The Point for Europe

Research evidence excerpt

The Point for Europe

March after Chinese New Year). If materialized, this would be largely in-line with

Straumann's assumption behind June guidance upgrade and Citi forecasts.

Relative to VBP 1.0, the Sichuan request covers a broader range of products, incl.

lower-grade pure titanium implants, and also includes the full range of

abutments (not just single tooth). It is also likely, in our view, that it will include

Roxolid as a titanium alloy. We are hosting a timely webcast with Citi’s Asia

Healthcare Research Team on 16 July - sign up here.

Veronika Dubajova | Giang H Nguyen, CFA | Harry Shrives Ph.D., CFA

BT Group PLC (BT.L) - Expert call highlights downside risk from the upcoming

pension review

We hosted a teach-in on BT’s pension scheme on Tuesday with expert John Ralfe.

BT’s triennial pension scheme valuation priced at the end of June, the results of

which we expect towards the end of 2026 or in early 2027. Mr. Ralfe believes that

the actuarial deficit is likely to be c£3.3bn, c£0.8bn higher than it should be under

the recovery plan set out as part of the 2023 valuation. He also discussed the new

“Low Dependency Funding Basis” (LDFB) requirement from The Pensions

Regulator, which could require a further £2.5bn over the next decade, beyond the

current deficit recovery schedule. This could further delay meaningful progress of

BT’s dividend, the main source of disappointment at May’s full year results.

Carl Murdock-Smith, CFA

Company

Novartis AG (NOVN.S) - 2Q26 preview. Expect in-line quarter. Likely too early

for guide raise

Novartis reports 2Q26 Tues 21st July. We forecast EPS $2.15 -12% CER (in line cons)

due to impact of generic Entresto, Promacta, Tasigna and acquired R&D spend,

before 2H26 and FY27E recovery as these start to annualize. We see it as too early