Roche (ROG.VX) beat forecasts with a 10 percent rise in third-quarter sales, helped by demand for Tamiflu due to the H1N1 swine flu pandemic, and the Swiss group now sees higher drug revenues for the full year.
Tamiflu outstripped expectations in the third quarter and Roche, the world’s largest maker of cancer drugs which has sealed a $47 billion buyout of U.S. partner Genentech, on Thursday raised its 2009 forecast for both overall drug sales and the flu medicine.
“Overall, a very good set of sales numbers,” said Jefferies International analyst Jeffrey Holford. “We continue to rate Roche as our favorite large-cap name in the European Pharma sector.”
Hefty drug price increases and windfall sales from H1N1 swine flu have helped Big Pharma to a more successful year than feared, though the sector still has long-term problems such as greater competition for its big-selling drugs and trades at a discount to the wider market.
Source/Full Story: Reuters
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