Roche analysis
MUFFETT INVESTMENTS
RESEARCH NOTE — GLOBAL BIOPHARMACEUTICALS · PRECISION MEDICINE · METABOLIC PIPELINE · 4 SEPTEMBER 2026
SIX: ROG · ~CHF 356.50 (SEP 2026) · MARKET CAP ~CHF 288B ($338B) · H1 2026 SALES CHF 30.36B (+6% CER) · DIVIDEND YIELD 3.1% · FORWARD P/E ~17.5x
Roche Holding AG: The Global Biopharma Fortress & Precision Medicine Pioneer — Vabysmo's CHF 6B Run, The Carmot CT-388 Phase 3 Obesity Catalyst, and 37 Years of Dividend Compounding
Roche Holding AG (SIX: ROG / OTCQX: RHHBY) represents the benchmark institutional blue-chip in global healthcare. Having successfully navigated the post-COVID diagnostics cliff and multi-billion-dollar biosimilar erosion on legacy biologics, Roche has resumed consistent mid-to-high single-digit earnings expansion: H1 2026 sales reached CHF 30.36 billion (+6% at constant exchange rates CER) with Core EPS surging +9% CER to CHF 10.85. Driven by commercial blockbusters Vabysmo (ophthalmology, on track for CHF 6B+ peak sales), Ocrevus, Hemlibra, and Phesgo, and supercharged by its Carmot acquisition bringing CT-388 (Phase 3 dual GLP-1/GIP showing 22.5% weight loss) and oral CT-996 into the multi-hundred-billion-dollar obesity market, Roche offers elite defensive growth, a hard-currency 3.1% dividend yield, and asymmetric pipeline upside.
Share Price (Sep 2026)
~CHF 356.50 (SIX Swiss)
Market Cap
~CHF 288.0 Billion
H1 2026 Core EPS
CHF 10.85 (+9% CER)
Dividend Yield (CHF)
3.1% (37-Yr Aristocrat)
Muffett Rating
CONVICTION BUY (Entry CHF 335–355)
In an era of elevated macroeconomic uncertainty, few enterprises on Earth offer the structural durability, free cash flow generation, and intellectual property defensibility of Roche Holding AG. Headquartered in Basel, Switzerland, Roche is the undisputed global pioneer of **Personalized Healthcare** — uniting the world's largest biotechnology pharmaceuticals business with the undisputed global #1 in-vitro diagnostics franchise. Over the past four years, market sentiment languished under a confluence of temporary headwinds: the evaporation of pandemic-era COVID testing revenues, foreign exchange headwinds from a surging Swiss Franc (CHF), and biosimilar competition against historic oncology blockbusters (Avastin, Herceptin, Rituxan). Today, that multi-year overhang has decisively cleared. Roche’s new commercial blockbusters have scaled into dominant revenue engines, while its strategic $2.7 billion acquisition of Carmot Therapeutics has positioned Roche as the primary credible challenger to Eli Lilly and Novo Nordisk in the $150B+ global obesity market. Trading at an undemanding ~17.5x Core EPS with a 3.1% hard-currency dividend yield, Roche offers high-conviction defensive quality with free call options on massive pipeline breakthroughs. This note examines the commercial engine, obesity science, financial fortress, and tactical accumulation strategy.
