J P M O R G A N Europe Equity Research 23 July 2026 Roche 2Q'26/1H'26 First Take: Sales 1% ahead of Consensus expectations, Core EPS 7% ahead, guidance reiteration underpins FY'26 Consensus Our Take: This morning Roche reported good 1H'26 results with Core EPS of SFr10.85, c. 7% ahead of Company Consensus at SFr10.17 (5% ahead of JPMe at SFr10.38). The Core Operating Profit of SFr11,856m beat Consensus by 4% (JPMe by 1%) driven by a minor topline beat, lower than expected Core R&D expenses at SFr5,765m, 4%/ ...