Roche stock jumped Wednesday after the pharma giant reported light third-quarter sales but kept its 2024 outlook.
The Swiss drugmaker pointed to newer medicines Vabysmo, Phesgo and Ocrevus for helping drive demand in the September quarter. Vabysmo is an eye disease treatment, Phesgo treats breast cancer and Ocrevus is a multiple sclerosis drug. Sales of Vabysmo and Phesgo topped Wall Street's forecasts, though Ocrevus revenue came in light, according to FactSet.
Overall, third-quarter sales climbed 9% — or 6% in constant currency — to roughly $17.33 billion. That narrowly missed Roche stock analysts' call for $17.38 billion.
Roche still expects sales to grow by a mid-single-digit percentage this year. Analysts forecast $70.33 billion in full-year sales, up more than 3%.
Roche stock rose 2.3% to close at 40.19. Shares are forming a flat base with a buy point at 42.43, according to MarketSurge.
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