We anticipate sales of oncology treatments MabThera/Rituxan, Herceptin, and Avastin, as well as Lucentis, Esbriet, and Actemra/RoActemra, will continue to decline due to competition from biosimilars. That said, it will largely be offset by the growth recorded by younger drugs in the product portfolio. We do not expect any negative impact from COVID-related sales in 2025. Continued strong momentum from recently launched drugs such as Vabysmo (CHF3.9 billion in 2024), Ocrevus, Phesgo, and Hemlibra has bolstered the segment. Revenue from Phesgo (CHF1.7 billion in 2024), which benefits from market conversion, is gradually offsetting the decline in sales of Perjeta (CHF3.6 billion). That said, Roche is not expected to face competition from biosimilar versions of Perjeta before 2026. In addition, Ocrevus
