Roche (O): 3Q26 sales solid; FY26 guide reiteration implies minimal changes to consensus

3Q26 group sales of CHF16.1bn (+7% CER) were 2% above consensus; Pharma sales of CHF12.6bn (+8% CER) were 3% above consensus. Key beats included Hemlibra (+13% CER, 4% above consensus on share gains in non-inhibitor patients), Polivy (+33% CER, 11% above consensus on strong organic US first-line DLBCL sales) and Phesgo (4% above consensus). Key misses included Xolair (+8% CER, 8% below consensus despite the food allergy launch) and Kadcyla (-15% CER, 7% below consensus on competitive pressure in metastatic settings in the US and Europe). Diagnostics sales of CHF3.5bn (+5% CER) were 1% above consensus, with Core Lab 4% above partly offset by Near Patient Care 6% below on China VBP pricing reforms. FY26 guidance was reiterated: group sales still expected to grow mid-single digits and core EPS high single digits, both at CER, versus Bloomberg consensus of 2% and 5% reported growth;