Roche Reports 2023 Financial Results: Ophthalmology Bispecific Antibody Surpasses $2.6 Billion in Sales Within Two Years, China Revenue Reaches $6 Billion

On February 1, Roche released its 2023 annual report, showing a total revenue of 58.716 billion Swiss francs (approximately 65.627 billion US dollars, based on the 2023 average exchange rate: 1 Swiss franc = 1.1177 US dollars, hereinafter the same), representing a year-on-year increase of 1% (at constant exchange rates, hereinafter the same); net profit reached 12.358 billion Swiss francs, up 7% year-on-year; R&D investment amounted to 13.237 billion Swiss francs, marking a year-on-year increase of 5%.

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Roche's business mainly consists of two parts: pharmaceuticals and diagnostics. In 2023, the pharmaceuticals business revenue was 44.612 billion Swiss francs (+6%), and the diagnostics business revenue was 14.104 billion Swiss francs (-13%).Pharmaceutical sales in China reached 2.875 billion Swiss francs, a year-on-year increase of 6%, accounting for 6.4% of the global pharmaceutical business.; Diagnostic business revenue was 2.475 billion Swiss francs, a year-on-year increase of 7%. The combined revenue of the two businesses was 5.35 billion Swiss francs (5.98 billion US dollars).

Overall, Roche maintained strong growth momentum in 2023, with total revenue increasing by 8% excluding the impact of its COVID-19 business.

Roche's pharmaceutical business mainly focuses on disease areas such as oncology, immunology, neuroscience, hemophilia, infectious diseases, and ophthalmic diseases. As the company's pillar sector and main focus, oncology contributed CHF 19.087 billion (+4%) in revenue in 2023, marking its first growth after years of consecutive decline.

Sales in the fields of ophthalmology, hemophilia, and neuroscience also performed well, generating revenues of 2.865 billion Swiss francs (+85%), 4.147 billion Swiss francs (+16%), and 8.445 billion Swiss francs (+16%), respectively. However, due to the retreat of the COVID-19 pandemic, demand for immunology and infectious disease businesses declined, resulting in a decrease in revenue.

Specifically, the growth of Roche's pharmaceutical business in 2023 was mainly driven by products such as Vabysmo (Faricimab, CHF 2.357 billion, +324%), Ocrevus (Ocrelizumab, CHF 6.381 billion, +13%), Hemlibra (Emicizumab, CHF 4.147 billion, +16%), Polivy (Polatuzumab Vedotin, CHF 837 million, +108%), and Phesgo (Pertuzumab, CHF 1.12 billion, +64%).

Vabysmo Surges 324% to Become a Dark Horse in Ophthalmology in 2023, with Sales Reaching $2.634 Billion. This product is the world’s first innovative VEGF-A/Ang2 bispecific antibody specifically designed for intravitreal injection, enhancing vascular stability while reducing retinal leakage.

Since January 2022, Vabysmo has been approved in the United States for three indications: diabetic macular edema (DME), wet age-related macular degeneration (AMD), and retinal vein occlusion (RVO). On the same day, new 72-week data from the two global Phase III BALATON and COMINO studies of Vabysmo for RVO treatment were released, demonstrating sustained retinal dryness and improved vision.

Ocrevus (ocrelizumab), a drug for multiple sclerosis, was Roche's best-selling product in 2023, with sales reaching 6.381 billion Swiss francs. As the first drug approved to treat both RRMS and PPMS types of multiple sclerosis, Ocrevus only requires an injection every six months after the initial loading dose. Since its launch in March 2017, its sales have skyrocketed, and after 2021, it has consistently ranked as the company’s top product with revenue exceeding 5 billion Swiss francs.

Hemlibra, a drug for Hemophilia A, ranked second on Roche's best-selling products list with sales of 4.147 billion Swiss francs. Currently, the proportion of patients treated with this product in the United States and the EU5 has reached 40%. Following are HER2 monoclonal antibody Perjeta (Pertuzumab, 3.768 billion Swiss francs) and PD-L1 monoclonal antibody Tecentriq (Atezolizumab, 3.766 billion Swiss francs).

In 2023, Roche made significant progress in the launch of new drugs, including Elevidys, a gene therapy co-developed with Sarepta, and Columv, a self-developed CD3/CD20 bispecific antibody, which successfully received accelerated FDA approval for marketing. Elevidys is used to treat Duchenne muscular dystrophy (DMD) in patients aged 4-5, while Columv is indicated for adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) or large B-cell lymphoma (LBCL) caused by follicular lymphoma who have previously received at least two lines of systemic therapy.

In 2024, Roche's C5 recycling monoclonal antibody crovalimab (for paroxysmal nocturnal hemoglobinuria) and PI3Kα inhibitor inavolisib (for HR+ breast cancer) will also face regulatory approval decisions, further contributing to the company’s revenue growth.

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