US investors

How to invest in Roche and Genentech

The Roche Group (of which Genentech is a wholly-owned member) is traded in the United States as a U.S.-dollar denominated American Depositary Receipt (“ADR”) on the OTCQX International Premier market under the stock symbol: RHHBY.

ADRs are U.S. dollar-denominated securities which represent ownership of equity in non-U.S. companies. The stocks of most foreign companies that trade in the U.S. markets are traded as ADRs issued by U.S. depositary banks.

The Roche ADRs trade, clear and settle just like any U.S.-listed company shares and can be bought or sold through any U.S. registered brokerage (including online brokerages such as TD Ameritrade, E-Trade, Scottrade, etc.). Roche ADR holders are entitled to dividend payments.

The underlying Roche Group security (Roche Holding AG) is listed on the SIX Swiss Exchange (Switzerland’s principal stock exchange) under the stock symbols stock symbols RO.SW (voting share) and ROG.SW (non-voting equity security) and adheres to strict financial reporting standards and regulations. Roche’s ADR (RHHBY) represents ownership of equity in ROG.SW, where eight (8) Roche ADRs represent one (1) underlying ROG non-voting equity security. Since ADRs are based on the common shares of the non-U.S. company, the price of an ADR will often move in sync with the price of the underlying common shares once the ADR to common share ratio and currency rate is considered.

Note a) The number of ADRs in issue varies depending on demand and conversion in and out of the underlying non-voting equity security (NES)

The Roche ADR facility was initiated in 1992 when one (1) ADR represented one hundredth (1/100) of one underlying non-voting equity security. The current ADR ratio is a result of several splits and ratio changes.

ADR splits and ratio changes

Note b) On 3 April 2001, the Board of Directors approved a 100 for 1 split of the non-voting equity security. This was followed by an opposite 1 for 100 change in the ADR to NES ratio. As a result, no new ADRs were distributed

ADR 5-year dividend history

Note c) Declared date is the date of approval of the proposed dividend at the Annual General Meeting

Note d) Ex-dividend date is the first date where trading takes place without dividend

Note e) Record date is the last date on which the security must be held in custody in order to be eligible to receive dividend (as settlement typically takes place trading day + 3 days)

Note f) Roche dividend to ADR holders will be paid upon completion of the Swiss withholding tax reclaim process (typically early May). For the amount listed in the net dividend column, a 15% tax rate has been assumed. Roche is considered a qualified foreign corporation for U.S. tax purposes. For further tax questions, please consult a tax advisor.

Benefits of the Roche ADR

An American Depositary Receipt (ADR) represents ownership in the shares of a non-U.S. company that trades in U.S. financial markets. The Roche ADR (stock symbol: RHHBY) allows U.S. investors to buy or trade locally in Roche Group shares, which are otherwise listed on the SIX Swiss Exchange.

The Roche ADR is denominated in U.S. dollars, allowing U.S. investors to realize any dividend or capital gains, where applicable, in U.S. dollars. The dividend tax reclaim process is also taken care of by J.P. Morgan, Roche’s depositary bank and simplified for investors (typically reducing dividend tax to the U.S. level, with the actual tax rate depending on the investor’s individual circumstances).

Global custodian safekeeping fees are also eliminated, which usually make holding the ADRs less expensive. Through the 8:1 split of the Roche ADR to its Swiss non-voting equity security, the price per ADR share is also lower and makes investing in Roche more accessible to individual investors.

Dividend reinvestment program

In 2010, Roche initiated a dividend reinvestment program through the depositary bank, J.P. Morgan Chase, to all registered ADR holders. Through the plan, Roche ADR holders can arrange to reinvest all or part of their dividend in the purchase of additional ADRs. For more information, please see the brochure at the Learn more about section of this page.

Other relevant information

In 2006, to facilitate expanded market access and secondary trading, the Roche ADR obtained a securities manual listing by Standard & Poor’s Standard Corporation Records.

Information about buying and selling the Roche ADR as well as information about dividend payments should be addressed to your bank or broker.

ADR depositary bank

P. Morgan Chase sponsors and administers the Roche ADR facility. The J.P. Morgan ADR shareholder services can be contacted as follows:

Toll free number: Phone:1 800 990 1135
Hearing impaired: Phone:1 866 700 1652
Outside the U.S.: Phone:+1 651 453 2128

Regular correspondence:
EQ Shareowner Services
P.O. Box 64504
St. Paul, MN 55164-0504
Delivery of ADR certificates and overnight mail:
EQ Shareowner Services
1110 Centre Pointe Curve, Suite 101
Mendota Heights, MN 55120

Investor Relations North America

Questions about Roche, its business and products should be addressed to Investor Relations North America:

Investor Relations North America
Roche Holdings, Inc.
Genentech, Inc.
1 DNA Way
South San Francisco, CA 94080
Phone (Main Number):
Fax Investors:
Email IR Team:


Information accessed herein may not under any circumstances be used for the purpose of, or in connection with, the quotation of any securities on an automated inter-dealer quotation system within the meaning of Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Roche ADR BackgrounderRoche ADR Dividend reinvestment program

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