Swiss company Roche said US tax cuts will boost profit this year, blunting the impact of competition to the company’s top-selling cancer medicines, and joining rival Pfizer which has reported a boost from US President Donald Trump’s tax overhaul.

A run of disappointing drug trials at Roche has left analysts suggesting the view from its new 41-storey office building in Basel, Switzerland, has become more clouded, with little chance of management now upgrading its growth forecast next week, when it reports first-half earnings.

Roche Holding has agreed to buy US biotech company InterMune Inc for $8.3bn (€6.3bn) in cash, helping the world’s leading maker of cancer drugs expand into the treatment of rare or incurable diseases. 

Swiss voters appear to have rejected a proposal to limit executives’ pay to 12 times that of junior employees, a measure that would have gone further than any other developed nation.