Roche says half-year profit down 29 per cent

BASEL: Pharmaceuticals maker Roche Holding AG says net income was down 29 per cent for the first half after the takeover of Genentech.

The company says the profit of 4.1 billion Swiss francs (3.84 billion) compares with 5.7 billion francs in the year-earlier period.

Roche says group sales were up 2 billion to 24 billion francs ($22.5 billion), an increase of 9 per cent in Swiss francs).

The company says that excluding exceptional items, net income attributable to Roche shareholders was up 11 per cent.

Chief Executive Severin Schwan says Roche has continued the positive trend of recent years.

Schwan says he is especially pleased about the progress made in integrating Roche and California-based Genentech.