Roche

1H08 Revenues: $21.5 billion (+4%)

1H08 Earnings: $5.6 billion  (-2%)

Comments: Pharmaceutical sales were $16.8 billion (+3%). Oncology sales increased 15%, driven by Avastin (+36% to $2.3 billion), MabThera/Rituxan (+17% to $2.8 billion), Herceptin (+11% to $2.4 billion), Tarceva, (+28% to $574.2 million) and Xeloda (+14% to $560.5 million), which offset lower Tamiflu sales. Tamiflu sales declined $1.1 billion compared to 1H07 due to reduced pandemic stockpiling orders. R&D expenses were $4.0 billion (+12%).