Opinions on the stock market: Roche

from the collapse in demand for COVID tests. Even so, it grew 7% in the third quarter and reported double-digit growth rates in the high-margin pharma division for the first time in years. Patent expires on the three big cancer drugs (Avastin, Herceptin and Rituxan) are becoming less significant, as are the COVID tests, and from 2024 onwards Roche will be back on track for double-digit growth.

The company has an annual research budget of CHF 14 billion, making it one of the biggest spenders in the industry, and boasts an outstanding pharma pipeline with over 140 active ingredients at different stages of approval. It is also uniquely placed thanks to its combination of pharma and diagnostics, and is the clear market leader in personalised medicine. Roche is massively underappreciated by the market and is one of our top favourites among the Swiss blue chips.