CEO’s letter to shareholders

A year of great progress – this is Thomas Schinecker’s summary of 2024. In his letter, he shares how our new strategy, important innovations and strong financial results have created momentum for continued growth and future success.

Dear Shareholders

2024 was a year of great progress – for Roche, for science and for patients around the world. With a new strategy, important innovations and strong financial results, we have made substantial progress while paving the way for future success.

Both our Pharmaceuticals and Diagnostics Divisions were key contributors to this achievement. Due to the continued strong growth momentum, Group sales rose by 7%* to CHF 60.5 billion. At the same time, the base business (excluding COVID-19) grew even by 9%. Growth drivers included Vabysmo (severe eye diseases), Phesgo (breast cancer), Ocrevus (multiple sclerosis), Hemlibra (haemophilia A) and our immunodiagnostic tests, among others.

Core operating profit rose by 14% and core earnings per share (EPS) rose by 7%. Excluding the base effect of the resolution of tax disputes in 2023, core EPS increased by 12%, thereby exceeding our market guidance raised at mid-year and highlighting the positive momentum of our business.

Furthermore, we received approvals for two new transformative medicines, launched 21 diagnostic tests, five diagnostic platforms and seven digital solutions. We have also expanded our portfolio with four strategic acquisitions and additional partnerships.

Far more important than the numbers, however, are the people who benefit from these innovations:

Hanna has been living with type 1 diabetes since childhood. She describes the predictive features of solutions like the new Accu-Chek SmartGuide as a ‘superpower’. Artificial intelligence (AI) now helps detect dangerous blood glucose fluctuations earlier and enables people to take timely action.

Koni was diagnosed with advanced breast cancer five years ago. Our new medicine Itovebi can reduce the risk of death or disease progression by more than 50%. As Koni recently put it: “Every day is a gift.”

Holden is 15 years old and lives with paroxysmal nocturnal haemoglobinuria (PNH), a rare and serious blood disorder. PiaSky is an innovative subcutaneous therapy that can be administered at home once a month, avoiding the need for frequent hospital visits and giving him more time for school, sport and friends.

Jeannette suffers from lupus nephritis, a lifethreatening kidney disease that mainly affects women and for which there have only been limited treatment options to date. Positive phase III data for Gazyva/Gazyvaro give her and the 1.7 million people affected worldwide hope for a future treatment option.

Stephanie has never smoked and was diagnosed with an early form of lung cancer. Thanks to Alecensa, she can continue to be there for her young daughter. The medicine can reduce the risk of relapse or death by an impressive 76%.

These are just a few examples of how our innovations are sustainably changing – and even saving – people’s lives worldwide.

Improving the health of patients around the world is at the very heart of everything we do. That’s why we have set ourselves ambitious goals: at least 80% of molecules in our pipeline must have the potential to be the first or best in their respective field. This clear focus enabled us to accelerate the development of pioneering projects while bringing selected external innovations on board, including potential new medicines for cancer, autoimmune diseases, eye diseases and obesity.

2024 was a year of great progress. To set ourselves up for future success, we also updated our Group strategy in 2024.

Healthcare systems are facing profound changes. People are living longer, disease burden is increasing and healthcare costs are rising. At the same time, half of the world’s population still lacks access to the most basic healthcare.

These challenges are huge and call for real change, not incremental steps.

Our ambition is clear: to prevent, stop and cure diseases. And by doing so, improve people’s health while significantly reducing costs for patients and healthcare systems worldwide.

We also want to meet patients where they are – at hospitals, in doctors’ offices or at home – to enable easier access to health services and a better quality of life.

With Pharmaceuticals and Diagnostics under one roof, Roche is uniquely positioned to shape the future of healthcare. Our two divisions are focusing jointly on three disease areas that will account for almost 50% of the global disease burden by 2035: cancer, cardiovascular-metabolic diseases and neurological diseases.

These are also the areas where we see the greatest synergies between Diagnostics and Pharmaceuticals, and we will maximise these synergies more than ever before.

To further strengthen our innovation power, we are leveraging state-of-the-art technologies such as artificial intelligence. AI decodes complex biological connections faster, makes diagnostics more precise, facilitates more targeted drug development and much more. Roche has been a pioneer in the use of AI throughout the value chain, setting new benchmarks in healthcare.

Our pursuit of innovation and lasting success will continue to guide us in the years to come. Because one thing is clear: science and business go hand in hand – for better health, strong healthcare systems and long-term progress.

This can only be achieved through a strong commitment to sustainability, diversity and equity – because true progress is only meaningful when it benefits all.

Innovation has and will continue to be key – yesterday, today and tomorrow. Roche has launched 21 new medicines in the past decade, setting new standards of care in oncology, neurology and haematology. We are, and will remain, the world leader in in vitro diagnostics. And our journey continues – in 2025, we expect to see results from 12 phase III trials and significant progress in early clinical development. We have a strong momentum, and will continue to build on it.

The world is changing rapidly – and Roche has been changing with it. What remains the same, is our dedication to people and our determination to sustainably improve the health of millions of people worldwide.

Our success would not be possible without the commitment of our more than 100,000 employees, and we would like to express our immense gratitude to them. We also thank you, our shareholders, for your trust. Let’s create a healthier future, together.

CEO Roche Group

* All growth rates and year-on-year comparisons are at constant exchange rates (CER; 2023 average) and all total figures are reported in Swiss francs.

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