[EARNINGS PREVIEW] Roche (ROP SW) to kickstart European healthcare earnings on the 22th October at 06:00 BST / 01:00 EDT

OVERVIEW: Roche is to kick off the European healthcare earnings on Thursday 22nd at 06:00BST/01:00EDT. The earnings call is scheduled for 13:00BST/08:00EDT. On a YTD basis, STOXX 600 Healthcare is middle of the pack in comparison to its peers, printing gains of c. 3.0%. To compare, Tech prints YTD gains of 24%, while Utilities is higher by some 14%. Focus for the broader healthcare space will be on any pipeline guidance, given a few setbacks in recent months. In September, Novartis had three disappointing trial results while more recently discontinuing another study due to “strategic considerations”. For AstraZeneca, its Phase 3 Serena 4 trial of Etcamah in combination with palbociclib did not meet the primary endpoint. OTHER KEY EARNINGS DATES: Novartis (NOVN SW): October 27th AstraZeneca (AZN LN): October 30th Novo Nordisk (NOVOB DC): November 4th Q3’26 EXPECTATIONS: Company Revenue EBITDA Net Income Roche (CHF) 15.63bln - - Novartis (USD) 14.58bln 5.69bln 4.34bln AstraZeneca (USD) 16.04bln 6.77bln 4.03bln Novo Nordisk (DKK) 73.29bln 35.28bln 21.38bln BANK COMMENTARY: RBC: Highlights cautiousness amongst investors as Q3 pharmaceuticals report, following the negative reaction to Johnson & Johnson’s strong results. Pharma stocks have rallied recently, but this appears to be due to a shift in allocation rather than fundamental attractions. Analysts say in-line results may not be enough for Roche, while comments on upcoming trials may be more important for AstraZeneca rather than the actual results. Goldman Sachs: AstraZeneca is most in focus on account of the near-term catalyst path, YTD stock weakness (-10.5%) and mid-long term outlook. Analysts see an opportunity for Astra to offer direction on 2027 cost lines. Berenberg: Analyst has lifted its peak sales of Astra’s efzimfotase to USD 4.2bln given its superior profile to Strensiq, assuming its significant use in both paediatric patients and adults. JPMorgan: Expects Novo to report strong Q3 results and lift its FY26 guidance. Adj. sales expected at DKK 76bln, while injectable Wegovy sales are seen at DKK 21.5bln to reflect continued growth in sales outside of the US. On guidance, expect adj. Sales at +1% (prev. -3%) and adj. Operating profit at 0% (prev. -6%). CONSENSUS: Roche: Roche has an average PT of CHF 375.55 (vs current CHF 386); 4 assign the Co. with a Strong Buy, 7 (Buy), 10 (Hold), 2 (Sell) and 1 (Strong Sell) Novartis: Novartis has an average PT of CHF 126.02 (vs current CHF 125.3); 4 assign the Co. with a Strong Buy, 6 (Buy), 15 (Hold), and 3 (Sell). AstraZeneca: AstraZeneca has an average PT of GBP 15,404 (vs current GBP 12,452); 9 assign the Co. with a Strong Buy, 12 (Buy) and 5 (Hold). Novo Nordisk: Novo Nordisk has an average PT of DKK 308.05 (vs current DKK 258.3); 3 assign the Co. with a Strong Buy, 4 (Buy), 20 (Hold), 4 (Sell) and 1 (Strong Sell).