Novartis Spins Off Alcon, Leaving a Well Positioned and Focused Drug Company
Novartis completed its spin-off of ophthalmology device company Alcon, which we expect will reduce our fair value estimate by close to 10%. However, we continue to view the company with a wide economic moat and with the majority of cash flows driven by patent protected branded drugs. Further, the divestment should lead to stronger profitability, and we expect core operating margins to expand to over 30% by 2022, up almost 500 basis points from 2018. We also expect the company's dividend to remai...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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