Novartis: Still pushing for new HORIZONs in CV medicine? Pelacarsen preview

研报英文原文证据摘录

Novartis: Still pushing for new HORIZONs in CV medicine? Pelacarsen preview

Deutsche Bank

Research

Rating Company Date

Buy Novartis 16 July 2026

Company Update

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 15 Jul 2026 (CHF) 122.00

NOVN.S NOVN SW SWX NOVN

Price Target (CHF) 140.00

Pharmaceuticals

52-week range (CHF) 130.50 - 91.55

Still pushing for new HORIZONs in CV

Valuation & Risks medicine? Pelacarsen preview

Emmanuel Papadakis, Ph.D., CFA

Summary generalist takes Research Analyst

Novartis not only has a strong legacy of commercial leadership in cardiovascular +44-20-754-18522

disease (think Diovan, Entresto) but a track record of attempting to push the

Niall Alexander

scientific boundaries in the space (think CANTOS, serelaxin, etc). The HORIZON Research Analyst

trial of pelacarsen is due imminently and represents an opportunity to achieve +44-20-754-12185

both in our view: a pioneering and paradigm-shifting approach to successfully hit

Henrietta Boeg

the first novel target beyond cholesterol (LDL-C) in many years that would both

Research Associate

crystallise a major commercial opportunity for the next decade ($10bn+) and

+44-20-754-10119

represent the first major novel risk target in CV disease in recent memory (we

remind hitting PCSK9 is still just a way to lower LDLC…). Following our recent Kate Farrelly

remibrutinib preview (NOVN: Set to REMODEL growth expectations for the 2030s? Research Associate

Thoughts into remi (+RO) (25/06/36)) and 2024 CV deep dive (see below), we revisit

the case for optimism into the headline and potential scenarios: the summary is that Shashindra Seresinhe

we nudge our risked peak sales for pelacarsen further ahead of consensus (now Research Associate

more than double) to $6.5bn and reiterate Buy, PT CHF140 unch.