This is our first report global pharma major, Novartis. The company delivered a mixed set of results for the last quarter, failing to meet Wall Street expectations in terms of revenues but managing an earnings beat. It saw a 5% top-line growth, also in innovative medicines in Sandoz. The company continues its productive agenda with growth in solid core operating income across the business. In the constant currencies, there has been a continued margin expansion. Novartis continues to gather approvals for Scemblix, its innovative medicine for CML. The innovative medicine sales grew consistently in the quarter across the U.S. Entresto and Cosentyx continue their excellent performance toward the respective peak sales objective whereas Zolgensma continues its global expansion. Novartis launched a new focused strategy that is underpinned by the deep pipeline and peak sales brands of eight high-potential offerings. The weekly NBRx of the company continues its robust progression with continued strong growth. Overall, we initiate coverage on the stock of Novartis with a ‘Hold’ rating.
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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