Novartis: Set to REMODEL growth expectations for the 2030s? Thoughts into remi (+RO)

研报英文原文证据摘录

Novartis: Set to REMODEL growth expectations for the 2030s? Thoughts into remi (+RO)

Deutsche Bank

Research

Rating Company Date

Buy Novartis 25 June 2026

Company Update

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (CHF) 124.34

NOVN.S NOVN SW SWX NOVN

Price Target (CHF) 140.00

Pharmaceuticals

52-week range (CHF) 130.50 - 91.55

Set to REMODEL growth expectations

Valuation & Risks for the 2030s? Thoughts into remi (+RO)

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

Novartis is due three major P3 readouts in H2’26 which we believe offer the +44-20-754-18522

potential to address investor concerns over growth potential through the turn-of-

Niall Alexander

decade c.$25bn CKK patent cliff (Cosentyx/Kisqali/Kesimpta). Here, we preview Research Analyst

the likely first of those, remibrutinib in multiple sclerosis (MS) which we think has +44-20-754-12185

emerged as a potential dark horse in a class littered with mixed results, with the

Shashindra Seresinhe

early evidence suggesting it has potential to succeed at replicating recent efficacy

Research Associate

success for Roche’s fenebrutinib without some of the safety signals. We believe

investor expectations remain reasonably (and perhaps justifiably) limited in light of

no P2 data in the indication and we think that makes for a positive risk/reward into Supun Ukwatta

the event. We reiterate our Buy rating and nudge our PT +4% to CHF140, reflecting Research Associate

long-term EPS adjustments of similar magnitude with this update.

Henrietta Boeg

Key details on remibrutinib in multiple sclerosis

+44-20-754-10119

n Like BTK predecessors, REMODEL1/2 are H2H Aubagio studies in RMS

with ARR endpoint and design criteria that look more similar than Kate Farrelly