Novartis Focuses More on Core Drugs as Alcon and Some Generic Assets Are Scheduled for Divestment
Novartis reported fourth-quarter results and issued 2019 guidance largely in line with both our and consensus expectations, and we don't expect any major changes to our fair value estimate based on the results. The company continues to make strong progress developing new drugs offsetting patents losses, supporting our wide moat rating for the firm.In the quarter, the branded drug division's 9% year-over-year growth helped offset slower growth from the eyecare business Alcon (4%) and declines f...
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