Roche Intensifies Dealmaking Strategy, Eyes Further Acquisitions Amid Strong Financial Performance

Roche, the Swiss pharmaceutical giant, has signaled its intention to maintain an aggressive dealmaking pace following a series of high-profile acquisitions and partnerships. The company's CEO, Thomas Schinecker, emphasized during a recent third-quarter earnings call that Roche is "not done with BD [business development]," hinting at further strategic moves in the pipeline.

Recent Acquisitions and Partnerships

Roche has already made significant strides in expanding its portfolio through strategic deals. The company recently acquired 89bio for $3.5 billion, a move centered on the FGF21 analog pegozafermin, which is being developed for metabolic dysfunction-associated steatohepatitis (MASH). Teresa Graham, CEO of Roche's Pharmaceuticals unit, expressed confidence in the asset's potential, describing it as having "best-in-disease" prospects.

In addition to the 89bio acquisition, Roche's subsidiary Genentech entered into a $2.1 billion molecular glue pact with Orionis Biosciences. This collaboration, which includes an upfront payment of $105 million, aims to develop small-molecule protein degraders for cancer treatment. Furthermore, Chugai Pharmaceuticals, majority-owned by Roche, committed over $1 billion to partner with AI-focused Gero for the development of novel therapies targeting age-related diseases.

Financial Performance and Market Reaction

Roche reported robust financial results for the first nine months of 2025, with total sales reaching CHF 45.862 billion ($57.5 billion), representing a 7% year-on-year increase at constant currencies. While this figure fell slightly below analyst expectations, it demonstrates the company's continued growth trajectory.

The pharmaceuticals business remained the primary driver of earnings, surging 9% to CHF 35.55 billion ($44.54 billion). Standout performers in Roche's portfolio included the multiple sclerosis drug Ocrevus, which grew 7% year-on-year to CHF 5.19 billion ($6.5 billion) in sales, followed by the hemophilia A therapy Hemlibra and the anti-VEGF antibody Vabysmo.

Despite the positive financial results, Roche's shares experienced a 3.9% dip after the market opened on Thursday, trading at CHF 269.50 ($338.21) per share. This market reaction suggests that investors may be cautiously assessing the company's aggressive dealmaking strategy and its potential impact on future performance.

Outlook and Strategic Direction

Looking ahead, Roche has reiterated its growth forecast for total sales, projecting figures in the mid-single-digit range. The company has also raised its core earnings-per-share outlook to the high-single- to low-double-digit range, indicating confidence in its financial trajectory.

Roche's leadership remains tight-lipped about ongoing discussions with the U.S. government regarding drug pricing policy changes. CEO Schinecker confirmed engagement with the Trump administration "for the most part of this year" but declined to provide further details, leaving industry observers speculating about potential impacts on Roche's pricing strategies in the crucial U.S. market.

As Roche continues to pursue its ambitious dealmaking agenda, the pharmaceutical industry will be watching closely to see how these strategic moves shape the company's future and influence broader market dynamics in the coming years.