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Exciting times... This partnership appears to be very promising!!
http://www.novartis.com/newsroom/media-releases/en/2014/1824836.shtml
Over priced already off of news... Pathetic...
NVS PR on LCZ696 results in heart failure:
#msg-105833158
Impressive!
Investors' expectations for LCZ696 are sky-high.
YES..YES..YES..!!..6-K out..!!
http://www.sec.gov/Archives/edgar/data/1114448/000110465914059090/0001104659-14-059090-index.htm
r
FDA acceptance of NVS' 351(k) submission for Neupogen FoB is a significant milestone:
#msg-104639177
NVS 2Q14 PR and CC slides: #msg-104395047.
NVS’ Diovan windfall finally comes to an end: #msg-103759687.
NVS Investor Day slide set (189 pages):
http://www.novartis.com/downloads/investors/event-calendar/2014/2014-novartis-june-event.pdf
Press release:
http://www.novartis.com/newsroom/media-releases/en/2014/1794592.shtml
NVS, PFE submit BLAs for competing meningococcal-B vaccines: #msg-103391258.
NVS acquires CoStim Pharmaceuticals: #msg-97397352.
I like it, in fact I still own it, been a bag holder since the bottom in 2009!!!!
More info on the same subject: #msg-94752627. Regards, Dew
Hi! I am here because of segment I saw on the news last night,
that was talking about leukemia and "targeted cell therapy"...
they did not mention any company.
So I started googling :)
I ran across this article
http://www.novartis.com/newsroom/media-releases/en/2013/1748415.shtml
which seems to correlate with certain details they gave in the news blurb I saw.
fascinating stuff...
http://asheducationbook.hematologylibrary.org/content/2012/1/143.full
Happy Holidays!
Amarantus Bioscience's (AMBS) management has stated that it has a second orphan indication for its patented drug, MANF. It is believed to be in the field of diabetes and Novartis is rumored to be the potential development partner. It's interesting to note that Dr. Owen Garrick is on AMBS's board of advisors.
http://www.amarantus.com/about-us/board-of-advisors
Dr. Owen Garrick
Dr. Garrick joins Amarantus with over 20 years of pharmaceutical and biotechnology experience. He currently serves as the Chief Operating Officer at Bridge Clinical Research and is President of the American Medical Association Foundation. Prior to that, he was Director of Corporate Strategy and Business Development at McKesson Corporation. Dr. Garrick was Executive Director and Co-Head of Mergers & Acquisitions at Novartis Pharmaceuticals where he oversaw company acquisitions, hybrid equity/license rights deals, mature product divestments and venture investments in biotechnology companies. Prior to Novartis, Dr. Garrick was an associate at Goldman Sachs in New York. Dr. Garrick received his MD from Yale School of Medicine and earned his MBA from Wharton School of Business. He holds an AB from Princeton University, where he has served on the national fund raising board.
NVS @ Stockcharts
Looks like an interesting story and potential run!
http://news.yahoo.com/novartis-chases-pfizer-hot-breast-cancer-drug-area-084550781--finance.html;_ylt=A2KLOzJiyI9Slg0ApLrQtDMD
http://www.bloomberg.com/news/2013-11-22/novartis-sets-5-billion-buyback-adds-business-segments.html
3Q13 US sales of Diovan were $411M, the second-most of any NVS drug (after Gleevec’s $472M).
Sorry, I understand that, I was asking how significant that one drug was to NVS profits. You made it sound significant.
I don't understand your question. Clearly, a generic version of Diovan in the US market will reduce NVS' Diovan sales substantially.
Can you elaborate on that please?
Sounds like you are saying "generic Diovan (without HCT)" will some day hurt NVS?
The screw-up by generic-drug companies who failed to get FDA approval for generic Diovan (without HCT) has helped NVS immensely; however, this scenario can’t last indefinitely.
NVS is making new 52 week and all time highs last time I checked, and I have no doubt it will be testing $100/share. I know it is at least a 5 year high this year. The NVS dividends are great too.
Great update there, Thanks.
I have been long NVS since 2009. I got a great deal on my NVS shares. I should have bought more.
