What does Roche Holding AG do?

Roche Holding AG is the oldest company in the global pharmaceutical top tier, founded in 1896 by Fritz Hoffmann-La Roche in Basel, Switzerland. Today it is #1 worldwide in oncology (breast cancer, lymphomas, lung) and #1 worldwide in in-vitro diagnostics (the PCR tests your hospital uses, glucose tests, oncology companion diagnostics). It has two divisions: (1) Pharma (~78% of revenue) — development and commercialization of medicines. Top products in 2026: Ocrevus (multiple sclerosis), Hemlibra (hemophilia A — first approved bispecific antibody), Vabysmo (macular degeneration and diabetic macular edema), Xolair (severe asthma and allergies), Phesgo (HER2+ breast cancer), Tecentriq (oncology immunotherapy), Evrysdi (spinal muscular atrophy — the first oral treatment for the disease). (2) Diagnostics (~22% of revenue) — laboratory tests and medical devices. Roche manufactures the analyzers installed in hospitals in >180 countries. Each year they process >30 billion diagnostic tests globally. Ownership structure — the detail that defines everything: Roche has three classes of securities: Bearer Shares (ROG.SW) — with voting rights, 12.96% of capital, controlled by the Hoffmann-Oeri family (64.97% of votes via pool created in 1948). Genussscheine (Non-Voting Equity Security, NES) — no voting rights, 87.04% of capital, what is bought publicly. RHHBY ADR — 8 RHHBY ADRs = 1 Genussschein. RHHBY holders have no voting rights. Economically equivalent to Genussscheine. The Hoffmann-Oeri family signed a pool agreement in 1948 (76 years ago) that gives them absolute control without needing a majority of the capital. The pool has never sold. Severin Schwan (CEO 2008–2023) and now Thomas Schinecker (CEO since March 2023, formerly CEO of Roche Diagnostics) report to a Board chaired by Christoph Franz (Chairman since 2014). 90 Roche products are on the WHO Essential Medicines List. >100,000 employees globally.

Why did Vectorial Data pick RHHBY?

RHHBY at $50.84 means buying the #1 global pharma in oncology and diagnostics at a forward P/E of 15.76x — a discount vs. pharma peers ~18–20x — with a 2026–27 pipeline that carries 3 asymmetric catalysts. Specific reasons: (1) Q1 FY2026 beat consensus in both segments (reported April 23, 2026): group revenue CHF 14.722B (+6% CER, +9% USD), Pharma CHF 11.469B (+7% CER), Diagnostics CHF 3.253B (+3% CER). 5 products grew double digits: Ocrevus +6%, Hemlibra +13%, Vabysmo +13%, Xolair +26%, Phesgo +27%. FY2026 guidance confirmed (mid single-digit growth in sales, high single-digit growth in core EPS at CER). (2) CT-388 obesity — the most asymmetric bet of the year: Phase 2 results (Sept 2024) showed 22.5% weight loss at 24 weeks vs. ~21% for Mounjaro and ~15% for Wegovy — numbers competitive with the gold standard. Phase 3 just started Q1 2026 (5 simultaneous trials). If CT-388 achieves approval in 2028–29, Roche enters the $150B+ obesity market projected for 2030, currently controlled by Lilly and Novo. Any material capture is massive upside not priced into the stock. (3) Trontinemab Alzheimer — 91% reduction of amyloid plaques in Phase 2: unprecedented vs. Lecanemab (Eisai/Biogen) and Donanemab (Lilly) which are in the 60–70% range. Phase 3 starts in 2026, readout ~2028–29. The Alzheimer market is projected at ~$50B+/year. (4) 89bio integration (closed Sept 2025, $2.4B + CVR): pegozafermin added the NASH/MASH program (non-alcoholic fatty liver disease) — a category with no approved treatment, ~25% prevalence among U.S. adults. Phase 3 underway. (5) Hoffmann-Oeri family control = a 50-year capital allocator: the pool signed in 1948 (76 years ago) guarantees Roche will never be the target of a hostile takeover, will never cut R&D to make a quarter's earnings, will never do financial engineering. Decisions are made with the next generation in mind. It is the longest investment horizon in the global pharma top tier. (6) Structural diagnostics moat: Roche manufactures the analyzers installed in >180 countries processing >30B tests/year. Once an analyzer is installed, reagents are a razor-and-blade model for decades. (7) Trump–Switzerland 15% tariff cap (vs. 39% original): the Switzerland–U.S. deal of September 2025 caps pharmaceutical tariffs at 15%. Roche committed $50B in U.S. investment over 5 years to neutralize political pressure and maintain access to the world's #1 market. (8) 3.08% trailing dividend, 36 consecutive years paid: payout ratio 61%, sustainable. Roche distributes in CHF — Switzerland has 0% withholding tax on U.S. holders of the ADR (treaty). (9) Valuation: forward P/E of 15.76x is 15–20% below pharma peers (Lilly 30x, Novo 22x, Pfizer 12x, Merck 14x). If the obesity/Alzheimer/NASH pipeline delivers, a natural re-rating follows. Analyst mean target around $59–62 = +15–20% upside.

