Novartis Posts Solid 4Q, Buoyed by the Branded Drug Group, but Shares Look Fairly Valued
Novartis reported fourth-quarter results ahead of both our and consensus expectations, but we don’t expect any major changes to our fair value estimate for the firm based on the minor outperformance, and we continue to view the stock as fairly valued. Novartis’ steady drug (up 4% operationally) and eyecare (up 6%) growth offset the pressure from the generic unit (down 2%), which reinforces our wide moat rating for the firm stemming from strong intellectual property in the drug and eyecare units ...
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