Strategic priorities of Novartis AG
The pharma division had some important product approvals. Two of the most critical were the Japan and Europe approvals of Ultibro in COPD. This is a new therapy for COPD, and Novartis is right now in the process of launching that drug across Europe and Japan. In vaccines and diagnostics, the FDA approved an indication expansion for Menveo to include infants and toddlers from two months.
Novartis also received FDA breakthrough therapy designation for BYM338. This is antibody for a degenerative muscle disease called sporadic inclusion body myositis. If it’s approved, this will be the first treatment for patients with this disease. And I think the important thing is this designation brings the company’s total to three in terms of new molecules, and that’s the highest achieved of anyone since the program began.
http://stks.co/dnUE
That is one of the things I expected when I bought shares in 2009
Emerging markets business grew at 11%, this is led by China and Russia up 25% and 18% respectively.
http://www.earningsimpact.com/Transcript/82146/NVS/Novartis-AG---Q2-2013-Earnings-Call
The Greatest Area Of Unmet Need. Drug-resistance cancers kill 7.6 million people every year. More than 12.7 million cases of cancer diagnosed annually globally, adding to the need for pharmaceutical companies to deliver novel therapies. Research by Sunshine has shown Adva-27a to be effective at killing multi-drug resistance cancer cells in breast cancer, small cell lung cancer, uterine sarcoma and pancreatic cancer.
NVS pipeline update is in pages 22-30 of: http://www.sec.gov/Archives/edgar/data/1114448/000137036813000002/a130123-99_2.htm
WSJ
For investors willing to wait until next year, Novartis may finally regain some potency.
The Swiss drug maker's U.S.-listed shares have endured a string of selloffs and false starts over the last two years. The stock has gained just 8% in that time, lagging both the broader stock market and the NYSE Arca Pharmaceutical Index.
Despite new drug launches and the acquisition of eye-care company Alcon last year, Novartis (ticker: NVS) hasn't been able to offset dwindling sales of Diovan, the blockbuster blood-pressure drug that lost U.S. patent protection earlier this year. Add price cuts in Europe and lingering manufacturing problems, and revenue and earnings should shrink this year.
But next year should be much better. That's when CEO Joseph Jimenez sees profit growing again thanks in part to rising sales of cutting-edge new drugs. By 2014, he wants Novartis to grow bigger than it was in 2011 before Diovan went generic.
Add a 4% dividend yield and Novartis deserves better than the 11.5 times forward earnings it now fetches.
"This is a company that has a great pipeline and a [large] dividend yield, yet we trade at a below-market multiple," says Jimenez in a recent interview. "The Diovan patent expiration has created a wait-and-see situation. But this is a company that can grow through innovation."
With revenue of less than $59 billion last year, Novartis is one of the world's largest pharmaceutical companies, selling medicines for cancer, multiple sclerosis and diabetes, as well as vaccines, over-the-counter medications and generic drugs.
Roughly 54% of those sales came from brand-name prescription medications, with sales of Diovan and the cancer drugs Zometa and Gleevec exceeding $11 billion.
Unfortunately, Diovan sales will fall to roughly $4 billion this year. And next year, Zometa loses its U.S. patent protection, with Gleevec following in 2016.
Vaccine sales have been weak and quality-control problems at four production plants have hurt sales of generic drugs and consumer products.
Revenue will fall to just below $57 billion for the 2012 calendar year and yield earnings per share of $5.21, a 6% drop compared to last year, according to Thomson Reuters.
At a Glance
Novartis (NVS)
ADR Price: $59.08
52-Week High: $64.07
52-Week Low: $51.20
Market Cap: $142.7 billion
Est. 2012 EPS: $5.21 per share
Fwd P/E: 11.5 times
Est. Long-Term EPS Growth:* 2%
Est. ('12/'11) EPS Growth: -6%
Revenue (trailing 12 months): $57.5 billion
Dividend Yield: 4.20%
CEO: Joseph Jimenez
Headquarters: Basel, Switzerland
* Based on analyst estimates looking ahead three to five years.
Sources: Thomson Reuters and Yahoo! Finance
In 2013, however, Wall Street sees Novartis earning $5.30 a share. Sanford C. Bernstein analyst Tim Anderson says profit growth should average 5% to 10% annually through 2020.
