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F. Hoffmann-La Roche 1 Roche Half year results 2012 July 26, 2012 Basel 2 This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘estimates’, ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this presentation, among others: 1 pricing and product initiatives of competitors; 2 legislative and regulatory developments and economic conditions; 3 delay or inability in obtaining regulatory approvals or bringing products to market; 4 fluctuations in currency exchange rates and general financial market conditions; 5 uncertainties in the discovery, development or marketing of new products or new uses of existing products, including without limitation negative results of clinical trials or research projects, unexpected side-effects of pipeline or marketed products; 6 increased government pricing pressures; 7 interruptions in production; 8 loss of or inability to obtain adequate protection for intellectual property rights; 9 litigation; 10 loss of key executives or other employees; and 11 adverse publicity and news coverage. Any statements regarding earnings per share growth is not a profit forecast and should not be interpreted to mean that Roche’s earnings or earnings per share for this year or any subsequent period will necessarily match or exceed the historical published earnings or earnings per share of Roche. For marketed products discussed in this presentation, please see full prescribing information on our website – www.roche.com 3 All mentioned trademarks are legally protected Group Severin Schwan Chief Executive Officer 4 HY 2012: A strong first half Sales on track for full year guidance • Group and Pharma: +4%1, Diagnostics: +5%1 Pipeline progressed well • Perjeta successfully launched in US • T-DM1 pivotal study (EMILIA) at ASCO • Actemra head-to-head vs. Humira (ADACTA) at EULAR Continuous productivity improvements • Core operating profit further increased by 7%1, Core EPS +8%1 • Operating free cash flow & margin further increased Outlook confirmed • Core EPS growth target ‘high single digit’1 • Attractive dividend policy 5 1 at Constant Exchange Rates HY 2012: Group sales Supporting full-year guidance 2012 2011 change in % CHF m CHF m CHF CER Pharmaceuticals Division 17,409 16,815 +4 +4 Diagnostics Division 5,014 4,856 +3 +5 Roche Group 22,423 21,671 +3 +4 6 CER=Constant Exchange Rates Increase in operating profit & margin Group core operating profit (CHF bn) and margin 38.5% 37.2% 38.1% 34.7% 35.0% +7% at CER 8.64 9.16 8.40 8.25 7.63 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 7 CER=Constant Exchange Rates Strong operating free cash flow and margin Group operating free cash flow (CHF bn) and margin 32.0% 26.1% 31.6% 28.2% +7% at CER 21.8% 7.17 6.78 6.86 6.43 4.81 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 8 CER=Constant Exchange Rates HY 2012: +8% Core EPS growth1 +8% at CER CHF 6.94 6.95 6.68 6.36 5.75 HY 2008 HY 2009 HY 2010 HY 2011 HY 2012 9 1 CER=Constant Exchange Rates 2011/12: Strong progression of pipeline 22 successful late-stage clinical trials Zelboraf Erivedge MetMAb Herceptin sc Lucentis Avastin dalcetrapib BRIM 3 ERIVANCE NSCLC HANNAH HARBOR TML dal-OUTCOMES Avastin OC Actemra Perjeta Actemra Actemra MabThera SC OCEANS ACT-Ray CLEOPATRA BUILDER I/II CHERISH SABRINA 2 0 1 1 2012 Avastin+ Avastin+ Tarceva Lucentis T-DM1 Actemra T-DM1 Actemra pemetrexed Herceptin EURTAC RISE Phase II ADACTA EMILIA SUMMACTA AVAPERL AVEREL Lucentis lebrikizumab Actemra sc GA101 Avastin Avastin RIDE MILLY PhIII Japan GAUSS AURELIA BEATRICE 10 Positive trials Optimizing value streams in 2012 Reallocate R&D resources into expanding pipeline • Focus portfolio (pRED) • Close Nutley Diagnostics business set-up • Reposition Applied Science • Address tougher environment in Diabetes Care Cost structure • Finalize remaining part of Operational Excellence • Optimize IT Infrastructure to cope with business needs Continuous focus on net working capital • Reducing receivables in Southern Europe 11 Roche portfolio: Increasing value through focus New Molecular Entities 79 76 80 72 11 62 11 59 11 60 8 21 8 23 23 18 40 16 47 20 42 35 36 38 0 2009 2010 2011 HY 2012 HY 2012 before R&D after R&D prioritisation prioritisation Phase I Phase II Phase III + Registration 12 Growing late-stage portfolio Expanding into selected therapeutic franchises LIP candidates 2012 target: 3 out of 5 Larger (> 1 bn) Smaller (up to ~1 bn) GA101 Perjeta T-DM1 bitopertin aleglitazar danoprevir MEK 0973 etrolizumab anti-PCSK9 ocrelizumab mericitabine lebrikizumab onartuzumab rontalizumab Bcl-2-sel Inh Potential Filing 2012 2013 2014 2015 2016 2017 onwards Year Oncology Neuroscience Metabolism Virology Immunology 13 Non risk-adjusted pRED: Reallocate resources & keep R&D costs stable Reallocate resources into expanding pipeline • Last 18 months 22 out of 26 late stage