Roche in 2003: growth significantly outpaces global market - strong operating performance - net income of 3.1 billion Swiss francs

Mittwoch, 04. Februar 2004 07:00

Commenting on the full-year results for 2003, Roche Chairman and
CEO Franz B. Humer said, "We are pleased to report that we achieved
our ambitious goals in 2003. Together, our core pharmaceuticals and
diagnostics businesses posted double-digit sales growth of 19% in
local currencies, and both grew faster than their respective
markets. Operating profit before exceptional items again grew
faster than sales. It rose by 25% in local currencies to 6.1
billion Swiss francs. In addition, we strengthened Roche's
financial position further and continued to enhance corporate
governance. The good results achieved in 2003 confirm that our
clear strategy of focus and innovation is on track and being
successfully implemented. We firmly believe that long-term business
success is possible only through economically, socially and
environmentally sustainable value creation. Our new sustainability
report underlines this commitment."

Key figures in millions of CHF

Roche Group Continuing businessesa)
% change % change

2003 2002 in in 2003 2002 in in
CHF local CHF local
cur. cur.

Sales 31,220 29,453 6 13 28,960 26,066 11 19
EBITDAb) 8,609 7,993 8 16 8,390 7,532 11 20
Operating profit 6,268 5,448 15 24 6,104 5,223 17 25
before exceptional
items
Operating profit 5,592 1,335 319 350 5,823 4,532 28 37
Net income 3,069 -4,026 - - 3,292 -1,052 - -
Research and 4,766 4,257 12 21 4,671 4,132 13 22
development
Additions to 2,265 2,044 11 17 2,093 1,746 20 28
property, plant and
equipment

Earnings per share 3.61 -4.80 - - 3.87 -1.25 - -
and non-voting
equity security,
diluted (in CHF)
Dividend per share 1.65 1.45 14 - - - - -
and non-voting
equity security (in
CHF)c)

Employees 65,357 69,659 -6 65,357 62,398 5


a) Continuing businesses includes the core pharmaceuticals
and diagnostics businesses, together with treasury and other
corporate activities. The Vitamins and Fine Chemicals Division is
reported as a discontinuing business.
b) EBITDA: Earnings before exceptional items and before
interest and other financial income, tax, depreciation and
amortisation, including impairment. This corresponds to operating
profit before exceptional items and before depreciation and
amortisation, including impairment.
c) 2003 dividend as proposed by the Board of Directors.


Roche Group
In 2003 combined sales by Roche's core pharmaceuticals and
diagnostics businesses totalled 29.0 billion Swiss francs, a
year-on-year increase of 19% in local currencies (11% in CHF), with
new and established Roche products contributing gains of around 12%
and the integration of Chugai some 7%. Both divisions posted
above-market growth, with pharmaceutical sales up 23% in local
currencies (14% in CHF) and diagnostics sales up 8% in local
currencies (3% in CHF).

Core businesses: substantial increases in operating profit and
margin
Thanks to the strong sales growth and a reduction in other
operating expenses, operating profit before exceptional items rose
25% in local currencies. Operating profit after exceptional items
increased by an even stronger 37% in local currencies. The
operating profit margin before exceptional items rose by 1.1
percentage points to 21.1% and after exceptional items by 2.7
percentage points to 20.1%.

Strong cash flow, major progress in finance
The Group's financial position was also strengthened in 2003,
helped in particular by strong cash flow from operating activities
and the proceeds from the sale of the Vitamins and Fine Chemicals
Division to DSM. Roche's core pharmaceuticals and diagnostics
businesses generated an impressive gross cash flow (EBITDA) of 8.4
billion Swiss francs. Group debt was substantially reduced and bank
loans replaced by capital market bonds. The Group's net liquidity
increased from 0.6 billion to 5.9 billion Swiss francs, while the
equity ratio (including minority interests) improved from 40% to
49%.

Return to healthy net income level
In 2003 the Roche Group posted net income of 3.1 billion Swiss
francs, or 3.3 billion francs for its core businesses, following
the net loss recorded in 2002 under the impact of one-time charges.
The consolidated financial statements for 2003 include Chugai's
full-year results (versus three months for the year-earlier period)
and the Vitamins and Fine Chemicals Division in the first nine
months of the year, including the closing entries relating to the
sale of the division.