Cost cutting has been a big focus for Novartis, as we noted in January (see Barron's Take, "Say Yes to Novartis," Jan. 14). Also, the company has invested heavily in emerging markets, which generate roughly 25% of sales.
But Novartis's real hope lies in rising sales among drugs launched in the last half-decade, and a promising pipeline that could deliver 14 or more blockbusters by 2017, including cancer, respiratory and heart treatments.
Novartis is well regarded for investing in research and development. And it's paid off with 30% of sales coming from drugs launched since 2007, a list that includes the kidney cancer drug Afinitor, the multiple sclerosis drug Gilenya and the diabetes drug Galvus.
But next year, Novartis plans to file for regulatory approval of a heart failure drug dubbed RLX030, or serelaxin. By 2014, it plans to seek Food and Drug Administration approval of the respiratory drug QVA149.
On Friday, the meningitis B vaccine Bexsero won backing from an advisory panel in Europe, which clears the way for regulatory approval there in the next three months.
"If they can deliver on their pipeline, there is upside to consensus sales and earnings estimates and that is when you will see the stock outperforming its peers among the big global pharmaceutical companies," says Brown Advisory analyst Paul Li.
Of course, Novartis has its detractors.
It's not the cheapest name among big drug makers, trading at a premium to rivals such as Pfizer (PFE) and Sanofi (SNY). The company can't afford regulatory delays or setbacks.
Critics argue that it could be 2014 before Novartis's bottom line starts expanding again.
No doubt about it, investors have had to swallow several bitter pills regarding Novartis. Still, it's poised to give investors what they crave -- earnings growth.
Add a growing dividend, and the stock can deliver potent returns.
CHMP approves Bexsero: #msg-81574594.
Slides from NVS R&D Investor Day today: #msg-81282136.
NVS article in SonntagsZeitung: #msg-80292071.
I dont care what the article says...NVS going up for some reason.
I don't own NVS at present, so I don't follow it as I should, but I'm not surprised an SA piece is not of rigorously high quality
That Seeking Alpha article seems to have another agenda, IMO.
I can't argue that NVS has threats looming to its pipeline. But, it seems preposterous to me to posit that an OTC drug from a tiny company poses a serious threat to NVS in general and Diovan in particular. This article seems more a way to promote "Chromadex Corporation's (CDXC.OB) patented pTeroPure® (pterostilbene)" than downplay the NVS pipeline with any credibility.
NVS is going to go to 80-100+.. WHY?
NVS 2Q12 items…
PR: http://www.novartis.com/downloads/investors/financial-results/quarterly-results/q2-2012-media-release-en.pdf
Supp financial data: http://www.novartis.com/downloads/investors/financial-results/quarterly-results/2012-07-interim-financial-report.pdf
Webcast slides: http://www.novartis.com/downloads/investors/financial-results/quarterly-results/q2-2012-ir-presentation-19-jul.pdf
NVS Novartis receives positive CHMP opinion for once-daily Seebri? Breezhaler? to treat COPD patients in the EU
(Thomson Reuters ONE via COMTEX) -- Novartis International AG / Novartis receives positive CHMP opinion for once-daily Seebri? Breezhaler? to treat COPD patients in the EU . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
- COPD patients in Phase III GLOW trials experienced improved lung function, reduced shortness of breath, reduced exacerbations, and improved quality of life[1],[2],[3],[4]
- GLOW2 study showed Seebri Breezhaler provided 24-hour bronchodilation and was superior to placebo and similar to open-label tiotropium in improving lung function[2]
- Seebri Breezhaler is the latest innovation in the Novartis COPD portfolio and when approved will offer patients an alternative once-daily choice of LAMA therapy
Basel, June 22, 2012 - Novartis announced today that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion for Seebri? Breezhaler? (glycopyrronium/NVA237) 44 mcg delivered dose (50 mcg glycopyrronium per capsule), as a once-daily inhaled maintenance bronchodilator treatment to relieve symptoms in adult patients with chronic obstructive pulmonary disease (COPD). Seebri Breezhaler is a long-acting muscarinic antagonist (LAMA), a type of bronchodilator that is recommended in COPD global treatment strategies as maintenance therapy administered either alone or in combination with other treatments[5].