clinical trials positive • 72 NMEs in clinical development • Expect number of Phase II/III projects to further increase Reduce complexity • Co-locate pRED management • gRED not affected Optimize cost structure • Site infrastructure savings (Nutley) • Improve leverage of support functions (ex: chemistry & non-clinical safety) 14 Outlook for 2012 confirmed Sales growth (CER) Group & Pharma: low to mid-single digit Diagnostics: above market Operational Excellence savings 2012+: CHF 2.4 bn* Core EPS growth target High single-digit (CER) Dividend outlook Continue attractive dividend policy 15 Barring unforeseen events; CER=Constant Exchange Rates; * vs. 2011: CHF 1.8 bn Pharmaceuticals Division Pascal Soriot COO Roche Pharmaceuticals 16 HY 2012: Pharma sales US and International major growth contributors 2012 2011 change in % CHF m CHF m CHF CER Pharmaceuticals Division 17,409 16,815 +4 +4 United States 6,815 6,285 +8 +6 Western Europe 4,000 4,299 -7 -3 Japan 1,943 1,831 +6 +1 International 4,651 4,400 +6 +8 17 CER=Constant Exchange Rates HY 2012: Pharma Division Profitability improvement in a challenging environment HY 2012 vs. HY 2011 HY 2012 CER growth CHF m % sales Sales 17,409 100.0 4% Royalties & other op inc 802 4.6 5% Cost of sales -3,486 -20.0 -5% COGS & PC1: -4% M & D -2,751 -15.8 3% R & D -3,587 -20.6 3% G & A -498 -2.9 6% Admin: -1% Core operating profit 7,889 45.3 9% +7% in CHF 18 CER=Constant Exchange Rates; 1 Period Costs HY 2012: Pharma sales Oncology, Pegasys and Actemra main growth drivers Herceptin +11% MabThera/Rituxan +9% Pegasys +31% Actemra/RoActemra +39% Xeloda +14% Zelboraf NA Tamiflu -18% Xenical -52% CellCept -15% International US NeoRecormon/Epogin -28% Japan Western Europe Boniva/Bonviva -46% -300 -200 -100 0 100 200 300 400 19 Absolute amounts in CHF m at Constant Exchange Rates (CER) average 2011; all growth rates at CER HY 2012: US Continued strong performance • Pegasys, Rituxan, Herceptin, Xeloda US: +6%1 main growth contributors • Zelboraf, Erivedge and Perjeta: successful launch to continue in 2H 2012 • Sales growth expected to slow in the 2nd half 2012 – Pegasys: higher 2011 base – Lucentis: further decline expected in AMD 20 1 CER=Constant Exchange Rates HY 2012: Western Europe Growth of strategic products offset by generics and supply constraints MabThera +6% Oncology: Launch of Zelboraf; volume growth Zelboraf NA for MabThera, Herceptin and Avastin RoActemra +38% (launch in ovarian cancer) RoActemra: Herceptin +3% Increasing market share in Avastin +2% monotherapy segment Neorec./Epog. -15% Cellcept -20% Off-patent products Bonviva, CellCept, Xenical decline Xenical -83% after patent loss Mircera -53% Mircera Supply constraints Bonviva -46% CHF m -70 -50 -30 -10 10 30 50 70 21 Absolute amounts in CHF m at Constant Exchange Rates (CER) average 2011; all growth rates at CER HY 2012: E7 countries Strong growth driven by China and Brazil +22%1 1000 +79% India 800 -6% Russia +53% Korea +14% Turkey 600 -3% Mexico 400 +37% China 200 +25% Brazil 0 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 22 1 CER=Constant Exchange Rates; absolute values in CHF m at average 2011 exchange rates China: Roche outgrowing the market 40% 36% 35% 32% 30% 25% 24% 20% 24% 19% 20% 17% 15% 14% 16% 16% 10% Roche 5% Chinese market 0% Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 23 Source: Both Roche and Chinese market from IMS Hospital Audits HY 2012: Oncology franchise Avastin back to growth, new products off to a good start Major brands CHF bn CER growth MabThera/ Continued uptake in 1L maintenance in NHL; longer +9% Rituxan treatment duration; further uptake in CLL Expanded access in emerging markets, increased HER2 Herceptin +11% testing and further uptake in HER2+ gastric cancer Japan: strong uptake in NSCLC and mBC; Avastin +3% EU: launch in ovarian cancer, increased share in mBC Growth driven mainly by US, China and other Int’l Xeloda +14% regions; US growth partially driven by shortage of IV 5FU Tarceva +8% Growth driven mostly by US and China US: ~85% market share in BRAF V600 patients; Zelboraf NA approved in EU Q1 2012 Erivedge NA Launched in US Q1 2012 Perjeta NA Launched in US Q2 2012 0.0 1.0 2.0 3.0 4.0 24 CER = Constant Exchange Rates Oncology HY 2012 sales: 10.5 bn Lucentis Continued competitive pressure in wet AMD US sales CHF m HY 2012 sales: CHF 745 m 800 -5%1 AMD: 700 • Lucentis share declining after launch of Eylea 600 • 0.5 mg PRN dosing PDUFA date: 500 February 2013 400 RVO: Lucentis share stable 300 DME: 200 • FDA advisory committee meeting 26 100 July 2012 0 • PDUFA date: 10 August 2012 HY '08 HY '09 HY '10 HY '11 HY '12 25 1 CER=Constant Exchange Rates AMD=wet age-related macular degeneration; RVO=retinal vein occlusion; DME=diabetic macular edema Actemra: clinical data driving growth ADACTA study: ACTEMRA vs.
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