In This Note
- What Roche Does — The Synergistic Twin-Pillar Architecture (Pharma & Diagnostics)
- Absorbing the Patent Cliff: How Biosimilars Were Overcome by New Innovation
- Commercial Blockbuster Dominance: Vabysmo's Path to CHF 6B+ Peak Sales
- Franchise Fortification: Ocrevus (MS), Hemlibra (Hemophilia) & Phesgo (Breast Cancer)
- The Obesity Frontier: CT-388 (Enicepatide) & The Carmot Therapeutics Transformation
- The Oral Obesity Wave: CT-996 and the Needle-Free $150B Metabolic Arena
- Oncology & Neurology Next-Gen Pipelines: Giredestrant, Trontinemab & Fenebrutinib
- Diagnostics Division Hegemony: Global #1 In-Vitro Diagnostics & Precision Synergy
- H1 2026 Financial Results — Sales CHF 30.36B (+6% CER) & Core EPS +9% to CHF 10.85
- Multi-Year Financial Trajectory FY2023–FY2029E (Consistent High-Margin Compounding)
- Dividend Aristocrat Status: 37+ Consecutive Years of Growth & Hard-Currency CHF Safety
- Valuation Framework — Why 17.5x Core EPS Offers Asymmetric Value with Free Optionality
- Peer Comparison — Roche vs. Eli Lilly, Novo Nordisk, Novartis, AstraZeneca, Merck
- Wall Street & European Analyst Consensus Spectrum — Targets from CHF 340 to CHF 415
- The Bull Case for Buying Roche Holding AG
- The Bear Case — Strong Swiss Franc Currency Drag & Phase 3 Obesity Trial Risks
- What Would Invalidate the Investment Thesis
- Entry Strategy & Muffett Verdict
1. What Roche Does — The Synergistic Twin-Pillar Architecture (Pharma & Diagnostics)
Roche Holding AG (SIX: ROG / OTCQX: RHHBY) is a Swiss multinational healthcare enterprise founded in 1896 in Basel, Switzerland, by Fritz Hoffmann-La Roche. Operating under the visionary leadership of CEO Dr. Thomas Schinecker, Roche is uniquely structured around two world-class operating divisions that reinforce one another:
- Pharmaceuticals Division (~77% of Group Sales): Focuses on specialty biopharmaceuticals across five therapeutic areas: Oncology (Phesgo, Perjeta, Kadcyla, Polivy, Tecentriq), Ophthalmology (Vabysmo, Lucentis, Susvimo), Immunology / Neurology (Ocrevus, Enspryng, Evrysdi), Hematology (Hemlibra, Gazyva), and now Cardiometabolic / Obesity (CT-388, CT-996).
- Diagnostics Division (~23% of Group Sales): The global #1 market share leader in in-vitro diagnostics (IVD), comprising Core Lab (clinical chemistry and immunoassay platforms), Molecular Lab (pathogen PCR and genomics sequencing), Pathology Lab (tissue cancer diagnostics), and Near-Patient Care (point-of-care hospital analyzers).
The Muffett Lens — The Precision Medicine Feedback Loop
While pure-play drugmakers must rely on third-party labs to identify patients for their targeted therapies, Roche pairs diagnostic assays directly with therapeutic drug development. Over 70% of Roche's clinical-stage pharmaceuticals have a companion diagnostic developed in-house, enabling clinical trials to stratify patients with extreme precision, slash development timelines, and secure premium reimbursement from global healthcare systems.
2. Absorbing the Patent Cliff: How Biosimilars Were Overcome by New Innovation
Between 2019 and 2024, Roche faced one of the steepest patent cliffs in pharmaceutical history: its historic cancer triad — Avastin, Herceptin, and Rituxan — which once generated over CHF 21 billion in annual sales, lost patent protection to biosimilar copies. Many pharmaceutical giants enter a multi-year death spiral when their primary blockbusters expire.
Roche did not. Through industry-leading research and development investment (investing over CHF 13 billion annually, the highest R&D budget in global pharma), Roche engineered a flawless generational handover. Today, biosimilar erosion on legacy products has flattened to an immaterial headwind, while new blockbusters launched since 2016 account for over 60% of total pharmaceutical sales.
3. Commercial Blockbuster Dominance: Vabysmo's Path to CHF 6B+ Peak Sales
The single most powerful near-term growth engine in Roche's portfolio is **Vabysmo (faricimab)**, a revolutionary bispecific antibody for wet age-related macular degeneration (nAMD) and diabetic macular edema (DME):
✅ Ophthalmology Blockbuster — Vabysmo Disrupts the Global Retinal Market
Vabysmo is the first and only bispecific antibody approved for the eye that simultaneously neutralizes two disease pathways: Angiopoietin-2 (Ang-2) and VEGF-A. By stabilizing fragile retinal blood vessels through Ang-2 inhibition, Vabysmo allows up to 60% of patients to extend treatment intervals to once every four months (16 weeks), compared to monthly or bi-monthly injections for legacy standards (Eylea, Lucentis). Generating CHF 2.1 billion in H1 2026, management confirmed Vabysmo is on a firm trajectory toward peak sales exceeding CHF 6.0 billion, cementing Roche's ophthalmology leadership.
