Roche (ROP.S): 2027 growth expected to be in the low to mid-single-digit range for sales and mid to high single digit for Core EPS, which is captured by Consensus

Following the 3Q'26 results, J.P. Morgan increases FY'26 sales and Core EPS forecasts by less than 1%, expecting sales growth of 5% at CER (guidance mid single digit) and Core EPS growth of 8% at CER (guidance high single digit). For 2027-2030 Core EPS forecasts are raised 2-5% (2pp FX-related). For 2027 the analysts expect sales growth to slow to 4% at CER (FX +1.5%) to SFr65.8bn, in line with Consensus of SFr65.5bn, and Core EPS growth of c.8% at CER (FX +2%) to SFr22.36, about 2% above Consensus of SFr21.86, which appears not to reflect the FX tailwind. Pharma sales growth slows to c.3% CER to SFr50.7bn while Diagnostics accelerates to c.7% CER to SFr15bn on reduced China headwind and rollout of Axelios and the Mass Spec offering. Within Pharma, Vabysmo grows c.9% to SFr4.8bn, Hemlibra c.4% to SFr5.3bn, Ocrevus c.6% to SFr7.8bn, Polivy c.14% to SFr2.0bn, with c.SFr0.4bn from giredestrant, offset by c.SFr1.5bn of biosimilar erosion from Xolair, Actemra and AHR. About 30% growth in Ot