Roche 2024 Financial Report: Ophthalmology Dual-Antibody Vabysmo Achieves $4.4 Billion in Sales, Revenue in China Nears $6.1 Billion

On January 30, Roche released its 2024 financial report, reporting a total revenue of CHF 60.495 billion (approximately $68.892 billion at the 2024 average exchange rate: 1 CHF = 1.1388 USD), an increase of 7% year-on-year (calculated using constant exchange rates, CER). Research and development expenses amounted to CHF 13.042 billion (approximately $14.852 billion), accounting for 21.6% of total revenue.

Roche's business primarily includes pharmaceuticals and diagnostics. In 2024, the global pharmaceutical business generated CHF 46.171 billion (approximately $52.580 billion, +8%), while the global diagnostics business earned CHF 14.324 billion (approximately $16.312 billion, +4%).

Focusing on the China region, pharmaceutical revenue grew by 6% year-on-year to CHF 2.926 billion ($3.332 billion), accounting for 6.3% of global pharmaceutical sales. Diagnostics revenue grew by 1% year-on-year to CHF 2.402 billion ($2.735 billion), bringing total revenue in China to CHF 5.328 billion (approximately $6.068 billion).

Further breakdown of Roche's pharmaceutical business by therapeutic areas shows growth across multiple sectors: oncology (+3%), hematology (+15%), neurology (+13%), immunology (+5%), and ophthalmology (+44%). The ophthalmology sector, in particular, showed strong growth momentum.

The ophthalmology dual-antibody Vabysmo (Faricimab) has become a key driver of Roche's growth. The drug was approved in the U.S. in January 2022, and by 2024, its global sales reached CHF 3.864 billion (approximately $4.400 billion, +68%), marking its third year on the market. Vabysmo is currently approved for three major retinal diseases: neovascular (wet) age-related macular degeneration (nAMD), diabetic macular edema (DME), and retinal vein occlusion (RVO).

In July 2024, the FDA approved the Vabysmo 6.0mg single-dose pre-filled syringe, enhancing product convenience, reducing drug residue, and minimizing the risk of contamination from secondary injections. This more convenient administration method is expected to help Vabysmo expand its market, with high adoption rates in Europe and the U.S., surpassing 85% conversion.

In the neurology field, the multiple sclerosis drug Ocrevus remains Roche's flagship product, though its growth has slowed. In 2024, Ocrevus generated CHF 6.744 billion (approximately $7.680 billion), a 9% year-on-year increase. To maintain its market position, Roche launched a subcutaneous formulation of Ocrevus in Europe and the U.S. this year. With this reformulation, the drug now requires only two injections per year, each lasting just 10 minutes. Additionally, Roche is developing a higher-dose version of Ocrevus, currently in Phase III clinical trials, and is expected to file for approval in 2025.

In the oncology sector, the HER2-targeted monoclonal antibody combination drug Phesgo (pertuzumab and trastuzumab subcutaneous injection) has also been a significant growth driver, with a 62% year-on-year increase in sales to CHF 1.740 billion (approximately $1.982 billion).

Roche maintains a strong leading position in breast cancer with a range of products. In October 2024, following the U.S. approval of PI3Kα inhibitor Itovebi, Roche added another important product to its breast cancer portfolio. In just over two months, Itovebi achieved sales of CHF 8 million (approximately $9 million).

Roche is also actively developing next-generation breast cancer treatments, including CDK inhibitors sourced from Rigel Pharmaceuticals. In September 2024, Roche's Genentech division agreed to acquire Rigel’s next-generation CDK inhibitors for $850 million, which include the potential best-in-class CDK2/4 inhibitor RGT-419B and the brain-penetrant CDK4 inhibitor RGT-587.

The CD79b ADC drug Polivy, which is revolutionizing first-line treatment for diffuse large B-cell lymphoma (DLBCL), showed strong sales performance, with CHF 1.121 billion (approximately $1.277 billion, +39%) in revenue.

Roche's CD3/CD20 bispecific antibody Columvi, which targets DLBCL, was approved in the U.S. in June 2023, and its first full-year sales reached CHF 172 million (approximately $196 million). Another CD3/CD20 bispecific antibody, Lunsumio, launched earlier for indolent lymphoma, has seen more modest sales, with CHF 71 million (approximately $81 million, +25%) in 2024.

Tecentriq (atezolizumab) and Perjeta (pertuzumab) remain Roche's two flagship oncology drugs, contributing CHF 3.640 billion (approximately $4.145 billion) and CHF 3.616 billion (approximately $4.118 billion) in 2024, respectively. Notably, the subcutaneous formulation of atezolizumab has also been approved in Europe and the U.S. The ALK inhibitor Alecensa (alectinib) generated CHF 1.548 billion (approximately $1.763 billion, +7%) in 2024.

Hemlibra, the treatment for Hemophilia A, ranked second on Roche's best-selling drugs list with CHF 4.503 billion in sales (approximately $5.128 billion, +12%). The novel drug PiaSky for paroxysmal nocturnal hemoglobinuria (PNH) had its global debut in China in 2024, generating CHF 16 million (approximately $18 million) in global sales.

Additionally, Roche's flu drug Xofluza (baloxavir marboxil) showed strong growth, with a 75% increase in revenue, reaching CHF 152 million (approximately $173 million).

Beyond its current portfolio, Roche is aggressively expanding into the weight-loss market. The oral small-molecule GLP-1 receptor agonist CT-996 has disclosed Phase I data, showing an average weight loss of 6.1% over 4 weeks (after placebo adjustment). The GLP-1R/GIPR dual agonist CT-388 (administered once a week by subcutaneous injection) showed Phase I results with an average weight loss of 18.8% over 24 weeks (after placebo adjustment).

In 2025, Roche expects to release Phase II study data for the GLP-1R/GIPR dual agonist CT-868 (once daily subcutaneous injection) for treating type 1 diabetes with obesity.

Roche's latest development blueprint includes more than seven potential new molecules with peak sales exceeding CHF 3 billion, along with four potential new molecules with peak sales ranging from CHF 2 billion to 3 billion.

In pipeline changes, Roche has mainly removed four late-stage and multiple early-stage clinical trials involving the TIGIT monoclonal antibody tiragolumab.

Roche CEO Thomas Schinecker stated: “2024 has been a strong year for Roche. We are proud to have positively impacted patients’ lives in 2024 with the launch of two new drugs—Itovebi (for breast cancer) and PiaSky (for blood diseases)—along with a continuous glucose monitoring solution and an innovative fully automated mass spectrometry system. 

Last year, we significantly strengthened our R&D pipeline through accelerated internal projects as well as new partnerships and acquisitions. Roche is well-prepared for future growth.” Looking ahead to 2025, Roche expects group sales to grow in the low single digits (CER).