What are the risks of investing in RHHBY?

The risks are specifically measurable: (1) persevERA giredestrant Phase 3 missed its primary endpoint (March 2026) — the oral SERD for ER+ breast cancer post-aromatase inhibitor + CDK4/6 inhibitor failed to beat fulvestrant in first-line metastatic. Roche still has 2 giredestrant studies underway (lidERA adjuvant, evERA combination) but the most anticipated data missed. Any similar failure in CT-388 obesity or trontinemab Alzheimer would be material. (2) CT-388 Phase 3 real uncertainty: Phase 2 showed 22.5% weight loss but N=78 patients at 24 weeks. Phase 3 with thousands of patients and 68–78 weeks could reveal side effects that limit dosing or efficacy lower than peers. If CT-388 fails, the asymmetric obesity thesis disappears. (3) Trontinemab Alzheimer — Phase 2 was impressive but small N: 91% amyloid plaque reduction is unprecedented but Phase 3 must show cognition/function impact. The Lecanemab + Donanemab precedent shows that reducing plaques doesn't always translate to meaningful clinical benefit. (4) U.S. pharmaceutical tariffs: the 15% cap post-deal is a reduction from the 39% original but still a cost. Roche has 36% of revenue in the U.S. ($21B of $58B in 2024). Every additional 1% tariff = ~$200M/year. If the Trump administration changes terms, there is risk. (5) 89bio integration: $3.5B total deal with CVR — if pegozafermin NASH fails in Phase 3, Roche writes off goodwill. (6) Patent cliffs 2026–29: Ocrevus loses U.S. exclusivity in 2029 (CHF 7B+ product in 2025); biosimilars will enter. Hemlibra protected through 2028+. Tecentriq biosimilars starting ~2027. (7) Non-voting ADR structure: RHHBY holders do not participate in corporate governance. If the Hoffmann-Oeri family made a decision that harmed the public float, there is no defense. Historically aligned but structurally possible. (8) CHF/USD currency risk: Roche reports in CHF. If CHF appreciates vs. USD, USD-denominated revenue reported in CHF falls even if volumes grow. (9) Diagnostics competition from China: Mindray, Sysmex, Siemens Healthineers gaining share in emerging markets. Diagnostics only grew +3% in Q1 2026 (vs. Pharma +7%). (10) Government drug pricing pressure: the Inflation Reduction Act (IRA) Medicare price negotiation is expanding its list of drugs — Ocrevus could be included in 2027–28.

Does RHHBY pay dividends?

Yes. Roche Holding AG pays a dividend of about 3.08% per year.

How can I buy RHHBY with little money?

You can buy fractional shares of RHHBY starting from a few dollars with any broker that offers fractional shares. The Vectorial Data method: invest the same amount in every pick, every time.

When was this RHHBY analysis last updated?

The RHHBY analysis was last updated on Invalid Date.