"This positive opinion for Seebri Breezhaler is a major milestone in our efforts to offer COPD patients and health care professionals an alternative once-daily therapy in the LAMA class that has the potential to reduce breathlessness, increase the capacity to exercise and help improve quality of life," said David Epstein, Division Head of Novartis Pharmaceuticals. "When approved, Seebri Breezhaler will be the second innovative once-daily inhaled treatment in the growing Novartis COPD portfolio delivered using the low-resistance Breezhaler device that allows patients to hear, feel and see that they have taken the drug correctly."
Data from three of the Novartis Phase III GLOW trials informed the CHMP's positive opinion for Seebri Breezhaler and included 1,996 COPD patients from around the world with many in EU countries[1],[2],[3],[4],[6].
GLOW1 demonstrated the clinically significant superiority of Seebri versus placebo for lung function improvements at 12 weeks measured by trough FEV1 (p<0.01)[1]. GLOW2 demonstrated a similar magnitude of effect and also showed that Seebri was similar to open-label (OL) tiotropium over 52 weeks measured by improvements in trough FEV1 compared to placebo[2]. In addition to demonstrating benefits in terms of lung function, Seebri Breezhaler exhibited a rapid onset of action within five minutes at first dose[2] and reduced exacerbations[4]. Significant benefits in both breathlessness and health-related quality of life, as measured by the Transition Dyspnea Index (TDI) and St. George's Respiratory Questionnaire (SGRQ) compared to placebo, were also demonstrated[3].
The GLOW3 study showed that after Seebri Breezhaler was administered in the morning, patients experienced improved exercise tolerance from the first dose onward[6]. Overall, patients treated with Seebri Breezhaler experienced a significant 21% improvement in exercise endurance versus placebo at the end of the study (day 21), with a significant 10% increase from day one (both p<0.001)[6].
In all studies, Seebri Breezhaler was well tolerated with an incidence of adverse events similar to placebo[1],[2],[3],[4],[6].
The European Commission generally follows the recommendations of the CHMP and usually delivers its final decision within three months of the CHMP recommendation. Worldwide submissions and reviews of Seebri? Breezhaler? (glycopyrronium bromide/NVA237) are ongoing. The US filing for Seebri Breezhaler is expected in 2014.
About Seebri Breezhaler
Seebri? Breezhaler? (glycopyrronium bromide/NVA237) is an investigational LAMA developed as a once-daily inhaled maintenance therapy for the treatment of COPD. Glycopyrronium bromide was licensed to Novartis in April 2005 by Vectura and its co-development partner Sosei. It was submitted for regulatory approval in Europe in Q3 2011 and Japan in Q4 2011.
About the Novartis COPD portfolio
Novartis is committed to addressing the unmet medical needs of COPD patients and improving their quality of life by providing innovative medicines and devices.
Onbrez? Breezhaler? (indacaterol maleate) is a long-acting beta-agonist (LABA) that is the only COPD treatment to offer clinically relevant 24-hour bronchodilation combined with a rapid onset of action at first dose[7],[8],[9],[10]. Onbrez Breezhaler has also shown significant improvement in breathlessness scores compared to placebo and tiotropium[7]. It was first launched in the EU in 150 mcg and 300 mcg once-daily doses. Most recently, Novartis launched the 75 mcg once-daily dose in the US under the brand name Arcapta(TM) Neohaler(TM). It is also available as a 150 mcg once-daily dose in Japan under the brand name Onbrez? Inhalation Capsules.
In addition to Seebri Breezhaler, also under development is QVA149 (indacaterol maleate 110 mcg/glycopyrronium bromide 50 mcg), an investigational inhaled, once-daily, fixed dose combination of the LABA indacaterol maleate, and the LAMA glycopyrronium bromide.
The first four Novartis QVA149 Phase III studies in the treatment of COPD all met their primary endpoints[11],[12],[13],[14]. The results of the SHINE, BRIGHT, ENLIGHTEN and ILLUMINATE studies, which are key components of the IGNITE program, demonstrate the potential of QVA149 in the treatment of COPD[11],[12],[13],[14].
