Switzerland’s Roche Pharmaceuticals reported first-quarter sales fell 7% off declining demand for its Covid-19 diagnostic kits and therapies. It was a less-steep decline than analysts had forecast, in large part due to strong revenue growth from other pharmaceutical products the company offers.
Quarterly group revenue was down, coming in at 15.3 billion Swiss francs ($17.2 billion) according to the company’s report on Wednesday. That beat market expectations of 14.8 billion francs.
Offering lab testing for coronaviruses, as well as monoclonal antibody treatments Ronapreve and the repurposed arthritis drug Actemra as a Covid-19 treatment, the company, as a policy, doesn’t report its earnings for its first and third quarters.
The company report added that expectations are, that sales and core earnings per share will decrease at a “low single-digit” percentage in 2023.
The company also reported that quarterly sales of Vabysmo, an injectable treatment for wet macular degeneration, a common form of blindness in elderly people, registered at 432 million francs, which made it the strongest driver of growth in the company’s pharmaceutical division.
Having slightly outperformed main competitor Elyea, from Regeneron, in terms of sealing of vessels, it promises to be a strong performer going forward.