Stocks/RHHBY

RHHBY — Roche Holding AG

HealthcareEuropeSwitzerlandBlockchain certified

$50.84

Target: $60.00 (+18%)

P/E Ratio

19.9

P/E Forward

15.8

Dividend

3.08%

Market Cap

$327.45B

EPS

$2.56

Consensus

Buy

What they do

Roche Holding AG is the oldest company in the global pharmaceutical top tier, founded in 1896 by Fritz Hoffmann-La Roche in Basel, Switzerland. Today it is #1 worldwide in oncology (breast cancer, lymphomas, lung) and #1 worldwide in in-vitro diagnostics (the PCR tests your hospital uses, glucose tests, oncology companion diagnostics). It has two divisions:

Pharma (~78% of revenue) — development and commercialization of medicines. Top products in 2026: Ocrevus (multiple sclerosis), Hemlibra (hemophilia A — first approved bispecific antibody), Vabysmo (macular degeneration and diabetic macular edema), Xolair (severe asthma and allergies), Phesgo (HER2+ breast cancer), Tecentriq (oncology immunotherapy), Evrysdi** (spinal muscular atrophy — the first oral treatment for the disease).

Diagnostics (~22% of revenue) — laboratory tests and medical devices. Roche manufactures the analyzers installed in hospitals in >180 countries. Each year they process >30 billion diagnostic tests** globally.

Ownership structure — the detail that defines everything: Roche has three classes of securities:

Bearer Shares (ROG.SW) — with voting rights, 12.96% of capital, controlled by the Hoffmann-Oeri family (64.97% of votes via pool created in 1948).
Genussscheine (Non-Voting Equity Security, NES) — no voting rights, 87.04% of capital, what is bought publicly.
RHHBY ADR — 8 RHHBY ADRs = 1 Genussschein. RHHBY holders have no voting rights. Economically equivalent to Genussscheine.

The Hoffmann-Oeri family signed a pool agreement in 1948 (76 years ago) that gives them absolute control without needing a majority of the capital. The pool has never sold. Severin Schwan (CEO 2008–2023) and now Thomas Schinecker (CEO since March 2023, formerly CEO of Roche Diagnostics) report to a Board chaired by Christoph Franz (Chairman since 2014). 90 Roche products are on the WHO Essential Medicines List. >100,000 employees globally.

Why we like it

RHHBY at $50.84 means buying the #1 global pharma in oncology and diagnostics at a forward P/E of 15.76x — a discount vs. pharma peers ~18–20x — with a 2026–27 pipeline that carries 3 asymmetric catalysts. Specific reasons:

Q1 FY2026 beat consensus in both segments (reported April 23, 2026): group revenue CHF 14.722B (+6% CER, +9% USD), Pharma CHF 11.469B (+7% CER), Diagnostics CHF 3.253B (+3% CER). 5 products grew double digits: Ocrevus +6%, Hemlibra +13%, Vabysmo +13%, Xolair +26%, Phesgo +27%. FY2026 guidance confirmed (mid single-digit growth in sales, high single-digit growth in core EPS at CER).
CT-388 obesity — the most asymmetric bet of the year: Phase 2 results (Sept 2024) showed 22.5% weight loss at 24 weeks vs. ~21% for Mounjaro and ~15% for Wegovy — numbers competitive with the gold standard. Phase 3 just started Q1 2026 (5 simultaneous trials). If CT-388 achieves approval in 2028–29, Roche enters the $150B+ obesity market projected for 2030, currently controlled by Lilly and Novo. Any material capture is massive upside not priced into the stock.
Trontinemab Alzheimer — 91% reduction of amyloid plaques in Phase 2: unprecedented vs. Lecanemab (Eisai/Biogen) and Donanemab (Lilly) which are in the 60–70% range. Phase 3 starts in 2026, readout ~2028–29. The Alzheimer market is projected at ~$50B+/year.
89bio integration (closed Sept 2025, $2.4B + CVR): pegozafermin added the NASH/MASH program (non-alcoholic fatty liver disease) — a category with no approved treatment, ~25% prevalence among U.S. adults. Phase 3 underway.
Hoffmann-Oeri family control = a 50-year capital allocator: the pool signed in 1948 (76 years ago) guarantees Roche will never be the target of a hostile takeover, will never cut R&D to make a quarter's earnings, will never do financial engineering. Decisions are made with the next generation in mind. It is the longest investment horizon in the global pharma top tier.
Structural diagnostics moat: Roche manufactures the analyzers installed in >180 countries processing >30B tests/year. Once an analyzer is installed, reagents are a razor-and-blade model for decades.
Trump–Switzerland 15% tariff cap (vs. 39% original): the Switzerland–U.S. deal of September 2025 caps pharmaceutical tariffs at 15%. Roche committed $50B in U.S. investment over 5 years to neutralize political pressure and maintain access to the world's #1 market.
3.08% trailing dividend, 36 consecutive years paid: payout ratio 61%, sustainable. Roche distributes in CHF — Switzerland has 0% withholding tax on U.S. holders of the ADR (treaty).
Valuation: forward P/E of 15.76x is 15–20% below pharma peers (Lilly 30x, Novo 22x, Pfizer 12x, Merck 14x). If the obesity/Alzheimer/NASH pipeline delivers, a natural re-rating follows. Analyst mean target around $59–62 = +15–20% upside.

