Swiss drug firm Roche says earnings declined this year

  • 21 July 2011
  • From the section Business
Roche's head office in Basel
Image caption Roche is cutting much of its global workforce

Swiss drugmaker Roche has said earnings fell 5% in the first six months of the years.

Profits were 5.26bn Swiss francs ($5.78bn, £4bn), down from 5.57bn Swiss francs during the same period last year.

But Roche forecast that earnings would rise by 10% this year.

The company is embarking on a cost-savings exercise, cutting 4,800 jobs over two years in order to save 2.4bn Swiss francs.

Roche shares were previously hit by a US Food and Drug Administration panel ruling that its doctors should stop using its best-selling cancer drug Avastin in breast cancer patients.

A final verdict by the FDA on the drug's use is expected next week.

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