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Currency rates affect Roche's Q3 results

Roche has recorded a 13 per cent drop in revenue in Swiss Francs for the first three quarters of 2011, although the pharmaceutical company's sales remained level at constant exchange rates

Roche has recorded a 13 per cent drop in revenue in Swiss Francs for the first three quarters of 2011, although the pharmaceutical company's sales remained level at constant exchange rates.

Roche made a total of 31.49bn Swiss francs for the period during 2011, compared to 36.13bn Swiss francs in 2010, with the company feeling the impact of the currency's strong appreciation.

This compared to a growth in sales of 6 per cent when converted to US dollars, and 0 per cent growth at constant exchange rates.

Roche CEO Severin Schwan described the company's sales performance as "solid", with Roche on course to achieve previously set targets for 2011.

He said: "The successful US launch of our new melanoma medicine Zelboraf (vemurafenib) and the diagnostic cobas BRAF test have strengthened our leading position in personalised healthcare. The good results we have achieved with new medicines in seven late-stage clinical trials so far this year further enhance our prospects for future growth."

Regionally, the company saw growth of 1 per cent in US pharmaceutical sales, driven mainly by Lucentis, Rituxan and Actemra, although sales in Western Europe decreased by 4 per cent. Roche said this was down to government austerity measures.

The company performed well in emerging markets, however, with sales up in China by 28 per cent and Brazil by 16 per cent.

Roche confirmed its full-year outlook for 2011, with sales expected to grow at low single-digit rates at constant exchange rates, reflecting the impact of US healthcare reforms and European cost-cutting measures.

13th October 2011

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