4. Franchise Fortification: Ocrevus (MS), Hemlibra (Hemophilia) & Phesgo (Breast Cancer)
Roche's core specialty pharmaceutical franchises continue to demonstrate resilient commercial strength:
- Ocrevus (Multiple Sclerosis): The undisputed standard-of-care anti-CD20 monoclonal antibody for Relapsing and Primary Progressive MS. With an annualized sales run-rate exceeding CHF 6.8 billion, Roche fortified this monopoly with the commercial rollout of Ocrevus Subcutaneous, a 10-minute twice-yearly injection that frees patients from 3-hour IV infusions and extends market exclusivity well into the 2030s.
- Hemlibra (Hemophilia A): Generated >CHF 4.5 billion annualized, maintaining dominant global market share as the prophylactic standard of care across patients with and without factor VIII inhibitors.
- Phesgo (HER2 Breast Cancer): A brilliant lifecycle management innovation combining Perjeta and Herceptin into a single 5-minute subcutaneous injection. Phesgo has captured over 40% of conversion in key markets, completely insulating the HER2 franchise from IV biosimilars.
- Polivy (Lymphoma): An antibody-drug conjugate (ADC) expanding rapidly in frontline diffuse large B-cell lymphoma (DLBCL), growing +35%+ YoY.
5. The Obesity Frontier: CT-388 (Enicepatide) & The Carmot Therapeutics Transformation
In December 2023, Roche executed a masterstroke by acquiring clinical-stage biotech Carmot Therapeutics for $2.7 billion upfront (+ up to $400M in milestones). That acquisition has thrust Roche into the center of the greatest pharmaceutical gold rush in history: the **$150B+ global obesity and metabolic market**.
The Muffett Lens — Why CT-388 (Enicepatide) Is a Best-in-Class Contender
Roche's lead metabolic weapon is CT-388 (now designated Enicepatide), a once-weekly subcutaneous dual GLP-1/GIP receptor agonist engineered with biased signaling to maximize weight loss while minimizing gastrointestinal side effects. In Phase 2 clinical trials, CT-388 produced an astounding 22.5% placebo-adjusted weight loss at 48 weeks — matching or exceeding Eli Lilly's tirzepatide (Zepbound) and Novo Nordisk's cagrisema. Crucially, CT-388 exhibited a superior tolerability profile, with remarkably low rates of treatment discontinuation. Roche has streamlined its metabolic pipeline, advancing CT-388 into pivotal Phase 3 global registrational trials.
6. The Oral Obesity Wave: CT-996 and the Needle-Free $150B Metabolic Arena
While injectable GLP-1s currently dominate, the ultimate prize in metabolic disease is an effective, once-daily oral pill. Over 60% of eligible patients with obesity refuse to inject themselves with needles every week, while healthcare systems face acute manufacturing bottlenecks in sterile injectable pens.
Roche's second metabolic asset, CT-996, is a potent, once-daily, non-peptide oral small-molecule GLP-1 receptor agonist. In Phase 1 clinical results, CT-996 demonstrated a remarkable 6.1% placebo-adjusted weight loss in just 4 weeks. Because it is a small molecule that can be manufactured via standard chemical synthesis rather than complex biological fermentation, CT-996 can be scaled to hundreds of millions of patients worldwide at a fraction of the cost of injectable drugs.
7. Oncology & Neurology Next-Gen Pipelines: Giredestrant, Trontinemab & Fenebrutinib
Beyond obesity, Roche's R&D engine carries several potential multi-billion-dollar late-stage blockbusters:
- Giredestrant (Next-Gen Oral SERD): In Phase 3 for ER+/HER2- breast cancer, demonstrating superior clinical progression-free survival over standard fulvestrant.
- Trontinemab (Alzheimer's Brainshuttle): Utilizes Roche's proprietary "Brainshuttle" technology to transport anti-amyloid antibodies across the blood-brain barrier, achieving rapid brain amyloid plaque clearance in early-stage clinical trials with significantly lower rates of ARIA (brain swelling) than Eisai/Biogen's Leqembi.
- Fenebrutinib (BTK Inhibitor for Multiple Sclerosis): High-affinity, non-covalent BTK inhibitor penetrating the central nervous system (CNS) to target chronic smoldering neuroinflammation in progressive MS.