Key Risk

The risks are specifically measurable:

persevERA giredestrant Phase 3 missed its primary endpoint (March 2026) — the oral SERD for ER+ breast cancer post-aromatase inhibitor + CDK4/6 inhibitor failed to beat fulvestrant in first-line metastatic. Roche still has 2 giredestrant studies underway (lidERA adjuvant, evERA combination) but the most anticipated data missed. Any similar failure in CT-388 obesity or trontinemab Alzheimer would be material.
CT-388 Phase 3 real uncertainty: Phase 2 showed 22.5% weight loss but N=78 patients at 24 weeks. Phase 3 with thousands of patients and 68–78 weeks could reveal side effects that limit dosing or efficacy lower than peers. If CT-388 fails, the asymmetric obesity thesis disappears.
Trontinemab Alzheimer — Phase 2 was impressive but small N: 91% amyloid plaque reduction is unprecedented but Phase 3 must show cognition/function impact. The Lecanemab + Donanemab precedent shows that reducing plaques doesn't always translate to meaningful clinical benefit.
U.S. pharmaceutical tariffs: the 15% cap post-deal is a reduction from the 39% original but still a cost. Roche has 36% of revenue in the U.S. ($21B of $58B in 2024). Every additional 1% tariff = ~$200M/year. If the Trump administration changes terms, there is risk.
89bio integration: $3.5B total deal with CVR — if pegozafermin NASH fails in Phase 3, Roche writes off goodwill.
Patent cliffs 2026–29: Ocrevus loses U.S. exclusivity in 2029 (CHF 7B+ product in 2025); biosimilars will enter. Hemlibra protected through 2028+. Tecentriq biosimilars starting ~2027.
Non-voting ADR structure: RHHBY holders do not participate in corporate governance. If the Hoffmann-Oeri family made a decision that harmed the public float, there is no defense. Historically aligned but structurally possible.
CHF/USD currency risk: Roche reports in CHF. If CHF appreciates vs. USD, USD-denominated revenue reported in CHF falls even if volumes grow.
Diagnostics competition from China: Mindray, Sysmex, Siemens Healthineers gaining share in emerging markets. Diagnostics only grew +3% in Q1 2026 (vs. Pharma +7%). (10) Government drug pricing pressure: the Inflation Reduction Act (IRA) Medicare price negotiation is expanding its list of drugs — Ocrevus could be included in 2027–28.

This is educational and informational content, not financial advice. Always consult a qualified financial advisor before making investment decisions.

Vectorial Data picked RHHBY on 2026-05-05 at $50.84.

Last updated: Invalid Date

Dividends received by the Vectorial portfolio

RHHBY has not paid a dividend to the portfolio yet.

Full Research

Roche Holding AG (RHHBY) — Research Completo

Precio: $50.84 | P/E TTM: 19.86 | P/E Forward: 15.76 | Div Yield: 3.08% | Market Cap: $327.45B

¿Qué es Roche?

Roche Holding AG es la empresa farmacéutica más antigua del top global, fundada en 1896 por Fritz Hoffmann-La Roche en Basilea, Suiza. Hoy es:

#1 mundial en oncología (cáncer de mama, linfomas, pulmón)
#1 mundial en diagnósticos in-vitro (>180 países, >30B tests/año)
130 años de historia continua controlada por la misma familia fundadora

Estructura Accionaria — Lo Que Marca Todo

Roche tiene tres clases de títulos:

Título	Voto	% Capital	Quién lo tiene
Bearer Shares (ROG.SW)	Sí	12.96%	Familia Hoffmann-Oeri (64.97% votos via pool 1948)
Genussscheine (NES)	No	87.04%	Public float global
RHHBY ADR	No	(representa Genussschein)	8 ADRs = 1 Genussschein

El pool familiar Hoffmann-Oeri firmado en 1948 (76 años atrás) garantiza control absoluto. La familia jamás ha vendido. Inversionistas RHHBY no tienen voto, pero económicamente equivalentes a Genussscheine.