Outlook optimistic
Roche expects both its pharmaceuticals and diagnostics businesses
to grow faster than the global market in 2004. The Pharmaceuticals
Division remains committed to achieving an operating profit margin
approaching 26% before exceptional items by the end of 2004
(equivalent to the previously announced goal of an adjusted margin
approaching 25%). The Diagnostics Division is expected to achieve
its objective of an operating profit margin of around 23% before
exceptional items in 2006 (equivalent to the previously announced
goal of an adjusted margin of 20%). The Group anticipates an
operating profit margin of above 22% in 2005.

Seventeenth dividend increase in as many years - changes on the
Board of Directors
Based on the strong gains in operating result and net income, the
Board of Directors will ask the Annual General Meeting on 6 April
2004 to approve a dividend increase of 14%, to 1.65 Swiss francs
per share and non-voting equity security.
As previously announced, Fritz Gerber, Andres F. Leuenberger and
Henri B. Meier will be stepping down from the Board of Directors at
this year's AGM. The Board will nominate Bruno Gehrig and Lodewijk
J.R. de Vink as new members for election by the AGM. Subject to his
election, Bruno Gehrig will assume the newly created function of
Independent Lead Director. Before taking up his current position as
chairman of the board of directors of Swiss Life Holding, Bruno
Gehrig was vice-chairman of the governing board of the Swiss
National Bank, which he joined in 1996. From 1992 to 1996 he was
Professor of Business Economics at the University of St. Gallen.
Lodewijk J.R. de Vink is a founding member and consultant of
Blackstone Healthcare Partners. A past president of Schering
International and former chairman, president and CEO of
Warner-Lambert, Mr de Vink has very solid experience spanning many
years in the pharmaceutical industry.
The Board will also propose that the General Meeting elect KPMG as
the new Group auditors and statutory auditors of Roche Holding Ltd.

Further improvements to corporate governance
The proposed changes to the Board of Directors mean that the
majority of its members will be independent directors who can
contribute substantial international experience and expertise.
Other improvements to corporate governance at Roche include changes
that facilitate comparison of the Group's results with those of
other healthcare companies. As announced at the end of 2003, Roche
is changing the presentation of its consolidated financial
statements for the current and year-earlier periods to distinguish
between continuing and discontinuing businesses. The expanded
information in Roche's latest Annual Report includes details of the
compensation paid to the Board of Directors and to each member of
the Executive Committee.

Roche publishes first separate Sustainability Report
As a good corporate citizen, Roche has long accepted its
responsibilities towards the environment and society. Its new
Sustainability Report, which from now on will be published each
year with the Annual Report, underscores this commitment. The
Sustainability Report includes the Group's safety and environmental
protection report, which used to be published separately each year.
The new report details the main activities Roche is undertaking to
promote sustainable development. In doing so, the company is
observing the guidelines of the Global Reporting Initiative - a
body that unites the interests of various dialogue groups and works
closely with agencies of the United Nations.


Pharmaceuticals Division
Double-digit growth in prescription drugs business


Key figures in millions % change % change in as % of
of CHF in CHF local sales
currencies
Sales 21,551 14 23 100
- Roche worldwide 19,781 14 23 92
prescription group
- Non-prescription 1,770 12 17 8
medicines (OTC)
EBITDA 6,542 13 21 30.4
Operating profit* 4,965 20 28 23.0
Research and development 3,946 14 25 18.3
Employees 46,625 4 - -

*Before exceptional items

Sales by the Pharmaceuticals Division increased 23% in local
currencies (14% in CHF) to 21,551 million Swiss francs. Even
without the newly integrated Chugai, sales grew faster than the
global market, with new and established Roche products accounting
for over half of the gains (+14% in local currencies). Operating
profit before exceptional items rose even faster than sales,
advancing 28% in local currencies (20% in CHF) to 4,965 million
Swiss francs. Despite substantially higher expenditures on new drug
launches and on the many highly promising projects in its
development pipeline, the Pharmaceuticals Division posted another
significant increase in profitability, recording an operating
profit margin before exceptional items of 23.0%, a gain of 1.1
percentage points. EBITDA was up 21% in local currencies (13% in
CHF) to 6,542 million Swiss francs. The EBITDA margin was
comparable to that of 2002.