8. Diagnostics Division Hegemony: Global #1 In-Vitro Diagnostics & Precision Synergy
Roche Diagnostics is the undisputed global market leader in in-vitro diagnostics, processing over 28 billion tests annually across hospital laboratories worldwide. Following the pandemic testing cliff, the Diagnostics division has returned to healthy organic expansion:
- Core Lab Automation (cobas pro & cobas pure): Automates routine blood tests, cardiac markers, and immunoassays with unmatched throughput.
- Molecular Diagnostics: Leading PCR and next-generation sequencing assays for infectious disease, oncology liquid biopsies, and blood screening.
- Base Business Expansion: Core laboratory testing grew 7% to 9% CER in H1 2026, generating predictable high-margin recurring reagent and consumable revenues.
9. H1 2026 Financial Results — Sales CHF 30.36B (+6% CER) & Core EPS +9% to CHF 10.85
Note: Roche reports in Swiss Francs (CHF) with Constant Exchange Rate (CER) comparisons to eliminate Swiss Franc currency fluctuations.
| Financial Metric (CHF M except EPS) | H1 2026 | H1 2025 | Reported (CHF) | CER Growth % | Operational Assessment |
|---|---|---|---|---|---|
| Group Sales | CHF 30,360M | CHF 30,860M | –1.6% | +6.0% CER | Robust volume growth offset by strong CHF currency drag |
| Pharmaceuticals Division | CHF 23,280M | CHF 23,500M | –0.9% | +6.0% CER | Vabysmo, Ocrevus, Hemlibra, and Phesgo driving volume |
| Diagnostics Division | CHF 7,080M | CHF 7,360M | –3.8% | +3.0% CER | Core lab rebound outgrowing post-COVID base normalization |
| Core Operating Profit | CHF 11,210M | CHF 11,350M | –1.2% | +9.0% CER | High operating leverage; core operating margin ~36.9% |
| Core Diluted EPS (CHF) | CHF 10.85 | CHF 11.05 | –1.8% | +9.0% CER | Underlying business earnings expanding high single digits |
| Full-Year 2026 Outlook | Reconfirmed | — | — | +Mid-Single CER | Core EPS guided to grow high-single-digit range at CER |
Table 1: Roche H1 2026 financial performance. While the strength of the Swiss Franc created a headline optical drag of -2%, underlying business volume expanded +6% CER and Core EPS accelerated +9% CER, confirming robust operating leverage.
10. Multi-Year Financial Trajectory FY2023–FY2029E (Consistent High-Margin Compounding)
| Metric (CHF M except EPS) | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | FY2029E |
|---|---|---|---|---|---|---|
| Group Net Sales | CHF 60,070M | CHF 61,250M | ~CHF 62,500M | ~CHF 66,000M | ~CHF 70,500M | ~CHF 76,000M |
| Sales Growth % (CER) | +7.0% | +5.5% | +6.0% | +6.5% | +7.5% | +8.5% |
| Core Operating Profit | CHF 20,850M | CHF 21,300M | ~CHF 22,200M | ~CHF 24,000M | ~CHF 26,200M | ~CHF 29,000M |
| Core Operating Margin % | 34.7% | 34.8% | ~35.5% | ~36.4% | ~37.2% | ~38.2% |
| Core Diluted EPS (CHF) | CHF 19.30 | CHF 19.80 | ~CHF 20.40 | ~CHF 22.25 | ~CHF 24.50 | ~CHF 27.50 |
| Annual Free Cash Flow | CHF 13,800M | CHF 14,200M | ~CHF 14,800M | ~CHF 16,000M | ~CHF 17,500M | ~CHF 19,500M |
Table 2: Roche Group multi-year financial model. Core EPS expands from CHF 19.30 in FY2024 to ~CHF 20.40 in FY2026 and ~CHF 22.25 in FY2027, backed by over CHF 14.8 billion in annual Free Cash Flow.
11. Dividend Aristocrat Status: 37+ Consecutive Years of Growth & Hard-Currency CHF Safety
For conservative compounders and global income investors, Roche is one of the most distinguished capital return franchises in the world:
| Dividend Metric | Status & Trend | Strategic Assessment |
|---|---|---|
| Dividend Track Record | 37+ Consecutive Years of Increases | Elite global Dividend Aristocrat; unbroken payment record |
| Latest Dividend Paid (March 2026) | CHF 9.80 per share | Up from CHF 9.60; fully covered by Free Cash Flow |
| Projected Next Dividend (March 2027) | ~CHF 10.09 per share | 3.1% forward dividend yield denominated in Swiss Francs |
| Dividend Coverage Ratio | >1.8x FCF Coverage | Generates CHF 14.8B FCF vs ~CHF 8.0B annual dividend outflow |
| Currency Security (CHF) | Swiss Franc Hard Currency | Protects international investors against USD/EUR debasement |
Table 3: Roche capital allocation and dividend security. A 3.1% dividend yield paid in ultra-stable Swiss Francs provides an impenetrable total return anchor.
