• Group sales rise 2% 1) (-10% in Swiss francs; +6% in US dollars), excluding Tamiflu.
• Significant foreign exchange impact of –12 percentage points due to appreciation of the Swiss franc;
overall Group sales at 42.5 billion Swiss francs.
• Pharmaceuticals sales, excluding Tamiflu, up 1%, in line with the market; Diagnostics sales increase 6%,
significantly ahead of the market.
• Core earnings per share rise 11% due to solid operating performance, lower financing costs and a lower
tax rate.
• Core operating profit increases by 6%, significantly faster than sales, driven primarily by savings from
the Operational Excellence programme and continued productivity improvements.
• Strong operating free cash flow of 13.7 billion Swiss francs, up 14%.
• Net income increases by 26% to 9.5 billion Swiss Francs (+7% in Swiss Francs)
• Excellent progress in late-stage pipeline: 17 out of 20 trials deliver positive results in 2011; targeted
melanoma medicine Zelboraf and companion diagnostic test successfully launched in the US; marketing
applications filed in US and EU for targeted cancer medicines Erivedge (vismodegib – US approval
received January 2012) and pertuzumab.
• Planned acquisition of Illumina to strengthen Roche Diagnostics’ offering in DNA sequencing.
• Board proposes a dividend increase of 3% to 6.80 Swiss francs, the 25th consecutive year of dividend
growth.
• Outlook for 2012: Low to mid-single-digit sales growth for Group and Pharma; Diagnostics to grow
above the market; high single-digit Core EPS growth target; Roche will continue its attractive dividend
policy.

1) Unless otherwise stated, all growth rates are calculated using constant exchange rates (average full-year 2010).

Roche CEO Severin Schwan commenting on the Group’s 2011 results: “We achieved our sales and earnings
targets for the year and also made significant progress with our pipeline. With 17 positive late-stage clinical
trials in 2011, we continue to build our future business with innovative products. Furthermore the planned
acquisition of Illumina will strengthen our presence in the fast-growing sequencing market and enable the
discovery of complex biomarkers for research and clinical use. For 2012 we expect Group sales to grow at a
low to mid-single-digit rate and we have set ourselves the target of high single-digit Core Earnings per Share
growth.”
Strong performance in 2011 impacted by significant currency effects
The Roche Group posted strong operating results in a challenging market in 2011. Core operating profit
grew faster than sales, and Core Earnings per Share increased by 11% at constant exchange rates (-4% in
Swiss francs). The strengthening of the Swiss franc against major currencies, notably against the US dollar
and the euro, had a significant negative impact on the results expressed in Swiss francs. However the
underlying currency translation exposure arising from non-Swiss franc revenues is significantly mitigated by
the majority of the Group’s cost base (80%) being located outside Switzerland.
Solid sales growth
Group sales increased by 1% in constant currencies 2) (-10% in Swiss francs; +5% in US dollars) to 42.5 billion
Swiss francs. Underlying growth was able to compensate for the expected decline in Tamiflu and Avastin
sales and the impacts of healthcare reforms, austerity measures and price cuts. Excluding Tamiflu, sales
increased by 2% in constant currencies. Sales by the Pharmaceuticals Division, excluding Tamiflu, grew 1%,
reflecting the solid growth of key medicines, including recently launched products. Including Tamiflu,pharmaceutical sales remained stable in constant currencies (-12% in Swiss francs; +4% in US dollars) for a
total of 32.8 billion Swiss francs. Diagnostics sales grew significantly faster than the in vitro diagnostics (IVD)
market at 6% at constant exchange rates (-7% in Swiss francs; +10% in US dollars) totalling 9.7 billion Swiss
francs. Professional Diagnostics (+9%) and Tissue Diagnostics (+15%) were the main contributors.

2) Unless otherwise stated, all growth rates are calculated using constant exchange rates (average full-year 2010)

Outlook 2012
Roche expects low to mid-single-digit sales growth at constant exchange rates for the Group and the Pharmaceuticals Division in 2012. Pharma sales growth is expected to accelerate, driven by the strength of its established product portfolio as well as planned new product launches. Sales by the Diagnostics Division are expected to again outpace the market.
Despite a challenging market environment, based on the expected sales growth and continued efficiency improvements, Roche is aiming for a high single-digit increase in Core Earnings per Share at constant exchange rates.
Roche will continue its attractive dividend policy.