Prescription medicines continue to post strong growth
Sales of prescription medicines in 2003 totalled 19,781 million
Swiss francs, a rise of 23% in local currencies (14% in CHF).
Operating profit before exceptional items reached 4,698 million
Swiss francs, and the operating profit margin, at 23.8%, was also
up again for the year. EBITDA increased to 6,234 million Swiss
francs, or 31.5% of sales. The division's oncology portfolio[1]
continued to be a major contributor to growth, with sales rising
30%[2] to 6,078 million Swiss francs. Sales and market penetration
of Pegasys and Copegus, a new combination treatment for hepatitis
C, surpassed the division's high expectations. Fuzeon, Roche's
novel HIV/AIDS therapy, has now been launched in 12 markets
worldwide. CellCept and NeoRecormon posted accelerated growth, with
both products experiencing double-digit gains in their respective
indications. As expected, Roaccutan/Accutane experienced sales
erosion due to generic competition.

Above-market growth in all regions
Roche's prescription medicines posted above-market sales growth in
all key regions. Thanks to strong sales by both Genentech and
Roche, sales in North America increased by 20%, significantly
outpacing the market. In Europe prescription drug sales accelerated
in the double-digit range. The very strong sales increase recorded
in the relatively sluggish Japanese market can be ascribed mainly
to the consolidation of Chugai since 1 October 2002 and to
above-average underlying organic growth. In Latin America sales
returned to growth in a still-declining market. In rapidly
developing markets from Eastern Europe to China, Roche has been
growing very quickly and is strongly positioned as an industry
leader.

Oncology - Roche extends its market lead
In 2003 Roche strengthened its position as the world's number-one
oncology company, with more than 6 billion Swiss francs in sales
and a 30% growth rate. MabThera/Rituxan, for non-Hodgkin's lymphoma
(NHL), achieved sales of 2.8 billion Swiss francs (+34%). Trial
data announced in December showed that MabThera/Rituxan in
combination with chemotherapy also represents a major clinical
advance in the first-line treatment of indolent lymphoma. These
data are expected to result in an expanded indication, potentially
doubling the number of patients with indolent NHL who could benefit
from treatment with MabThera/Rituxan. A regulatory filing for the
combination was submitted to the EU authorities in January 2004.
Herceptin sales rose 27%. A recent study has shown that the
combination of Herceptin and Taxotere significantly improves
patient survival compared with Taxotere alone. Based on these
positive results, Roche has filed a marketing application for the
Herceptin-Taxotere combination in the European Union. Roche expects
the filing to be approved in 2004. Xeloda sales continued their
strong upward trend, growing by 29%. This tumour-activated oral
chemotherapeutic agent is used to treat breast and colorectal
cancers. Xeloda was approved for the treatment of breast cancer in
Japan. Sales of Kytril, an anti-emetic used in patients who are
receiving chemotherapy or radiation therapy or who have undergone
surgery, were up 7%. Thanks to its highly competitive profile, it
recaptured market share in a fiercely contested segment.

Anemia - strong growth
Combined sales of NeoRecormon and Epogin - the leading products for
the treatment of renal anemia in Europe and Japan, respectively -
rose 77%. NeoRecormon alone posted an impressive 30% increase in
sales and achieved significant market share gains in Europe, where
the regulatory authorities approved a new regimen in April for
dialysis patients with stable hemoglobin levels. The use of this
medicine in oncology continues to rise. A marketing application for
a new, easy-to-use NeoRecormon formulation for once-weekly
treatment of anemic patients with lymphoid malignancies was
recently submitted to the EU authorities.

Transplantation - sales of leading immunosuppressant in the US
accelerate
Sales growth for Roche's immunosuppressive agent CellCept, the
top-selling branded product in the United States for preventing
organ rejection, accelerated to a rate of 27%. Combined sales of
Valcyte and Cymevene grew 6%. Because of its potency and simple
dosing schedule, Valcyte is increasingly the medicine of choice for
preventing and treating cytomegalovirus infections (e.g. CMV
retinitis). Initially approved for use in HIV-infected patients
co-infected with CMV, the product gained important approvals last
year in the European Union and the United States for use in solid
organ transplant patients with CMV infections.

