Roche's second-quarter sales were significantly affected by the disappointing performance of its blockbuster eye drug, Vabysmo. In the fourth quarter of 2025, Vabysmo's sales of 1 billion Swiss francs ($1.12 billion) undershot analysts' consensus by 8%. Its sales in the second half of 2025 were $32 million lower than in the first half. Despite this, Vabysmo achieved $5.3 billion in sales in 2025, making it Roche's third-highest-selling drug, a notable accomplishment given its FDA approval in 2022.
The slowdown in Vabysmo's sales is attributed to a 15% contraction in the U.S. branded anti-VEGF injection market throughout 2025. Roche's pharma chief, Teresa Graham, explained that the closure of copay foundations led to fewer patients receiving branded drugs, with more shifting to Avastin and biosimilars. This "big reset" in the U.S. branded market prompted Roche to issue a prudent forecast for the year.
Despite Vabysmo's hurdles, Roche anticipates a growth acceleration for the drug in 2026, driven by new launches outside the U.S. and a recovery in the U.S. market. The company also reported strong overall performance in the first three months of 2026, with group sales up 6% at constant exchange rates to $16.4 billion. The pharmaceutical division saw a 7% increase at constant exchange rates, reaching $12.9 billion, largely due to high demand for innovative medicines for severe diseases. However, the appreciation of the Swiss franc negatively impacted results when reported in Swiss francs, with group sales down 5% to $16.4 billion.
Roche's top five growth drivers—Xolair, Phesgo, Hemlibra, Vabysmo, and Ocrevus—collectively achieved sales of $5.9 billion in the first three months of 2026, marking a 14% increase at constant exchange rates. While the company saw strong demand for novel therapeutics like Xolair, which treats chronic hives and asthma, the underperformance of Vabysmo in the context of broader market dynamics and currency fluctuations led to a cautious outlook and downward revisions by analysts.
