On October 23, Roche announced its Q3 2025 results. Total revenue for the first three quarters reached CHF 45.9 billion (USD 54.9 billion), a year-on-year (YoY) increase of 7% calculated at constant exchange rate (CER; as per all subsequent figures). Pharmaceutical business revenue was CHF 35.6 billion (USD 42.5 billion), up 9% YoY.
From the perspective of key therapeutic areas including oncology/haematology, neuroscience, immunology and ophthalmology, all segments achieved positive growth in the 9-month period, with notable increases in haematology (+15%), immunology (+15%), neuroscience (+9%) and ophthalmology (+11%).
Image source: Roche YTD September 2025 sales presentation
In the oncology/haematology field, despite continued sales declines due to patent expirations for Avastin (bevacizumab, -15%), Herceptin (trastuzumab, -19%) and PERJETA® (pertuzumab) (-13%), new products developed around HER2+ tumours showed strong growth, achieving some offset. The HER2-targeted combo PHESGO®(pertuzumab/trastuzumab/hyaluronidase-zzxf) reached sales of CHF 1.8 billion (USD 2.2 billion) in the first three quarters, rising 54% YoY to become the main driver of Roche's oncology business growth.
PD-L1 inhibitor TECENTRIQ® (atezolizumab) revenue remained stable. On October 2 this year, Tecentriq and its subcutaneous injection formulation Tecentriq Hybreza combined with Merck Group's small-molecule therapy ZEPZELCA® (lurbinectedin) HCP received approval in the US as a first-line maintenance treatment for adult patients with extensive stage small cell lung cancer (ES-SCLC), which will further consolidate Roche's position in the field. Additionally, the Phase III evERA study of giredestrant was successful, the drug now expected to become the first oral SERD combination therapy for ER+/HER2- breast cancer after CDK4/6 inhibitors.
Image source: Roche YTD September sales presentation
Haematology products grew significantly. ADC drug POLIVY® (polatuzumab vedotin-piiq) achieved sales of CHF 1.1 billion (USD 1.3 billion, +40%) between Q1 and Q3, with its usage rate in first-line treatment for diffuse large B cell lymphoma (DLBCL) patients in the US increasing to 35%. CD20/CD3 bispecific antibody (BsAb) drugs COLUMVI™ (glofitamab-gxbm) and LUNSUMIO™ (mosunetuzumab-axgb) rapidly penetrated the second-line DLBCL and third-line follicular lymphoma (FL) markets, generating revenues of CHF 202 million (USD 242 million, +81%) and CHF 77 million (USD 92 million, +47%) respectively.
In the coming years, Lunsumio's market potential is expected to be further unleashed. US health authorities are expected to make a regulatory decision on Lunsumio's subcutaneous injection (SC) formulation by December 22 this year, which may provide new sales growth. Additionally, multiple Phase III study results have been released. In June this year, Roche announced positive results from the SUNMO study investigating Lunsumio combined with Polivy as a second-line or later treatment for DLBCL. The CELESTIMO trial is studying the drug in combination with lenalidomide for second-line FL treatment, with progress expected in 2026.
Image source: Roche YTD September 2025 sales presentation
Neuroscience is Roche's second-largest business segment. The cornerstone drug for multiple sclerosis (MS) Ocrevus (ocrelizumab) and the spinal muscular atrophy (SMA) drug Evrysdi (risdiplam) served as the main revenue drivers, contributing sales of CHF 5.2 billion (USD 6.2 billion, +7%) and CHF 1.3 billion (USD 1.5 billion, +8%) respectively.
Roche continues to make progress in delay and prevention research for major common diseases such as Alzheimer's disease (AD) and Parkinson's disease. For example, trontinemab, which uses innovative brain shuttle technology, showed positive Phase II clinical data presented at the Alzheimer's Association International Conference (AAIC), demonstrating rapid and deep reduction of amyloid plaques in the brain. Currently, patient enrolment has started for the Phase III study of the drug for early AD (mild symptoms), while a Phase III study for pre-clinical AD (asymptomatic but pathology positive) is also about to initiate.
Image source: Roche YTD September 2025 sales presentation
The immunology field is led in revenue by Xolair (omalizumab), benefiting from market expansion in the food allergy area, with sales reaching CHF 2.2 billion (USD 2.7 billion, +34%) in the 9-month period. However, the product is about to face biosimilar competition by the end of 2026. Nevertheless, another product with huge market potential is ready for launch, as Gazyva (obinutuzumab) recently got green-lit in the US for the treatment of adult patients with active lupus nephritis (LN), marking the fifth indication for the monoclonal antibody (mAb) and its first approval outside the oncology field. Currently, Gazyva is also undergoing multiple Phase III studies targeting systemic lupus erythematosus (SLE), lupus nephritis (LN) in children and adolescents, membranous nephropathy, as well as paediatric idiopathic nephrotic syndrome (INS).
BsAb VABYSMOⓇ (faricimab-svoa) is the pillar product of Roche's ophthalmology business. Despite the contraction of the US branded drug market, its market share in early-launch countries continues to increase. In the first three quarters of 2025, Vabysmo achieved CHF 3.1 billion (USD 3.7 billion, +13%) in performance, firmly holding the third position among Roche's best-selling drugs.
Image source: Roche YTD September 2025 sales presentation
It is worth noting that Roche continues to streamline and adjust its new molecule pipeline and optimise pipeline R&D efficiency through acquisitions. Roche added seven new projects to Phase II and Phase III, including FGF21 analogue pegozafermin acquired from 89bio . At the same time, multiple early-stage projects were removed, while CDH17 ADC drug HS-20110 (for which the company obtained collaborative development rights from China-based Jiangsu Hansoh Pharmaceutical Group Co., Ltd.) will fill the gap in its early-stage pipeline layout.
Based on the current strong growth trend, Roche has raised its performance and profit expectations for 2025.