Virology - exceptional gains in hepatitis C segment
Sales of Pegasys and Copegus, Roche's new drug combination for
hepatitis C, totalled 942 million Swiss francs. In December Pegasys
accounted for over 50% of total US interferon prescriptions for
hepatitis C. Pegasys and Copegus are available for the treatment of
hepatitis C in more than 80 countries. In October Pegasys
monotherapy was approved in Japan, completing the regulatory
approval process in all major markets worldwide. Fuzeon, the
world's first fusion inhibitor, is being rolled out for HIV. The
product belongs to the first new class of anti-HIV treatments in
seven years and is the first and only drug that blocks the virus
before it enters host cells. Fuzeon is currently available in 12
countries, and further important launches are expected in the near
future. Sales totalled 49 million Swiss francs. Roche and its
partner Trimeris are actively working to accelerate the uptake of
Fuzeon in the US market. Combined sales of the protease inhibitors
Viracept, Invirase and Fortovase declined by 11%. Viracept remains
under pressure from competitor products and was also affected last
year by additional price reductions in important markets. Sales of
Tamiflu were up sharply, increasing by 184%, due to the severe
2002/2003 flu season in Japan and an early start to the 2003/2004
flu season in the United States.

Other major products - Rocephin sales remain stable
While Xenical remained the leading weight management medicine in
2003, sales declined by 13% in line with market trends. In December
2003 the US Food and Drug Administration (FDA) approved labelling
for the use of Xenical in the management of obesity in patients
aged 12 to 16 years. Sales of Dilatrend, a beta blocking agent for
hypertension, chronic heart failure and coronary artery disease,
continued to rise, advancing 19% for the year. Well established in
hypertension and coronary heart disease, Dilatrend benefited in
late 2003 from new clinical data from the COMET study. Roche
expects sales to decline in 2004, as Dilatrend will be going off
patent in several major European markets at the beginning of April.
Roche's new bisphosphonate, Bonviva/Boniva (ibandronate), was
approved by the FDA in May 2003 for the treatment and prevention of
osteoporosis in postmenopausal women and received a positive
opinion for use in the same indication from the European Union's
Committee for Proprietary Medicinal Products (CPMP) in October.
Based on very encouraging phase III trial data, a supplemental
filing for a simpler, more convenient dosage regimen will be
submitted in 2004. Overall sales of Rocephin remained stable.
Because of the early flu season in the United States and Japan
sales in these markets rose by a substantial 7% and 14%,
respectively, compensating for continued generic erosion in Europe,
especially in France and Germany. Demand is expected to remain
strong in the United States, where the product will continue to be
protected by patent until 2005. Sales of Roaccutan/Accutane, for
severe acne, fell 37%. The decline was largely due to the market
entry of competing generics in the United States and Europe.

Research and development - substantial number of new products
expected
Roche's research and development pipeline is currently very strong,
with 61 new molecular entities (NMEs), including five opt-in
opportunities. The quality of the portfolio has steadily improved
over the past three years. Roche is currently pursuing 125 research
projects spanning seven therapeutic areas and 60 development
projects in ten therapeutic areas. Results from a phase III trial
with the late-stage cancer drug Avastin showed a 30% increase in
survival duration in patients who received Avastin plus
chemotherapy as first-line treatment for metastatic colorectal
cancer. An application for approval of Avastin was filed in the
United States in September and has been designated for priority
review by the FDA; approval is expected in the first quarter of
2004. An EU filing was submitted in December. A monotherapy trial
with Tarceva in pre-treated lung cancer patients is proceeding as
planned, with results expected in the first quarter of 2004.
Development of the innovative anemia treatment CERA for worldwide
use in anemic patients with cancer or renal disease is moving ahead
as planned. Phase III studies in renal patients are scheduled to
start early in 2004, and phase III trials in cancer patients are
due to start by the end of the year.

Roche Consumer Health - strong organic growth
In 2003 sales of non-prescription (OTC) medicines, including sales
by Chugai in Japan, grew 17% in local currencies (12% in CHF) to
1,770 million Swiss francs. Roche Consumer Health (RCH) achieved
strong organic growth; excluding Chugai, sales increased by 5%.
Solid sales growth was reported in almost all markets, but
especially in the Asia-Pacific region and Eastern Europe. RCH's ten
top-selling brands posted growth of 10%, with the strongest
contributions coming from Bepanthen, Redoxon and Aleve. Chugai's
OTC sales were in line with expectations. Operating profit from the
OTC business totalled 267 million Swiss francs before exceptional
items, a gain of 12% in local currencies (9% in CHF) over the
previous year. The operating profit margin decreased slightly, to
15.1% before exceptional items, due to the lower profitability of
Chugai's OTC business and investments to develop Xenical (orlistat)
as an OTC product.
Diagnostics Division
Market leadership extended


