Roche annual profits grow but 2010 sales dip

2nd February 2011, Comments 0 comments

Swiss pharmaceutical giant Roche on Wednesday posted an 11 percent increase in its annual net profit attributable to shareholders last year as its sales tailed off.

The figure of 8.7 billion Swiss francs (6.7 billion euros, 9.2 billion dollars) was below the 10 billion franc mark forecast by analysts polled by business news agency AWP.

Roche also said that overall annual net income had grown just four percent to 8.9 billion francs, while overall annual sales fell by three percent in 2010 to 47.5 billion francs.

"The group results are solid despite an increasingly challenging market environment," chief executive Severin Schwan said in a statement.

The pharmaceutical company last November announced 4,800 job cuts in a restructuring programme aimed at generating savings of 1.8 billion francs this year.

The group reported only a "mild" increase in sales of five percent in local currency terms, but excluding its anti viral and first line palliative flu drug Tamiflu.

Roche had already reported a "significant decline" in sales of the drug as they tailed off with the end of A(H1N1) flu pandemic and a halt to mass government stockpiling last year.

© 2011 AFP

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