Q1 sales down 7 at 15.3 bln francs but above market view
CEO says 432 mln francs in Vabysmo sales well above consensus
2023 core EPS decline still seen in low singledigit range
Roche repeats COVID related sales will drop by 5 bln francs

April 26 Reuters Switzerland39;s Roche said firstquarter sales dropped 7 on falling demand for its COVID19 therapies and diagnostics kits, less steep than feared by analysts due to strong revenue growth from a new eye drug.

Quarterly group revenue fell to 15.3 billion Swiss francs 17.2 billion, the company reported on Wednesday, beating market expectations of 14.8 billion francs.

The company, which does not report earnings for its first and third quarter, reiterated that pandemicrelated sales mainly lab testing, antibody treatment Ronapreve and repurposed arthritis drug Actemra would drop by 5 billion francs this year.

But quarterly sales of Vabysmo, an injection against a common form of blindness in the elderly that won approval last year, came in at 432 million francs, making it the strongest growth driver in the pharmaceuticals division, Roche said.

CEO Thomas Schinecker, previously Roche39;s head of diagnostics and promoted to the top job last month, said new drug sales were strong across the board but Vabysmo beat consensus by more than 100 million francs in the quarter.

We are very happy with the very rapid and significant uptake in the different markets around the world, he said on a media call.

Roche is challenging…