Q1 FY2026 — Reportado 23 abril 2026

Métrica	Q1 2026	YoY (CER)
Revenue grupo	CHF 14.722B	+6% CER, +9% USD
Pharma	CHF 11.469B	+7% CER
Diagnostics	CHF 3.253B	+3% CER

Top 5 productos en crecimiento Q1:

Ocrevus (esclerosis múltiple): CHF 1.69B (+6%)
Hemlibra (hemofilia A): CHF 1.19B (+13%)
Vabysmo (degeneración macular): CHF 1.02B (+13%)
Xolair (asma/alergias): CHF 708M (+26%)
Phesgo (cáncer mama HER2+): CHF 686M (+27%)

Guidance FY2026 confirmado: mid single-digit growth en sales, high single-digit growth en core EPS a CER.

Pipeline 2026-29 — Las 3 Apuestas Asimétricas

(1) CT-388 — Obesidad (Phase 3 inicia Q1 2026)

Phase 2 result (sept 2024): 22.5% pérdida de peso a 24 semanas
Comparación: Mounjaro ~21%, Wegovy ~15%
Phase 3: 5 trials simultáneos en curso
Mercado obesidad: $150B+ proyectado para 2030 (hoy ~$30B)
Aprobación esperada: 2028-29 si Phase 3 confirma datos

(2) Trontinemab — Alzheimer (Phase 3 inicia 2026)

Phase 2 result (oct 2024): 91% reducción de placas amiloides
Comparación: Lecanemab (Eisai) ~60%, Donanemab (Lilly) ~70%
Lectura Phase 3: ~2028-29
Mercado Alzheimer: $50B+/año proyectado

(3) Pegozafermin (89bio) — NASH/MASH

Adquisición 89bio cerrada sept 2025: $2.4B + CVR hasta $6/sh = ~$3.5B total
NASH/MASH: enfermedad de hígado graso no-alcohólica, sin tratamiento aprobado, ~25% prevalencia adultos EE.UU.
Phase 3 en curso

Tariffs y Política — Trump-Suiza Deal

Tariff cap 15% (bajó de 39% original) tras deal Suiza-EE.UU. septiembre 2025
Roche comprometió $50B inversión EE.UU. a 5 años
36% del revenue Roche viene de EE.UU. ($21B de $58B en 2024)
Cada 1% de tariff adicional = ~$200M/año

Capital Return

Dividendo CHF 9.80/Genussschein FY2025 (USD ADR yield ~3.08%)
36 años consecutivos subiendo o manteniendo dividendo
Payout ratio: 61%
Buybacks: limitados — Roche prefiere reinvertir en R&D + M&A
Suiza-EE.UU. 0% withholding tax sobre RHHBY ADR (treaty)

Patent Landscape

Producto	Pierde exclusividad
Ocrevus	EE.UU. 2029 (~CHF 7B en 2025)
Hemlibra	2028+
Tecentriq	~2027 (biosimilars)
Vabysmo	2032+
Phesgo	2030+

Próximos Catalysts

Earnings Q2 FY2026: ~24 julio 2026
CT-388 Phase 3 readouts iniciales: 2027
Trontinemab Phase 3 enrollment: completa 2026

Tesis en una línea

Comprar el #1 farmacéutico global en oncología y diagnósticos a P/E forward 15.76x, con familia Hoffmann-Oeri controlling 76 años (capital allocator multi-generacional), pipeline 2026-29 que tiene 3 apuestas asimétricas (CT-388 obesidad, trontinemab Alzheimer, pegozafermin NASH), Trump-Suiza tariff cap 15%, dividendo 3.08% / 36 años consecutivos.

Research fecha: 5 May 2026 | Próxima revisión: Nov 2026

Esto no es asesoría financiera.

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Researched: 5/5/2026Updated: 5/5/2026Next review: 11/5/2026

This is not financial advice. Consult a certified financial advisor.

The author may hold positions in the securities discussed.

Past performance does not guarantee future results.