Best Research Ideas

Roche – TOGA Party: Opportunity in the Face of Adversity: Reiterate Buy, Raise PT to CHF290

— Jeffrey Holford, Equity Research Analyst, Global Pharmaceuticals

New product launches and indications are being underestimated for Roche while the fear of biosimilars dominates. Jefferies has laid out base business, royalty income/ expense, pipeline, biosimilar erosion and margin expectations in detail, while demonstrating above consensus revenue and EPS, increasing the price target to CHF290 and highlighting the potential for special dividends and accretive M&A as cash continues to build. FULL REPORT