Key figures in millions % change % change in as % of
of CHF in CHF local sales
currencies
Sales 7,409 3 8 100
- Diabetes Care 2,695 9 15 36
- Near Patient 548 -7 -2 7
Testing
- Centralized 2,634 2 6 36
Diagnostics
- Molecular 1,024 5 13 14
Diagnostics
- Applied Science 508 -11 -6 7
EBITDA 2,111 6 12 28.5
Operating profit* 1,405 6 13 19.0
Research and development 724 7 11 9.8
Employees 18,302 7 - -

*Before exceptional items

Sales by the Diagnostics Division in 2003 totalled 7,409 million
Swiss francs, a year-on-year increase of 8% in local currencies (3%
in CHF). Roche Diagnostics thus grew twice as fast as the global
in-vitro diagnostics market. Profitability measures also continued
to improve. Operating profit before exceptional items was up 13% in
local currencies (6% in CHF) to 1,405 million Swiss francs, with
EBITDA rising 12% in local currencies (6% in CHF) to 2,111 million
Swiss francs. The operating profit margin was up 0.5 percentage
points to 19.0%, and the EBITDA margin advanced 0.9 percentage
points to 28.5%. The division's most profitable and fastest-growing
businesses - Diabetes Care, Molecular Diagnostics and
immunochemistry - were the main contributors to this strong
performance. Further growth was generated by a large number of
attractive new products.

Regions - above-average growth worldwide
Roche Diagnostics recorded significant sales gains in all regions,
despite weak or negative growth in the world's major diagnostics
markets. Sales in North America were up 7%, double the market
average. In Europe, a market characterised by healthcare budget
restrictions, sales growth was 10%. Sales in Japan rose 3%, despite
a decline in the market as a whole. In Asia-Pacific and
Iberia/Latin America Roche Diagnostics expanded its market share
with double-digit sales growth.

Diabetes Care - integration of Disetronic on track
Roche Diabetes Care grew 15%, outpacing the market by a substantial
margin as it further extended its leading position in blood glucose
monitoring. In 2003 Diabetes Care expanded and optimised its
portfolio of blood glucose monitoring systems. New versions of the
proven Accu-Chek Advantage and Accu-Chek Active glucose meters
posted good sales right from the start, as did a new test strip for
Accu-Chek Compact; the new strip gives faster results from less
blood. In addition, the roll-out of Accu-Chek Go, a novel and
especially user-friendly glucose meter, started at the end of 2003.
The acquisition of Disetronic, the world's second-largest supplier
of insulin pumps, is an important strategic move. As a result of
this transaction, which was finalised in May 2003, Roche now offers
a comprehensive range of products for people with diabetes, from
glucose monitoring and data management to insulin delivery. The
integration of Disetronic's facilities is proceeding according to
plan and has already been completed in most countries. Roche is
working closely with the FDA to address the agency's concerns about
Disetronic's production processes and documentation. The Group aims
to resume pump sales in the US in the second half of 2004;
reinspection by the FDA is expected to take place around the middle
of the year.

Near Patient Testing - steady market share gains in a variety of
segments
Total sales by Roche Near Patient Testing decreased by 2% in 2003
due to streamlining of the product range early in the year
(divestment of the OPTI systems and drugs-of-abuse testing
businesses). On a comparable basis Near Patient Testing sales rose
6%. Worldwide sales of coagulation monitoring products increased by
over 20%, with demand fuelled largely by the continuing trend to
patient self-monitoring. Coagulation monitoring is another segment
in which Roche Diagnostics is the clear market leader, with a
market share of 95%. Roche is also steadily improving its market
share in the Hospital Point of Care segment. Key factors behind the
high growth in this segment in 2003 were the decision to refocus
activities on the core business and strong sales of cardiac assays
and OMNI blood gas analysers. In the Primary Care segment (compact
systems for doctors' offices) the multiparameter systems of the
Reflotron product line and Accutrend cholesterol testing products
posted above-average growth. The rollout of a new generation of
instruments offering standardised urinalysis met with a good market
response.

Centralized Diagnostics - acquisition of Igen gives Roche access to
high-growth market
Sales by Roche Centralized Diagnostics rose 6%, fuelled by high
demand for modular high-tech systems for diagnostic laboratories.
Once again, the Elecsys immunochemistry product line posted
double-digit gains. In 2003 Roche transferred its US hematology
business back to its partner, Sysmex. Roche's agreements with
Sysmex outside the US are unaffected by this move. Roche expects to
complete its acquisition of US-based Igen, announced in July 2003,
in mid-February 2004. This strategic move secures Roche's rights to
the use of electrochemiluminescence (ECL) technology and also
allows it to tap into new markets in one of the division's largest
growth areas, immunochemistry. Since the acquisition was announced,
Centralized Diagnostics has signed contracts for several large
orders.

