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Roche's 2017 earnings drop 9% YOY on impairments; sales up

Roche Holding AG reported full-year 2017 net income at CHF8.83 billion, down 9% at constant exchange rates from CHF9.73 billion in 2016.

The Swiss drugmaker attributed the drop to "impairments of goodwill and intangible assets," in the earnings release.

Core EPS was at CHF15.34, up from CHF14.53 a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for the full-year was CHF15.51.

Roche reported core operating profit at CHF19.01 billion, up 3% year over year.

Total revenue for 2017 was at CHF53.30 billion, up 5% from CHF50.58 billion a year earlier, led by rise in the pharmaceuticals division which posted sales of CHF41.22 billion, up 5% from CHF39.10 billion in 2016.

For 2018, Roche expects earnings per share to grow at a high-single-digit rate, and sales to stay steady or grow at a low-single-digit rate. Excluding the U.S. tax reform impact the core EPS is expected to grow broadly in line with sales.

The S&P Capital IQ consensus normalized EPS estimate for fiscal year 2018 is CHF15.98.

The company board proposed a rise in dividend to CHF8.30.