1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:18/07/2025 17:29:14 GMTDistributed on:18/07/2025 17:29:14 GMT18 July 2025Deutsche BankResearch Rating Buy Europe Switzerland Pharmaceuticals Pharmaceuticals Company Novartis Date Results Post-Q2:tbc if we get Neptunalia or a Mediterranean summer storm*S

2、ummary takesWe update post Novartis Q2 results(NOVN:Q2 first take(17/07/25),which managed to satisfy expectations for yet another guidance raise whilst also confirming at the same time that the market continues to fret over ability to sustain revenue growth medium term through near-and mid-term LoEs

3、 and will need a little more than just immediate-term commercial momentum to exhibit any generosity with multiple expansion.We continue to believe the latter remains underappreciated:we have modestly positively revised estimates again with this update and importantly remain ahead of FY26 consensus,f

4、or which we continue to forecast+MSD sales and+HSD EBITA growth vs.street at+LSD/+MSD respectively.Whilst we arent counting on meaningful Entresto delays(NOVN:Entresto heads up on low-probability(and low-value?)delay scenarios(03/07/25)and constructive on near-term commercial opportunities both with

5、in oncology and beyond,e.g.Fabhalta(NOVN:APPULSE EHA takes:PNH back in the frame(+AZN x-reads)(18/06/25)and NOVN:The ORIGIN of more IgAN competition,but not all bad news?(+AZN/ROG)(06/06/25),remibrutinib and Zolgensma IT,as also noted in our first take we also continue to view ianalumab in Sjogrens

6、as important to the story:we remind the pivotal NEPTUNUS trials are due imminently and we remain constructive,see our recent deep-dive and subsequent expert call takes for more(NOVN:Sjogrens deep dive:ianalumab to blaze a new curative path through RHO*?(11/06/25)+NOVN:Sjogrens/lupus(plus a little CI