Currency Effects, Patent Expiries And Government Measures Affect Roche's Q111 Performance

BMI View: Roche's Q111 results highlight the company's high exposure to healthcare sector cost-containment programmes and pricing pressures placed on medicines by governments in developed states. The drugmaker has also suffered due to the ongoing patent cliff, under which almost all leading blockbusters will lose patent protection. We believe that in order to increase its attractiveness to investors, it is imperative that the company boosts its presence in non-traditional markets. This, coupled with its strengths in the personalised medicines sector, its strong pipeline and large product portfolio - containing mainly hard-to-copy biological drugs - will place the firm in a

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