Novartis delivered a mixed set of results for the last quarter as it failed to meet the revenue expectations of Wall Street but managed an earnings beat. The management continued to invest in the organic business, pursued value-creating bolt-ons, and looked at the full range of M&A opportunities. Their Phase III APPOINT research continues to progress well. Afterward, they moved forward with various indications, including IgAN and C3G, which is anticipated to read out in 2023. To further extend their opportunities in gene therapy, they acquired PPY, their gene treatment for geographic atrophy in ophthalmology. We give Novartis a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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