Novartis Posts In-Line 4Q While Signaling Potential Divestiture of Alcon; Shares Look Undervalued
Novartis reported fourth-quarter results that were largely in line with our and consensus expectations, and we don’t expect any major changes to our $87 fair value estimate. We continue to view the stock as undervalued despite the flat sales growth in the quarter and the flat 2017 sales guidance, as the company’s pipeline looks strong enough to drive mid-single-digit sales growth starting in 2018, with faster bottom-line growth as efficiency gains improve margins. The strong pipeline also reinfo...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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