SWITZERLAND — Roche Holdings sales reached CHF14.74 billion (US$14.74 billion), down 6% year-over-year due to lower sales from COVID-19 treatments and diagnostics.

“The third quarter of 2022 was particularly challenging due to base effects, as the demand for COVID-19 medicines and tests was exceptionally high in the same quarter of 2021,” the company said.

Roche’s COVID-19 therapies Ronapreve and Actemra gave the drugmaker a sales boost a year ago due to an increase in infections. However, as cases decline and new coronavirus variants emerge, drug sales are plummeting.

In the first nine months of 2022, sales of Regeneron-partnered COVID antibody Ronapreve and anti-inflammation med Actemra fell nearly 1 billion Swiss francs year on year.

Approximately US$900 million of the drop occurred in the third quarter alone, according to Roche CEO Severin Schwan.

Ronapreve’s revenue nearly vanished in the third quarter, falling 92% to just 22 million Swiss francs (US$22 million). Actemra sales fell 42% during the same time period, to 584 million Swiss francs (US$584 million).

“Despite an increasing incidence rate for COVID-19, actually, we don’t see an increase in the demand for COVID-19-related products,” CEO Severin Schwan told journalists in a call, Reuters reported, adding this was valid for both tests as well as drugs Ronapreve and Actemra.

To make matters worse, biosimilars continue to devastate Roche’s portfolio. During the third quarter, one more Roche blockbuster product—Avastin, Herceptin, and Rituxan—joined the cancer troika on the U.S. biosimilar exposure list.

Vabysmo, a bright spot for Roche

Fortunately, Roche has the newly released eye drug Vabysmo for wet age-related macular degeneration and diabetic macular edema.

The four growth medicines mentioned above, as well as the new ophthalmic medicine Vabysmo (faricimab), added US$2.2 billion to Roche’s pharma sales in the third quarter, accounting for US$8.8 billion of the company’s total pharma sales US$ 33.19 billion in the nine-month period.

According to industry observers, the drug is a strong countermeasure to Lucentis losses and could even compete with Regeneron and Bayer’s market-leading VEGF inhibitor Eylea, though a recent Eylea high-dose clinical win may complicate the rivalry.

Vabysmo had collected US$282 million by September, just eight months after its launch, with US$173 million coming in the third quarter. Prior Lucentis patients contributed to some of Vabysmo’s sales.

According to Roche’s pharma chief Bill Anderson, 85% to 95% of Vabysmo’s business is currently from patients switching from other products, including 15% to 20% from Lucentis and the rest from Eylea.

This year, the drug is also nearing phase 3 readouts in retinal vein occlusion.

Core Lab revenues increased

Core Lab revenues of US$5.83 billion increased 3% year on year compared to 5.68 billion Swiss francs (US$5.86 billion); Point of Care sales of US$3.09 billion increased 28% year on year compared to CHF 2.42 billion.

Also, Molecular Lab revenues of US$2.74 billion fell 10% year on year compared to US$3.03 billion; Diabetes Care revenues of US$1.22 billion decreased 5% year on year compared to US$1.29 billion, and Pathology Lab revenues of US$ 975 million increased 10% year on year

According to Roche, the main growth drivers in the Core Lab division were immunodiagnostics products such as cardiac and oncology tests, as well as clinical chemistry products.

Core Lab sales increased in all regions, with Asia-Pacific and Europe, the Middle East, and Africa (EMEA) contributing the most.

Recently, Roche announced the launch of its next-generation portfolio of COVID-19 rapid antigen tests for self-testing and professional use in countries accepting the CE Mark.

According to the company, Roche’s SARS-CoV-2 Rapid Antigen test remained the main growth driver, particularly in the Asia-Pacific and North America regions.

Roche’s Q3 milestones

Among the highlights of the third quarter, according to Roche, was the FDA’s grant of Breakthrough Device Designation for its Elecsys Amyloid Plasma Panel, which allows Alzheimer’s disease to be detected earlier. This panel assesses two blood biomarkers, pTau 181 and ApoE4.

According to the company, it has the potential to find and quantify ultra-rare, difficult-to-detect disease mutations, leading to early diagnosis and therapy decisions.

The company also stated that its new PRAME (EPR20330) antibody test evaluates PRAME protein expression in patients with suspected melanoma.

In August, Roche launched the Digital LightCycler System, a next-generation digital PCR system that helps clinical researchers better understand the nature of a patient’s cancer, genetic disease, or infection.

It has the potential to find and quantify ultra-rare, hard-to-detect disease mutations, leading to early diagnosis and therapy decisions, the firm said.

Meanwhile, an upcoming readout of Alzheimer’s disease candidate gantenerumab is a major focus among Roche investors, with the topic dominating the conference call.

According to Schwan, the Swiss pharma is now expecting pivotal data from the GRADUATE trials by the end of November.

Eisai and Biogen’s lecanemab’s recent phase 3 success has rekindled hope for the entire anti-amyloid antibody class.

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