Molecular Diagnostics - first pharmacogenomic DNA microarray
launched
Sales of in-vitro diagnostic products by Roche Molecular
Diagnostics grew by 21%, while sales of enzymes to industrial
customers, which account for a relatively small percentage of
revenues, declined. Growth in sales of blood screening tests and
tests for sexually transmitted diseases was in the high
double-digit range. In just eight weeks Molecular Diagnostics
developed the first PCR-based research test to detect the virus
that causes the respiratory disease SARS. In addition, it
developed a highly automated test for screening donated blood for
West Nile virus and other pathogens belonging to the Japanese
encephalitis virus group. June saw the US launch, for research use,
of AmpliChip CYP450, the world's first pharmacogenomic microarray.
In future the new DNA chip-based test will help physicians select
the appropriate medication and dosage. Roche is working to obtain
approval in the United States and Europe for a clinical diagnostic
version of the test in 2004. At the end of 2003 in the United
States Roche launched a product that enables qualitative testing
for human papilloma virus, initially for use by certain specialist
laboratories. It plans to launch a clinical diagnostic version in
early 2004. Cobas TaqMan 48 was launched in the United States in
June and received EU marketing approval shortly thereafter. The
system puts real-time PCR technology within the reach of small and
medium-sized laboratories for the first time.

Applied Science - numerous product launches
Sales by Roche Applied Science declined 6% due to the sluggish
economic climate and a weak biotech market, especially in the
United States. A number of important products for use in genomics
were launched in 2003, including an updated version of the
LightCycler system that offers greater versatility in research
applications; MagNA Pure Compact, a compact benchtop instrument for
fast, easy nucleic acid purification; and the new LightTyper, for
single nucleotide polymorphism (SNP) analysis. In addition,
Prionics Check LIA, a new, fully automated test that enables
detection of BSE in slaughtered cattle, received marketing approval
in Europe.


This Investor Update with all tables may be found at
http://www.roche.com/home/investor/inv-news-updates.htm

Roche's 2003 Annual Report and - for the first time - the
Sustainability Report 2003 as well as the presentations slides will
be available at www.ir.roche.com as from 7:00 am CET.

Planned dates in 2004
* 6 April: Annual General Meeting
* 21 April (tentative): first-quarter sales
* 21 July (tentative): half-year results
Disclaimer
This release contains certain forward-looking statements. These
forward-looking statements may be identified by words such as
"believes", "expects", "anticipates", "projects", "intends",
"should", "seeks", "estimates", "future" or similar expressions or
by discussion of strategy, goals, plans or intentions. Various
factors may cause actual results to differ materially in the future
from those reflected in forward-looking statements contained in
this presentation among others: (1) pricing and product initiatives
of competitors; (2) legislative and regulatory developments and
economic conditions; (3) delay or inability in obtaining regulatory
approvals or bringing products to market; (4) fluctuations in
currency exchange rates and general financial market conditions;
(5) uncertainties in the discovery, development or marketing of new
products or new uses of existing products; (6) increased government
pricing pressures; (7) interruptions in production; (8) loss of or
inability to obtain adequate protection for intellectual property
rights; (9) litigation; (10) loss of key executives or other
employees; and (11) adverse publicity or news coverage.


February 4, 2004


07.00 CET (Central European time)

Release will be e-mailed and posted on the Roche IR website.
Presentation slides and the Annual Report 2003 will be posted on
the Roche
IR website http://ir.roche.com.


08.00 CET

Conference call will commence with presentations by senior
management followed by
a Q&A session. Participants will be:
Dr. Erich Hunziker, Chief Financial Officer,
William M. Burns, Head of the Pharmaceuticals Division
and
Heino von Prondzynski, Head of the Diagnostics Division
Dr. Karl Mahler, Head of Investor Relations

Analysts are invited to dial in to the conference using the
following dial-in numbers:
+41 91 610 5600 (Europe and ROW) or
+44 207 107 06 11 (UK) or
+1 866 291 4166 (USA).

