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Roche financials

This article was originally published in The Tan Sheet

Executive Summary

U.S. sales of Aleve, which is marketed though joint venture with Bayer, dipped 11% in 2002, contributing to OTC sales decline of 7% (2% in local currencies) for the year, firm reports Feb. 26. Swiss firm's consumer health sales also suffered from currency problems in Latin America, "particularly the devaluation of the Argentinean peso," Roche says. Total OTC sales for 2002 dropped to $1.15 bil., while firm's overall pharmaceutical sales inched up 2% (9% in local currencies) to $14.27 bil. (1 CHF=74¢). Roche is in the process of divesting its vitamins & fine chemicals division to DSM (1"The Tan Sheet" Feb. 17, 2002, In Brief)...

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Roche vitamins deal

DSM acquires Roche's vitamins, carotenoids and fine chemicals business for roughly $2.09 bil. (€1=$1.07), firms say Feb. 10. The original $2.24 bil. price tag agreed upon in September was lowered due to the "continued slow-down of the world's economies and the weakening" of the U.S. dollar versus the Swiss Franc, "which both had a negative impact on the vitamin business performance compared to earlier forecasts," firms say (1"The Tan Sheet" Sept. 9, 2002, p. 6). DSM will pay Roche roughly $1.99 bil. in cash and $107.4 mil. in DSM stock. Roche will take an impairment charge of $1.2 bil. in its 2002 results and will increase its provisions for liabilities relating to vitamin price-fixing charges. The transaction is slated to close in Spring pending approval by antitrust authorities...

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