New Street Research - Novartis AG (NOVN) Novartis - The Stock to Own for 2023 (BUY, TP CHF110 [100], 18 pgs)

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4298.50 For Business Accounts Only

Novartis - The Stock to Own for 2023 (BUY, TP CHF110 [100], 18 pgs)

Novartis is now our top pick in EU Pharma given Novo’s recent run. We see multiple catalysts in the next 8 months that could drive both a re-rating & EPS upgrades. Plus, today’s 10pg deep-dive on the IL-17/IL-23 space shows that fears on the Cosentyx outlook are overdone. We expect consensus iptacopan 2027 sales of

26/04/2023 1 EN

Underlying

Novartis AG

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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CH0012005267 Six Swiss Exchange Switzerland

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Dominic Rose

Naresh Chouhan

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Novartis - The Stock to Own for 2023 (BUY, TP CHF110 [100], 18 pgs)

Intron Health - AI Impact on Pharma - Thematic (20pgs) - Winners/Losers & Quantifying the Impact

Novartis to build new radioligand therapy site in Denton, Texas, delivering more next‑generation treatments to patients

Novartis AG: 1 director

Grasping the AI Infra buildout (VIII): “Tail effect” materially boost long-term returns

Bouygues (Buy, TP: €64, +30%) CEO/CFO meeting feedback – French M&A, impact of Iran war and Construction outlook

Eir (Most Preferred) Q4 25: Good SR and EBITDA trends –guidance ahead of us for FY26

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