When you look at the benign movement in the EPS and the fall-off of the ROE and ROIC numbers across the last four years, it's easy to see why there's not been any improvement in the share price during the same time frame.
Much of the stagnant nature of the numbers across the time frame can be linked to the Vifor acquisition and its inability to provide a return commensurate with the acquisition cost.
The reduction in Gross Profit margins across their blood plasma section for the period hasn't helped either but that may start to improve from here.
I think that until the numbers in the three right hand columns start improving, the share price in the left-hand column will drift about without much direction.
(20min delay)