Roche shudders at the approach of a first serious competitor to the Hemlibra

Roche shudders at the approach of a first serious competitor to the Hemlibra
Roche shudders at the approach of a first serious competitor to the Hemlibra

Zurich (awp) – Pharmaceutical giant Roche was struggling on Tuesday morning on the Swiss Stock Exchange. Its Danish competitor Novo Nordisk has just claimed the success of the development of a first serious alternative to its Hemlibra treatment against hemophilia. This sales engine had generated revenue of 4.15 billion Swiss francs in 2023.

At 10:02 a.m., the Roche dividend certificate fell 2.6% to 222.00 Swiss francs, in the penultimate position of an SMI down 0.31%.

Recalling that Hemlibra has established itself since its first marketing in 2017 as the standard of treatment against hemophilia, Stefan Schneider at Vontobel considers that it will be difficult for Novo Nordisk to shake up this hegemony, especially that the Danish firm is not providing at this stage any direct comparative data between its Mim8 and the Hemlibra.

However, the Mim8 will probably obtain marketing authorizations from 2025 and will thus become the first direct competitor to Roche’s sales engine. The expert from the Zurich management bank sticks to his neutral assessment of a dividend certificate, for which he perceives a fair long-term valuation of 248 Swiss francs.

Novo Nordisk’s announcement does not overly move Marcel Brand, at the Zurich Cantonal Bank, who still considers that Hemlibra’s annual revenues will increase towards 5.4 billion Swiss francs by 2028. The news Danish competition certainly induces a small downside risk, but the prospect of the inevitable arrival of biosimilar versions of this treatment from 2031 nevertheless tempers the importance of the phenomenon. The analyst renews his “overweight” recommendation for the good.

jh/ck

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