All focus remains upcoming pipe; Limited from call

研报英文原文证据摘录

All focus remains upcoming pipe; Limited from call

Accessible version

Novartis

All focus remains upcoming pipe; Limited

from call

Reiterate Rating: BUY | PO: 140.00 CHF | Price: 123.10 CHF

Key takes from call: Nothing really to read into pipe 2H 21 July 2026

We asked on how NVS would define clinically meaningful on each of the key upcoming Equity

readouts. General comment was focused on stat sig benefit on primary and assessment

across secondaries as key driver, with our inference that any hit likely clinically

Key Changes

meaningful. For pelacarsen, NVS re-iterated powered at 13-15% and hoping for better.

Remi comments are ARR powering similar to prior studies (with view on blinded event (US$) Previous Current

rates that study in line with expectations) and focus on progression data as defining 2027E EPS 9.86 9.87

whether used as pre or post CD20s. Nothing incremental on DM1 vHOT powering, 2026E DPS 4.83 4.82

though reminding of well powered in terms of study size and duration. On FSHD, NVS

noted ongoing work to correlate biomarker with outcomes which will use to engage Sachin Jain, CFA >>

Research Analyst

regulators in coming months, and NVS noted believes has solid basis for discussion. On MLI (UK)

P&L items: 1) some Q3 to Q4 phasing in sales within 2H guide of mid-sd, with Q3 still s.jain@bofa.com

impacted by Entresto; 2) on 2H margins, NVS noted usually lower than 1H and 2Q is Charlie Haywood >> Research Analyst

typically the highest Q. NVS provided some colour on productivity stabilising GM despite MLI (UK)

generics, and SG&A as a source of productivity. With 2Q beat influenced by some charlie.haywood@bofa.com

phasing factors, and FY26 guide unchanged we make limited change to EPS. That said, Keilah Carbonel-Deere >> Research Analyst