Roche's Slow Growth Shouldn't Drive Investors Away

Swiss pharmaceutical company Roche (OTC: RHHBY) took a hit from a decline in sales of COVID-19 diagnostic and treatment products in 2022, with group sales inching up 2% at constant exchange rates (CER) to 63.28 billion Swiss francs ($68.34 billion). The company's pharmaceutical and diagnostic divisions were both affected, and net income came in at 13.5 billion francs ($14.6 billion), a decline of 6% compared to 2021 under international financial reporting standards (IFRS). The company expects "the sharp decline in sales of COVID-19 products" to continue through 2023, leading sales to decrease "in the low single digit range," although it also expects its sales of other products to show strong growth.