Please dial into the conference call 10-15 minutes before the call
is scheduled to start. You
are also invited to download the presentation from the website.
Alternatively you can
follow the conference as a Live Audio Webcast through the Internet
site http://ir.roche.com.

A replay of the conference call will be available one hour after
the conference call, for 48 hours.
Access is by dialing: +41 91 612 4330 (Europe), +44 207 866 4300
(UK) and +1 412 858 1440 (USA) and enter the conference ID 446
followed by the # sign. A replay of the webcast will be available
on demand at http://ir.roche.com.


London, February 4, 2004

Due to flight schedules and restrictive new security guidelines
practiced by some airlines the schedule for our London event had to
be amended slightly. The conference will start 15 minutes earlier
and will now begin at


15.15 London GMT (Greenwich Mean Time) / 16.15 CET

General Presentation and Q & A session will be held by:
Dr. Franz B. Humer, Chief Executive Officer
Dr. Erich Hunziker, Chief Financial Officer
William M. Burns, Head of the Pharmaceuticals Division
and
Heino von Prondzynski, Head of the Diagnostics Division

Following the general presentation will be four break-out sessions,
held simultaneously, covering the topics Strategy & Finance,
Pharmaceuticals, Diagnostics and Accounting. The break-out sessions
will be recorded and placed on the web within 48 hours.

For those who cannot attend in person, the presentation and Q&A
session can be listened to via a telephone link (listen only mode,
no live access to speakers). Please dial into the call 10-15
minutes before is scheduled to start. The Dial in numbers are:
+41 91 610 5600 (Europe and ROW) or
+44 207 107 06 11 (UK) or
+1 866 291 4166 (USA).

You are also invited to download the presentation from the website.
In addition, a Live Audio Webcast of the conference call will be
available on our website http://ir.roche.com.

A replay of the conference call will be available one hour after
the event, for 48 hours. Access
is by dialing: +41 91 612 4330 (Europe), +44 207 866 4300 (UK) and
+1 412 858 1440 (USA)
and enter the Conference ID 511 followed by the # sign. A replay of
the webcast will be available
on demand at http://ir.roche.com.




New York, February 5, 2004

14.30 New York EST (Eastern Standard Time) / 20.30 CET

General Presentation and Q & A will be held by:
Dr. Franz B. Humer, Chief Executive Officer
Dr. Erich Hunziker, Chief Financial Officer
William M. Burns, Head of the Pharmaceuticals Division
and
Heino von Prondzynski, Head of the Diagnostics Division

Following the general presentation will be four break-out sessions
(sessions will be repeated once) covering the topics Strategy &
Finance, Pharmaceuticals, Diagnostics and Accounting. The break-out
sessions will be recorded and placed on the web within 48 hours.

For those who cannot attend in person, the presentation and Q&A
session can be listened to via a telephone link (listen only mode,
no live access to speakers). Please dial into the call 10-15
minutes before is scheduled to start. The Dial in numbers are:
+41 91 610 5600 (Europe and ROW) or
+44 207 107 06 11 (UK) or
+1 866 291 4166 (USA).

You are also invited to download the presentation from the website.
In addition, a Live Audio Webcast of the conference call will be
available on our website http://ir.roche.com.

A replay of the conference call will be available one hour after
the event, for 48 hours. Access
is by dialing: +41 91 612 4330 (Europe), +44 207 866 4300 (UK) and
+1 412 858 1440 (USA)
and enter the Conference ID 585 followed by the # sign. A replay of
the webcast will be available
on demand at http://ir.roche.com
[1] Oncology portfolio: MabThera/Rituxan, Herceptin, Xeloda,
Bondronat, Kytril, Furtulon, Neupogen, NeoRecormon (25%), Roferon-A
(60%), Neutrogin, Picibanil.
[2] All growth rates are based on local currencies.


The full report including tables can be downloaded from the
following link:
View document
Roche IR Contacts:
Dr. Karl Mahler
Phone: +41 (0)61 687 85 03
e-mail: karl.mahler@roche.com

Eva-Maria Schäfer
Phone: +41 (0)61 688 66 36
e-mail: eva-maria.schaefer@roche.com

Dianne Young
Phone: +41 (0)61 688 93 56
e-mail: dianne.young@roche.com

North American investors please contact:
Richard Simpson
Phone: +1 973 235 3655
e-mail: richard.simpson@roche.com
Povezani linkovi: 
Autor:
Hugin
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