FRANKFURT, July 26 Reuters Roche said firsthalf core operating profit fell 14 as the Swiss drugs and diagnostics maker was hit by a sharp decline in sales of COVID19 products but the strong launch of a new eye drug mitigated the decline.

It said in a statement on Thursday that core operating profit came in at 10.9 billion Swiss francs 12.68 billion, in line with analysts39; expectations,

Halfyear sales of Vabysmo, an injection against a common form of blindness in the elderly that won approval early last year, came in at 1 billion francs, above an analysts39; consensus of about 890 million francs.

Roche is marketing injection drug Vabysmo, the strongest growth driver in the pharmaceuticals division, as a treatment option that can be given at longer intervals than the conventional regimen of established Eylea by Bayer and Regeneron.

The rivals have been working on a highdose version of Eylea that can also be injected less frequently but U.S. health regulators in June declined to approve it, raising expectations of a faster rampup of Vabysmo sales.

Roche said it still expects a decrease in group sales in the low singledigit percentage range in 2023, without the effect of currency swings.

That is driven by a sharp decline in sales of COVID19 products of about 5 billion Swiss francs, as demand drops for COVID19 lab testing, antibody treatment Ronapreve as well as repurposed arthritis drug Actemra.

Reporting by Ludwig Burger, Editing by Rachel More

Source Reuters