reports
- Dominic Rose
- Naresh Chouhan
Novartis - 15% Above Consensus (HOLD, TP CHF 110)
New analysis on Scemblix, the IgAN franchise & Zolgensma means we upgrade our 2028 EPS by 13% & are 15% above cons. We show Scemblix could hit $5bn at peak & following analysis of the IgAN franchise, we forecast $5bn sales in 2028 ($2.7bn above cons). Whilst 2025 EPS needs to fall by 2-3% to account for FX (and possibly Part D reform), we see significant potential for upgrades as the year progresses and Scemblix, Kisqali, Kesimpta & Cosentyx in HS continue to outperform. We see further upside fr...
- Baptiste Salaville
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
1COV COVESTRO AG
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
ADS ADIDAS AG
G1A GEA GROUP AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
HO THALES SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
GBF BILFINGER SE
RHM RHEINMETALL AG
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
BOSS HUGO BOSS AG
SDF K+S AG
NOEJ NORMA GROUP SE
BAS BASF SE
SAN SANOFI
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
DEZ DEUTZ AG
AIXA AIXTRON SE
KRN KRONES AG
NEM NEMETSCHEK SE
SAX STROEER SE & CO. KGAA
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
MONC MONCLER SPA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JUN3 JUNGHEINRICH AG PREF
AZN ASTRAZENECA PLC
DUE DURR AG
JST JOST WERKE AG
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
GSK GSK PLC
STM STABILUS SE
TUI TUI AG
NOVO B NOVO NORDISK A/S
SCHOTT PHARMA AG
R3NK RENK GROUP AG
AGN AEGON N.V.
QGEN QIAGEN N.V.
CVC CVC CAPITAL PARTNERS PLC
SHA SCHAEFFLER AG
- Baptiste Salaville
- Bruno Cavalier
- Jerôme Bodin
FME FRESENIUS MEDICAL CARE AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
1COV COVESTRO AG
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
ADS ADIDAS AG
G1A GEA GROUP AG
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
HO THALES SA
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
GBF BILFINGER SE
RHM RHEINMETALL AG
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
BOSS HUGO BOSS AG
SDF K+S AG
NOEJ NORMA GROUP SE
BAS BASF SE
SAN SANOFI
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
DEZ DEUTZ AG
AIXA AIXTRON SE
KRN KRONES AG
NEM NEMETSCHEK SE
SAX STROEER SE & CO. KGAA
EVK EVONIK INDUSTRIES AG
KGX KION GROUP AG
MONC MONCLER SPA
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
JUN3 JUNGHEINRICH AG PREF
AZN ASTRAZENECA PLC
DUE DURR AG
JST JOST WERKE AG
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
GSK GSK PLC
STM STABILUS SE
TUI TUI AG
NOVO B NOVO NORDISK A/S
SCHOTT PHARMA AG
R3NK RENK GROUP AG
AGN AEGON N.V.
QGEN QIAGEN N.V.
CVC CVC CAPITAL PARTNERS PLC
SHA SCHAEFFLER AG
- Team Pharma
- Team Pharma
- Delphine Brault
- Quentin Borie
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Team Pharma
- Ahmed Ben Salem
FP TOTAL SE
CA CARREFOUR SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
WTB WHITBREAD PLC
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ZAL ZALANDO SE
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
GSK GSK PLC
NOVO B NOVO NORDISK A/S
- Team Pharma
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
ROG ROCHE HOLDING LTD
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
LONN LONZA GROUP AG
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
AUB AUBAY SA
ATE ALTEN SA
ZAL ZALANDO SE
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
CAP CAPGEMINI SE
TLX TALANX AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
ALG ALLEGRO.EU SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Emira Sagaama
- Ghada Ben Sedrine
- Nicolas David
- Oddo Sustainability Team
- Thomas Zlowodzki
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
ROG ROCHE HOLDING LTD
ACN ACCENTURE PLC CLASS A
NOVN NOVARTIS AG
LONN LONZA GROUP AG
INF INFOTEL SA
SQI SQLI SA
SWP SWORD GROUP SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
AUB AUBAY SA
ATE ALTEN SA
ZAL ZALANDO SE
GRF GRIFOLS S.A. CLASS A
SAN SANOFI
CAP CAPGEMINI SE
TLX TALANX AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
IDR INDRA SISTEMAS S.A. CLASS A
GRF.P GRIFOLS S.A. PREF CLASS B
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
ALG ALLEGRO.EU SA
NA9 NAGARRO
EXN EXCLUSIVE NETWORKS SA
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
- Team Pharma
- Team Pharma
Novartis AG: 1 director
A director at Novartis AG sold 1,807 shares at 92.582CHF and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Dominic Rose
- Naresh Chouhan
EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully
In the aftermath of the H224 Healthcare correction, we look forward to 2025 with a more focused stock specific approach We show sector fundamentals have remained robust despite the correction. We see 4 key themes for the Pharma sector in 2025; 1) 2025 is a very strong year for important pipeline readouts, 2) The volume impact of Medicare Part D reform will dominate the narrative in H125 & continue to be a tailwind into 2026, 3) Margin expansion should be robust at a sector level, 4) Biotech M&A...
- Emmanuel Matot
- Marc Lavaud
- Michael B. Schäfer
- Marc Lavaud
- Michael B. Schäfer
- Damien Choplain
- Martial Descoutures
Novartis : Reassuring CMD on the medium to long-term outlook
>Prefer quality over quantity - At its CMD in London yesterday, Novartis confirmed its pure player positioning in innovative medicine and its strategy focused on four therapeutic areas (cardiovascular/renal, oncology, neuroscience and immunology), five technological platforms and four geographical regions (US, China, Germany, Japan). We note the ambition to continue to improve R&D productivity by reducing the time-to-market (in part thanks to the use of AI) and focus...
- Damien Choplain
- Martial Descoutures
Novartis : CMD rassurant sur les perspectives MT/LT
>Privilégier la qualité à la quantité - Dans le cadre de son CMD qui s’est tenu hier à Londres, Novartis a confirmé son positionnement pure player médecine innovante et sa stratégie centrée sur 4 aires thérapeutiques (cardiovasculaire/rénal, oncologie, neuroscience et immunologie), 5 plateformes technologiques et 4 zones géographiques (US, Chine, Allemagne, Japon). Nous notons une volonté de continuer à améliorer la productivité de la R&D en réduisant le time-to-mark...
- Oliver Metzger
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
ALV ALLIANZ SE
ISP INTESA SANPAOLO S.P.A.
SIX2 SIXT SE
UCG UNICREDIT S.P.A.
BP. BP P.L.C.
DWS DWS GROUP GMBH & CO. KGAA
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.