Swiss healthcare company Roche Holding AG (Roche) (SIX:ROG) has said that its first quarter 2022 sales rose by 10% on strong US demand for rapid COVID-19 antigen tests, Reuters news agency reported on Monday.

Roche's quarterly sales rose to CHF16.44bn, up from CHF14.93bn in the first quarter of the prior year.

This was slightly above a market consensus of about CHF16bn.

The company's diagnostics division accounted for most of the positive surprise, reporting sales growth of 24% to CHF5.3bn on usage of its COVID-19 tests and cardiac tests.

First quarter sales were also boosted by drugs including Ocrevus against multiple sclerosis, as well as Hemlibra against haemophilia.

Ocrevus revenues gained 18% to reach CHF1.45bn, while Hemlibra sales jumped 30% to CHF853m.

This offset a decline in established off-patent cancer medicines Herceptin, Avastin and Rituxan due to cheaper rival products.

Roche reiterated that it expected currency-adjusted 2022 sales to be flat or grow in the low-single-digit percentage range, below last year's 9% gain.

It also reaffirmed that sales of COVID-19 medicines and diagnostics would decrease by about CHF2bn in 2022 to about CHF5bn.

(EUR1.00=CHF1.03)