Roche (ROP.S): 3Q'26 Consensus comparison: JPMe in-line on 3Q'26 Sales, with guidance reiteration underpinning latest FY'26 Consensus

Ahead of Roche's 3Q'26 sales update on Thursday, October 22, 2026, Company Consensus numbers have been released. For 3Q'26 Group Sales we are in-line with Consensus, with our forecasts also in-line with Consensus for both Pharma and Diagnostics. We forecast Pharma Sales of SFr12,215m (in-line with Consensus of SFr12,233m) and Diagnostics Sales of SFr3,533m (in-line with Consensus of SFr3,519m), giving overall Group Sales of SFr15,748m versus Consensus of SFr15,752m. On FY'26 guidance, we continue to expect Roche to guide for 2026 Sales growth to "mid-single-digit at CER" and Core EPS growth to "high-single-digit at CER", and to update the FX headwind to -3% (prev. -4%) on sales and -5% (prev. -6%) on Core Operating Profit. Assuming sales growth of 5% at CER and a -3% FX headwind implies sales of SFr62,654m, in-line with Pre-3Q'26 Company Consensus of SFr62,696m;