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Novartis has announced good figures for Q2 2010. Its annual sales target has been stepped up, despite the adverse regulatory environment (pressure on prices, healthcare reform, savings on pharmaceuticals). Appointed a few months ago, the new management seems to have got off to a good start and is determined to keep its previous promises. PLUS code maintained.
We remain positive on Novartis (PLUS) for several reasons: effective response to future problems, foremost among them the expiry of the Diovan patent (in 2012); diversification of the business model; start of a new cycle of innovative products and fairly important news flow in coming months.
We are reverting to a PLUS code on Novartis following the publication of its 2009 results. However, a number of uncertainties await the company; they include the integration of Alcon and the expiry of the patents on Fermara (2011) and Diovan (2012). Be that as it may, the change of management is a welcome development: J. Jimenez will be the man who leads integration in the broadest sense of the term. Diversification of the business model will also help to better manage timelines.
Today Novartis announced that it had acquired full ownership of Alcon at a price of USD 50 billion (acquisition of the Nestlé participation and offer to the minority shareholders). This transaction is not cheap and the synergies are not yet fully quantifiable. Following the 2 pm telephone conference, we remain cautious over the integration risk and the uncertainties surrounding Diovan. We will take a decision once the annual results have been published. PLUS code maintained in the meantime.
We remain positive on Novartis (PLUS) for several reasons: effective response to future problems, foremost among them the expiry of the Diovan patent (in 2012); rapid implementation of decisions on restructuring; diversification of the business model and start of a new cycle of innovative products.
Results published by Novartis were slightly better than the market had been expecting. The company has also raised its growth forecasts for 2009 (excluding sales of the H1N1 vaccine). Significantly, Novartis is at the start of a new product cycle which will enable it to successfully offset the expiry of the Diovan patent in 2012. PLUS code maintained.
Novartis published results for the second quarter of 2009 slightly above expectations and has raised the outlook for its Pharma division. We are reiterating our PLUS code since Novartis benefits from one of the best growth rates in the sector, despite the forthcoming loss of the Diovan patent, as well as a diversified business model. PLUS reiterated.
We are positive on Novartis (PLUS) for two main reasons: future problems, foremost among them the Diovan patent expiry (in 2012) are well under control and decisions are being implemented rapidly on restructuring, diversification of the business model and a change of management if these measures fail.
Novartis has published results for Q1 2009 slightly above market expectations. Investors were surprised by the performance of the Pharma division and by the recovery of Sandoz. We confirm our PLUS code because Novartis has one of the highest growth rates in the sector and a diversified business model. In addition, the share is selling at a historically low price. PLUS code confirmed.
Results published by Novartis for Q4 2008 fell short of market expectations for several reasons: particularly unfavourable exchange rate; many extraordinary items to be reprocessed (difficult to analyse); very disappointing performance by the Sandoz division. However, there are also positive factors which help to mitigate the negative impact of the latest figures: dividend increased by 25% (53% distribution ratio — yield close to 4%); no depreciation on Alcon; improved margins and good outlook. PLUS code confirmed.
Today, we are positive on Novartis (PLUS) for two main reasons: efficient handling of future problems, the most important being the Diovan patent expiry (in 2012) and the rapid implementation of restructuring decisions - diversification of the business model and change of management if difficulties arise.
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