Novartis (NVS)

[flatlander_60048]

I don't think it is a sign of corp culture deterioration, however there have been several upper management changes at NVS so the JnJ problems have taught me to be vigilant.

Your timing in espousing the Pharma demographic tailwind was perfect since NVS just announced the launch of Galvus and Lucentis in china today. I know you have been promoting this investing theme for quite a while.

As you know the FDA request for additional testing on Galvus has been a sore spot with me. The expansion of Galvus to China demonstrates continued worldwide expansion despite the FDA setback. I don't see that Januvia is available in Mainland China, so at least it appears that NVS has beaten Merck to at least one major market!

FL