So the analyst well understood the issue here - I cited it as an example of their surveyed docs not necessarily being up to speed and acknowledged that the analyst pointed to this as a possible anomaly. Here's what I said:
This is not an unfair report and is not biased to favor Novartis in some way. I'd characterize it as a detailed and solid, middle-of-the-road analyst report that is also a good example of why I pay little attention to most analyst reports. I'm happy that this sort of report exists and is widely used - it's basically why smart investors can often do well in biotech investing.
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