Swiss Daybook: Roche Sales, Baer Settlement and Sulzer Orders
Roche Holding AG (ROG), the world’s biggest maker of cancer drugs, said first-quarter sales declined 9 percent as the Swiss franc strengthened and revenue from the Avastin tumor medicine fell.
Sales dropped to 11.1 billion francs ($12.4 billion) from 12.2 billion francs a year earlier, the Basel, Switzerland-based company said today in a statement. Analysts predicted 11.3 billion francs, the average of 22 estimates compiled by Bloomberg. Roche doesn’t release quarterly earnings.
WHAT TO WATCH: *Nestle holds annual general meeting at 2:30 p.m. in Lausanne
EQUITIES: *Roche Holding AG’s first-quarter sales declined 9 percent to 11.1 billion francs as the Swiss franc strengthened and revenue from the Avastin tumor medicine fell *Julius Baer Group Ltd. (BAER) agreed with German authorities on a one-time payment of 50 million euros to end investigations against unknown employees *Sulzer AG (SUN)’s first-quarter orders rose 12 percent to 918 million francs *Sulzer proposes Musetti to board after Summers declines re-election bid; holds annual general meeting at 10 a.m. in Winterthur *Schulthess Group AG holds shareholders’ meeting at 4:30 p.m. *Kuehne + Nagel rated new ‘neutral’ at JPMorgan
ECONOMY/POLITICS: *Credit Suisse ZEW survey at 11:00 a.m. *BAK Basel holds spring forecast meeting
MARKETS: *The SMI rose 0.2 percent to close at 6.364.30 *The SPI rose 0.2 percent to close at 5,807.59 *The Stoxx Europe 600 Index rose 0.7 percent to 278.25 *The MSCI Asia-Pacific Index rose 0.2 percent at 7:23 a.m. in Zurich *Euro-franc traded at 1.2954 at 7:20 a.m. Zurich time
To contact the reporter on this story: Corinne Gretler in Zurich at Cgretler1@bloomberg.net
To contact the editor on this story: Matthias Wabl in Zurich at email@example.com