01:44 AM EDT, 09/29/2026 (MT Newswires) -- RBC Capital Markets noted Roche's (RO.SW) long-term pipeline potential after a "mixed" Pharma Day event, where a lack of updated medium-term guidance likely fell short of investor expectations for an immediate catalyst. "On the positive side, we were encouraged by the expanding giredestrant development. Roche outlined a meaningful number of ongoing and new initiated studies across different lines, combinations and settings in breast cancer, which increases the potential number of consensus upgrades. However, we were somewhat more cautious by the near-term framing of giredestrant following the disclosure around the free patient assistance program. While this may ultimately prove to be a conservative approach to launch expectations, we think it introduces more uncertainty around the pace of the initial launch and the potential to meet year 1 consensus expectations. More broadly the pipeline discussion was mixed," according to a Monday note. The research firm also highlighted updates on fenebrutinib and a $1 billion-plus outlook boost to divarasib forecasts. However, RBC said these gains were counterbalanced by trial failures and timeline delays in other key assets, such as emugrobart in obesity, afimkibart in atopic dermatitis, and RG6795 in breast cancer. RBC rates the stock at outperform, with a price target of 400 francs.

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