reports
Novartis AG: 1 director
A director at Novartis AG sold 137,500 shares at 95.102CHF and the significance rating of the trade was 100/100. 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 s...
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
KCO KLOECKNER & CO SE
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
JCQ JACQUET METALS SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BAS BASF SE
SAN SANOFI
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
AZN ASTRAZENECA PLC
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
DSY DASSAULT SYSTEMES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
GSK GSK PLC
SHUR SHURGARD SELF STORAGE LIMITED
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
- Ahmed Ben Salem
- Bruno Cavalier
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NN NN GROUP N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
GSK GSK PLC
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
- Team Pharma
- Team Pharma
- Dominic Rose
- Naresh Chouhan
MFN Drug Pricing - Impact and Implementation (Thematic, 5pgs)
Ahead of today’s signing of an Executive Order to introduce a Most Favoured Nation approach to drug pricing in the US, we show that net pricing in the EU is c.50% lower than in the US & which companies have most to lose from MFN. We also show that, in reality,
- Anthony Dick
- Michael Foundoukidis
DB1 DEUTSCHE BOERSE AG
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
G ASSICURAZIONI GENERALI S.P.A.
CAP CAPGEMINI SE
SY1 SYMRISE AG
BC8 BECHTLE AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BG BAWAG GROUP AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PUIG PUIG BRANDS
- Anthony Dick
- Michael Foundoukidis
GALP GALP ENERGIA SGPS SA CLASS B
DB1 DEUTSCHE BOERSE AG
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
G ASSICURAZIONI GENERALI S.P.A.
CAP CAPGEMINI SE
SY1 SYMRISE AG
BC8 BECHTLE AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BG BAWAG GROUP AG
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PUIG PUIG BRANDS
- Damien Choplain
- Martial Descoutures
- Damien Choplain
- Martial Descoutures
- Research Team ACF
ACF Thematic Oncology Lung Cancer Cough LCC 25042025
Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition. The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period. LCC is a prevalent symptom among lung cancer patients, and its management is...
- Dominic Rose
- Naresh Chouhan
US Tariffs - Broad Tariffs are Highly Unlikely (7pgs)
Following a number of recent events, we discuss in this note what we think is the most likely outcome for the Pharma industry. We show that broad based tariffs on drugs are highly unlikely, that even if it were to happen, the impact of a 20% tariff is
- Dominic Rose
- Naresh Chouhan
US Tariffs - Transfer Pricing Could Negate Impact (6pgs)
We show that Big Pharma would not have to shift a single element of supply chain to the US and can mitigate most, if not all, of a 20% tariff on drugs, just by changing their transfer pricing strategy. In a scenario where the US corporation tax rate falls to 15% but tariffs are 20%, we show that Big Pharma profits would be unchanged, while the US government tax take would more than double. The losers would be low tax jurisdictions like Ireland, but they would get to keep their manufacturing base...
- Stefano Toffano
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
DAI DAIMLER AG
GIVN GIVAUDAN SA
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
OR L'OREAL SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
FR VALEO SE
RWE RWE AG
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Team Pharma
- Stefano Toffano
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FP TOTAL SE
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
DAI DAIMLER AG
GIVN GIVAUDAN SA
POM PLASTIC OMNIUM SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
OR L'OREAL SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
FR VALEO SE
RWE RWE AG
SAN SANOFI
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
LPP LPP S.A.
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RACE FERRARI NV
RIO RIO TINTO PLC
SAP SAP SE
AZN ASTRAZENECA PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Team Pharma
- Team Pharma
ODDO : Les fondamentaux face à l’incertitude
Les déboires récents de quelques sociétés du secteur (déceptions de CagriSema de Novo, de l’anti-TIGIT de Roche ou investigations en Chine pour AZN) accompagnés de questionnements sur la politique US ont engendré un derating conduisant à une valorisation faciale attractive : PE 26e de 13.2x. Les publications annuelles des 6 large cap Pharma européennes ont été extrêmement rassurantes confirmant les attentes CT et LT du marché. Avec un BPA en croissance moyenne entre 2024 et 2028 de c10%, le PEG ...
- Team Pharma
ODDO : Fundamentals vs uncertainty
The recent setbacks for some sector companies (disappointments over Novo Nordisk’s Cagrisema and Roche’s anti-TIGIT or the investigations in China for AZN) along with question marks over US policy have generated a derating leading to a nominally attractive valuations: P/E 2026e of 13.2x. The full-year earnings reports of the six European large cap pharma companies were extremely reassuring, confirming short- and long-term market expectations. With average expected EPS growth between 2024 and 202...
- Ahmed Ben Salem
FP TOTAL SE
IPN IPSEN SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
SZG SALZGITTER AG
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
ENEL ENEL SPA
REP REPSOL SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BC BRUNELLO CUCINELLI S.P.A.
RIO RIO TINTO PLC
AZN ASTRAZENECA PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
BP. BP P.L.C.
REY REPLY S.P.A.
AMAG AMAG AUSTRIA METALL AG
SHL SIEMENS HEALTHINEERS AG
DTG DAIMLER TRUCK
SHEL SHELL PLC
GSK GSK PLC
NOVO B NOVO NORDISK A/S
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