ROCHE HLDGS AD GENUSSCHEINE NPV
RHHBY
Health Care
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exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Roche is one of the world's largest pharmaceutical companies and conducts industrial-scale animal testing across its drug development pipeline. The company claims a 50% reduction over 14 years but discloses no absolute numbers of animals used.
F. Hoffmann-La Roche led a nine-year international vitamin price-fixing cartel (1990-1999) that manipulated prices on vitamins A, B2, B5, C, E, and Beta Carotene used in nutritional supplements, human food, and animal feed, affecting more than $5 billion in commerce. The DOJ imposed a $500 million criminal fine on Roche in May 1999, the largest antitrust fine in U.S. history at the time, while BASF paid $345 million as co-conspirator. Roche executive Kuno Sommer served a four-month prison sentence. The European Commission subsequently fined Roche an additional 462 million euros as the cartel's ringleader and main beneficiary, identifying the company as responsible for organizing all 12 separate vitamin cartels.
Research Sources
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Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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