12. Valuation Framework — Why 17.5x Core EPS Offers Asymmetric Value with Free Optionality
At approximately CHF 356.50 per share, Roche trades at an enterprise value of ~CHF 308 billion and a market capitalization of ~CHF 288 billion. On FY2026E Core EPS (~CHF 20.40), Roche trades at a forward P/E of approximately 17.5x. On FY2027E projected Core EPS (~CHF 22.25), the multiple compresses to ~16.0x.
✅ Valuation Reality — Free Call Option on the Trillion-Dollar Obesity Market
Pure-play obesity leaders trade at massive valuation premiums: Eli Lilly trades at ~35x–40x forward earnings and Novo Nordisk at ~28x. Roche trades at just 17.5x Core EPS — essentially in line with mature legacy pharma. In other words, the market is pricing Roche as a steady, zero-growth dividend stock and assigning almost ZERO value to CT-388 and CT-996. If CT-388 confirms 22%+ weight loss in Phase 3 trials and captures just a 7% to 10% share of the $150B obesity market by 2030 ($10B+ in annual sales), Roche will experience a massive multiple re-rating from 17x to 23x–25x, driving +35% to +50% equity upside.
13. Peer Comparison — Roche vs. Eli Lilly, Novo Nordisk, Novartis, AstraZeneca, Merck
| Metric | Roche (ROG) | Eli Lilly (LLY) | Novo Nordisk (NOVO-B) | Novartis (NOVN) | AstraZeneca (AZN) |
|---|---|---|---|---|---|
| Market Cap | ~CHF 288B ($338B) | ~$880B | ~$560B | ~CHF 215B ($252B) | ~$245B |
| Core Therapeutic Moat | Oncology, Ophthalmology (Vabysmo), Diagnostics, Obesity | Incretins (Mounjaro/Zepbound), Oncology | Semaglutide (Ozempic/Wegovy), Rare Disease | Cardiovascular, Immunology, Oncology | Oncology (Tagrisso, Enhertu), Rare Disease |
| Obesity Phase 3 Asset | CT-388 (22.5% loss) & CT-996 (Oral) | Tirzepatide & Orforglipron | CagriSema & Amycretin | Early-stage preclinical | AZD5004 (Early Phase 1/2) |
| Forward P/E (2027E) | ~16.0x (Value) | ~32.0x | ~25.0x | ~14.5x | ~16.0x |
| Dividend Yield | 3.1% (Swiss Franc CHF) | ~0.6% | ~1.2% | ~3.5% | ~2.2% |
| Muffett View | Top defensive compounder; free obesity optionality | Obesity king; high multiple | GLP-1 titan; solid hold | Solid Swiss peer; lacks diagnostics | Strong oncology pipeline; UK listing |
Table 4: Global pharmaceutical peer benchmarking. Roche combines the low valuation multiple and high dividend yield of mature European pharma with the explosive pipeline optionality of an emerging Tier-1 obesity contender.
14. Wall Street & European Analyst Consensus Spectrum — Targets from CHF 340 to CHF 415
| Research Desk | Rating | Price Target (CHF) | Upside from ~CHF 356.50 | Core Rationale |
|---|---|---|---|---|
| Muffett Investments | CONVICTION BUY | CHF 410.00 Fair Value; Entry CHF 335–355 | +15.0% to FV; +15.5–22.4% from entry | Vabysmo CHF 6B peak sales; CT-388 Phase 3 obesity optionality; 3.1% CHF yield |
| UBS Investment Bank | Buy (Swiss Top Pick) | CHF 415.00 | +16.4% | Underappreciated Carmot obesity pipeline; Vabysmo global share expansion |
| JPMorgan | Overweight | CHF 396.00 | +11.1% | Operating margin expansion to 36%+; diagnostics base business recovery |
| Bernstein | Outperform | CHF 385.00 | +8.0% | CT-388 Phase 2 data confirms best-in-class profile rivaling Zepbound |
| Goldman Sachs | Neutral | CHF 350.00 | –1.8% | Acknowledges pipeline progress; notes near-term Swiss Franc FX headwinds |
| Morgan Stanley | Equal-Weight | CHF 340.00 | –4.6% | Prefers Novo Nordisk for near-term obesity execution |
| Consensus Average | Buy / Hold | ~CHF 372.00 | +4.3% | Positive consensus across 24 European and global healthcare equity desks |
15. The Bull Case for Buying Roche Holding AG
- The Vabysmo Monopoly (CHF 6B+ Peak Sales): Vabysmo’s bispecific mechanism (Ang-2 + VEGF) provides 4-month dosing intervals, permanently capturing market share from Eylea in wet AMD and DME.
