报告为摩根大通欧洲股票研究团队对罗氏（ROP.S）的跟踪点评，评级为中性。9月8日公司举办投资者电话会，CEO Thomas Schinecker与投资者关系负责人Bruno Eschli就管线、诊断业务及新品上市进展做出说明。管理层重申制药业务利润率将保持"至少稳定"，并指出管线中多款新分子实体的III期数据将在2030年前读出，且公司近期不存在专利悬崖，现有产品组合有望维持增长；商务拓展方面资金充裕，将继续选择性评估后期并购机会并投入早期资产。诊断业务方面，管理层强调新一代测序平台Axelios 1、质谱与连续血糖监测等新品潜力，尽管中国定价改革带来压力，仍预计利润率随时间回升至"至少20%"，并实现对中高个位数的收入增长。此外，公司对giredestrant、Ocrevus新品及减重药物CT-388等资产给出积极展望。
J.P. Morgan hosted a conference call with Roche CEO Thomas Schinecker and Head of Investor Relations Bruno Eschli on September 8 as part of its 2026 Conference Call Series, and this report summarises the key takeaways. Management reiterated that 19 new molecular entities with launch potential by 2030 should support Pharma growth into the 2030s, that Roche faces no near-term patent cliff, and that "at least stable" Pharma margins are expected, with a strong balance sheet providing firepower for selective late-stage M&A alongside earlier-stage investments. In Diagnostics, launches such as next-generation sequencing (Axelios 1), mass spectrometry and CGM represent a sizeable incremental opportunity, and management remains confident of returning to "at least 20%" margins over time and delivering mid-to-high single digit top-line growth despite China pricing cuts. Roche also flagged encouraging Axelios 1 instrument placements, a confident giredestrant launch focused on adjuvant HR+/HER2- br