About COPD
COPD is a progressive disease associated mainly with tobacco smoking, air pollution or occupational exposure, which can cause obstruction of airflow in the lungs resulting in debilitating bouts of breathlessness. It affects an estimated 210 million people worldwide[15] and is predicted to be the third leading cause of death by 2020[5]. Although COPD is often thought of as a disease of the elderly, 50% of patients are estimated to be within the ages of 50 and 65, which means that half of the COPD population are likely to be impacted at the peak of their earning power and family responsibilities[16].
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "will," "milestone," "potential," "generally follows," "usually delivers," "expected," "committed," or similar expressions, or by express or implied discussions regarding potential marketing submissions or approvals for Seebri or the timing of such submissions or approvals, or regarding potential future revenues from Seebri. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with Seebri to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Seebri will be approved for sale in any market, or submitted for approval in any additional markets, or that such submissions or approvals will occur at any particular time. Nor can there be any guarantee that Seebri will achieve any particular levels of revenue in the future. In particular, management's expectations regarding Seebri could be affected by, among other things, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; unexpected manufacturing issues; the company's ability to obtain or maintain patent or other proprietary intellectual property protection; the impact that the foregoing factors could have on the values attributed to the Novartis Group's assets and liabilities as recorded in the Group's consolidated balance sheet, and other risks and factors referred to in Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About Novartis
Novartis provides innovative healthcare solutions that address the evolving needs of patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, eye care, cost-saving generic pharmaceuticals, preventive vaccines and diagnostic tools, over-the-counter and animal health products. Novartis is the only global company with leading positions in these areas. In 2011, the Group's continuing operations achieved net sales of USD 58.6 billion, while approximately USD 9.6 billion (USD 9.2 billion excluding impairment and amortization charges) was invested in R&D throughout the Group. Novartis Group companies employ approximately 124,000 full-time-equivalent associates and operate in more than 140 countries around the world. For more information, please visit http://www.novartis.com.
Novartis is on Twitter. Sign up to follow @Novartis at http://twitter.com/novartis.
References
- D'Urzo A, et al. Efficacy and safety of once-daily NVA237 in patients with moderate-to-severe COPD: the GLOW1 trial. Respiratory Research 2011, 12:156 (7 December 2011).
- Kerwin E, et al. NVA237 once daily provides rapid and sustained bronchodilation in COPD patients, with efficacy similar to tiotropium: The GLOW2 trial. [Abstract A2920: Thematic poster session B41: Monday, 21 May, 2012; 08:15-16:30].
- Korenblat P, et al. NVA237 once daily improves dyspnea and health-related quality of life in patients with COPD: The GLOW2 trial. [Abstract A2254: Poster discussion session A101: Sunday, 20 May, 2012; 14:00-16:30].
- Kerwin E, et al. NVA237 once daily reduces COPD exacerbations with similar rates to tiotropium: The GLOW2 trial. [Abstract A2255: Poster discussion session A101: Sunday, 20 May, 2012; 14:00-16:30].
- Global Initiative for Chronic Obstructive Lung Disease (GOLD). Global Strategy for the Diagnosis, Management, and Prevention of Chronic Obstructive Pulmonary Disease. Updated 2011.
- Beeh K, Drollmann A, Di Scala L, Smith R. Once-daily NVA237 improves exercise endurance from first dose in patients with COPD: the GLOW3 trial. Eur Respir J 2011;38(Suppl. 55):P4497.
- Donohue JF, Fogarty C, Lotvall J, et al. Once-daily bronchodilators for chronic obstructive pulmonary disease: Indacaterol versus tiotropium. Am J Respir Crit Care Med 2010;182:155-162.
- Dahl R, Chung KF, Buhl R, et al. Efficacy of a new once-daily long-acting inhaled beta2-agonist indacaterol versus twice-daily formoterol in COPD. Thorax 2010;65(6):473-9.
- Kornmann O, Dahl R, Centanni S, et al. Once-daily indacaterol vs twice-daily salmeterol for COPD: a placebo-controlled comparison. Eur Respir J 2011;37:273-279.
