHF 23.6bn in H1) and Diagnostics (CHF 6.7bn in H1). Diagnostics provides stable, non-patent-based income with a large installed base.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis redirects quote/swx/ROG to the page SWX:ROP (the bearer share). The price of CHF 379.70 matches the genussschein's OTC line RHHVF (USD 457), so the figures are usable. The Nordnet line should be the genussschein ROG. Q3 sales come 21/10/2026. Insider trades are not examined (0 points). Growth looks better at constant exchange rates (+6%) than in CHF (−2%).
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