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First, the US Food and Drug Administration (FDA) granted the nerve drug «Enspryng» an accelerated review for the treatment of a rare autoimmune disease. Second, the pharmaceutical company secured worldwide rights from Chinese drugmaker Simcere to a promising drug candidate targeting B-cell diseases, including blood cancers. At the same time, another piece of good news emerged from China over the weekend: Roche partner MediLink reported strong Phase III data for the cancer drug «Tam-Peli». These developments are important for Roche participation certificates, as the shares need new fundamental arguments for a sustained attempt to break through their previous record level following their strong start to the year.<\/p>\n\n<p>Enspryng is particularly advanced, already approved in around 90 countries for another rare disease of the nervous system. The FDA has now accepted the supplemental application for the treatment of myelin oligodendrocyte glycoprotein antibody-associated disease, or MOGAD, for «Priority Review». MOGAD is a rare autoimmune disease of the central nervous system that can affect the optic nerves, brain and spinal cord, among other areas. There is currently no approved treatment for the disease. In a Phase III study, Enspryng reduced the risk of a relapse by 68% compared with placebo. After 48 weeks, 87% of treated patients remained relapse-free, compared with just over two-thirds in the control group. A decision by the FDA is expected by January 10, 2027. If successful, Enspryng would become the first approved disease-modifying therapy for MOGAD.<\/p>\n\n<div><generic-chart title=\"Roche (in CHF)\"> \n    <chart-line title=Roche path=\"Chart_ROP.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 15.09.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>China in Focus<\/h3>\n<p>At the same time, Roche is selectively acquiring innovation. At the beginning of September, the group agreed a worldwide exclusive licence with Simcere Zaiming for «SIM0660». The preclinical antibody is designed to prompt T cells to selectively destroy diseased B cells. This makes the candidate potentially suitable for B-cell-mediated diseases, including various blood cancers. Roche will initially pay USD 75 million; including success-based milestones, Simcere could receive a total of up to USD 1.53 billion. In return, Roche will obtain worldwide rights to develop, manufacture and commercialise the drug. SIM0660 is still a long way from reaching the market, but the deal strengthens Roche\u2019s broad pipeline from a technological perspective.<\/p>\n\n<p>Even more concrete is the latest success of Roche partner MediLink. Its antibody-drug conjugate «Tambotatug pelitecan», or Tam-Peli for short, was tested in a Phase III study in Chinese patients with relapsed small-cell lung cancer against the standard treatment «Topotecan». The results are significant: Tam-Peli reduced the risk of death by 54%. Median overall survival reached 13.3 months, compared with 9.4 months with Topotecan. The risk of disease progression fell by as much as 71%, while the response rate with Tam-Peli was 59.1%, compared with just 9.7% for Topotecan. Roche holds the development and commercialisation rights outside mainland China, Hong Kong and Macau and now intends to launch global studies quickly. In the US, the drug has already received «Breakthrough Therapy Designation» for particularly promising therapies.<\/p>\n\n<div>\n<generic-chart title=\"Pharmaceutical Division Revenue (in CHFbn)\">\n  <x-axis categories=\"Q1/25,Q2/25,Q3/25,Q4/25,Q1/26,Q2/26\"/>\n      <chart-column title=\"Pharmaceutical Division Revenue (in CHFbn)\" data=\"11.95,12.04,11.57,12.11,11.47,12.16\" format=\"number\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: Refinitiv, as of: August 2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Important Date<\/h3>\n<p>There is therefore plenty for investors to discuss, and the news flow is continuing. On September 28, Roche will host its «Pharma Day 2026» in London. The event will focus on the pharmaceutical strategy and future growth drivers, progress in research and development, as well as the use of AI in early-stage drug development. Pipeline updates are also expected in areas including oncology and haematology, neurology, ophthalmology, immunology, as well as cardiovascular, renal and metabolic diseases. New comments on potential blockbuster drugs could provide the next catalyst for the shares. Revenue in the pharmaceutical division had already been trending upwards recently. Compared with the start of the year, these revenues increased by 6% to CHF 12.16 billion.<\/p>\n\n<h3>Returns Without a New Record<\/h3>\n<p>The positive development has already left its mark on the stock market. In August, the participation certificate repeatedly tested the CHF 375 region, its record level, but was unable to break through the resistance sustainably. A consolidation phase followed. The latest Tam-Peli data have now provided fresh momentum, pushing the security towards CHF 360. From a technical perspective, the opportunity for another attempt at the previous highs therefore remains, although the CHF 375 area could prove to be a stubborn resistance level.<\/p>\n\n\n\n<p>Investors who initially expect another rejection or sideways movement can take advantage of this setup with a softcallable barrier reverse convertible. The new product has a two-year maturity and offers a guaranteed coupon of 5.3% p.a., paid quarterly. The barrier is set at 70% of the initial level and is monitored continuously throughout the term. If the barrier is never touched, the product will be redeemed at par at maturity. If the barrier is breached and Roche is trading below the strike price at maturity, however, the investor bears the downside risk of the underlying. The guaranteed coupon payments nevertheless provide some cushion against falling prices. In addition, the BRC features a soft-call function with quarterly observation dates, which may result in early redemption \u2013 at the earliest after one year.<\/p>\n\n\n<h3>Callable Barrier Reverse Convertible<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;currencies&quot;:[],&quot;issuers&quot;:[],&quot;productCategories&quot;:[],&quot;productGroups&quot;:[],&quot;productTypes&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;barrierLevelRanges&quot;:[],&quot;strikeLevelRanges&quot;:[],&quot;underlyings&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1555866461\\&quot;&quot;,&quot;conditions&quot;:{&quot;+snapshot.product.secondary_market:true&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;&quot;:true,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;-_exists_:snapshot.product.in_subscription&quot;:false},&quot;marketVenues&quot;:[],&quot;assetClasses&quot;:[],&quot;barrierTypes&quot;:[],&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;]}\">\n                <\/SavedSearch>\n  <\/div>\n\n\n<p>Trading-oriented investors who, by contrast, are betting either on a breakout above the previous highs or on a failure at the price peak can use long and short leveraged products to participate disproportionately in movements in the participation certificates. The product pipeline is well stocked, with more than 200 products, giving investors plenty of choice depending on their risk appetite. Compared with the BRC, however, investors must also factor in a correspondingly higher risk of loss.<\/p>\n\n<h3>Leverage products on Roche<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;underlyings&quot;:[&quot;67108970&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;searchable&quot;:true,&quot;leverage&quot;:{&quot;min&quot;:9.231,&quot;max&quot;:9007199254740991}}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/3dn?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"underlying-roche26","investmentThemeVerticalImageUrl":"https://structuredproducts-ch-live-pre.leonteq.com/product-news/sidenav-banner/Roche_Sep2026_Leonteq-Structured-Products_Sidenav%20Banner.jpg","thumbnailUrl":"https://structuredproducts-ch-live-pre.leonteq.com/product-news/thumbnail/Roche_Sep2026_Leonteq-Structured-Products_Thumbnail.jpg"}
