GENEVA (AP) — Swiss drug maker Roche Holding AG blamed the strength of the franc Thursday for a 9 percent year-on-year drop in first quarter sales, but also felt the impact of regulatory concerns over its Avastin cancer medicine and an expected drop in Tamiflu orders.
The company said sales fell to 11.12 billion Swiss francs ($12.4 billion) from 12.25 billion francs a year earlier when counting the weakness of the dollar and euro. Adjusting for the currency shifts, sales were stable.
Analysts had expected slightly better results.
"In the pharma division the 16 percent reduction in revenue from Avastin due to uncertainty about reimbursement for the treatment of breast …
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