Roche Holding AG (RHHBY.PK) Q2 2010 Earnings Call July 22, 2010 2:00 pm ET Executives Severin Schwan – CEO Pascal Soriot – COO, Pharmaceuticals Daniel O'Day – COO, Diagnostics Erich Hunziker – CFO and IT Officer AnalystsPresentationSeverin Schwan Good afternoon. Ladies and Gentlemen, welcome to our Half-Year Conference.
We posted very strong returns for the first six months; sales ahead of the market and we delivered a record operating profit for the first six months. We are, however, disappointed about the recent setbacks in our pipeline. We are disappointed about the delay of [inaudible] recommendation two days ago. Let me make two introductory comments in this respect. First of all, the market environment is getting more challenging and we have had these setbacks in our pipeline. This is a reality we cannot deny this reality. We have to adapt to this reality. And that means an even more rigorous focus on operational excellence on our cost factors, and further improving our operation for productivity. And you see this already very much reflected in the first six months of this. It ties management on all our cost lines across the organization. They are also fully on track to deliver our synergy target related to the challenging transaction. Now second, let me also point out, in spite of these setback, we do have one of the leading product pipeline in the industry. We have more than ten new molecular entities in the late-stage pipeline. We have more than over 30 line extensions in the late-stage pipeline. And this is the basis of our long-term success. And I do believe that the filing of T-DM1, which we just did this month in July, is a reference and a testimony to the excellence in science that we want to pursue.