Roche CEO laments Swiss franc strength as drugmaker doubles down on U.S. investment

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Roche

reported falling sales in the first three months of the year, as the strength of the Swiss franc and generic competition for some of its older drugs weighed on the drugmaker.

First-quarter sales came in at 14.7 billion Swiss francs ($18.7 billion), down 5% year-on-year — but up 6% on a constant currency basis.

The appreciation of the Swiss franc against most currencies, notably the U.S. dollar, had a significant impact on the results reported in Swiss francs compared to constant exchange rates, Roche said.