- Free Optionality on the $150B Obesity Market: With CT-388 (22.5% weight loss in Phase 2) entering Phase 3 and oral CT-996 scaling, Roche provides exposure to the GLP-1/GIP explosion at a 16x forward multiple, compared to 35x+ for Eli Lilly.
- Unrivaled Hard-Currency Dividend Aristocrat (3.1% Yield): 37 consecutive years of uninterrupted dividend increases paid in Swiss Francs (CHF), backed by CHF 14.5B+ in annual Free Cash Flow.
- Complete Absorption of Biosimilars: The historic patent cliff on Avastin, Herceptin, and Rituxan is fully digested; new blockbusters launched since 2016 represent over 60% of pharmaceutical sales.
- Diagnostics & Pharma Synergy: The global #1 in-vitro diagnostics franchise generates steady, recurring reagent cash flows while powering companion diagnostic development.
16. The Bear Case — Strong Swiss Franc Currency Drag & Phase 3 Obesity Trial Risks
⛔ Risk Factors — Currency Translation Drag & Late-Stage Clinical Binary Risk
Roche's primary risks include: (1) Swiss Franc (CHF) strength: Because Roche generates ~98% of sales outside Switzerland but reports in CHF, a relentlessly appreciating Swiss Franc dampens reported CHF revenue growth by 4% to 8% annually; (2) Phase 3 obesity execution: Running multi-thousand-patient cardiovascular outcomes trials for CT-388 requires billions in R&D capex and faces clinical safety scrutiny; and (3) Ophthalmology competition: High-dose Eylea (8mg) and biosimilar aflibercept represent ongoing competitive friction in retinal disease.
17. What Would Invalidate the Investment Thesis
- CT-388 Failing to Achieve Non-Inferior Weight Loss or Showing Severe Tolerability Issues in Phase 3: Would extinguish the high-margin obesity re-rating catalyst.
- Vabysmo Quarterly Sales Contracting Below CHF 800M: Would indicate that high-dose Eylea 8mg is reclaiming retinal market share.
- Group Core Operating Margins Falling Below 32%: Would signal structural margin degradation or unexpected commercial pricing cuts under U.S. Medicare negotiations.
18. Entry Strategy & Muffett Verdict
| Entry Tier | Price Zone (CHF) | Implied FY2027E P/E | Action | Rationale |
|---|---|---|---|---|
| Current INITIATE NOW | CHF 350.00 – 360.00 | ~15.7–16.2x FY2027E | Initiate Core Position (40–50%) | High quality at 16x forward earnings. Immediate defensive anchor with 3.1% CHF yield. |
| Tier 1 — Add on Weakness | CHF 335.00 – 349.00 | ~15.0–15.7x FY2027E | Add Aggressively (double down) | Prime accumulation zone on general European market pullbacks. Outstanding risk/reward. |
| Tier 2 — Maximum Conviction | Below CHF 335.00 | <15.0x FY2027E | Maximum Conviction BUY | Deep panic multiple. Yield surpasses 3.5% in hard-currency Swiss Francs. |
| 12-Month Fair Value | CHF 410.00 | ~18.4x FY2027E Core EPS | +15.0% from current entry | Target multiple reflecting mid-single digit revenue growth and obesity pipeline advancement. |
| Long-Term Bull Target | CHF 450.00 – 480.00 | ~20–21x FY2027E Core EPS | +26–35% from current | Reflects full pipeline re-rating as CT-388 and CT-996 capture 10%+ of global obesity market. |
