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Diagnostics Day: Growth outlookreaffirmed,focus on new productlaunches ROG.S/ROG SWEQUAL WEIGHTEuropean Pharmaceuticals& Life SciencesNEUTRALPrice TargetCHF 275.00Price (27-May-25)CHF 260.90Potential Upside/Downside+5.4%Source: Bloomberg, Barclays Research Roche hosted its Diagnostics Day and detailed key productsand pipelines, including SBX, mass spec, CGM, and digitalsolutions. The companyreaffirmedthe MSD-HSD% long-termgoal and LSD-MSD% FY25 guidance for Diagnostics, while wethink Pharma remains the key narrative driver for Roche in2H25. European Pharmaceuticals & LifeSciences Emily Field, CFA+44 (0)20 7773 6263emily.field@barclays.comBarclays, UK Today, Roche hosted its second (potentially) annual Diagnostics Day in London, providingan overview of the division's products and pipelines.The company emphasized its uniqueposition leveraging synergies between its Diagnostics and Pharmaceuticals divisions,particularly in cardiovascular and metabolism (CVM), oncology, and neurology. Roche reiteratedits long-term MSD-HSD% top-line growth ambition for the division, driven by strong corebusiness and new pivotal launches (e.g., CGM, SBX, Mass Spec) despite near-term headwinds inChina; the FY25 guidance for Diagnostics remained at LSD-MSD% growth. Axelios (SBXsequencing) will be launched in 2026, which is positioned as a transformative technology withsuperior speed, accuracy, and flexibility; Roche expects a 11% CAGR growth for next-gensequencing (NGS) market to CHF 8.4bn in 2028 (seeRoche: Making moves in sequencing:Sequencing by Expansion (SBX)/AGBT 2025 call takes). Mass Spec is receiving positive launchfeedback, with the company expecting CHF 1bn in annual sales by the end of the decade.Additionally, multiple IHC and AI-driven digital pathology are enhancing cancer diagnostics. Yihan Li, PhD+44 (0)20 3555 3563yihan.li@barclays.comBarclays, UK Shirley Chen, PhD+44 (0)20 7773 2109shirley.chen@barclays.comBarclays, UK Charles Pitman-King, CFA+44 (0)20 3134 6023charles.pitman-king@barclays.comBarclays, UK That said, with Diagnostics being only ~16% of group EBITDA, it is Pharma that will likelycontinue to dominate the narrative for Roche.Key catalysts for Roche into 2H25 includePhase 3 data readouts of astegolimab (COPD, likely mid-year), giredestrant (1L and post CDKiER+/HER2- mBC with the persevERA trial expected in 4Q25), and fenebrutinib (RMS and PPMS),all of which are high-risk, high-reward trials. Sidhartha Modi+91 (0)22 6175 1326sidhartha.modi@barclays.comBarclays, UK Anurag Surendra Sharma+91 (0)22 6175 4548anuragsu.sharma@barclays.comBarclays, UK Notes from the event CEO Introduction •50% of disease burden will be CV-metabolic, ontological and neurological within 10 years•(these are core therapeutic areas shared with pharma). Care provision in outpatient settingswill grow on average 3x over the next 10 years. Earlier detection and earlier medicalinterventions will result in significant outcome improvements. That said, 47% of the world'spopulation today lacks access to basic diagnostics; technologies such as next-gen sequencingwill allow greater access to healthcare. •Roche Diagnostics strategy remained unchanged over last 5 years.• °Deliver medical value on integrated testing solutions° °Enable confident healthcare decisions° °Improve care along patient journeys° •Roche seeks to maintain and expand its position as #1 in the clinical lab. But it also needs to•become a leader in decentralized testing. Roche is organized by technology and setting wherethe technology is used to align with patients and caregivers. •Roche Diagnostics has grown by +6% CAGR, outperforming the market. Goals are to grow•MSD-HSD% on top line and for core operating profit (COP) to grow faster than sales. For 2025,the goals are LSD-MSD% given the impact of VBP in China. •Three pivotal launches: Accu-Chek SmartGuide CGM (launched last year), cobas Mass•Spectrometry (launched last year) and Roche Sequencing Solution (to be launched in 2026). Portfolio Priorities •Core Lab:Roche has 18% global market share and the market is expected to grow at a +4% 5•year CAGR (according to Roche). Roche seeks to evolve its next-gen systems portfolio developintegrated lab automationofferingsand continue menu expansion with a focus on highmedical value assays. •Molecular Lab:Roche has 21% global market share in the PCR market which is expected to•grow at a +5% 5-year CAGR and Roche has 3% sequencing market share in a market expectedto grow at an +11% 4-year CAGR. •Pathology Lab:Roche has 30% market share in a market expected to grow at a +7% 5-year•CAGR. •Near Patient Care:In POC and mPOC, Roche has 9% market share in a market expected to•grow at a +3% 5-year CAGR. In Diabetes Care, Roche has +7% market share in a marketexpected to grow by +8% 5-year CAGR. Digital Solutions •Focusing on three things– the connected lab, the informed clinician and the empowered•patient. •Connected Lab:Reduce manual tasks, pre-analytical turnarou