While I agree with your rationale for Teva being down, shouldn't NVS get at least a small pop by the same rationale. Not only do they share 50% of generic Lovenox their stake in generic copaxone looks a lot more viable today. Assuming FTY 720 gets approval, their MS franchise would be second to none.
I'm not complaining to much, MNTA became my largest holding today, but it seems like NVS is perpetually destined to be the Rodney Dangerfield of Pharma. I've noticed that Swiss Firms (Take Nestle for example) seem to be subject to a discount. This is interesting since it seems that firms like RIG, TYCO, Noble etc. are moving to Switzerland for preferential tax treatment.
I know you can make a case that NVS is at a premium to US pharma but they are outperforming by a wider margin than the valuation would indicate.
More interesting than the diatribe about NVS is the validation of the MNTA reverse engineering technology. This seems to me to make MNTA the most sought after acquisition and/or teaming partner in biogenerics.
I plan to hold long term.
Good Luck
FL
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