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Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Florent Laroche-Joubert
  • Jean-Baptiste Rouphael
  • Stefano Toffano

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024

L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Florent Laroche-Joubert
  • Jean-Baptiste Rouphael
  • Stefano Toffano

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024

2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...

Team Pharma
  • Team Pharma

ODDO : 2024 to be largely driven by US

2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast 2024e EPS growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst by mid-2024. We low...

Team Pharma
  • Team Pharma

ODDO : 2024 : les Etats-Unis en arbitre

L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24 de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un cataly...

Novartis AG: 1 director

A director at Novartis AG sold 17,627 shares at 90.525CHF 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 sh...

Damien Choplain ... (+2)
  • Damien Choplain
  • Martial Descoutures

Novartis : Q4 2023 results and 2024 guidance a shade below expectation...

>Q4 2023 results disappointing on bottom line - Q4 sales (-1% vs consensus) and core EPS (-4% vs consensus) were slightly below expectations. Sales rose by 10% cc (8% on a reported basis), driven by Entresto (+27%, +2% vs consensus), Cosentyx (+21%, +2% vs css), Kisqali (+71%, +1% vs css) and Kesimpta (+74%, +9% vs css). Note that Pluvicto (+53%, -13% vs css), in the launch phase, undershot expectations which is a disappointment for this quarter. The product should ne...

Damien Choplain ... (+2)
  • Damien Choplain
  • Martial Descoutures

Novartis : Résultats T4 et guidance 2024 légèrement en dessous des att...

>Résultats T4 décevants sur la bottom line - Les résultats T4 ressortent légèrement en dessous des attentes au niveau des ventes (-1% vs css) et du core BPA (-4% vs css). Les ventes progressent de 10% tcc (8% en publié) tirées par Entresto (+27%, +2% vs css), Cosentyx (+21%, +2% vs css), Kisqali (+71%, +1% vs css) et Kesimpta (+74%, +9% vs css). Notons que Pluvicto (+53%, -13% vs css), en phase de lancement, ressort en dessous des attentes ce qui un point de déception...

Oliver Metzger ... (+2)
  • Oliver Metzger
  • Wim Gille

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/01/2024

En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 €, Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € et finalement Air France-KL...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 01/23/2024 Date Performance sin...

At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2 (vs € 2.3), Lufthansa to Neutral (from Outperform), with a target price of € 8.5 (vs € 10.5) and lastly, Ai...

Oliver Metzger ... (+2)
  • Oliver Metzger
  • Wim Gille

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/23/2024

At the start of 2024, we are playing low-cost carriers over majors. We think that capacity momentum will remain more favourable on intra-European routes than on long-haul routes, which will lead to a more positive pricing trend for LCCs with greater operating leverage. We are therefore downgrading our recommendation on IAG to Neutral (from Outperform), with a target price of € 2, Lufthansa to Neutral (from Outperform), with a target price of € 8.5 and lastly, Air France-KLM to Underpe...

Jerôme Bodin
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 23/01/2024 Date Performance dep...

En ce début d’année 2024, nous privilégions les compagnies low-cost face aux majors. Nous estimons que la dynamique capacitaire restera plus favorable sur l’intra-européen que sur les routes long-courrier, ce qui permettra une évolution plus positive du pricing pour les LCC avec un levier opérationnel plus important. Nous dégradons par conséquent IAG en Neutre (vs Surperformance) avec un OC de 2 € (vs 2.3 €), Lufthansa en Neutre (vs Surperformance) avec un OC de 8.5 € (vs 10.5 €) et f...

Team Pharma
  • Team Pharma

ODDO : Growth and clinical newsflow expected to materialise in 2024

>Renewed interest in the pharma sector at the start of 2024 - The pharma sector underperformed in Q4 2023: our universe of coverage +1% vs Stoxx 600 HC +4% vs Stoxx 600 +8%. Apart from Novo, which delivered a performance of +10% driven by the investor appetite for the obesity market, the other companies in our coverage had negative performances, with Sanofi down 12% notably following a downward revision of its 2024 guidance and a suspension of its medium-term guidance...

Team Pharma
  • Team Pharma

ODDO : Croissance et newsflow clinique seront au rendez-vous en 2024

>Regain d’intérêt pour la pharma en ce début d’année - Le secteur pharma a sous-performé au T4 : coverage +1% vs Stoxx 600 HC +4% vs Stoxx 600 +8%. Hormis Novo qui affiche une performance de +10% tirée par l’engouement autour du marché de l’obésité, les autres sociétés de notre couverture affichent des performances négatives avec notamment Sanofi qui est en recul de 12% suite à une révision en baisse de sa guidance 2024 et une suspension de sa guidance MT. Dans une mo...

 PRESS RELEASE

Novartis expands production of Pluvicto™ with addition of its largest ...

Novartis expands production of Pluvicto™ with addition of its largest and most advanced radioligand therapy manufacturing facility in Indianapolis FDA approval of the company’s second US Radioligand Therapy (RLT) manufacturing facility increases RLT production capacity to 250,000 doses in 2024 and beyondNew 70,000-square foot RLT facility is the company’s largest and most advanced in the world to date and centrally located in the US to maximize access for patients and treatment centersWith four active RLT manufacturing sites and unconstrained supply, Novartis can sufficiently meet current a...

Dominic Rose ... (+2)
  • Dominic Rose
  • Naresh Chouhan

EU Pharma - 2024 Year Ahead (28 pgs)

For EU Pharma, 2024 is likely to be characterised by EPS revisions, a handful of new launches & sluggish EPS growth for a number of names. The relative lack of pipeline catalysts makes forecasting sales and EPS much more important than for 2023. We identify 4 key issues to watch for: 1) Medicaid AMP cap removal, 2) Higher tax costs, 3) Higher debt costs & 4) a handful of very specific company issues that could make a material difference to performance (Novo: Wegovy supply, GSK: litigation, SAN: ...

 PRESS RELEASE

Novartis presents new 48-week results from Phase III APPLY-PNH trial s...

Novartis presents new 48-week results from Phase III APPLY-PNH trial showing sustained efficacy and long-term safety of Fabhalta® (iptacopan) in adults with paroxysmal nocturnal hemoglobinuria (PNH) APPLY-PNH extension data show that continuous Fabhalta® (iptacopan) treatment in adults with paroxysmal nocturnal hemoglobinuria (PNH) enabled sustained hemoglobin-level increases to near-normal (≥12 g/dL), blood transfusion avoidance, and improved patient-reported fatigue in the majority of patients, with a safety profile consistent with previously reported data1-5Patients switching ...

 PRESS RELEASE

Latest Novartis Kisqali® NATALEE analysis reinforces 25% reduction in ...

Latest Novartis Kisqali® NATALEE analysis reinforces 25% reduction in risk of recurrence across broad population of patients with early breast cancer; supports regulatory submissions With 5.6 months of additional follow-up and 78.3% of patients having completed Kisqali® (ribociclib) investigational treatment, the updated analysis shows sustained iDFS benefit and stability in secondary endpoints including overall survival (OS)1,2 iDFS benefit remains consistent across key patient subgroups; among patients with stage II and stage III tumors, Kisqali lowered risk by 30% and 24.5%, respectivel...

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