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Pharmaceuticals company Roche says a strong Swiss franc weighed on profits last year and contributed to a 5 percent drop in net income, which fell short of analysts' estimates

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GENEVA — Pharmaceuticals company Roche says a strong Swiss franc weighed on its earnings last year and contributed to a 5 percent drop in net income, which fell short of analysts' estimates.

The Basel-based maker of Avastin and other cancer treatments reported Thursday that net income declined to 9.06 billion Swiss francs ($8.92 billion), from 9.54 billion in 2014, though income was up 4 percent after accounting for currency fluctuations. According to FactSet, analysts expected net income at 10.57 billion francs.

CEO Severin Schwan hailed a "successful" year and pointed to progress in Roche Holdings AG's product pipeline and "important clinical data" in areas including cancer, multiple sclerosis, immune and blood diseases.

Sales rose 5 percent to 48.1 billion francs, largely behind U.S. pharmaceutical sales and strong demand for immunodiagnostic products.

PHOTO: Severin Schwan, CEO of Swiss pharmaceutical company Roche Holding AG, presents the facts and figures for 2015, during the annual press conference in Basel, Switzerland, on Thursday, Jan. 28, 2016. Pharmaceuticals company Roche says a strong Swiss franc weighed on its earnings last year and contributed to a 5 percent drop in net income, which fell short of analysts' estimates.  (Georgios Kefalas/Keystone via AP)
Severin Schwan, CEO of Swiss pharmaceutical company Roche Holding AG, presents the facts and figures for 2015, during the annual press conference in Basel, Switzerland, on Thursday, Jan. 28, 2016. Pharmaceuticals company Roche says a strong Swiss franc weighed on its earnings last year and contributed to a 5 percent drop in net income, which fell short of analysts' estimates. (Georgios Kefalas/Keystone via AP)

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PHOTO: Severin Schwan, CEO of Swiss pharmaceutical company Roche Holding AG, center, speaks during the annual press conference in Basel, Switzerland, on Thursday, Jan. 28, 2016. Pharmaceuticals company Roche says a strong Swiss franc weighed on its earnings last year and contributed to a 5 percent drop in net income, which fell short of analysts' estimates.  (Georgios Kefalas/Keystone via AP)
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