A solid quarter across major products with new launches progressing, but with certain newly launched products like Zolgensma NOVN is not yet willing to disclose sales or other quantitative metrics. Operating margins came in strong but part of this was due to a 1.5 percentage point boost from two one-offs – even without this, performance was good. Looking ahead, there remain many catalysts, in the form of new drug roll-outs and upcoming clinical trial read-outs – to keep investors engaged with the NOVN “story;” strong, financial performance adds another layer of positive sentiment. No major new disclosures during the conference call, but plenty of incremental detail. The two most important upcoming events through year-end, in our view, remain the read-outs of PARAGON-HF and QAW data – in response to our question asking which data set has better odds of hitting, the company preferenced PARAGON-HF but only by a slight margin.
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Novartis (NOVN) reported continued strong 2Q19 financial results this morning. This report summarizes key takeaways from the conference call that go above and beyond information provided in the press release. See the body of this report for details.
Novartis (NOVN) again reported strong 2Q19 financial results on Thursday – net sales +2.6% ahead, EPS +9% (11c) ahead. For continuing operations (NOVN ex-Alcon), net sales $11.8B vs. our $11.6 and consensus $11.5B. Continuing operations 2Q19 EPS was $1.34 vs. our $1.24 and consensus $1.23. For the total Group (including Alcon), EPS was $1.34.
It starts Thursday, July 18th with Novartis and ends Tuesday, July 30th with Eli Lilly, Merck, and Pfizer (all on the same day). This report contains our updated forecasts (to 2028) and perspectives.
Our slides from the Wolfe Research Biweekly Webcast reviewing MRK’s MK-8591 for HIV, including an overview of the current ART market, the development program, and data generated to date.
This report covers the bull/bear case, current controversies, relative growth prospects and more for our 10 US & EU global pharmaceutical companies.
We are upgrading ABBV from Underperform to Peer Perform following the contraction in share price on the back of Tuesday’s announcement ABBV will be acquiring AGN. ABBV shares declined by -16% on Tuesday, but gained a small portion back (+3.5%) on Wednesday (Exhibit 1).
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