After two consecutive quarters of 4% yoy growth, Roche reported 6% growth in Q2 16 to CHF12.6bn, coming in ahead of our as well as consensus estimates. NB All sales numbers at CER, unless mentioned otherwise. The quarter was driven by 5% growth in Pharma (to CHF9.7bn, +7% in CHF) and 8% growth in Diagnostics (to CHF2.9bn, +8.2% in CHF). The weak Swiss franc against the Japanese yen, Brazilian real and the euro boosted reported sales by another percentage point during the quarter.
