Swiss pharmaceutical group Roche saw its revenues drop by 5 per cent in the first nine months of 2020, as the pandemic disrupted sales and drove up the value of the Swiss currency.
Revenues between January and September amounted to 44 billion Swiss francs (48.1 billion dollars), down from 46.1 billion francs in the same period last year, Roche reported on Thursday in Basel.
The franc tends to rise in times of crisis as investors see it as a safe currency.
This has a negative effect on Swiss companies because it lowers the value of their foreign-currency revenues.
Excluding the effect of the strong franc, revenues inched up by 1 per cent.
After strong sales in the first quarter, Covid-19 lockdowns led to fewer medicine prescriptions and falling sales in the second quarter, followed by a slight recovery in the third.
Roche’s diagnostics operations fared better during the first nine months. Strong demand for Covid-19 tests boosted sales by 9 per cent in this division.
The company publishes its profits for the half and full year, but not in the quarterly reports in between.