- Balint B, Watz H, Amos C, et al. Onset of action of indacaterol in patients with COPD: Comparison with salbutamol and salmeterol-fluticasone. Int J Chron Obstruct Pulmon Dis 2010;5:311-318.
- QVA149 A2303 (SHINE). Data on file, Novartis Pharma AG. ClinicalTrials.gov identifier: NCT01202188.
- QVA149 A2307 (ENLIGHTEN). Data on file, Novartis Pharma AG. ClinicalTrials.gov identifier: NCT01120717.
- QVA149 2305 (BRIGHT). Data on file, Novartis Pharma AG. ClinicalTrials.gov identifier: NCT01294787.
- QVA149 2313 (ILLUMINATE). Data on file, Novartis Pharma AG. ClinicalTrials.gov identifier: NCT01315249.
- Global Alliance Against Chronic Respiratory Diseases (GARD). Global surveillance, prevention and control of chronic respiratory diseases: a comprehensive approach. Available at: http://www.who.int/gard/publications/GARD%20Book%202007.pdf Last accessed 22 May 2012.
- Fletcher MJ et al., COPD Uncovered: An International survey on the impact of chronic obstructive pulmonary disease (COPD) on a working age population. BMC Public Health 2011;11:612.
# # #
Novartis Media Relations
Central media line: +41 61 324 2200
Eric Althoff Christina Clinton
Novartis Global Media Relations Novartis Pharma Communications
+41 61 324 7999 (direct) +41 61 324 8682 (direct)
+41 79 593 4202 (mobile) +41 79 483 4819 (mobile)
eric.althoff@novartis.com christina.clinton@novartis.com
e-mail: media.relations@novartis.com
For Novartis multimedia content, please visit www.thenewsmarket.com/Novartis
For questions about the site or required registration, please contact: journalisthelp@thenewsmarket.com.
Novartis Investor Relations
Central phone: +41 61 324 7944
Susanne Schaffert +41 61 324 7944 North America:
Pierre-Michel Bringer +41 61 324 1065 Helen Boudreau +1 212 830 2404
Thomas Hungerbuehler +41 61 324 8425 Jill Pozarek +1 212 830 2445
Isabella Zinck +41 61 324 7188 Edwin Valeriano +1 212 830 2456
e-mail: investor.relations@novartis.com e-mail: investor.relations@novartis.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Novartis International AG via Thomson Reuters ONE
HUG#1621497
Media release (PDF) - http://hugin.info/134323/R/1621497/518180.pdf
Copyright (C) 2012 Thomson Reuters ONE. All rights reserved.
http://bit.ly/Pe7jh8
NVS submits NVA237 MAA in EU: #msg-75822655.
EvaluatePharma says NVS will be #1 in the world in prescription-drug sales starting in 2014:
#msg-74946899
Good observations. I replied in #msg-74642778. Regards, Dew
It seems that the pall cast over Gilenya by the need to monitor for cardiac conduction problems with the initial dose is being accepted by patients and providers. But, one or two more cases of progressive multifocal leukoencephalopathy in Gilenya users would be a different story. To the extent that Tysabri users cross over to Gilenya, PML is a potentially bigger risk than conduction problems, IMO.
NVS concludes Gilenya safety update:
#msg-74638589 NVS announcement
#msg-74638770 Webcast slides
Bottom line: NVS still expects Gilenya to be a very big-selling drug.
Positive phase-3 news on QVA149 in COPD: #msg-73965232.
Bullish NVS piece in current issue of Barron’s: #msg-73389710.
Forbes article on CEO, Joe Jimenez: #msg-71891293.
NVS has never been a proponent of share buybacks to anywhere near the same degree as, say, PFE. One reason is that, for most of the past decade, NVS has sold at a considerably higher valuation than PFE. Moreover, European-based companies in general are less inclined to buy back shares aggressively than are US companies and may even have corporate limitations on doing so (e.g. Shell: #msg-71739798).
NVS claimed that the share repurchases last year were done to offset dilution which occurred as a result of the Alcon acquisition. However, they have conducted several different buybacks in the past 5 years and have increased the dividend each year. NVS has tried to return cash to investors and was not rewarded by wall street despite sales and income growth which outpaced their peers. We will have to see how things play out this year when no growth is expected.
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