Novartis: Oddo confirms rating after results
(CercleFinance.com) - At close to 12.
2 billion dollars, net sales from continuing operations increased 13% year-on-year, supported by the group's flagship drugs Cosentyx (+27%) and Entresto (+61%), as well as Zolgensma, Lutathera and Piqray.
Novartis targets high single-digit sales growth and a double-digit increase in core operating income in the upper half of its target range (at constant exchange rates).
Taking into account an FX charge of -3%, and -5% over the full-year, on sales and core operating income respectively, the consensus could raise its forecast for both sales and core EBIT by up to 1%, Oddo says.
The broker confirms its Buy rating on the Novartis share and its target price of 100 Swiss francs, saying that Novartis is trading at 15.1x its 2020e earnings, against 15.0x for the sector.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 billion dollars, net sales from continuing operations increased 13% year-on-year, supported by the group's flagship drugs Cosentyx (+27%) and Entresto (+61%), as well as Zolgensma, Lutathera and Piqray.
Novartis targets high single-digit sales growth and a double-digit increase in core operating income in the upper half of its target range (at constant exchange rates).
Taking into account an FX charge of -3%, and -5% over the full-year, on sales and core operating income respectively, the consensus could raise its forecast for both sales and core EBIT by up to 1%, Oddo says.
The broker confirms its Buy rating on the Novartis share and its target price of 100 Swiss francs, saying that Novartis is trading at 15.1x its 2020e earnings, against 15.0x for the sector.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.