Well on track after a very clean second quarter
Novartis has delivered a solid set of quarterly numbers characterised by a strong performance in Innovative Medicines and ongoing opposing trends for Sandoz and Alcon which cancel each other out. As expected, Cosentyx (+40%) is back on a very dynamic trajectory, which will reassure. Aimovig is off to an outstanding start, although Novartis does not book US sales while the drug is unlikely to be profitable this year. AVXS-101 had very positive pre-BLA meeting and will be filed in H2, same for RTH in Q4. BAF312 was filed with a voucher and should be launched in the US in early 2019. The group is delivering on its strategic roadmap. We reiterate our BUY rating.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.
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