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Finance Report 2020 Roche Group 1 FINANCE REPORT Roche | Finance | Report F. Hoffmann-La Roche Ltd 4070 Basel, Switzerland © 2021 2020 All trademarks are legally protected. www.roche.com 7 001 038 E 2020 Finance in Brief Key results Sales Core operating prot margin CER growth % % of sales Pharmaceuticals –2.4 43.7 +10.7 43.3 Diagnostics +13.9 18.6 2019 +2.9 15.2 Group +1.0 36.9 2019 +8.9 36.6 2020 2019 % change % of sales (CHF m) (CHF m) (CHF) (CER) 2020 2019 IFRS results Sales 58,323 61,466 –5 +1 Operating profit 18,543 17,548 +6 +16 31.8 28.5 Net income 15,068 14,108 +7 +17 25.8 23.0 Net income attributable to Roche shareholders 14,295 13,497 +6 +17 24.5 22.0 Diluted EPS (CHF) 16.52 15.62 +6 +17 Dividend per share (CHF) 9.10a) 9.00 +1 Core results Research and development 12,153 11,696 +4 +8 20.8 19.0 Core operating profit 21,536 22,479 –4 +4 36.9 36.6 Core EPS (CHF) 19.16 20.16 –5 +4 Free cash flow Operating free cash flow 14,815 20,921 –29 –21 25.4 34.0 Free cash flow 10,943 16,764 –35 –26 18.8 27.3 2020 2019 % change (CHF m) (CHF m) (CHF) (CER) Net debt (1,882) (2,505) –25 –2 Capitalisation 53,989 50,230 +7 +14 – Debt 14,216 14,363 –1 +6 – Equity 39,773 35,867 +11 +17 a) Proposed by the Board of Directors. CER (Constant Exchange Rates): The percentage changes at constant exchange rates are calculated using simulations by reconsolidating both the 2020 and 2019 results at constant exchange rates (the average rates for the year ended 31 December 2019). For the definition of CER see page 176. Core results and Core EPS (earnings per share): These exclude non-core items such as global restructuring plans and amortisation and impairment of goodwill and intangible assets. This allows an assessment of both the actual results and the underlying performance of the business. A full income statement for the Group and the operating results of the divisions are shown on both an IFRS and core basis. The core concept is fully described on pages 168–171 and reconciliations between the IFRS and core results are given there. Free cash flow is used to assess the Group’s ability to generate the cash required to conduct and maintain its operations. It also indicates the Group’s ability to generate cash to finance dividend payments, repay debt and to undertake merger and acquisition activities. The free cash flow concept is used in the internal management of the business. The free cash flow concept is fully described on pages 171–173 and reconciliations between the IFRS cash flow and free cash flow are given there. Finance Report 2020 Roche Group 1 Finance – 2020 in Brief Roche in 2020 The Roche Group reported solid overall results in 2020, with the underlying business showing resilience in the pandemic environment. Sales grew by 1% at constant exchange rates (CER). IFRS net income increased by 17% (CER) and core earnings per share increased by 4% (CER). The appreciation of the Swiss franc against almost all currencies had an adverse impact on the results expressed in Swiss francs. Sales Group sales increased by 1% (CER) to CHF 58.3 billion (5% decline in CHF terms). Pharmaceuticals sales declined by 2% (CER) mainly due to the impact of biosimilars, notably in the US, and the impacts of the COVID-19 pandemic leading to reduced hospitalisations and outpatient visits. The growth in new medicines, led by Tecentriq, Hemlibra, Ocrevus, Perjeta and Kadcyla, and additional sales of Actemra/RoActemra, partly compensated for these declines. Diagnostics sales showed growth of 14% (CER), due to sales of COVID-19-related tests, notably the cobas SARS-CoV-2 PCR test and the SARS-CoV-2 Rapid Antigen test, which more than offset a decline in routine testing across the portfolio. Operating results Core operating profit increased by 4% (CER) to CHF 21.5 billion (4% decline in CHF terms). Research and development expenditure grew by 8% (CER) to CHF 12.2 billion on a core basis, despite the pandemic environment, with the focus on the oncology, neuroscience and immunology therapeutic areas. Research and development costs represented 20.8% of Group sales. IFRS operating results included non-core expenses (pre-tax) of CHF 3.0 billion. The major factors were CHF 1.8 billion amortisation charges for intangible assets, CHF 0.9 billion restructuring costs and CHF 0.7 billion impairment of goodwill and intangible assets. The release of litigation provisions resulted in an income of CHF 0.4 billion. Non-operating results Financing costs (IFRS) decreased by 41% at CER to CHF 0.6 billion due to early debt redemption losses of CHF 0.2 billion in 2019 and lower interest expenses in 2020. Income tax