Novartis Posts Solid 3Q, as New Drugs Offset Generic Gleevec Competition
Novartis reported third-quarter results slightly ahead of both our and consensus expectations, but we don’t expect any major changes to our fair value estimate based on the minor outperformance. We still view the stock as fairly valued, with strong growth from new products offsetting patent losses and weakness in the U.S. generics business.The company’s wide moat remains well positioned, with a strong pipeline of drugs complementing a wide portfolio of marketed drugs, mitigating the no-moat ge...
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