The decline of shares in the pharmaceutical sector can be explained by the pressure on prices of existing drugs and the difficulty in finding new molecules for the therapies of tomorrow. However, the decline of certain stocks is exaggerated. In Switzerland, while Novartis has problems of its own, one must recognize that Roche is doing better, with more promising products in the pipeline and better financial results. The Roche shares dropped from CHF 260 to CHF 224. The current levels are clearly buying levels for investors wishing to increase their current position. We can also recommend the sale of put options to receive some premium. Sales of put options on Roche, maturing in December 2017, strike 200 will pay CHF 10.50 per share, or more than 5% on a top quality company!

This is not a recommendation but just our opinion. Please consult with your financial advisor before investing!