expenses (IFRS) increased by 26% at CER to CHF 2.9 billion. The effective core tax rate for 2020 increased to 17.1% mainly due to the impacts from the resolution of several tax disputes. Net income IFRS net income increased by 17% at CER to CHF 15.1 billion (+7% in CHF terms) driven by the operating results. Core earnings per share increased by 4% at CER to CHF 19.16 (–5% in CHF terms). Cash flows Operating free cash flow was CHF 14.8 billion, a decrease of 21% at CER. The underlying cash generation remained strong, with the decrease in CER arising from increases in net working capital and higher investments in in-licensing and alliance arrangements. Free cash flow decreased by 26% at CER (–35% in CHF terms) to CHF 10.9 billion, driven by the lower operating free cash flow. Financial position Net working capital increased by 43% (CER) driven by increases in inventories in both divisions. Net debt decreased by CHF 0.6 billion to CHF 1.9 billion. The free cash flow was offset by dividends paid and outflows on transactions in own equity instruments. Gross debt increased by 6% (CER) to CHF 14.2 billion. Credit ratings remained strong: Moody’s at Aa3 and Standard & Poor’s at AA. Shareholder return A proposal will be made to increase dividends by 1% to CHF 9.10 per share. This would represent the 34th consecutive year of dividend growth and would result in a pay-out ratio of 47.5%, subject to AGM approval. Total Shareholder Return (TSR) was 2% representing the combined performance of share and non-voting equity security. 2 Roche Group Finance Report 2020 Roche Group Finance in Brief Inside cover Finance – 2020 in Brief 1 Financial Review 3 Roche Group Consolidated Financial Statements 48 Notes to the Roche Group Consolidated Financial Statements 54 1. General accounting principles 54 19. Other current liabilities 88 2. Operating segment information 57 20. Provisions and contingent liabilities 89 3. Revenue 62 21. Debt 95 4. Net financial expense 65 22. Equity attributable to Roche shareholders 99 5. Income taxes 66 23. Subsidiaries 102 6. Mergers and acquisitions 69 24. Non-controlling interests 104 7. Global restructuring plans 73 25. Employee benefits 105 8. Property, plant and equipment 76 26. Pensions and other post-employment 9. Goodwill 78 benefits 105 10. Intangible assets 81 27. Equity compensation plans 112 11. Inventories 84 28. Leases 116 12. Accounts receivable 85 29. Earnings per share and non-voting 13. Marketable securities 85 equity security 122 14. Cash and cash equivalents 86 30. Statement of cash flows 123 15. Other non-current assets 86 31. Risk management 125 16. Other current assets 87 32. Related parties 138 17. Accounts payable 87 33. List of subsidiaries and associates 141 18. Other non-current liabilities 87 34. Significant accounting policies 146 Report of Roche Management on Internal Control over Financial Reporting 156 Statutory Auditor’s Report 157 Multi-Year Overview and Supplementary Information 164 Roche Securities 177 Roche Holding Ltd, Basel Financial Statements 180 Notes to the Financial Statements 182 Appropriation of Available Earnings 187 Statutory Auditor’s Report 188 Finance Report 2020 Financial Review | Roche Group 3 Financial Review Finance in Brief Inside cover Roche Group results Sales in billions of CHF Core operating prot in billions of CHF % CER growth % of sales 0102030405060 0510 15 20 2020 +1.0 36.9 2019 +8.9 36.6 2018 +7.1 36.1 Net income attributable to Roche shareholders in billions of CHF Core EPS in CHF 04286110 214 025 10 15 0 2020 14.3 19.16 2019 13.5 20.16 2018 10.5 18.14 The COVID-19 pandemic outbreak has posed an unprecedented challenge for healthcare systems across the globe. The Roche Group has responded to this challenge with both its pharmaceuticals and diagnostics businesses. In March 2020 the Diagnostics Division launched its cobas SARS-CoV-2 PCR test. This runs on the high-volume fully automated cobas 6800 and cobas 8800 systems based on PCR technology, which are installed in major hospitals and laboratories around the world. Roche Diagnostics has also continued to complement its portfolio with point-of-care tests, such as the SARS-CoV-2 Rapid Antigen test. In the Pharmaceuticals Division, Actemra/RoActemra has been adopted by many countries in their treatment guidelines to treat patients with severe COVID-19 pneumonia, and in August 2020, the Roche Group announced that it is partnering with Regeneron to develop, manufacture and distribute its investigational neutralising antibody combination. The Roche Group’s business has so far proved to be largely resilient in this difficult environment.
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