Report
Eric Le Berrigaud

NOVARTIS: Mid-term perspectives are intact, 2019 is simply a touch softer-than-expected | BUY - Top Picks | CHF96 vs. CHF100

NOVARTIS - BUY - Top Picks | CHF96 vs. CHF100 (+12%)
Mid-term perspectives are intact, 2019 is simply a touch softer-than-expected

We are lowering our core EPS for 2019 by 2%
A clear commitment to margins expansion
Sandoz on the way out ?
We are lowering our core EPS for 2019 by 2%
Underlying
Novartis AG

Novartis is a multinational healthcare group based in Switzerland. Co. provides healthcare solutions that address the evolving needs of patients and societies worldwide. Co.'s broad portfolio includes innovative medicines, eye care products and cost-saving generic pharmaceuticals. Co.'s operations are organized along three operating divisions: Innovative Medicines Division; Sandoz Division; and Alcon Division. Co.'s operations are supported by the Novartis Institutes for BioMedical Research and Novartis Business Services.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Eric Le Berrigaud

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